Wave Accounting Review: Pros, Cons, Alternatives

Wave’s invoicing software for small businesses removes the worry of making these errors because calculations are done for you, including the taxes. All your invoicing and payment information automatically syncs with Wave’s accounting feature. Our servers are protected physically and electronically. Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption. You can sign up for Wave quickly and easily online. After providing a few basic details about your business — name, type, currency you use, address — you’ll have instant access to your account.

• Wave’s invoicing software for small businesses removes the worry of making these errors because calculations are done for you, including the taxes.
• If you’re interested in using payroll software, you can start a free 30-day trial when you sign up for Wave.
• There’s a fee involved with accepting online invoice payments, too.
• If you need to manually edit, add or remove any transactions, you can do so on the Reconciliation or Transactions pages.

Apply to accept online payments

These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one. FreshBooks has an excellent mobile app that allows you snap photos of receipts, send invoices and track mileage. It offers both phone and email support, too. Wave Accounting is ideal for micro businesses with fewer than 10 employees, contractors, freelancers and other service-based businesses on a budget.

Limited customer service

The financial management software is user-friendly and equipped with all the basics, including income and expense tracking, invoicing and reporting. Enable invoice payments by credit card for a pay-as-you-go fee as low as 2.9% + 60¢, and watch the money roll in. It’s easy to send your invoices created with Wave’s invoice generator.

Decide which of your invoices will allow online payments

Give your customers the option of paying with one click using a credit card, bank transfer, or Apple Pay. Includes tools that help automate the reconciliation process and auto-categorizes transactions for you in the Pro plan, but you can’t set up your own bank rules; no global search function. ledger account With the Pro Plan, automatically import, merge, and categorize your bank transactions.

Create professional invoices for free

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.

• I look at the dashboard and know how many invoices are on the way, when they should be paid, and the average time it takes someone to pay.
• If you’re interested in our payroll software, you can start a free 30-day trial when you sign up for Wave.
• Know when an invoice is viewed, becomes due, or gets paid, so you can stay on top of your cash flow better than ever.
• Once you’re approved, you can turn payments on or off for any invoice, or pick default settings for all invoices.
• In addition to its accounting software, Wave offers paid services, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching.
• Yes, switching from other accounting apps or products to Wave is easy!

• Our partners cannot pay us to guarantee favorable reviews of their products or services.
• With a Pro Plan subscription, you can connect your bank account with Wave and automatically import your transactions.
• Electronic invoices are created with online invoicing software or other cloud-based services, which makes it easy to automate the invoicing process.
• A common issue when invoicing in Microsoft Word, Excel, or other DIY solutions is making calculation errors.
• Accounting software helps business owners understand how money flows in and out of their businesses.
• Customize your invoices by choosing from a variety of templates.
• It offers both phone and email support, too.

Payments are a pay-per-use feature; no monthly fees here! Your deposit times may vary based on your financial institution. All payments are subject to a risk review and periodic credit risk assessments are done on business owners because we need to cover our butts (and yours). In some cases, we may hold funds and request more information if we need it for the protection of your business and Wave’s. With Wave’s Pro Plan, you can set up recurring invoices and automatic wave invoice login credit card payments for your repeat customers.

Invoice by Wave, our full featured invoicing software, is also completely free and unlimited. To create an invoice with our free invoice generator, follow these instructions and you’ll quickly have a professional invoice to send to your customers. NerdWallet independently reviews accounting software products before determining our top picks.