Still, some accounting programs are more user-friendly than others, and Wave Accounting is among the easiest for first-time business owners to configure. Otherwise, unless you add an optional service like Wave Payroll or Wave Mobile Receipts, Wave Accounting is free to use. Users of Wave’s paid and free plans can both access receipt scanning, though only paid users can opt for free receipt scanning. In either case, Wave Accounting’s mobile app lets you capture unlimited receipts and import them in bulk in batches of up to 10 receipts. So yes, it’s excellent accounting software for small businesses, freelancers, contractors, and sole proprietorships. In addition, what some users complained about was the scalability of the accounting software.
- However, some users complain that the customer support team is not always able to solve more complex issues.
- Regardless of which you choose, you will have to pay processing fees to accept invoice payments online.
- The first iteration of the software was released in 2010 as a free accounting website.
- The Add a Product or Service option (shown below) is where you would enter any products or services.
- This feature is also handy if you’re working with independent contractors and need to generate a 1099 form for tax filing.
This feature is also handy if you’re working with independent contractors and need to generate a 1099 form for tax filing. The sales and income tax features are evaluated across the other categories, so it has no separate video. The program did well in A/R management, and it could have scored higher if there were more options to personalize invoices. The Starter plan allows you to upload your company logo, but you can’t choose from invoice templates and change the invoice color. You can create decent invoices in the Pro plan, but they aren’t as customizable as those in other software like QuickBooks Online. Depending on your subscription, you can snap a photo of your expense receipt and upload it to Wave through the mobile app.
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Wave Accounting Review
However, Wave might not be the best choice for businesses that are looking to grow big, as there are no advanced plans available. In addition, Wave doesn’t have any dedicated time-tracking features, which can be an issue for some businesses. The software has a clean and user-friendly interface that makes navigation simple.
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Fortunately, the Help Center provides plenty of guides and information to help with most issues, and the software is intuitive enough that this support option will be sufficient for most users. The company also offers good customer support options, including an accounting guide, wave accounting reviews to help you learn to balance the books and use the software. One of the biggest benefits of using Wave is that it offers a lot of functionality at no cost. The other benefit is utilization of Wave Payments, which allows you to accept online payments from your customers.
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For instance, Wave can be used to track overdue client payments, create and send invoices and estimates, set up recurring invoices, and create payment reminders. Wave even lets businesses store client information in comprehensive customer profiles, letting users access a range of important information from one user-friendly dashboard. However, the only software Wave Accounting syncs with is Wave’s own payroll service.
Does Wave use double-entry or single-entry bookkeeping?
Once an invoice is created, you can email it directly to your customer in the paid version. The free plan doesn’t let you do that, but it provides you with a link to your invoice so that you can include it in your own email. The free Starter plan does not allow you to connect a live feed to your bank or credit card accounts. However, you can upload your bank statements from comma-separated values (CSV) or Excel files and perform bank reconciliations. We’ve developed an internal case study to evaluate accounting software across 15 different categories based on a common set of facts and functions.
Would you like to learn more about the suite of financial management tools offered by Wave Financial? We’ve already hit on a few accounting features that set Wave apart, but there are a few more perks to cover. Today’s leading accounting platforms offer standard security features, such as 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. You can invite your accountants, bookkeepers or other business partners to Wave via email and designate their user roles.
