Wave shines as a beacon for small businesses, offering a cloud-based haven packed with essential features—all without a price tag. From its seamless integrations and double-entry bookkeeping prowess to the freedom of accessing your financial data from anywhere, Wave ensures your business sails smoothly on the financial front.
- Reliability issues
- Some challenging features
- Poor customer service
Dive into the intricate world of Wave Accounting, the cloud-based financial savior for small businesses. In this comprehensive guide, we unravel the features, benefits, and potential challenges of this free accounting platform.
Whether you’re a seasoned entrepreneur or just starting out, discover how Wave Accounting can revolutionize your financial management, all while answering the burning questions you might have. Ready to embark on this financial journey ? Let’s get started !
Read further to learn more about Wave, in our review we will detail its features, pros and cons with our rating, and a conclusion about why you should use it.
Click on “open” if you want to see exactly what we will talk about in the rest of this article.
What is Wave?
Wave is a free financial software designed primarily for freelancers, solopreneurs, and small businesses, allowing them to manage their bookkeeping, accounting, and invoicing all in one platform.
It’s particularly suitable for micro businesses with fewer than 10 employees, contractors, freelancers, and other service-based entities operating on a budget.
The software is user-friendly and encompasses essential features such as income and expense tracking, bank connections, invoicing, and reporting.
However, while it offers a robust set of tools for its free tier, it does have limitations when compared to more scalable small-business accounting software.
One notable limitation about Wave, a comprehensive financial management tool, is the absence of higher-tier plan options for growing businesses that might need a more extensive range of features.
|Accounting management / Accounting software sync / Bank Connections / Billing and Account Management / Easy Payments / Invoice Management / Make Payroll 90% Faster / Online Payments / Personalized help / Recurring Payments / Scan receipts / Track & Pay Bills
|Best suited for
|Individuals, Freelancers, Small businesses
|Visit official website
Wave pricing: How much does Wave cost?
Dive into Wave Accounting’s transparent pricing structure, tailored to empower businesses of all sizes.
From Free invoicing tools that let you shine professionally to expert advisory services, Wave offers a spectrum of options to fit your financial needs. With prices ranging from complimentary to specific pick-a-plan models, there’s a solution for every budget.
|From $8 to $149 per month
|Annual subscription / Commission based / Monthly subscription / Pay-per-use
|Yes, 30 days
|Money back guarantee
|Pricing page link
Wave pricing plans
Invoicing : “Look like a pro”
- Price: FREE
- Present a professional image, even when working from home.
- Design invoices that mirror your brand’s identity.
- Automate reminders for payments.
- Enable payments via credit card, bank transfers, and Apple Pay directly from invoices.
Accounting : “Always be organized”
- Price: FREE (pay per use)
- Track income and expenses without limitations.
- Collaborate with an unlimited number of partners, collaborators, or accountants.
- Quick insights into client charges via the dashboard.
- Connect unlimited bank and credit card accounts.
- Access crucial reports like Overdue Invoices & Bills and Profit & Loss.
Payments : “Get paid faster”
- Price: per use
- Credit Cards: 2.9% + $0.60 USD per transaction; 3.4% + $0.60 USD per AMEX transaction
- Bank payments: 1% per transaction ($1 USD minimum fee)
- Offer multiple payment methods to clients, including bank deposits, credit cards, and Apple Pay.
- Eliminate manual entries as Wave syncs invoice payments to the accounting dashboard.
- Ensure positive cash flow with fast payouts.
- Implement recurring billing for regular clients.
Mobile receipts : “Ditch the shoebox”
- Monthly Subscription: $8 USD billed monthly or $72 USD billed annually (Save 25%)
- Efficiently scan unlimited receipts and import up to 10 at once.
- Digitally store and access all expense data.
- Secure backup of receipts in the cloud.
- Monitor business expenses without manual bookkeeping.
- Simplify tax preparations with organized records.
Payroll : “Pay staff in minutes”
- Tax service states: $40 USD monthly fee + $6 USD per active employee + $6 USD per independent contractor paid
- Self service states: $20 USD monthly fee + $6 USD per active employee + $6 USD per independent contractor paid
- Streamlined payments to employees and contractors.
- Direct deposit to employee bank accounts.
- Provide employees with a portal for paystubs and tax forms.
- Access essential tax documents with ease.
- Ensure accuracy and compliance without the complexities.
Advisors : “Access experts, any time”
- Bookkeeping support: $149 USD monthly fee
- Accounting & payroll coaching: $379 USD one-time fee (other packages available)
- Receive guidance from experts in bookkeeping, accounting, and payroll.
- Ideal for those new to accounting or aiming to master Wave.
- Get personalized advice aligned with business objectives.
- Engage with advisors throughout the year, not just during tax season.
Wave features: What can you do with it?
With a suite of features designed to simplify financial tasks, users can effortlessly navigate the complexities of accounting, invoicing, and expense tracking. Below, we delve into the key features of Wave Accounting, highlighting their functionalities and benefits to users.
Detailed income and expense tracking
Wave Accounting offers a comprehensive system for tracking both income and expenses. Users can seamlessly monitor their financial transactions, ensuring that every dollar earned or spent is accounted for.
This feature is particularly beneficial for freelancers and small business owners who need to maintain an accurate record of their finances for tax purposes and business analysis.
Sales and sales tax tracking
The software provides tools for monitoring sales and the associated sales tax. This ensures that businesses remain compliant with local tax regulations and can accurately calculate the amount of sales tax owed during tax periods.
Accounts payable and accounts receivable
Wave allows businesses to manage their payables and receivables efficiently. This means businesses can track money they owe to suppliers and money owed to them by clients, helping maintain a clear picture of their financial health.
Pivotal financial statements
Users can generate key financial statements such as profit and loss statements, cash flow statements, and balance sheets. These statements provide a snapshot of a business’s financial position and performance, essential for decision-making and reporting.
Online payment acceptance
Wave offers the capability to accept online payments, either through credit card transactions or bank transfers. This feature facilitates smoother transactions and quicker payments from clients.
Mobile money-management app
Wave provides a mobile app available for both Android and iOS. This app allows users to manage their finances on the go, making it easier to track expenses, send invoices, and monitor financial transactions from anywhere.
Unlimited customizable invoices with thorough automations
Invoicing is made simple with Wave. Users can customize their invoices with their business branding and set up recurring invoice templates for regular clients.
Additionally, the software offers automation features like notifications when a client views or pays an invoice and automatic payment reminders.
Expense tracking and receipt scanning
To further aid in expense management, Wave offers features like receipt scanning and automatic expense categorization. Users can connect an unlimited number of bank accounts to the software, ensuring all transactions are captured and categorized appropriately.
Wave review: Why you should use it?
Wave is a cloud-based accounting platform designed exclusively for small businesses. It offers features such as double-entry bookkeeping, unlimited user access, invoicing, and expense management.
Additionally, it seamlessly integrates with other Wave applications, including invoicing, receipt scanning, payment processing, and payroll. However, some users have reported reliability issues, with the platform being down frequently in recent weeks.
Others have praised its basic accounting capabilities and ease of use, while some have pointed out challenges with customer service and certain features.
- Free Platform: Wave Accounting is free, making it a cost-effective solution for small businesses.
- Comprehensive Features: It supports double-entry bookkeeping, invoicing, expense management, and integrates with other Wave apps.
- Cloud-Based: Being cloud-based, it allows users to access their financial data from anywhere.
- Reliability Issues: Some users have reported that Wave Accounting has become unreliable, with frequent downtimes.
- Customer Service: There have been complaints about poor customer service and limited support options.
- Feature Limitations: Some users have mentioned challenges with certain features, such as reconciliation and invoice numbering.
Frequently Asked Questions
Can I access Wave from anywhere ?
Absolutely! Wave is cloud-based, allowing users to access their financial data from any location with internet connectivity.
Are there any reported issues with Wave ?
Some users have reported reliability concerns, mentioning that the platform has experienced frequent downtimes. Additionally, there have been mentions of challenges with certain features and customer service.
Does Wave support integrations ?
Yes, Wave Accounting integrates smoothly with other Wave applications, including invoicing, receipt scanning, payment processing, and payroll, providing a holistic financial solution for businesses.
Is Wave suitable for all business sizes ?
Wave Accounting is primarily designed for small businesses. Its features and functionalities cater to the unique needs of smaller enterprises.
How secure is Wave ?
Being a cloud-based platform, Wave Accounting emphasizes security. Users can expect their financial data to be stored safely, though it’s always recommended to regularly back up essential data.