The first iteration of the software was released in 2010 as a free accounting website. After offering free online accounting software for a time, the platform grew to include many tools for double-entry bookkeeping as well as other financial services like payment processing. Wave Accounting is ideal for micro businesses with less than 10 employees, contractors, adp intuit 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. Your customers can pay the invoices you send them instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay.
- Safely hand off your books to your accountant by adding them as a limited user.
- Also, it seems to lack certain features that are available on the desktop version.
- It is convenient to work in it, to set and to perform tasks, and to keep accounts.
- The app offers a receipt scanning feature as well, but you have to pay a subscription fee to access it.
- Stay updated on the latest products and services anytime anywhere.
Another big advantage of the app is it’s straightforward to use. The software has a clean and user-friendly interface that makes navigation simple. Even if you’ve never used accounting software before, you’ll be able to figure out Wave with ease. There’s also a dedicated invoicing mobile app to keep you going on the go.
Wave accounting pricing plans
Here is a list of our partners and here’s how we make money. Our bookkeeping and banking tools can be used separately or together for maximum control of your business finances. Know when an invoice is viewed, becomes due, or gets paid, so you can stay on top of your cash flow better than ever. Stay updated on the latest products and services anytime anywhere.
- However, we do suggest checking out Wave accounting alternatives, as they may provide the same features but for a slightly more affordable price.
- Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business.
- Of course, if you freelance, you don’t need to worry about running payroll either now or in the future.
- It surpasses competitors not in units, but in tens of times.
- You’ll also experience peace of mind knowing your personal financial information is backed-up and secure.
We’ll show how the app keeps track of your cash flow, and go over the most important app features, pricing, and pros and cons. Our partners cannot pay us to guarantee favorable reviews of their products or services. We believe everyone should be able to make financial decisions with confidence. If you’re on-the-go, you can also send invoices from your phone or other mobile device using the Wave app.
See all Wave app features
The quick summary allows you to stay in control of your business finances, including a task list of outstanding items. Wave offers accrual-basis accounting only, not cash-basis accounting. You’ll always know who you need to communicate with and about what, so you can leave a great impression with customers.
Mobile receipts
Keep your income flowing in with the help of flexible payment options, and money transfers in as little as two days. Yes, Wave’s accounting software does automatic double-entry bookkeeping. This accounting process generates two entries for every financial transaction. Wave Accounting also uses double-entry accounting, which is much more accurate than basic single-entry accounting. Most accounting software use the double-entry system, though FreshBooks’ cheapest plan is a notable exception.
Get your accountant in on the action
You can also set up recurring payments, auto-reminders, and deposit requests to make sure you always get paid on time. When everything is neatly where it belongs, tax time is simple. Wave’s smart dashboard organizes your income, expenses, payments, and invoices. Have an eye on the big picture so you can make better business decisions. Our robust small business accounting reports are easy to use and show month-to-month or year-to-year comparisons so you can easily identify cash flow trends.
Accountant-friendly software
However, there are no advanced plans for businesses looking to grow. Get support from Wave’s team of bookkeeping, accounting, and payroll experts. This feature is perfect for those who are just getting started with accounting. The best part of Wave advisors is that they are available year-round and will provide advice tailored to your business goals. Wave’s payroll feature allows you to run payroll and pay your employees and contractors with more ease than ever before.
Since Wave only has one accounting plan, though, it’s not perfect for business owners who want to add accounting features as they grow. And its email-only customer support means users are largely on their own if they encounter an immediate problem. There are no trials or hidden fees, and it includes all the key features you need to keep your books accurate and run your business smoothly.