Wave Accounting Review: Pros, Cons, Alternatives

wave accounting apps

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. Wave also doesn’t have quite as many integrations as other paid (and more popular) accounting software options. Most importantly, it doesn’t sync with any tax calculator return and refund estimator 2020 third-party payroll providers. With Wave, you have access to expense tracking, bank reconciliation, and reporting to help you manage your finances. Wave also has some of the most appealing invoices on the market. Wave also offers time-saving automations, such as recurring invoices, automatic billing, and receipt scanning.

wave accounting apps

Accountant-friendly software

Xero’s starting price is half the price of QuickBooks, which makes Xero a more suitable Wave alternative for freelancers on a budget. Wave and Xero also have some crucial, unique features in common, such as unlimited users, unlimited bank connections and optional invoice-based payment acceptance. Additionally, free Wave Accounting users don’t have access to customer service. While you can check out articles on Wave’s knowledge base, you won’t be able to connect with a live person who can talk you through any accounting software problems. If you’re looking for a reliable tool to track your financial transactions, Wave’s bookkeeping features will definitely cut the mustard. Scoring a perfect 10/10 in our research in this category, it is head-to-head with our accountancy frontrunners, QuickBooks and Xero.

See all Payments features

Wave’s other invoice automations include automatic user notifications when a client views your invoice and pays their bill. You can also schedule automatic payment deadline reminders for clients. Your customers can pay what they owe you directly from the invoice itself, https://www.business-accounting.net/ and you can send invoices and accept payments on the go through Wave’s well-reviewed invoice app. Along with a free-for-life accounting and invoicing plan, Wave offers a paid plan with unlimited receipt scanning, thorough automation and a below-average starting price.

Is Wave Right for You or Your Business?

wave accounting apps

If you didn’t receive an email don’t forgot to check your spam folder, otherwise contact support. You can check out our comparison table to see how Wave compares against the top accountancy providers, too. The vendors that appear on this list were chosen by subject matter experts https://www.quick-bookkeeping.net/examples-of-fixed-costs/ on the basis of product quality, wide usage and availability, and positive reputation. The only downside is that there’s no back button, but navigating the software is still pretty simple. With this release, we’re waving bye to bugs and hello to stability improvements.

wave accounting apps

Of course, if you freelance, you don’t need to worry about running payroll either now or in the future. 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. However, some features are noticeably missing, such as project management and budgeting, that are found with paid software options such as QuickBooks Online. The lack of these features brought our score in this category to 3 out of 5 stars.

Pay per use (no strings attached)

Wave’s sales reports even let users view paid and unpaid income per customer, which separates its reporting features from the competition. Wave Accounting’s Starter plan is free and its Pro plan, which includes more features, is $16 per month. Regardless of which you choose, you will have to pay processing fees to accept invoice payments online. Wave also offers paid products for payroll, coaching and mobile receipt scanning. It’s hard to beat free accounting software, especially if you’re running a small business on a budget. Wave’s free plan offers a decent number of features, like unlimited invoices, that are not always included with other free accounting software options, let alone paid accounting software plans.

Wave Accounting is an affordable bookkeeping and accounting software service that doesn’t sacrifice features for the sake of pricing. Its expense, income and cash-flow tracking features are perfectly suited to freelancers, solopreneurs and other self-employed individuals who want to keep their accounting software expenses low. With a rock bottom score (0/10) for advanced features, the software lacks a number of basic accountancy capabilities, including stock tracking, project accounting, or budget and forecasting.

In our Wave Accounting review below, we’ll cover Wave’s features, add-ons, pros and cons to help you decide. 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. In fact, with a research score of 4.7/5, QuickBooks is our top-ranked accountancy software for small businesses. This free, easy-to-use accounting software is great for small businesses, especially for eCommerce, but lacks in project management, budgeting, and inventory tracking. Wave Accounting is ideal for micro businesses with fewer than 10 employees, contractors, freelancers and other service-based businesses on a budget. The financial management software is user-friendly and equipped with all the basics, including income and expense tracking, invoicing and reporting.

  1. 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.
  2. Create beautiful invoices, accept online payments, and make accounting easy—all in one place—with Wave’s suite of money management tools.
  3. See sent, viewed, paid and overdue invoices in one place so you know which clients are on the right track or need a nudge.
  4. Automate overdue reminders and credit card payments to reduce friction and focus on the work.
  5. In addition to its accounting software, Wave offers paid services, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching.

Xero’s cheapest plan starts at $15 a month and limits you to sending just five invoices a month. Wave offers competitive accounting software, and is a great choice if you’re running a side hustle and can do without the bells and whistles that come with pricier options. In fact, with quality free packages available, businesses don’t need to spend a dime to get started with Wave — the best value accounting software we’ve reviewed. In addition to its accounting software, Wave offers paid services, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching. Can manage multiple businesses for free under one account; lacks project tracking tools, industry-specific reports and transaction tracking tags. This app is super helpful, the main issue I have while using it is the lag.

When inputting information the character count for it is super slow/delayed to where it forces me to stay on a certain page until it registers that information has been inputted. After inputting information and trying to click done at the bottom it will not register unless I swipe the keyboard away. Clicking done in the top right corner works half the time, with it also glitching and forcing me to start over everything by taking me back to whatever page I was on prior to creating a new contact or new invoice. The import from contacts button does not work at all and the layout to get to customers invoice is great after learning where it is. Not being able to see or input the expenses unless I pay for the quick receipt plan in app is kind of a bummer. I’m glad the option is still available online and the system works great and the amount of different charts available is super helpful.

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