Wave Accounting Reviews, Pricing Info, and FAQs

The accounting solution allows users to easily manage their accounting and bookkeeping tasks, including invoicing, expense tracking, and financial reporting. The free plan provides comprehensive accounting and invoicing functionality suitable for businesses with straightforward financial needs. There’s no project management and limited time tracking, which rules the software out for a lot of businesses. Wave’s free pricing structure gives the software its appeal, but users that have larger businesses and require more advanced accounting features may find QBO or Xero to be the better fit. Wave’s Starter plan still offers the basic features businesses with simple accounting needs can use to manage their finances. Still, Wave’s free plan offers a good set of features and could be suitable for sole proprietors or smaller businesses with basic accounting needs.

Project Management

This service is included at no charge on Pro accounts. This is a pay-per-use service with credit card processing rates ranging from 2.9% – 3.4% + $0.00 – $0.60 per transaction and ACH rates set at 1% per transaction. There are several additional Wave products that you can purchase for your business. Pricing is transparent, there are a decent number of add-ons, and even the paid plan is pretty affordable. While the free plan still exists, a paid plan is now available. Wave has recently updated its pricing model to now include a paid plan.

Can I access my Wave Accounting data from multiple devices?

Remember, Wave Accounting may be an excellent option for some businesses, but exploring alternatives allows you to find the perfect fit for yours. FreshBooks also offers robust reporting capabilities to help you gain insights into your business performance. Its intuitive interface makes it easy to manage invoices, track time spent on projects, and accept online payments seamlessly. With QuickBooks, you can easily manage your finances, track expenses, create invoices, and even handle payroll. Wave Accounting reviews are primarily positive, but there are some negative comments small business owners should know. With limited integrations, users may struggle to streamline their workflow and transfer data seamlessly between different systems.

Wave Accounting Reviews Summary

Wave takes security seriously and employs industry-standard measures to protect your data. Whether using a computer, tablet, or smartphone, you’ll have all your financial information at your fingertips. One major drawback of Wave Accounting is the limited number of integrations it offers. This can be a drawback for companies looking to create professional-looking invoices tailored to their brand identity.

Wave allows importing contacts (customers and vendors), charts of accounts, and bank transactions via CSV. Wave is certified under SOC 2 Type II standards for data security. The platform partners with Plaid for bank connections, using read-only access without storing banking credentials. Users can set up multiple tax rates for different jurisdictions and apply them automatically to invoices.

Wave Customer Service

Most importantly, it doesn’t sync with any third-party payroll providers. We are committed to sharing unbiased reviews. I started using receipts by wave on my phone pretty recently and I’m really happy with how it scans, organizes and stores all my paper receipts into digital files! I would recommend to other users sending receiving money from US/Canada or Africa resp.. I have asked someone from Wave to call me and emailed several times but so far no response.

Is Wave Accounting good?

• Yes, Wave’s accounting software does automatic double-entry bookkeeping.
• Wave offers unlimited users, allowing businesses to collaborate and communicate with their entire team easily.
• However, Wave Payments currently only deposits funds to US and Canadian bank accounts.
• FreshBooks also offers robust reporting capabilities to help you gain insights into your business performance.

Wave is cloud-based software that boasts a solid set of accounting features suitable for most small businesses. Wave Accounting is an impressive platform that offers a range of features for free, making it an excellent choice for small businesses and freelancers. By doing so, you can choose the best accounting software that aligns with your business needs and budget. It provides an affordable solution and includes a free plan, although it’s not as robust as Wave’s free accounting software. If you’re looking for accounting software and services, Wave Accounting is not your only option. Unlike other accounting software, Wave has a limited selection of integrations with third-party applications and services.

• Let’s dive in and explore why Wave Accounting software is ideal for certain types of businesses.
• In addition, it’s a free solution, making it a good fit for startups and businesses on a tight budget.
• These people are supposed to be helping you with your money and your business and you have to deal with bots!
• Wave Accounting proves that comprehensive accounting software doesn’t need a huge price tag.
• Product sellers should consider QuickBooks Online or similar platforms with inventory tracking.

Bank Connection Details:

Starter plan users must manually enter transactions, which works adequately for businesses with under 50 monthly transactions but becomes inefficient at higher volumes. Wave’s accounting system operates on double-entry bookkeeping principles, ensuring accurate financial records suitable for tax compliance and business analysis. The platform distinguishes itself through a genuinely robust free tier that includes unlimited invoicing and accounting records—a rarity among business software providers.

Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption. Learn more about changing subscription periods and plan types in our Help Center. If you’re looking for an on-the-go solution, you can install our mobile app to help you manage invoices and payments. Wave’s tools are web-based, so you just need an Internet connection and browser—no installation is necessary for our online software!

The checkout feature is one-of-a-kind and a great addition for business owners who need to charge multiple income summary account customers quickly. However, Xero doesn’t have a free plan, with monthly subscriptions starting at $15. Additionally, QuickBooks does not have a free plan like Wave, with prices starting at $35/month. Wave utilizes several security measures to keep your data safe. Taking all of this user feedback into consideration, our rating for Wave’s user reviews is 3.4/5.

However, it lacks non-profit-specific features like fund accounting, donor management, grant tracking, and restricted fund reporting. The choice depends on whether your business requires time tracking and project contribution accounting capabilities. Wave supports sales tax tracking and reporting for US and Canadian businesses.

When considering alternatives to Wave Accounting, it’s essential to evaluate the specific accounting features you require and compare them with what each competitor offers. With Xero, you can handle invoicing, bank reconciliation, expense tracking, and more. It provides a comprehensive suite of accounting tools suitable for small businesses and freelancers. However, some users have said that customer service can be slow to respond unless you have one of the paid plans like Wave Advisor. Wave Accounting, unfortunately, falls short when it comes to offering advanced options such as time tracking and inventory management.

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. On Sitejabber, businesses may not offer incentives or pay to remove reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. With limitations on Xero’s lowest-tier plans, users will have to upgrade to a more expensive option to take advantage of everything the software has to offer.

Financial Reporting

Wave works well for businesses with annual revenue under $100,000 and fewer than 10 employees. Wave Payroll operates as a separate add-on service with pricing based on business location and service level. Payment integration automatically reconciles payments with outstanding invoices, eliminating manual bookkeeping for received payments. Wave’s invoicing functionality receives consistent praise in user reviews, offering capabilities that compete with dedicated invoicing platforms.

While Wave is great for simple bookkeeping tasks like income and expense tracking, it what is ifrs lacks some advanced functionalities that businesses may require. Wave Accounting offers basic accounting features, but it falls short compared to other services, like QuickBooks Online. This allows for efficient and streamlined invoicing processes, saving time and effort for businesses. With unlimited invoicing, businesses can easily create and send invoices to their clients without any restrictions or limitations. Wave Accounting offers unlimited invoicing capabilities, which provides numerous benefits for businesses.

Can I set different account privileges for employees or my accountant?

You can choose bookkeeping support for help with bank reconciliation, categorizing transactions, and more. The software is designed with simplicity in mind, making it easy for even those without accounting expertise to navigate and utilize its features effectively. The dashboard is well-organized and clutter-free, with separate tabs for sales, purchases, accounting, banking, payroll, and reports. The last thing you need is the added stress of complicated accounting software. Wave Accounting is a free, cloud-based accounting platform exclusively for small businesses.