Our invoicing, online payments, accounting and bank connection features give you a unified view of your income and expenses – no need to log in to multiple apps or tools. Wave payment processing feature allows users to accept credit card and ACH payments. Wave users can accept all types of payments including via bank deposit, credit card, and Apple Pay. Until then, the software is still a good solution for small business owners looking for simple, easy-to-use accounting software that won’t break the bank. Wave’s customer support resources and new Wave Advisor services make it easy for people with limited accounting experience to learn the software.
Wave Accounting gives you free unlimited invoices, users, expense and income tracking, credit and bank account connections, and more. It also offers multi-business management for no additional fee. Like Wave, QuickBooks Online is easy-to-use, cloud-based accounting software. QuickBooks Online boasts a robust set of features, including advanced options like project management and inventory features you won’t find with Wave. QuickBooks Online also has hundreds of integrations, connecting your accounting solution with other small business software and apps. Honestly, these features outpace those included with some paid accounting software.
Wave Accounting vs. QuickBooks Online
It can help you manage your bookkeeping, accounting and invoicing processes through a few internal integrations. Its multicurrency support, revamped mobile apps, and user permissions features are additional points in its favor. Wave’s setup process can be quick or time-consuming, depending on whether you create all of your contact and product or service records up front. You must provide some basic business details and can then customize the app by, for example, modifying invoice and estimate forms, setting up sales tax, and specifying your currency of choice.
Once you start populating your company’s data, the dashboard becomes quite useful. You have to scroll a bit to see everything, but you get a great overview of your finances with links to deeper details. This page displays cash flow, expense charts, and profit and loss. There are tables of invoices payable to you and bills you owe, as well as tables and charts that show you your income, expenses, and net income. This screen also has links to common tasks, such as accepting credit cards and adding a customer. So yes, it’s excellent accounting software for small businesses, freelancers, contractors, and sole proprietorships.
- To add an account, go to the Chart of Accounts page under the Accounting menu, and choose from the tabs at the top of the page for the account or category you wish to add.
- Overall, we rate Wave 3.9/5 and recommend it for business owners looking for a cheap — or in most cases, free — accounting software option.
- Wave accounting provides different levels of support for customers who use different parts of Wave.
- The banking section of this case study focuses on cash management, bank reconciliation, and bank feed connections.
- If you’re interested in the program after reading my detailed Wave review, you may sign up for the free plan (Starter) or upgrade to the paid version (Pro) for $16 monthly.
Wave Accounting Assisted Bookkeeping Options
Wave is easy to use and has a low learning curve, whether you’re in the free or paid version. The interface is clean and not overwhelming, and you can easily find your way around. The dashboard includes shortcut buttons so that you can easily create new transactions, like bills, estimates, and invoices. Even if you don’t have accounting experience, you can familiarize yourself with the features of Wave in less than a week. Wave Accounting offers free software, meaning you won’t need to submit a credit card or payment information to use it.
Wave Accounting FAQ
Some features are also only available on the paid Wave Pro plan. The company also offers good customer support options, including an accounting guide, to help you learn to balance the books and use the software. There are several additional Wave products that you can purchase for your business.
Information is gathered on a regular basis and reviewed by our editorial team for consistency and accuracy. Wave Accounting can be a great option if you run a very small service-based business or don’t need more advanced features that alternatives might offer. For small businesses any larger than that, however, Wave is limited. Unlike competitors, Wave doesn’t offer many advanced features to increase the software’s functionality.
However, we do suggest checking out Wave accounting alternatives, as they may provide the same features but for a slightly more affordable price. In addition, other accounting software may be more suitable for larger businesses and those looking to grow. Wave’s double-entry accounting system is designed to help you keep track of your cash flow and manage your business finances. With Wave, you can connect your bank cash and cash equivalents cce definition account and credit cards, track expenses, and run reports. The Wave accounting system comes with a wide range of features, such as invoicing, expense tracking, and bookkeeping.
