wave accounting software reviews

You’ll also enter your contact information, such as your business address and phone number so that this information automatically appears on invoices and other documents. The Wave+ Bookkeeping service starts at $129 per month.If you prefer to have someone else take care of your accounting tasks for you, you can work with one of Wave’s bookkeepers. It offers a free 20-minute what are retained earnings consultation to help you decide if this service is right for you. The Wave bookkeepers can categorize transactions, reconcile accounts, work with your tax accountant and help you catch up on previous months if you’ve fallen behind. It includes a good mix of features and is well suited for service-based businesses that are just starting out or plan to remain small.

wave accounting software reviews

With Wave Accounting you enjoy free lifetime accounting, invoicing and more. A cloud-based accounting program for small businesses with 100 percent free, secure software. We hope this has given you a good overall understanding of the functions Wave can provide to your small business. It’s a feature-rich app, and although some reviewers do have issues with reports and response times, overall their experience is positive. Wave Accounting features high levels of security and strong encryption.

Wave Customer Service & Support

With Payments by Wave, customers can pay straight from the invoices you send them, and the payments automatically sync with your Wave accounting software. At 2.9% + $0.30 per credit card transaction and 1% per bank transaction, Wave’s fees are fairly standard. We also like that Payments by Wave doesn’t cost a monthly base fee, unlike accounting software that bundles invoicing and payments in with accounting features. Wave offers double-entry bookkeeping, with users able to handle both income and expense tracking easily.

If you can’t find a solution, you can contact Wave’s support team via email by clicking on the “email us” button at the bottom of the “help center” window. Paying users can also click on the “live chat” button on the navigation bar to get an instant answer from Wave’s support team.

Wave also allows you to pay your team from anywhere with the right amount. You can conveniently use online pay stubs or choose direct deposits to deliver your team their payment. In addition, there are read-only connections between Wave and financial institutions, so no one can use Wave to access money in a user’s account. Ability to set up recurring billing with automatic payments for repeat customers. Wave bills its accounting software as the free alternative to QuickBooks. If you use H&R Block to file your taxes, you can import information from Wave to make tax filing more straightforward.

Need To Compare Software Solutions?

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wave accounting software reviews

Wave’s invoicing feature is as straightforward as it gets, with three pre-built invoice templates to choose from. Businesses can customize invoices to their preference with company logos. Along with invoicing capabilities, Wave offers estimates, recurring invoices, customer statements, and your list of products and services. At Fundera, Randa specializes in reviewing small business products, software, and services. 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. Like all product dashboards, the Wave dashboard gives you a good overview of business performance, along with options to connect a bank account or credit card. The Cash Flow graph provides a nice view of money coming in and going out for the last year, and there’s also a bar graph that breaks down expenses nicely, so you can see exactly where your money’s going.

Integrations & Extra Services

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. On another note, Wave’s report templates are very user-friendly. Every report template in Wave is optimized to look clean and to be easy to understand, even for people who are not used to seeing these reports. Similar to “focus on customers,” the “focus on vendors” section lets you see the relationship between your vendors and money. This section consists of “aged payables” and “purchase by vendor” reports. When you open Wave’s “reports” page from the navigation bar, you’ll find the 12 report templates divided into five sections. Each section and template has a brief explanation about what it is and what it can do for your business.

You are partnered with RBC and you are blaming your inability to connect customers to their banking on a third party app lol. “If you receive the error, “Couldn’t connect to your institution,” it’s because there’s a known issue between our third-party data aggregator and your bank.”

  • Wave Accounting is a small business accounting software that allows businesses to create invoices, send estimates, track expenses, and keep the books balanced.
  • Wave is a great accounting software option for many small businesses, offering a number of accounting features at no cost.
  • I was able to present my case to the bank of the situation and they assured me this was actually waves liability not mine and filled in my favor to deposit money back into my account.
  • They do have some nice features, but overall, it’s more of a self-employed or very small business type of program.
  • Overall, Wave gives you a robust set of simple tools to help you manage your finances, even if you’re not an accountant.
  • Wave can also help you set up your account, migrate your data from another accounting platform and review your Wave account for errors.

Note that live chat is also available for all users during their first 60 days. Reminders are set for each invoice and not by customer, so you have to tick them off every time you send an invoice, which can be inconvenient if you send a lot of them. Its features are easy to use, and it displays everything logically. Setting everything up is simple and takes less than 15 minutes, if you have all the information you need. Therefore, although QuickBooks Online may not be quite as simple and user-friendly as Wave, it’s a tried-and-true solution. If you think your business could benefit from more in-depth tools, as well as the option to upgrade plans as you grow, you might consider QuickBooks Online as a Wave alternative. There’s no accounting software that’s the perfect solution for every small business—Wave accounting included.

Next Postcomprehensive Quickbooks Online Review

Therefore, although there is only one version of the Wave accounting software, the add-ons that you’ll have to choose from will allow you to tailor your software to your business’s specific needs. Moreover, you’ll be able to access workers comp coverage through AP Intego, calculate vacations, bonuses, and other benefits, receive payroll reminders, and receive priority customer support from Wave. Finally, if you need to want to run payroll through your accounting software, you can use the Wave payroll add-on. Although these add-ons are not free, they are pay as you go, meaning their cost will be based on how much you use them. Therefore, if you want access to these additional functions, you don’t have to worry about paying an unnecessary fee when you’re not actually using them. Wave invoicing is a free add-on that integrates directly with the core Wave accounting software. When you’re choosing accounting software, you’ll want to know exactly what kind of activities you can perform with your account.

Wave includes custom invoice creation, so you can add your business logo and accent colors to any invoice. Accounting Accounting software helps manage payable and receivable accounts, general ledgers, payroll and other accounting activities. Applicant Tracking Zoho Recruit Zoho Recruit combines a robust feature set with an intuitive income summary user interface and affordable pricing to speed up and simplify the recruitment process. Mobile applications are available for Wave Receipts and Wave Invoices, which will allow you to scan receipts and send an invoice on the go. Wave Accounting, Payroll, and Payments are not available with mobile applications at this time.

Others may work with an idea of being simple and intuitive and therefore lack complex functions welcomed by more experienced users. You can also come across apps that support a wide group of customers and provide a rich feature toolbox, however this frequently comes at a higher price of such a solution. Make sure you’re aware of your needs so that you pick a service that has all the elements you search for. With Wave, you can manage employee payroll with features like tax form generation, time sheets, and more. While this section comes at an additional cost, it’s probably worth the investment to have all company functions recorded within one software tool. It’s also a plus given that not all accounting software tools offer this functionality. After originally offering just accounting software, the company has introduced Wave Payroll, Wave Payments, Wave Invoicing, and Wave Advisors over the last 10 years.

wave accounting software reviews

You’ll see a graph of your cash flow, profit and loss report, and expense breakdown by year or month. The dashboard also shows a list view of your net income and payables and owing. This section is particularly useful because you can not only view each option, but also drill down into the reports and change the date range of reports. Wave is a freemium accounting tool designed for freelancers and small businesses. With features like invoicing, accounting reports, payroll, and bookkeeping services, Wave is a great option for service-based businesses with standard accounting needs. 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.

Leverage an employee portal where workers can access pay stubs and tax forms and update banking details. Wave is very similar to FreshBooks, another user-friendly and modern accounting software. It also competes with Xero and QuickBooks, though it’s less nuanced than those tools. Unfortunately, it’s notably difficult to get in touch with Wave’s customer support team. There is a live chat widget with a chatbot within each account, which can be helpful for basic questions.

Can I import from wave to QuickBooks?

Good Accounting: QuickBooks Online is praised as one of the best full-featured accounting software options around. Easy To Use: Many customers find QuickBooks Online easy to learn and use, especially compared to the desktop version of the software. Even non-accountants find the software enjoyable to use.

You can also filter and display your invoices by status, date, number or customers, which helps you find invoices quicker. For a limited time, FreshBooks is offering 60% off for six months on Lite, Plus, and Premium plans when new users skip the 30-day free trial period and opt to buy now. This being said, despite the benefits we’ve mentioned at length in this Wave accounting review, there’s no doubt that Wave has disadvantages to consider as well. Kylie spent two of the last four years writing for and with small-business owners—from dentists in Australia to plumbers in the Midwest. She spent the other two writing in depth about internet and security.

Wave will process the uploaded receipts to extract information. Then you can review these receipts, and the ones that are approved are kept as expenses. Finally, the last drawback you may want to consider is Wave’s lack of advanced accounting features. If you prefer to keep your accounting software completely free, Wave gives you the option to do so.

Wave’s accounting software is completely free, but the business makes money through its additional services. Paid services include payment processing, payroll services, and Wave Advisors bookkeeping services. Wave Accounting is a small business accounting software that allows businesses to create invoices, send estimates, track expenses, and keep the books balanced. The only downside is that there’s no back button, but navigating the software is still pretty simple. Wave’s software takes very little time to set up and get used to — and it doesn’t require a background in accounting . The company also offers good customer support options, including an accounting guide, to help you learn to balance the books and use the software. The software is designed specifically for small business owners to use, no matter what kind of bookkeeping background they come from.

Some of its other key capabilities include bill and invoice reminders, searchable transaction descriptions, adjustable sales taxes and infinite income and expense tracking. Wave is a fully integrated solution designed for small businesses with 9 employees or less.

This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.

Author: Craig W. Smalley, E.A.