Wave Accounting Software Review

Wave Accounting

Before you contact Wave’s support team, it’s a good idea to check the community for similar issues if you want to get to your solution faster. Wave will process the uploaded receipts to extract information. Wave Accounting Then you can review these receipts, and the ones that are approved are kept as expenses. Unlike Xero, Wave doesn’t have a bank rule feature to automatically match your transactions.

Wave Accounting

Instead of a monthly fee, this paid feature only takes fees based on transactions so you’re only paying for what you use. Accounts – view the name, number, and balance on individual bank accounts or add the details of new ones. Invoices – You can view all of your invoices and recurring invoices and check the payment status of each, create, edit or delete them. As you scroll down the page, you can view income and then expenses by category, your account balances, latest income, and expenses. You can choose to edit or delete any of the records within the dashboard and set them up to your liking. Wave allows you to add customer contact information manually or to import your list of contacts from Google Contacts and via CSV file.

Wave Integrations

Wave also has its own payment processing system, so your clients can pay invoices online by credit card or bank transfer. Similar to QuickBooks Online and FreshBooks , Wave will charge a fee of 2.9 percent plus 30 cents for credit card transactions and 1 percent for bank transfers. If you’re a freelancer or a small business looking for comprehensive free software, you should choose Wave, our overall best free accounting software. While Sunrise has a free package, it only includes basic features, one user, and one company. Wave’s feature selection covers the basics a small business owner would need, but some of its offerings are not as developed as those of QuickBooks Online and Xero.

That being said, they’re not the best option for larger organizations. Customers with large volumes of transactions have reported issues processes those transactions in a timely matter.

Wave Accounting Review

We also noted that the application offers a ton of step-by-step self-help options within the dashboard, which will help those who are newer to accounting software tools. With FreshBooks both you and your team can collaborate on and track time towards the same projects and clients. Your team members can also help you with your business books by creating invoices and tracking their expenses. You can also add team members to your account with specific user roles and levels of access to sensitive information. Wave is easy to use, even for people who are unfamiliar with accounting or bookkeeping. You can create an invoice in a few minutes, and your customers can pay you straight from their invoice because Wave has its own payment processing system.

Wave Accounting

After this, select the timeline of your business and click One last step. In reality, Wave’s inventory feature is more of a glorified item list. You can add an item name, a description, and the sales price, and you can mark whether you buy or sell that item. If you mark buy, there’s nowhere to enter a purchase price, so when you go to create a bill, you have to adjust the price manually every time.

Wave Invoicing also syncs automatically with Wave Accounting once you’ve downloaded the app and linked accounts. Wave Accounting is a free online accounting software competitor to QuickBooks, offering many of the same features without the price tag. While free software can have limitations, Wave has become popular for freelancers, solopreneurs, and even small businesses because it makes accounting accurate and simple. Many of the functions within the Wave dashboard are found in the Settings tab in Akaunting. When you’re looking for easy-to-use accounting software that can grow with your business, it’s difficult to know what to choose. Akaunting is free and open-source, with lots of great features, making it ideal for small to medium enterprises.

Wave Accounting Pros & Cons

Ability to accept online credit card and bank payments within invoices using Wave Payments . Wave offers a free plan if you want to send invoices and not do much else. But you can’t solve all your accounting needs because that’s not what it’s built for. In regards to the app “only synced basic transactions” – we currently support the synchronisation of all Shopify orders , customers, and payouts. We are always looking for ways to improve our customer experience, so if there are any additional transactions you would like to see, we are very keen to listen. Creating an invoice using Wave is easy, and it has a clear flow. Wave’s “invoices” page also makes it easier to track your invoices.

Wave Accounting

Additionally, when your customers pay you, the money will be deposited in your bank account in two days for credit card payments and two to seven days for bank payments. Wave is a web-based software, meaning you can access your account anywhere you have an internet connection. And—although the https://www.bookstime.com/ software is free, it doesn’t lack in terms of functionality.

Features Of Wave

In February 2012, Wave officially launched Wave Payroll to the public in Canada, followed by the American release in November of the same year. I’m so glad I switched from Square for my invoice and payment processing. Icon”The customer service is useless. They say the transaction issue is due to their third party and that they have no control over this.” 2.9% plus 30 cents per transaction for Visa, MasterCard and Discover payments.

You can quickly access everything from the navigation bar on the left side of your window. The one thing the navigation bar lacks is a quick-add button, which you can only find on the dashboard.

Below that is a list of outstanding invoices and bills—mini aging reports. You can click on any of them to view the underlying transactions. The dashboard also displays account balances and income/expense numbers and charts, as well as links to common activities like adding customers and customizing your invoices. Sunrise is slightly ahead of Wave in terms of managing unpaid bills. As expected from accounting software, both programs allow you to add vendors, record new bills, and track unpaid bills. You can also upload a copy of your expense receipt through their respective apps.

About Wave

You can also filter and display your invoices by status, date, number or customers, which helps you find invoices quicker. Cloudwards.net may earn a small commission from some purchases made through our site. However, any affiliate earnings do not affect how we review services. If you don’t want to reconcile your books by hand, then you may need to hire a Wave ProAdvisor. Wave ProAdvisors are certified accounting and tax professionals whose job is to help you complete your bookkeeping duties. The dashboard also includes a Create a new button that makes it easy for you to add a new transaction. Answer a few simple questions to receive a customized suggestion for the best online bookkeeping software for your business.

  • Cole Torres, the owner of Local Eye Media, noted that Wave is particularly advantageous for companies that provide services rather than products.
  • The reports are composed of line items rather than graphs, but this is still a helpful and simple layout of company financials.
  • Wave offers free accounting software for small businesses looking to manage their financial services on the go.
  • Wave also built a COVID-19 help section into their software, which allows businesses to see tax relief options for their business.
  • In our case study, Fit Small Business purchased a job trailer with a bank loan.
  • Other options here include setting defaults , editing or hiding invoice columns, and scheduling reminders.

It helps you manage your financial data with automation services like creating recurring invoices, payment deposits, and taxes, allowing you to focus on marketing and product development. The Wave accounting dashboard is where you can manage all your financial data from multiple sources. It incorporates visuals for tracking cash flow, profit and loss, payable and owing, net income, and expenses. Using the Wave iOS app , you’re able to view customer records, as well as edit and create them. You can create, edit, and view invoices in Wave’s Android app , You can also accept payments by credit card or bank payment. With QuickBooks Online, you can choose from four different plans, ranging in price from $20 to $150 per month.

Wave Receipts is included with Wave Accounting, but requires a separate app download. Over 1 million small business owners have trusted Wave to track $160 billion in income and spending, for free. Both Akaunting and Wave offer their users similar options within the basic free package. However, Wave lags far behind when it comes to bolt-on apps you can integrate seamlessly with the standard product. It, therefore, doesn’t have the same versatility to grow with your business or provide the same level of flexibility and control.

Software Categories

If you need to print dozens of checks, you’ll prefer QuickBooks Online to Wave. Based on our extensive case study, presented later in this review, Wave performs well in tracking sales tax, reporting, banking, and invoicing. From these results, we conclude that Wave is an ideal choice for small service-based businesses that struggle with chasing payments and monitoring expenses. Recurring Invoices have a separate link on the Sales menu and are just as easy to use. After you create the invoice, you save it and proceed to a second screen on which you can specify the invoice frequency. This can be daily, weekly, monthly, yearly, or some custom setting you define. You can also specify the customer’s time zone to ensure that the invoice is sent in the morning and isn’t as likely to get lost.

Also, they each offer substantial functionality, connect directly to your main Wave account, and work seamlessly with the software. Wave invoicing is a free add-on that integrates directly with the core Wave accounting software. For the next part of our Wave accounting review, then, let’s explore the specifics of Wave’s additional free tools. If you decide you’d like even more from your Wave account, then you can choose to utilize Wave’s free or pay as you go add-ons. With these add-ons, you can extend your functionality and perform more of your business accounting tasks in one platform. When you’re choosing accounting software, you’ll want to know exactly what kind of activities you can perform with your account.

Online, open source and free accounting software built with modern technologies. Payments – View a list of your expenses and create payments or set up recurring payments. By choosing Akaunting, you’ll be able to create custom invoices and manage transactions from numerous companies, all from a single admin panel. You can even give your clients direct access to their invoices, estimates, or projects. Wave is very similar to FreshBooks, another user-friendly and modern accounting software.

Customizable Invoicing

Wave is one of the best accounting software options out there, especially for freelancers and small businesses. The biggest advantage Wave has over its competitors is that it offers basic features for free, which other platforms charge for. The only services you pay for are payroll and credit card payments. While it’s easy to use, we encountered several issues with its general features. There’s no option to set up two separate classes or locations, which can be an irritation if your company has different locations or offers several classes of products or services.