Wave Accounting Review: Is It Right for Your Business?

Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Our ratings take into account a product’s cost, features, ease of use, customer service and other category-specific attributes. When you reconcile your books, you’ll navigate to the “Reconciliation” tab within the Accounting menu. If you need to manually edit, add or remove any transactions, you can do so on the Reconciliation or Transactions pages.

For Wave customers using the free version, support is only available through a self-serve option in the Help Center and by using Mave, the Wave Accounting chatbot. Users can compare month-to-month and year-to-year small business accounting reports in Wave to easily identify trends in cash flow and rectify discrepancies as needed. Information provided on Forbes Advisor is for educational purposes only.

Wave Accounting Review 2023: Pros, Cons, Alternatives

However, some features are noticeably missing, such as project management and budgeting, that are found with paid software options such as QuickBooks Online. Wave is cloud-based software that boasts a solid set of accounting features suitable for most small businesses. These features are especially appealing when you consider that Wave is absolutely free. Wave Accounting is an intuitive accounting ERP for small businesses, freelancers and entrepreneurs. Users also fancy the program’s user friendliness, documenting every task a user conducts and relaying accurate data. Although some users wish this solution had time tracking, job scheduling and recurring bills, the bulk of users find Wave Accounting a robust bookkeeping tool.

• Some of its other key capabilities include bill and invoice reminders, searchable transaction descriptions, adjustable sales taxes and infinite income and expense tracking.
• For businesses that want to connect Wave and PayPal, Zapier is a viable option.
• However, while Wave is built for businesses with up to nine employees, QuickBooks has no upper limit and tends to thrive as you scale and need more advanced features.
• Wave also offers a free app to help you manage your invoices on the go.

The program also delivers tax calculation accuracy, robust security protections, and analytical reports that safeguard compliance. Wave Accounting is available as software as a service and on iOS and Android mobile devices. You can connect your bank account to Wave, which will automatically import and match your banking transactions with your recorded income and expenses. New versions of Wave’s iOS app and Android app are available now, called Wave Small Business Software. Users who have old versions of these apps should delete them and download the ones.

Customer Support and Professional Coaching

If you want a budget-friendly accounting and invoicing solution, Wave is a great free alternative to QuickBooks. Their payroll service for companies in the US and Canada includes a $20-35/month base fee, plus $6 per active employee and independent contractor paid. With Wave, is wave accounting secure you pay 2.9% + $0.30 per transaction per credit card transaction for non-European issued cards, and 1.4% + 20p per transaction for European issued cards. The mobile app lets you take photos of receipts and it’ll automatically match it up with existing transactions.

In the meantime, though, check out these top Wave alternatives to fully explore your accounting software options. For small business owners with 9 or fewer employees, Wave offers a fully integrated solution that is designed to streamline your day-to-day operations. Unlike other platforms with inflated interfaces, Wave’s user-friendly dashboard allows you to quickly find what you need, all in one place. With a simplified login process, you’ll never waste time navigating different cluttered menus again. Whether you need to review financial reports, manage customer invoicing, or track expenses, Wave makes it easy to access the tools you need, right when you need them.

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