Wave Accounting Review 2023: Pricing, features & more

All you have to do is share your business name, type, address and the currency you use. There’s no live support unless you pay for it so you’ll have to dig for the answers to your questions in the help center or cross your fingers that the automated chatbot will help you out. Stay updated on the latest products and services anytime anywhere. Your complete invoicing and billing process is now on your phone.

Next, you can add sales tax (if necessary), create customer profiles and customize your invoice templates. Safely hand off your books to your accountant by adding them as a limited user. Since Wave payroll accounting setting up and calculating staff payrolls uses accountant-approved, real double entry accounting, your accountant will have all the information they need. You can also email exported financial statements and reports directly from Wave.

Unlimited invoicing, expense tracking, billable clients and more

Some other inconveniences we found include the inability to use account numbers in your chart of accounts, import bank balances, and import your chart of accounts. Another feature of good accounting software is the ability to close a prior year to lock previous transactions, but Wave also falls short on that. Wave’s smart dashboard efficiently organizes your income, expenses, payments, and invoices for fast and accurate tax preparation. You’ll have all the information you need to ensure you don’t miss out on any tax incentives that could grow your business, minimize taxes, and help you keep more of your money.

Additionally, it doesn’t integrate with card readers for in-person payments, which rules it out as an option for many retail stores and pop-up shops. Wave is a free cloud-based accounting software program that allows you to manage your bookkeeping, invoicing, and payment processes in one place. With it, you can send unlimited invoices, manage bills, and classify your transactions for free, and process financial transactions―payroll and payments―at a low cost. Wave offers a handful of optional add-on services for an additional fee. QuickBooks by Intuit is a mainstay in online invoicing and accounting for small businesses.

Payroll

NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business. Learn more about how we rate small-business accounting software. Wave allows you to search transactions, design accounting reports and reconcile data across other Wave products. Plus, you can calculate sales tax automatically, customize payment terms and enjoy access to easy-to-understand cash flow insights.

FreshBooks is an affordable option for freelancers and small service-based businesses that operate mostly on the go. Includes tools that help automate the reconciliation process; auto-categorizes transactions for you, but you can’t set up your own bank rules; no global search function. We believe everyone should be able to make financial decisions with confidence. Powerful and 100% free accounting software that has everything you need to confidently run your own business. You can invite your accountants, bookkeepers or other business partners to Wave via email and designate their user roles.

Connecting your accounts

You can add features as you need them, such as bank account connections and real-time transaction updates, and you can easily make changes if your accounting or business requirements change. With Wave, you’ll be able to send unlimited, customized invoices to your customers, manage an unlimited number of expenses and track unlimited receipts through its receipt scanning and capture feature. Wave Accounting offers free software, meaning you won’t need to submit a credit card or payment information to use it. It can help you manage your bookkeeping, accounting and invoicing processes through a few internal integrations. First, Wave is remarkably customizable—especially considering that it’s, you know, free.

• Wave Money is currently available to single-owner businesses in the United States with a Wave account.
• You might find the estimate feature helpful, but we recommend you check out our list of the best contractor accounting software for more comprehensive project accounting features.
• If fixed assets are a big part of your business, consider Xero because it’s an affordable option with a comprehensive fixed asset manager.
• They can receive “editor permissions” and access accounting and reports as well as purchases easily.
• After creating your account, everything’s set up so you can get started right away.

As a self-employed professional, your flexibility is a huge advantage, so you need financial processes that are as flexible as you are. This accounting software is designed especially for self-employed individuals and freelancers like you, and can be easily customized for any size business and any type of goods or services you provide. Before you commit to accounting software, it’s in your best interest to shop around and compare all your options.

Look professional with customizable invoices

We don’t guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services. We’ve already hit on a few accounting features that set Wave apart, but there are a few more perks to cover. Save time chasing customers by setting up automatic payment reminders. Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption. Create beautiful, free invoices that reflect your business branding.

Xero

There’s no option to set up two separate classes or locations, which can be difficult if your company has different locations or offers several classes of products or services. However, we were able to successfully add a new user and limit access to each user. However, like most free products, Wave has its limitations, especially compared to more scalable small-business accounting software. One of its biggest drawbacks is its lack of higher-tier plan options for growing businesses that require a richer selection of features.