It also features a well-laid-out, clutter-free dashboard with individual tabs for sales, purchases, accounting, banking, payroll and reports. We hope this case study and Wave Accounting review provides you with insightful information and analysis to help you decide whether the platform is the best fit for your business needs. Despite several limitations, it still has plenty to offer small businesses. It contains essential functionality that will help you pay bills, invoice customers, and track your expenses. It doesn’t have the best customer service, but most of its features are easy to use, so you shouldn’t have any trouble setting it up and using it. You can enjoy features such as unlimited income and expenses tracking, digital receipt upload and transaction management and access its invoice mobile app at no cost.
Wave is an award-winning financial software designed for entrepreneurs. You can use the Wave cloud accounting system for all your invoicing, reporting, receipts, quotes/estimates, and more for free! This means it is a perfect choice for startups, low-budget companies, and companies who have no prior software experience.
- You can use the Wave cloud accounting system for all your invoicing, reporting, receipts, quotes/estimates, and more for free!
- Many users praised the fact that it accommodates unlimited users and offers free accounting, invoicing, and receipt scanning features.
- You’ll be able to download the Wave mobile app directly from your email or you can learn more within your Wave account.
- When it comes to bookkeeping software, various elements might impact the decision-making process, but Wave Bookkeeping provides a completely free choice for freelancers and small business owners.
Wave Accounting is ideal for micro businesses with less than 10 employees, contractors, freelancers and other service-based businesses on a budget. The free financial management software is user-friendly and equipped with all the basics, including income and expense tracking, bank connections, invoicing and reporting. Wave also offers a free app to help you manage your invoices on the go. With Wave Invoicing, you’ll be able to track, edit, send and pay invoices from any mobile device.
Best Accounting Software for Small Businesses
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. FreshBooks has an excellent mobile app that allows you snap photos of receipts, send invoices and track mileage. In addition to its free services, Wave has software and services that do come with fees, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching.
Our commitment to precision, multi-industry solutions, and client-centricity ensures your unique needs are met. Wave also provides paid add-ons such as payroll processing and credit card payments for enterprises with more complex needs. These extra capabilities are reasonably priced in comparison to other bookkeeping software in the market. When it comes to bookkeeping software, various elements might impact the decision-making process, but Wave Bookkeeping provides a completely free choice for freelancers and small business owners.
Why is Wave a Preferred Choice?
Another feature of good accounting software is the ability to close a prior year to lock previous transactions, but Wave also falls short on that. Wave doesn’t skimp on basic features for small businesses, but it also has some limitations, considering it’s free software. In our internal case study, we examined Wave up close across 11 categories and achieved the following scores and results. You can learn more about the features by watching the video of our accounting expert as he assesses Wave based on the case study criteria. Safely hand off your books to your accountant by adding them as a limited user.
Customers love Wave
In addition, Wave allows you to manage multiple businesses on one free account and uses double-entry accounting, which is ideal for accountants and tax time. Wave allows you to search transactions, design accounting reports and reconcile data across other Wave products. Plus, you can calculate sales tax automatically, customize payment terms and enjoy access to easy-to-understand cash flow insights.
Wave Accounting Assisted Bookkeeping Options
Wave is also PCI Level-1 certified – which is often necessary with third-party merchant service providers. Zoho Books offers a robust free plan, along with a range of paid plans that feature workflow automation. FreshBooks is an affordable option for freelancers and small service-based businesses that operate mostly on the go. Includes tools that help automate the reconciliation process; auto-categorizes transactions for you, but you can’t set up your own bank rules; no global search function.
Find effective ways to grow your business
Wave Money is currently available to single-owner businesses in the United States with a Wave account. Once you create an account, we’ll notify all new the mysteries of eligible businesses by email. You’ll be able to download the Wave mobile app directly from your email or you can learn more within your Wave account.
Wave Accounting Review — What You Need to Know
Your data is always available, and it’s backed up for extra peace of mind. Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption. If you’re interested in our payroll software, you can start a free 30-day trial when you sign up for Wave. Create beautiful, free invoices that reflect your business branding. Automate overdue reminders, set up recurring bills, and add notes or terms of service with ease.
As long as you’re content with basic features and don’t see yourself expanding in the foreseeable future, you’ll find this completely free, easy-to-use software particularly appealing. Since you don’t have to pay anything to get started, it’s certainly worth trying out. Wave Accounting is the best free accounting software solution for freelancers, solopreneurs, and small-business owners alike.
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. There’s no live support unless you pay for it so you’ll have to dig for the answers to your questions in the help center or cross your fingers that the automated chatbot will help you out. You work hard to make your business a success – that’s why Wave uses both physical and digital protection to keep your money safe.
Wave’s invoicing is free and unlimited, with three customizable templates and a user-friendly interface, putting it on par with some of the best invoicing software solutions for small businesses. Other capabilities include recurring invoicing and the option to let repeat clients opt into automatic credit card billing. Strong invoicing feature competes with that of paid products; app lets users send invoices on the go; offers significantly fewer reports than competitors; no inventory tracking. Many users praised the fact that it accommodates unlimited users and offers free accounting, invoicing, and receipt scanning features. Its other integrations, such as Wave Payments and Wave Payroll, were added benefits according to users. However, there were several complaints about poor customer service and limited contact options.