Wave Accounting Review

wave business software

You shouldn’t completely forget about Wave Accounting if you have some solid cash flow either. I like Wave for small to mid-sized businesses, regardless of cash flow.

I use it for quotes and invoices and receipts and accounting, the end of year reports for my taxes. Wave is a fantastic freemium accounting software tool that’s ideal for freelancers and small businesses. Customers we interviewed were extremely pleased with the tool, especially given the value it offers for free. However, we did note that the customer support team is hard to get in touch with, and Wave’s chatbot can be frustrating to deal with. Once you’ve approved and sent the invoice, you can schedule automatic payment reminders for the customer for 3 days, 7 days, and 14 days after the due date.


“This really allows business owners not to miss any deductions.” Not only does Galiffa feel the software is affordable, but it also has a number of key features that stand out to her, such as its ability to connect with banks and its invoicing platform. A surefire reason to switch accounting software is if your staff hates it. If they find it difficult to use, you may want to pay attention. With this feature, you can schedule the system to automatically generate and send invoices for recurring charges, such as subscriptions. You can choose how frequently invoices are sent – daily, weekly, monthly or annually – and indicate whether there’s an end date to the billing.

wave business software

You can make any invoice recurring for repeat customers, send invoices via email or shareable link, and turn on online payments for customers to pay directly from their invoice. During our testing, we found Wave to be extremely easy to use compared with tools like QuickBooks and Zoho Books, though also less advanced as well. 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. Setting reminders to be sent to clients for payment is the most important feature from wave in my opinion. Also being able to create recurring invoices you you don’t have to do the same thing every week or every month. Pulling out customer statements and sending to your clients gives you points in terms of professionalism. I also appreciate that when Wave stopped operating in South Africa they recommended Zoho and gave us a year of free use of Zoho.

Who Should Consider Wave Accounting?

Most small business owners aren’t accountants themselves, so it makes sense to clear out the clutter and only focus on the essentials. For example, the dashboard includes tabs for Credit Cards, Expenses, Income and Recent Activity. When you think about it, just about all of these can be implemented into an ecommerce system. For example, you can send out digital receipts, manage payments and get your payroll under control. QuickBooks is a big name in the accounting software industry – and for good reason.

Wave Accounting Software Offline is a complete offline accounting software. Wave Accounting Software Offline not require internet connection or any server component, so it does not use your precious time for the software registration and installation.

Positive Wave Reviews & Testimonials

The safety of your private data is our top priority, that’s why it’s protected by 256-bit SSL encryption—the gold standard in Internet security. FreshBooks is cloud based accounting software and uses industry–leading secure servers. See how FreshBooks makes bookkeeping easy to use for business owners—even if you have no prior experience with accounting software. 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. When growing businesses feel it’s time to upgrade from invoicing only, they choose FreshBooks to manage their books and deliver better results to their clients. Any of these solutions will help you save money without having to hire an accountant.

Integrated payroll is available from Wave, but it’s not as accomplished as many competing standalone tools (which you can’t use with Wave). Most states are self-serve, meaning Wave calculates payroll taxes, but users must pay and file them themselves. If you live in one of the 14 full-service states, though, Wave can make your payments and file the required paperwork with state agencies and the IRS. These states are Arizona, California, Florida, Georgia, Illinois, Indiana, Minnesota, New York, North Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin.

Cons Of Wave

In this section you can quickly and simply create invoices, even recurring ones, and for reasons unknown, this is the place where your estimates and statements are born as well. By clicking on Create, you can add your customer, the dates, the item you sold, the taxes, change the default currency, and then either save and send your invoice, and save and record a payment. If you want to change the look of your invoice, just go to Settings and select from the three templates, change the colors and many more. The biggest difference between QuickBooks and Wave is in the number of integrations. QuickBooks has literally hundreds of apps and extensions that let you connect payment data directly from PayPal or Shopify, collect and organize CRM leads with Method, and more. There are even QuickBooks integrations dedicated to specific industries like Buildertrend that lets you integrate estimates and plans for construction projects.

wave business software

“Thank you @WaveHQ for taking the pain out of accounting & invoicing. Simplicity of use meets perfect design – kudos to your UX team ! Saving me from Quickbooks and Xero.” Managing payroll can be tedious and time-consuming, but it doesn’t have to be. Run your payroll in minutes, with 100% guaranteed accuracy, and say goodbye to the unnecessary stress of payroll taxes.

When To Choose Wave

A good support team is also essential in training you to use the software and being there for any unforeseen complications. Of course, if you freelance, you don’t need to worry about running payroll either now or in the future.

For example, you can track time spent on projects, as well as snap pictures of receipts and log them on the go. Plus, the double-entry accounting features ensure you don’t make mistakes that could throw off your ledger. With automatic checks and balances, you can rest assured that your debits and credits will balance out. This software also integrates with more than 80 popular business applications to give you a better overall view of your business. If you already have an accountant, it’s easy to collaborate with QuickBooks.

  • Don’t get us wrong, Wave doesn’t fall short because it’s free – it offers an incredible amount of features and contends with many paid accounting apps.
  • Wave doesn’t have any features to help manage your fixed assets, such as calculating depreciation expenses and tracking accumulated depreciation.
  • Wave has really updated this section, because “before” expense tracking had hardly any automation, and there were complaints about duplicate transactions.
  • Wave can process your tax payments and file the paperwork with state agencies and the IRS.
  • QuickBooks can be quite heavy for freelancers and very small businesses, even when using its Essentials plan.

When not fishing or practicing yoga, he’s collecting stamps at national parks (even though that’s mainly for children). Keep in mind that discounts are available for payroll if you have more than 10 employees. Having a robust accounting system in place right in the early… Accounting software helps you record the flow of your company’s…

Wave Invoicing

Many of them are included in the Standard and Professional packages, and this is a one-stop solution. S billing, payment acceptance, and invoicing features all work together to ensure you get paid on time. In other words, Wave has many of the invoicing wave business software perks you get with invoice-heavy software like FreshBooks, but at no cost. For instance, its unlimited invoices are much more customizable (and, in our opinion, more professional-looking) than QuickBooks’ comparatively expensive invoices.

Wave Accounting Review: Pros, Cons, Alternatives

By the time you get down to the lowest offering from QuickBooks, where you only need a few features for a much smaller business, you can find better value for the money in other options. Xero scores high in banking and cash management because of its easy-to-use cash management and bank reconciliation features. The best Xero feature we like is its bank reconciliation module—except for the fact that users can’t enter ending balances of checking accounts to start reconciling. However, Xero provides a side-by-side presentation in reconciling bank and book items for you. Once you upload your bank statement, Xero will extract line items automatically from it and look for possible matches. If there are no matches, Xero will let you create a transaction.

Features Of Wave

Once those estimates are approved, they can easily be transformed into invoices with the click of a few buttons. Icon”Love using wave to track my spending and budgeting through their software. When I make payments with my credit card, I’m able to go in and categorize everything super easily.” Report ranks top products based on user reviews, which helps businesses find the right software. Receive credit card payments within two business days and bank payments in two to seven business days. This guide will teach you how to set prices, send professional invoices, accept payments, and protect yourself from unpaid invoices and payment scams.

Similarly, the opportunity has arrived, which makes professional billing and invoicing software ideal for independent companies the most intelligent response. While Wave is sound, there are others in the market that you might want to consider.

This online accounting software has delivered robust invoicing solutions to its clientele since the invoicing era. It works equally well for small business owners and large enterprises and perfectly suits their niche requirements. This course is meant for business owners, freelancers, artist, self publishing authors and anyone who is interested in maintaining their books of accounts on wave accounting software. It can 100% cover the needs of a non profit organization, or in my case our home owner’s association needs. It is very easy to create accounts, or modify the already existing ones, and it is very easy to send invoices out. Also, it offers electronic payments which is very convenient for those who wish to pay electronically. Any of your accounting software invoicing or receipts are free with Wave, so the only exceptions are when you get into credit card processing and payroll.