Since you don’t have to pay anything to get started, it’s certainly worth trying out. 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.
Wave Review (Formerly Wave Accounting)
All feedback, positive or negative, helps us to improve the way we help small businesses. The only downside is that there’s no back button, but navigating the software is still pretty simple. This platform is perfect for anyone that wants to automate and outsource the headaches of running a business. We also took our expert’s view into accounting when calculating our star ratings. The developer, Wave Financial Inc, indicated that the app’s privacy practices may include handling of data as described below.
Wave Accounting Review 2023
We weigh each section differently to calculate the total star rating. If you operate a larger business and need advanced features, give Xero a look before signing up for Wave. Xero has more advanced features, hundreds of integrations, and also supports unlimited users. However, Xero doesn’t have a free plan, with monthly subscriptions starting at $15. With limitations on Xero’s lowest-tier plans, users will have to upgrade to a more expensive option to take advantage of everything the software has to offer. The company also offers good customer support options, including an accounting guide, to help you learn to balance the books and use the software.
- Finally, Wave’s billing, payment acceptance, and invoicing features all work together to ensure you get paid on time.
- Wave offers accrual-basis accounting only, not cash-basis accounting.
- Just type in your business information, and you’re all set.
- Bank data connections are read-only and use 256-bit encryption.
Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate employee turnover partnerships. However, some features are noticeably missing, such as project management and budgeting, that are found with competing software options such as QuickBooks Online.
Accounting software to keep you organized
Yes, switching from other accounting apps or products to Wave is easy! See our step-by-step guide on how to import bookkeeping data into Wave here. When everything is neatly where it belongs, tax time is simple. Wave’s smart dashboard organizes your income, expenses, payments, and invoices. An additional fee applies for filing your taxes through this integration, which includes an automatic import of Wave data into H&R Block. We’ve already hit on a few accounting features that set Wave apart, but there are a few more perks to cover.
This accounting process generates two entries for every financial transaction. First, Wave is remarkably customizable—especially considering that it’s, you know, free. For instance, its unlimited invoices are much more customizable (and, in our opinion, more professional-looking) than QuickBooks’ comparatively expensive invoices. This app is super helpful, the main issue I have while using it is the lag.
If you’re a freelancer or other solo service provider, Wave is a better option. Bank data connections are read-only and use 256-bit encryption. Servers are housed under physical and electronic protection. Wave is PCI Level-1 certified for handling credit card and bank account information. Wave holds its own against two of its biggest competitors, QuickBooks Online and Xero.