Just type in your business information, and you’re all set. It also offers multi-business management for no additional fee. The article kicks off with Wave, but it includes reviews for nine other free bookkeeping programs that you might prefer. If you don’t mind trading a high cost for minimal receipt-scanning features and limited scalability, we recommend checking it out. You can also send bill and invoice payment reminders. We love that even though Wave is free and freelance-focused, it doesn’t assume freelancers can afford to skimp on financial accuracy.
But for small-business owners who want to eventually expand their businesses and hire an employee or two (or more), just know that Wave doesn’t make it easy to add payroll software beyond its own. Wave also doesn’t have quite as many integrations as other paid (and more popular) accounting software options. And in contrast to just about every accounting software provider at this point, Wave doesn’t have a mobile accounting app. When you’re working for yourself, you don’t need to spend hundreds of dollars a month on fancy accounting software with every possible bell and whistle.
No sweat accounting
You can effectively analyze the financial health of your business, find ways to generate more profit, and move forward with your business plan. You can grant access to a trusted individual—an accountant, bookkeeper, tax preparer, or business partner, for auction definition example—by inviting that person to be a collaborator. Get insights into your business’s performance with our handy graphs, charts, and smart dashboard—no number-crunching or accounting degree needed. « My fav tool for invoicing and accounting is Wave. Easy-to-use. And I love the interface! » Make it easy and convenient for your clients to pay by offering options like bank transfers, credit cards, and online payments.
Is Wave’s software something I need to install?
- Wave understands this more than anyone, offering its users a broad range of attractive accounts receivable features.
- Its user-friendly interface and extensive set of features make it an excellent tool for managing your business finances with ease.
- Wave Pro costs $16 per month or $170 per year, and includes a few extra perks on top of all the free features we’ve listed above.
- Users can use the tool to track bills and expenses, record payments in multiple currencies, and scan bills.
- The software allows you to produce various reports, including profit and loss statements, balance sheets, sales tax reports, and cash flow statements.
We specialize in helping small businesses save time and money with our affordable, efficient, and reliable bookkeeping solutions. With its robust set of features, including invoicing, expense tracking, and comprehensive reports, Wave simplifies bookkeeping tasks while allowing you to focus on running your business. These reports are essential for understanding your business’s financial health and can be customized for specific time periods or exported for tax filing purposes. Next, you’ll want to link your business’s bank accounts and credit cards to Wave so that it can automatically pull in transactions. The free Starter plan covers the essentials to include unlimited invoicing, estimates and bills, making it one of the few truly usable free accounting tools.
You can check out our comparison table to see how Wave compares against the top accountancy providers, too. So, scroll down to find out if Wave is right for your business, or use the links on the right to jump to specific sections. However, if you’re after advanced features, like budgeting, projection, and stock management, you’d be better off with FreshBooks or Xero, as these are not offered with Wave.
Why should I use accounting software for my business?
Spend time on the parts of your business you actually like. Plus, view cash flow reports to keep an eye on income and expenses and make smart business decisions. Fire off estimates and invoices, snap receipts, and track expenses—even on-the-go—with Wave’s simple money management solutions for contractors. Since Wave uses accountant-approved, real double entry accounting, your accountant will have all the information they need.
Visit your dashboard or use your invoicing or accounting features, and click the “Upgrade now” button. Unlike other software, Wave is built for small business owners and solopreneurs at every stage—not accountants—so it’s easy for you to use. You don’t need to be an accountant to keep your books organized, accurate, and ready for tax time. Connect your bank accounts in seconds with the Pro Plan.
Step 1: Creating and Customizing Invoices
Enter some basic information about your business’s accounting software needs and we’ll send you up to five personalized quotes for absolutely free. And speaking of growing businesses, Wave Accounting has just one accounting plan. Honestly, these features outpace those included with some paid accounting software. If you’re able to afford $15 per month, QuickBooks has much stronger reporting and accounts payable features than Wave, making it easier for businesses to understand their finances and improve their payroll efficiency. Yes, Wave’s accounting software offers a completely free plan, called Wave Starter. Maxim Liberty has been providing outsourced bookkeeping services to businesses and accounting firms in the USA and Canada since 2005.
Wave’s key accounting features
- Just starting your business or looking for the basics?
- For instance, Wave can be used to track overdue client payments, create and send invoices and estimates, set up recurring invoices, and create payment reminders.
- When you’re running a small business, keeping your financial records in check is critical to your success.
- Just type in your business information, and you’re all set.
Wave is the cheapest accountancy software you’ll be able to get your hands on, but it’s not the only worthy contender out there. However, its budget management tools are reserved for its pricier tiers, making it less appropriate for budget-conscious businesses. If you’re looking to gain a firmer grasp of your business’s finances, Zoho Books offers excellent budget management features for as low as $15 per month. However, it completely lacks budgeting tools, making it unsuitable for businesses that need a one-size-fits-all solution. Wave even lets businesses store client information in comprehensive customer profiles, letting users access a range of important information from one user-friendly dashboard. For those looking to ditch physical documents, the software will let you back up your business’s receipts, too.
Compare your accounting software options
And even better, get rid of late payments with Wave’s Pro Plan features like automated reminders and recurring invoices. Visit your dashboard or use your invoicing or accounting features, and click the peach “Upgrade now” button. If Wave isn’t a good fit for you, read through our article on the year’s best free accounting software. Wave Accounting proves that comprehensive accounting software doesn’t need a huge price tag. Finally, Wave’s billing, payment acceptance, and invoicing features all work together to ensure you get paid on time.
Spend more time onwhat you love
The Wave app is the mobile companion to your desktop experience, helping you keep tabs on your biz— anytime, anywhere. Prices do not include applicable tax. If you choose to cancel your subscription, it will remain active until the end of your current billing period.
The Pro plan adds unlimited receipt scanning and auto-matching, while those on the free plan can add this feature for $8 a month. Wave’s expense-tracking tools make it easy to stay organized without feeling bogged down in bookkeeping. If you are a free consulting invoice template freelancer who bills by the hour, you need to take the extra step to log time elsewhere and enter it manually.
Unlike other accounting software like FreshBooks, which only offers an add-on payroll processing service, Wave offers a native payroll feature. I can link my business bank and credit card accounts and watch transactions import automatically without any extra setup. Wave packs in the core tools most freelancers and small businesses need to manage their accounting without paying for extras they’ll never use. It’s built for people who don’t have a finance background but want an easy-to-use system that handles invoicing, expenses and payments in one place. If you’re searching for a cloud-based accounting software, Wave Accounting is one of the few tools that lets you manage your books without paying a monthly fee.
Get more time for what you love
Our double-entry accounting software is trusted by over 2 million small business owners.With Wave, you’ll also have an entire suite of money management features at your fingertips, including invoicing, payroll, and online payment processing. For instance, it doesn’t offer the same built-in time-tracking and project-tracking features you get with most other basic accounting software plans. Wave bookkeeping is a popular accounting software designed adjusting entries specifically for small business owners, freelancers, and entrepreneurs. Wave is a strong fit for freelancers and small business owners who want reliable accounting software without paying subscription fees.
Turn estimates into invoices in a snap
You can cancel your subscription up until one (1) day before your renewal date through Wave. Discount applied to the listed monthly price for Wave’s Pro Plan, starting from the date the Pro Plan is purchased and continuing for three monthly payment periods. Plus, easily access key reports (like profit and loss statements) about the health of your business. Wave’s dashboard organizes your info to show how your business is performing.
For even more value, upgrade to the Pro Plan to spend less time on manual transaction entry with unlimited bank and credit card connections. This can help you save time and make financial decisions quickly. Wave is truly simple money management solutions for small business owners like you! Wave has all the key features you need to keep your books accurate and run your business smoothly. Wave makes it easy to invite additional users to your account to help with your accounting. Yes, switching from other accounting apps or products to Wave is easy!