Today’s leading accounting platforms offer standard security features like data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. Using billing software helps to eliminate some or all potential human errors by automating several processes that are normally done manually. Automated billing, invoicing and other processes also help improve project and client management. Your billing and invoicing processes are also more streamlined and bills are processed and sent out in a timely manner.
You can receive online payments directly into this account, so you can get paid faster and avoid issues related to connecting an external bank account. QuickBooks includes an option to add on accounting, which adds bill management, inventory and job costing capabilities in addition to expense tracking. The platform also includes receipt capture and mileage tracking, so you can automatically gather all the information you need to claim expenses for tax purposes in one place. Wave holds its own against two of its biggest competitors, QuickBooks Online and Xero. Wave’s free pricing structure gives the software its appeal, but users that have larger businesses and require more advanced accounting features may find QBO or Xero to be the better fit. With Wave, you have access to expense tracking, bank reconciliation, and reporting to help you manage your finances.
Product Demos
For more information, check out our guide on QuickBooks Pro vs. Premier. Through Wave, you can onboard and pay employees and independent contractors via direct deposit. Wave also handles payroll taxes in 14 states, but all other states are self-serve (the platform continues to add more full-service states).
Wave was designed specifically for small business owners like you – no CPA required. With our intuitive dashboard, you’ll be a money management pro in no time. Enable invoice payments by credit card for a pay-as-you-go fee as low as 2.9% + 60¢, and watch the money roll in. Finally, Wave’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 perks you get with invoice-heavy software like FreshBooks, but at no cost. Of course, if you freelance, you don’t need to worry about running payroll either now or in the future.
Wave Review (Formerly Wave Accounting)
In the past, Wave generated revenue from its credit card processing, Wave Payroll, and bookkeeping services. Now, the company has added a paid accounting software plan. While Wave’s free accounting software doesn’t limit you to a certain number of invoices, customers, or transactions, certain features and automations are now only available by subscribing to Wave Pro.
Time Tracking
- Yes, Wave’s accounting software does automatic double-entry bookkeeping.
- Several bugs they refuse to fix and very poor communication.
- Send unlimited recurring invoices to as many customers as you want.
- It has been commended for its ability to quickly generate professional estimates and invoices, as well as provide performance insights through flow graphs and profit and loss graphs.
Wave is a Canadian company with no real legal recourse within the United States, Please do not do business with this company if you are a small or medium size business. We offer to do business with them and they process our customers money and then decide to reverse the transactions, telling us they could not find our company. We are in business since 1999 This company is a get rich quick scheme. These small company has great ideas but horrible leadership. Most of the people who run these companies are in the business to get rick quickly and sell the company even though they sometime end up in prison for unscrupulous behavior.
The software design and intuitive interface make Wave simple to set up and easy to use, even for those with little previous accounting experience. The site’s onboarding process is a breeze; first provide a few basic details about your business, such as name, address and industry. Then answer questions from a drop-down menu about the direction you want to concentrate on—invoicing, accounting or payroll—and you are directed to link financial accounts. If you’re a small business owner in search of free, cloud-based accounting software, Wave Accounting is worth considering.
Wave Accounting offers basic accounting and bookkeeping tools through a free plan and an affordable paid plan. Its tools are enough for self-employed individuals and small business owners on a budget. Xero provides more comprehensive and advanced accounting features, such as inventory management and multi-currency support. Therefore, it is better suited for large or growing businesses. Among QuickBooks product offerings are add-ons three main methods of calculating depreciation for payroll, a bank account, advanced accounting, employee time tracking and e-commerce inventory management.
If your business needs these features or automations, check out these top Wave alternatives to fully explore your accounting software options. Wave makes money through our optional, paid money management features include online payment processing, payroll software, and access to personalized bookkeeping services and coaching through Wave Advisors. These features help keep our invoicing, and accounting, free. Wave Accounting gives you free unlimited invoices, users, expense and income tracking, credit and bank account connections, and more.
