Wave accounting is a cloud-based software that helps freelancers, small businesses, and entrepreneurs with their day-to-day bookkeeping chores. This absolutely free application offers easy ways to track your small business’s expenses and income, making tax season even easier.
Whether you’re a freelancer that’s bogged down by multiple projects or a small business with a few employees, using Wave accounting frees you up from unnecessary tax hassles so that they can focus on building solid relationships with customers and getting work done. In this article, we’ll break down everything you need to know about Wave Accounting before deciding if this application is right for you!
Table Of Contents
- What Is Wave
- Pros & Cons
- Customer Service and Support
- Ease Of use
- Features and Tools
What Is Wave?
Wave is a free accounting application that provides you with the tools necessary to keep track of your small businesses expenses and income. This application can be used by individuals, freelancers, entrepreneurs, and small teams.
Similar to other accounting software providers on the market, Wave allows you to upload client invoices online, record payments received through various channels (PayPal or credit card, for example), create budgets and lists of expenses, categorize expenditures and monitor your business progress along the way.
The primary factor that separates Wave from its competitors is its ease of use. Like many new services available right now on the Internet, this accounting system was created with simplicity in mind which saves users time during their day-to-day operations. So if you’re looking for a tool that helps you manage your everyday tasks without endless bells and whistles, Wave’s simplicity will be a significant selling point.
Who Should Use Wave Accounting Software?
Wave Accounting software is best suited to freelancers and small to medium business owners who are looking for an easy way to manage their finances. It provides a cloud-based system that will allow your employees to log in and view the latest data from their mobile devices. However, if you’re a larger organization that needs a more sophisticated financial management solution, Wave might not be ideal for you.
Pros & Cons
Like all accounting software, Wave has its pros and cons. Depending on your business needs, Wave may or may not be suitable for you. So let’s explore both the good and bad before coming to a conclusion.
- Easy To Use
- Secure Platform
- Completely Free To Use
- Ability To Contact Expert Accountants
- Need For A More Feature-Rich Application
- Not Great For Big Businesses
- Less Than Stellar Customer Support for Free Accounts
- Mobile Application Not As Functional
Customer Service and Support
Customer Support Wave Accounting
There are plenty of ways to find online support. However, you’ll need to pay if you want one-on-one support. When you first sign up for Wave, you’ll be able to click on the Help button located at the bottom right corner of the page. This will lead you to two resources, including the Help Center, where you’ll find answers to the common questions you may have.
If you still can’t find the answer and have a free account, your only other option is to use their chatbot, Mave, which is available Monday through Friday from 9:00 am to 5:00 pm easter time zone. The only exception is if you are having trouble logging into the platform, then you’ll be able to submit a “contact us” form.
Unfortunately, that’s the extent of services you can expect if you only have a free account with the Wave platform. However, if you have one of the paid accounts with the platform, you will have access to live chat and e-mail. If you’re still unable to get the help you need, you can pay for one-on-one assistance with an accounting coach, starting at $229.
Ease Of Use
Wave Accounting is very easy to use. However, you’re going to need a good chunk of time dedicated to learning the ins and outs of the platform. This is especially true if this will be your first time using an online accounting software. However, for those well-versed in similar services, Wave should prove to be pretty straightforward, which will save you valuable time while building business relationships.
Most customers love how easily organized the platform is to use, making it simple to find the tools you need to succeed. However, the one significant downside to the forum is that there is no ability to go back when you click on something, meaning you’ll have to go back to the home page in order to get back to a previous page. Regardless, there are multiple sources to find information on how to use the platform, including the help center.
Pricing Wave Accounting
There are a few different pricing packages you can choose from when it comes to Wave, depending on what you need to use it for. These options include:
- Accounting Software: This is absolutely free, costing $0 to use each month with no set-up fees or hidden charges. This plan allows you to track your expenses and income, sales tax on income and expenses, as well as add unlimited partners or accountants to your account. You’ll also be able to use their fully functional double-entry system, which is powerful for end-of-the-year statements, as well as reports to highlight and overdue invoices, bills, profit, loss, or cash flow. Before-tax season, you’ll be able to organize your expenses and income for all of your businesses in one account.
- Invoicing Software: This software is also absolutely free, with no hidden charges. It lets you create invoices and send as many as you need allowing you to accept credit card and bank payments through the invoice itself. You can even set up recurring billing, sync your invoices to your accounting, and have Wave automatically send out reminders on your behalf.
- Payments: If you need your software to take payments, you’ll be able to do this through the Wave platform for a fee per transaction. For credit card fees, you can expect to pay 2.7% plus 30 cents for each transaction with Visa, Mastercard, and Discover 3.4% plus 30 cents per transaction for American Express and 1% per transaction on all ACH payments.
- Payroll: Payroll starts at $35 per month as a base fee, with a $6 increase per active employee or independent contractor if you’re in a tax service state. This means that all payroll includes tax services, automatically transferring payments and filing the paperwork with the IRS and state tax office. If you’re in a self-service state, you’ll pay a $20 base fee, with a $6 increase per active employee or independent contractor. However, in these states, you’ll need to pay and file the paperwork yourself.
Dashboard Wave Accounting
Wave doesn’t allow much customization as all of their templates are already built for you, offering the exact same design and layout. You can easily switch from one template to another, but there’s no way to make a unique template that is only yours if this is what you need.
Wave also offers a limited amount of integrations, only including Paypal, Shoeboxed, and Etsy. You’re also able to integrate Zapier, which helps you access a bunch of add-ons. Overall, you’re pretty limited on what you can do outside of the application’s primary functions.
Features and Tools
Cloud Accounting Software
Wave has cloud-based technology, which means you can access it anywhere at any time with an Internet connection. This also allows you to work seamlessly among teams and partners who are on different operating systems. In addition, you’ll always have a backup to all of your data, which is built into the platform, and you’ll never have to worry about losing any information.
Free Accounting Software
Unlike other software, Wave offers a forever free version, meaning you’ll never have to pay to use their basic accounting software. For small businesses and entrepreneurs, this is a huge selling point, as it lets you track your business expenses and income without having to pay anything at all. This makes it easy to start a business without spending any money at all.
Unlimited Number Of Company Integrations
If you plan on using Wave’s software to help grow your company, you’ll be glad to know that they offer an unlimited number of integrations. This allows companies of all sizes to track their data in one place when it comes to bookkeeping instead of creating multiple accounts or platforms to track their accounting expenses.
Quickly See Your Profit And Loss
One of the most frustrating parts about accounting is being unable to see how much money is actually being made. As a small business owner having access to this information can be incredibly helpful when looking for new ways to improve your business and financials. This helps with budgeting, forecasting, management reporting, and so much more. Every time you log into the application, you’ll get a snapshot of how your business is doing, so you can stay on top of your progress.
Full Double Entry Bookkeeping
Double entry means that every transaction or expense will be tracked twice, which means you’ll always have an accurate picture of your company’s financials. In addition, you can track your business, approve or reject transactions, print reports, reconcile bank accounts, and so much more.
Does your company operate internationally? If so, this feature is handy as it allows you to keep track of all your transactions in multiple currencies. You can easily create sales invoices, purchase orders, and so much more, all with different currencies depending on where the transaction occurred.
Invoices & Estimates
Invoice Wave Accounting
Do you need to send invoices or create quotes for your customers? Wave’s software makes it easy to do so with ease. You can set up invoices in several different templates, including professional templates that make your invoices look amazing. Plus, you can even have your customers pay directly through the invoice, with a processing fee, of course. Wave will even send out reminders to help you stay on top of your clients.
Expense/Inventory Tracking & Reporting
Inventory Tracking Wave
One of the most valuable functions of the Wave accounting software is the ability to track expenses and your inventory, so you can get a better idea of where your money is actually being spent. So whether you need to input office costs, travel expenses, or any other type of work expense, Wave can keep it all tracked in one simple location.
Tax Support Wave Accounting
Wave is an authorized Intuit service provider, which means they’ll be your go-to company for all things related to taxes. This includes everything from questions about filing to technical support for the software itself. Plus, if you’re in one of the tax service states, Wave can file all of your taxes for you, so you don’t have to worry when tax season comes around. Even if you aren’t in a tax service state, they’ll still prepare all forms and information, so you’re prepared to file yourself.
Is Wave Right For You?
Is Wave Accounting right for your business? It just depends on what you need from your software. If you’re looking for a free forever version, this could be a great choice as long as you don’t mind using preset templates instead of creating your own layout. While the software only has some basic features, it’ll definitely give you a clear picture of how your company’s doing financially. Best of all, there are no contracts to sign, so if at any time you decide it’s not working out or need something more specific to suit your needs, you can easily cancel your account.
Wave Accounting is an affordable version of Quickbooks online that allows you to save money when starting out your business by offering a forever free version with basic features. For example, you’ll be able to track all of your expenses and income in one place without having to create multiple accounts for each part of your company’s financials.
The biggest downfall is that customization isn’t fantastic as all templates are already built, meaning you won’t get the unique layout you desire if this is what you need. Plus, customer service is non-existent unless you have a paid account. Regardless of these downsides, Wave offers Zapier integrations along with cloud-based technology making it easy for businesses of all types to manage their finances. So if you’re looking for low-risk accounting software, you’ll want to try Wave today.