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Wave Accounting Review
Wave Accounting is a free software competing against higher-priced competitors, such as Xero or FreshBooks. Although its interface is simpler, Wave is extremely responsible and comes with unlimited expense tracking and free invoicing, making it the go-to choice for many small business owners and freelancers. This is all-around accounting software that incurs no costs.
Onto our Wave Accounting review!
What Is Wave Accounting?
Wave Accounting is accounting software that makes all transactions as smooth as possible. Its main features help users to manage income and expenses through automatic, easy tasks. The professional invoicing software allows us to create and send free invoices, and it even allows for more advanced custom options, such as automatic or recurring payments.
How to Use Wave Accounting
The software is quite straightforward and provides all the accounting features required by freelancers and small business owners. Read on to find more about how to easily access its different features.
- Income and expense tracking
- Track sales tax
- Add unlimited partners, collaborators, or accountants
- Fully functional double-entry system.
- Reports on Overdue Invoices & Bills, Cash Flow, Profit & Loss, etc
- Unlimited bank and credit card connections
- Organize income and expenses into tax categories
- Multiple businesses in one account
- Invoices in any currency
- Send estimates and turn them into invoices
- Accept credit cards to get paid automatically
- Personalize your invoices
- Choice of professional invoice templates
- Receipt scanning
- Available on Android and iOS
- Scan multiple receipts all at once
Wave Accounting Invoice
Invoices are perhaps the first task you will perform when accessing Wave for the first time. To create an invoice, all you need to do is select the section entitled “Sales”, and then “Invoices”.
You can add the invoice number, select a customer, and add a date, a due date, and purchase order or shipping order. The next section allows you to add or edit the subheading, business information, and customize the customer section.
Other features of Wave Accounting Invoice include:
- Choosing the currency
- Send estimates
- Fully customizable columns
- Notifications when invoices are viewed by customers
- Track payments, overdue invoices, and more
- Broad choice of invoice templates
Wave Accounting Quarterly Taxes
Wave offers a Tax Service under its Payroll function that allows US citizens to file their state and federal taxes. This service is currently available in 14 states and include services such as 940, 941, 944, W-2, or W-3. Tax filing will be made by the Tax Service team on your behalf.
Wave Accounting Credit Card Fees
Wave Accounting allows online credit card payments. This service comes at a highly competitive fee of 2.9% and $0.30 per transaction for most credit cards and 3.4% and $0.30 per transaction for American Express. In the case of bank payments, Wave charges 1%.
Wave Accounting for nonprofits offers all the features to optimize the cash flow while saving time. It can automatically import all transactions into the accounting software, and they offer limitless connections for bank accounts and credit cards.
Some other Wave Accounting nonprofit features include:
- Accounts payable management
- Categorization of expenses
- Overview of financial position
- Instant invoicing, payment data update, payroll, and cash balances
- Sharing financials
Wave Accounting Budget
Budgeting is a must-have feature of any accounting software. Wave offers a straightforward budget calculator that helps you measure your performance and plan accordingly.
Wave Accounting PayPal
Wave offers free PayPal integration with all transactions automatically imported into the accounting software. One drawback is that recurring transactions, such as a subscription, will not be accounted for because of Wave’s integration system. However, it is still possible to enter transactions manually if needed.
Wave Accounting Android App
Scoring high on portability and convenience, the Wave Accounting Android app allows customers to create invoices on-the-go and to track all of their expenses.
Everything in the app is automatically reflected in the desktop version of your account. A great highlight is that the mobile app, which is available for both iOS and Android users, has the full functionality of the desktop account.
It also allows you to share invoices with all of your customers through SMS messages, email, and many other apps.
Wave Accounting Reports
Apart from providing access to single reports, Wave Accounting also has comparative reporting. In other words, you can gain a deeper insight into your business by comparing two periods from Cash Flow Statements and Profit & Loss.
Wave Accounting 1099
1099s are necessary for independent contractors to be able to file their taxes. Wave Payroll offers this option by allowing its users to generate a 1099-MISC form for each contractor you selected as a 1099 contractor and paid more than $600 per year.
How Much Does Wave Accounting Cost?
Is Wave accounting really free? The good news is that Wave is actually a free accounting software. It might not be complex enough to cater to the needs of a large business, but it comes with all the basic features required by a freelancer or small business owner at no cost.
How Does Wave Accounting Make Money?
This question comes naturally, considering that most accounting software on the market comes with monthly or yearly subscriptions. Wave earns its revenues through its payroll services in the US and Canada, which incur a monthly base fee of $35, $6 per employee, and $6 per contractor. In addition to this, the software charges fees for credit card payments.
Is Wave Accounting safe and legit? Any software that comes free of charge might pose security questions, especially when it comes to your business, finances, and customers. Wave is completely safe and all of its services benefit from electronic and physical protection, such as 256-bit SSL encryption.
Also, there is no installation required as Wave is 100% web-based, and you do not need to provide your credit card details when creating an account.
The Wave Accounting Support team provides email support for all of their free services, such as accounting, invoicing, and receipt scanning. Wave Payroll and Payments are paid services that offer access to live chat support.
Looking for an alternative to Wave Accounting? Choosing between two great alternatives, such as Wave Accounting vs Freshbooks or Wave Accounting vs Xero, might be challenging when it comes to making the right decision for your business. Firstly, Wave comes at no cost to you, unlike the other two subscription-based services.
A benefit of Wave over FreshBooks is that it provides accounts payable. Regarding other features, they are quite similar, but Wave has slightly more developed options, such as vendor management, better project management, and better reporting.
Xero is mostly designed towards medium to large businesses, unlike Wave which is suitable for freelancers and small business owners. As a result, Xero comes with more advanced features, so it lacks ease of use compared to Wave.
Summary: Wave Accounting Review
All in all, Wave is a perfect choice if you need safe and reliable accounting software to help you organize your small business. There is nothing better than no costs when your start-up business still lacks in revenue. Given its ease of use, Wave can be a great solution for anyone who needs help with accounting, saving time and offering the chance to focus more on growing your business rather than spending time on tedious and repetitive tasks that can be automated within seconds.
Wave Accounting Software
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You may also be interested in TurboTax Review.