Alternative To Wave Accounting

wave accounting software

It’s extremely popular, but, as you can read in our full Wave review, the team feels that its paid competitors just have that retained earnings little extra bit of edge when it comes to advanced bookkeeping. This review will walk through the features and services offered by Wave.

wave accounting software

However, many of the available digital software tools that offer advanced features beyond the basics are costly. Small businesses – especially those just getting off the ground – may not have room in their budget for this. One downside of Wave is that it doesn’t track inventory quantities.


Pricing is listed at $129/month, but is subject to the size and transaction needs of your business. Wave Advisor relationships begin with a consultation, and can be month-to-month as needed. You can access Wave’s support center from the “help” button on the bottom of your navigation bar.

What is Wave Accounting Software?

Wave is an online accounting platform exclusively designed for small business owners, freelancers, and consultants. Wave’s software provides features including accounting, invoicing, billing, payment tracking, payroll management, finance management, credit card processing, and receipt scanning.

If you prefer to speak with a customer service or tech support agent when you experience an issue, this isn’t the accounting software for you. However, Wave provides several resources for troubleshooting issues yourself.

Just like invoices, there are two ways to create bills in Wave. Unlike Xero, which lets you customize your invoice templates freely through Excel sheets, Wave only has three invoice templates you can use. Fortunately, you can still add your logo and pick an accent color to personalize your invoice. On the top of the “invoices” page, you can find a box that shows you an overview, including how much money is overdue or how much is due within the next 30 days. As the name indicates, the “invoices” page shows all of your invoices and their statuses. You can also filter and display your invoices by status, date, number or customers, which helps you find invoices quicker.

Specific Size Of Business

You may disable these by changing your browser settings, but this may affect how the website functions. Additionally, the higher-level plans of QuickBooks Online can give you the ability to manage bills, track time, inventory, and project profitability, and more. If you like the intuitiveness and accessibility of Wave accounting, then, but would like tools for tasks such as time-tracking or project management, you might consider FreshBooks. Furthermore, QuickBooks Self-Employed comes with a Tax Bundle that will integrate Intuit’s TurboTax into your account, which will allow you to file your taxes directly through the software. Plus, if you do have any issues, you can utilize the various support tools Wave offers. Additionally, Receipts by Wave works even without an internet connection—saving your receipts and syncing them with your account as soon as you’re back online.

This Wave accounting review is here to help you answer that question. We’ll explore everything Wave accounting has to offer, as well as discuss top alternatives—so that you have all of the information you need to find the best accounting software for your small business. Unfortunately, there are very few truly free accounting software options on the market—Wave accounting, however, is one of them. Plus, not only is Wave free, but it’s also secure, easy to use, intuitive and offers substantial accounting capabilities. In this section you can quickly and simply create invoices, even recurring ones, and for reasons unknown, this is the place where your estimates and statements are born as well.

wave accounting software

Unfortunately, during our search, getting in contact with a Wave agent over the phone was not possible. It has very limited forms of communication, which include an online form you can fill out for a help report. Although the company did respond to us through email, the program felt inaccessible. Email correspondence for an interested small business owner, which we pretend to be in our research process, takes longer and is a sure way for consumers to lose interest.

Track invoice status — See which invoices are due, overdue, paid, or in draft. Set recurring invoices — Setup recurring invoices for regular work on a schedule of your choosing to bill for services you provide on an ongoing basis. Create payment terms — Set customizable payment terms and see which invoices have been paid or partially paid. Provide receipts for payment — Send professional payment receipts to customers.

Payroll By Wave

By clicking on Create, you can add your customer, the dates, the item you sold, the taxes, change the default currency, and then either save and send your invoice, and save and record a payment. If you want to change the look of your invoice, just go to Settings and select from the three templates, change the colors and many more. It’s hard to beat free accounting and invoicing software, bookkeeping especially if you’re a freelancer or very small business. However, Wave cannot – and shouldn’t – offer every possible feature for niche use cases. Many small business owners need help sorting their business expenses to file taxes. In addition to tax compliance, owners also need to be weary of any flaws in their tax reports as they could lead to an audit on the company.

They will bully the small business owner who practices good ethics and resort to malicious and unmoral tactics. This has made many of the businesses to save their valuable time and money. Wave app and software are designed mainly for freelancers, consultants, and new businesses. This software is much inexpensive and user-friendly which is easier to use without much training. As this is cloud based software, there is no security issue for the accounting done here. The cash in-flow and cash-outflow can be easily recorded with the wave accounting software.

On the Transactions page you can only see your unverified transactions as default. These are the transactions that are waiting to be added to your incomes/expenses and unfortunately, you have to do this verification process manually. However, you can merge or delete your transactions, transfer them to other connected accounts, or manually add new incomes and expenses. To create a receipt you have to upload a picture thereof; first either from your computer or by using your mobile device. When the picture of the receipt is uploaded, you have to wait while Wave processes it after which you can type in all necessary data about the new receipt.

Wave Advisors

allows for receipt scanning for mobile expense tracking so you can ditch the manual paperwork. The mobile app allows photo capture and then syncs with your Wave account for instantly up-to-date expenses. You can even forward receipts in your email to deposit directly in your Wave account. Wave Receipts is included with Wave Accounting, but requires a separate app download.

Plus, by storing your information online, you’ll avoid physical loss, theft, and hard drive failure. So if you’re at the grocery store, feel free to pull out your phone and add a new expense entry. If you’re on vacation or working from home, you can still get to your ZipBooks invoices and client information.

wave accounting software

Wave isn’t like a week-long Starz trial through Amazon Prime—you won’t find an extra charge on your credit card a month later and realize you forgot to cancel your “free” trial. When you sign up for Wave, you don’t have to enter any credit card information; just add an email address, create a password, and get started. 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.

The “sales tax” report helps you assemble the taxes collected from your sales and paid on purchases. The “payroll and wage” report helps you monitor the money spent on your employees’ wages and taxes. Reminders are set for each invoice and not by customer, so you have to tick them off every time you send an invoice, which can be inconvenient if you send a lot of them. Its features are easy to use, and it displays everything logically. Setting everything up is simple and takes less than 15 minutes, if you have all the information you need.

Plus, like Wave, QuickBooks Self-Employed is simple, fairly easy to use, and provides essential accounting functions. If you’re looking for a business accounting software with greater tax capabilities than Wave accounting software can offer, then you might considerQuickBooks Self-Employed. Another possible downside of the Wave accounting software is the price of the payroll add-on. Although the monthly cost and per employee fee may not be too problematic if you have a small team, if you have a larger team, with many employees on your payroll, it could quickly become costly. Not only can Wave offer you an affordable, customizable accounting solution, but it also offers a system that’s easy to use. Wave’s payment add-on allows you to take payments from your customers online, over the phone, or in-person.

Wave Pricing & Features

To see all of our recommendations for small business accounting software, visit ourbest picks page. Wave is the best free accounting software, and is well suited for freelancers, small service-based businesses and new companies with little or no inventory. „I find wave accounting it to be fantastic application for invoicing. I am a new user but finding it to be very useful in my business.” „I was able to create nice looking invoices and edit when necessary and sending invoices to clients is a breeze. The best accounting software and best of all, it’s free.” Wave offers double-entry accounting in an easy-to-use application.

The reports are composed of line items rather than graphs, but this is still a helpful and simple layout of company financials. wave accounting software Customers we interviewed were extremely pleased with how approachable the tool is given its low cost and ease of use.

  • The mobile app lets you take photos of receipts and it’ll automatically match it up with existing transactions.
  • Depending on your business and the features you use, you’ll pay a different amount.
  • But, despite these drawbacks, Wave is still the best free accounting software out there.
  • Wave is headquartered in the Leslieville neighborhood in Toronto, Canada.

Wave Accounting is designed to help you keep control of invoicing, expenses, payroll, accounting and more. It’s free except for the fees that come along with the payment processing.

Wave uses both cash-basis and accrual accounting; Wave’s cash-basis accounting is limited to choosing to run reports as cash-basis or accrual. Beginning in the Spring of 2020, the Wave app was only intermittently able to connect to RBC Royal Bank accounts in Canada. In December 2012 the company rebranded itself as Wave to emphasize its broadened spectrum of services. Wave’s software is free, as opposed to freemium, in that the tools can be used without tiers or limits indefinitely. My particular Bank would not allow me to sync my account with Wave, but that was a local issue not a general issue. Federal and state agencies, as well as private companies, offer small-business grants. Here are five things to know about the Wave software to help with your decision-making process.

Bank payment processing costs 1% per transaction, with a minimum fee of $1.You can accept ACH payments, which allows your customers to pay their invoices directly from their bank accounts. As mentioned in the beginning of this Wave review, Wave’s actual accounting software is free to use.

Financial management solution designed to assist midsize organisations with managing accounts operations, general ledger, cash, and more. Wave’s target market is small business owners (1-9 employees), freelancers and solo entrepreneurs. Wave has users in 200 countries around the world and our ecosystem is 4 million strong. Top 20 Reports identify the top 20 products in a software category based on user reviews and web search interest. You can access any of Wave’s features from the vertical menu bar on the left side of the screen. Just click on the arrow to display all of the options available for that particular feature. Help is also available from the menu bar, as is the live chat option.

If you start using the software and decide you don’t like it, it won’t cost you anything other than time. All accounting features in Wave are free, but if you wish to accept online payments through Wave Payments or use Wave Payroll, you will be assessed a monthly fee.

Author: Anna Johansson