We’ve already hit on a few accounting features that set Wave apart, but there are a few more perks to cover. Wave also lets you manage multiple businesses under the same Wave account. The software lacks a number of basic accountancy capabilities, including stock tracking, project accounting, and budget and forecasting. According to our vigorous research, Wave is definitely worth it, especially if you’re running a side business and don’t require specialist accountancy features. Accountancy software is a vital tool for a business’s financial well-being. What’s more, Wave doesn’t let users create cash flow projections, or any budget forecasting tools at that, making the software less suited to larger businesses that require an advanced overview of their finances.

Support & Tools

That said, Wave is not the platform for you if your business depends on features like mileage tracking or inventory-linked expenses. Wave’s invoicing feature is simple but effective for freelancers and solo business owners. Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption. Our plans are built for small business owners at every stage! If you’re looking for an on-the-go solution, you can install our mobile app to help you manage invoices and payments. Make bookkeeping and tax time easy with solutions that are affordable, small biz friendly, and—dare we say—fun to use.

How to file taxes as an LLC: Step-by-step guide for small business owners

Set up automatic payment reminders and stop chasing customers. Easily create, customize, and send professional invoices while on-the-go. The quick summary allows you to stay in control of your business finances, including a task list of outstanding items. Easily monitor and keep track of what’s going on in your business with the intuitive dashboard.

However, unlike QuickBooks and Zoho Books, businesses using the software can’t set recurring bills or create purchase orders, making it harder for them to manage finances automatically. Users can use the tool to track bills and expenses, record payments in multiple currencies, and scan bills. Though not perfect, Wave’s accounts payable features are well above average. If you’re looking for a reliable tool to track your financial transactions, Wave’s bookkeeping features will definitely cut the mustard. It requires no contract, features no hidden fees, and businesses don’t even need to use a credit card to get started.

On your mark, get set… go!

The feature is available for both plans at $40 per month plus $6 per employee or independent contractor. Employees get a basic portal where they have access to paystubs, W2s and vacation time. It offers automatic tax calculations, direct deposit and optional automated tax filings (availability varies by state). This helps me get paid without having to chase invoices. Wave makes it easy for clients to pay directly from your invoices using credit cards, ACH transfers or Apple Pay. It’s a practical setup for small operations that want automation without extra software.

Invoice from anywhere

Wave lets small business owners like you create beautiful invoices, accept online payments, and make accounting easy—all in one place. Wave lets small business owners like you create beautiful invoices, accept online payments,and make accounting easy—all in one place. Since Wave only has one accounting plan, though, it’s not perfect for business owners who want to add accounting features as they grow.

Get your accountant in on the action

Once your report is generated, Wave allows you to export it in formats such as accounting for consigned goods accounting guide PDF or Excel, making it easy to share with your accountant or keep a copy for your records. You can filter data by date range, account type, or other criteria to generate a report tailored to your needs. Keep in mind that Wave charges a small fee for payment processing, but it’s competitive with other payment platforms. This feature saves you the hassle of waiting for checks to clear and makes it easier for clients to pay on time. You can enable Wave Payments, allowing clients to pay directly from the invoice via credit card or bank transfer.

The subscription fee for the Pro Plan is per business, not per owner. Learn more about changing subscription periods and plan types, and how to cancel your Pro subscription in our Help Centre. Approval to use online payments is subject to eligibility criteria, including identity verification and credit review. We also took our expert’s view into accounting when calculating our star ratings.

Wave offers unlimited income and expense tracking capabilities, which is almost unheard of for free accountancy software. However, for many small business owners, Wave provides more than enough functionality at no cost. For instance, it does not offer advanced inventory management or project tracking, which may be necessary for larger businesses or those with more complex needs. While Wave is an excellent tool for small businesses, it does have a few limitations. Wave’s reports are especially useful when filing taxes, as they provide detailed insights into your income, expenses, and tax liabilities. The software allows you to produce various reports, including profit and loss statements, balance sheets, sales tax reports, and cash flow statements.

• Wave’s reports are especially useful when filing taxes, as they provide detailed insights into your income, expenses, and tax liabilities.
• Learn more about changing subscription periods and plan types in our Help Center.
• For instance, its unlimited invoices are much more customizable (and, in our opinion, more professional-looking) than QuickBooks’ comparatively expensive invoices.
• Wave bookkeeping is an excellent choice for small business owners looking for a free, easy-to-use solution for managing their finances.

Does Wave’s accounting tool work with my bank?

Wave’s accounting software is designed for self-employed people and freelancers like you, and can be easily customized for any size business and any type of goods or services you provide. Wave is cloud-based, so you can securely access your accounting software and your financial information anywhere you are—whether you’re working in your pjs, or waiting for the denominator in the fixed asset turnover ratio is a meeting to start. Yes, Wave’s accounting software does automatic double-entry bookkeeping. Most accounting software use the double-entry system, though FreshBooks’ cheapest plan is a notable exception.

Wave keeps track of who has paid and who hasn’t, so following up on unpaid invoices becomes easy. You can create, send, and track invoices directly from the platform, and even set up recurring invoices for clients with ongoing services. Wave’s automated system makes it easy by allowing you to categorize expenses, set rules for future transactions, and create custom categories for specific types of expenses. Wave also offers a receipt scanning app that lets you upload receipts for purchases, which are then matched with the corresponding transactions in your account. If you’re looking for a complete solution for bookkeeping without the hefty price tag, Wave is a great place to start. One of the biggest advantages is that it’s free, providing many of the essential bookkeeping tools that other platforms charge for.

Expert help, invoicing, maximize tax deductions, track mileage The $19-per-month Pro plan adds bank-feed automation, recurring billing and receipt capture. However, Wave is perfect for freelancers and small businesses that need quick and simple estimates. Wave’s payroll feature is best for very small businesses with just a few employees or contractors that want an easy way to run payroll. I like the fact that recurring billing, deposits and automatic payment reminders are built into the software.

Wave Accounting is the best free accounting software solution for freelancers, solopreneurs, and small-business owners alike. While Wave’s accounting software isn’t as feature-rich as many of its competitors, it offers more than enough tools for small businesses to manage their finances. In fact, with free accounting software options available, businesses don’t need to spend a dime to get started with Wave — the best value accounting software we’ve reviewed. Wave’s smart dashboard efficiently organizes your income, expenses, payments, and invoices for fast and accurate tax preparation. Wave accounting software is the solution you need to take charge of your business and keep your hard-earned money safe.

• Easily track your income and expenses and stay organized
and accurate.
• Due to a perfect score for accounts receivable features and a custom bill-scanning app, our research shows that Wave’s toolkit isn’t too far behind the costly alternatives either.
• If you’re looking for an on-the-go solution, you can install our mobile app to help you manage invoices and payments.

Transactions will appear in your bookkeeping automatically, and you’ll say goodbye to manual receipt entry. Have an eye on the big picture so you can make better business decisions. Create unlimited bookkeeping records and keep your records spotless.

Payment links and invoicing, subscription management, revenue reporting We provide different levels of how many times can i reheat food support, depending on the plan and/or the add-on features you choose. Learn more about changing subscription periods and plan types in our Help Center. Sign up for the Starter Plan to take the bookkeeping and invoicing basics for a spin.