Wave Accounting Software Reviews, Demo & Pricing 2022

Despite several limitations, it still has plenty to offer small businesses. It contains essential functionality that will help you pay bills, invoice customers, and track your expenses.

• It’s an Editors’ Choice winner along with Patriot Software Accounting, which offers better payroll coverage and better mobile apps, albeit for a fee.
• Preserve your accounting processes with our built-in software integrations.
• Wave accounting provides different levels of support for customers who use different parts of Wave.
• Wave integrates with Google Sheets, so you can easily migrate your existing financials to the software.
• Users in all 50 states can choose between self-service and full-service, for a slightly more affordable monthly fee.

With Wave, you receive a lot of features, like unlimited invoices and unlimited users, that are not always included with paid accounting software plans. Once logged in, your main dashboard will show your cash flow, profit and loss, invoices, bills and other financial insights. From the dashboard (or the Banking menu on the left-hand side), you’ll be able to connect your bank and credit card accounts to automatically download and categorize your transactions. Wave Accounting is an ideal choice for micro-businesses with less than 10 employees, contractors, freelancers and other service-based businesses on a budget. This financial management platform is user-friendly and approachable — especially for those with no prior accounting experience — yet fully functional.

Wave Pricing & Cost

Filters are available at the top of each report to generate reports that match filtering criteria. GOBankingRates gave Wave Accounting an overall score of 4.7 out of 5. Here’s an in-depth look at each key feature and what informed the rating. The first time you log into ZipBooks, you’ll understand how easy it is to use. Access every software feature from the left side of the page.

• Access every software feature from the left side of the page.
• With the exception of payroll services, which merit a $20 monthly charge, the platform is absolutely free and takes in an unlimited number of collaborators or accountants.
• 2.9% plus 60 cents per transaction for Visa, Mastercard and Discover payments.
• Ultimately, we never left wave and will not in the foreseeable future.
• You can’t count on Wave for managing fixed assets, which isn’t surprising for a free software program.
• Wave introduced the ability to produce customer statements not too long ago, which was an important addition.
• Wave users need to create two additional accounts to track inventory — a Cost of Goods Sold expense account and an Inventory asset account.

This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Wave offers a thorough online Help Center with guides on setting up your account and completing common tasks, as well as video tutorials for accounting basics. You can also talk to other business owners about tips or questions you may have through the Community forum on Wave’s website. Wave accounting is simple and easy to use, with a user-friendly interface and intuitive design.

Is Wave Right for You or Your Business?

You can access personalized support through the Wave Advisor program where you can get coaching and year-round advice from a Wave expert. These support services are expensive for most small businesses, and we can’t fully recommend them to you unless you have a budget to spare. You https://www.wave-accounting.net/ can’t count on Wave for managing fixed assets, which isn’t surprising for a free software program. In our case study, FSB purchased a job trailer with a bank loan. Wave will record the purchase price in the fixed asset and note payable accounts—but that’s the only thing it does.

What users are not satisfied with is the Wave accounting app, as it is not as fast as the website version. Also, it seems to lack certain features that are available on the desktop version. Wave’s payroll Wave Bookkeeping Services feature allows you to run payroll and pay your employees and contractors with more ease than ever before. You can use the software to deposit payments into employees’ bank accounts with one click.

Does Wave work with PayPal?

After a lengthy process, and hours of waiting and reading documentation, I was finally approved to receive payments through Wave. I processed my first payment and two days later was notified that my account has been closed, and the payment canceled and refunded to my client. I have read elsewhere that they defend this action of supplying you an account and then doing a more thorough “risk“ analysis, at which time they choose to cancel the account. They have given me no legitimate reason or “risk“ that I present for closing the account.

You can create and send these to remind customers of past due payments or simply to provide them with a record of their account activity for their records. Unfortunately, you can only create statements for one customer at a time. You can hire Wave Advisor at $149 or more per month to help you with bookkeeping and taxes. There’s also Accounting & Payroll coaching for a one-time fee of $329. You’ll get access to unlimited email support for 30 days, live chat with customer support, and two hours of live coaching. Wave’s inventory management feature is very basic, so if you’re a product-based business, you should consider alternatives like QuickBooks Online or Xero.

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To simplify your cloud-based accounting, launch ZipBooks’ time tracker and start and stop time as you do your work. Or, if it’s more convenient, you can also enter your time manually. Some of the links that appear on the website are from software companies from which CRM.org receives compensation. This site does not include all companies or all available Vendors. However, some users complain that the customer support team is not always able to solve more complex issues.

While still in beta, this product is designed to cater to small businesses by offering free banking, debit cards, and a linked mobile application. This platform boasts a total lack of fees, free ATM networks, and integrated payment processors.

Working With Invoices

There is no phone support available, which might be an issue for some users. One of the biggest disadvantages of Wave is that it doesn’t have any dedicated time-tracking features. If you need to track your time for billing or invoicing purposes, you’ll need to use separate time-tracking software. The software also allows you to set up recurring billing and payments for retainer clients. Last but not least, Wave invoice payments automatically sync to your accounting dashboard. The best part is that you can stay cash flow positive as this accounting software ensures you get your money in as fast as 1 business day or two business days .

• The company also offers good customer support options, including an accounting guide, to help you learn to balance the books and use the software.
• You can add a product or service, but not the quantity purchased or sold.
• Business owners can access this secure software at any time from just about anywhere.
• Users can access Wave’s features for as long as they need to without being charged a dime.
• Wave also offers time-saving automations, such as recurring invoices, automatic billing, and receipt scanning.
• Wave will calculate what you’ll owe in state and federal payroll taxes, but you are required to file the paperwork and submit payment.