Wave: Small Business Software

Can manage multiple businesses for free under one account; lacks project tracking tools, industry-specific reports and transaction tracking tags. These 14 states include tax services with the option to automatically transfer tax payments and file the paperwork with your state tax office and the IRS (this excludes 1099 Filings). The Wave app lets you easily generate and send invoices to your clients wherever and whenever you need to. All your invoicing and payment information automatically syncs with the free Wave Accounting software included with your account. Enter some basic information about your business’s accounting software needs and we’ll send you up to five personalized quotes for absolutely free. When everything is neatly where it belongs, tax time is simple.

You’ll be able to download the Wave mobile app directly from your email or you can learn more within your Wave account. Save time chasing customers by setting up automatic payment reminders. We’ve already hit on a few accounting features that set Wave apart, but there are a few more perks to cover. After creating your account, everything’s set up so you can get started right away. Your data is always available, and it’s backed up for extra peace of mind. Our servers are protected physically and electronically.

Wave also offers paid products for payroll, coaching and mobile receipt scanning. For example, QuickBooks Online doesn’t have a free plan, but offers four paid plans, each with additional features, making it a great choice for scalability. With the higher-tier QuickBooks plans, you have access to inventory management, billable expenses and project profitability tools, none of which are offered with Wave. With the Wave Money business banking account, managing your business finances is a breeze. Keep your business and personal finances separate, connect with your Wave accounting software to automate your books, and use your Wave Visa® Business Debit Card and virtual card anytime, anywhere. Wave Accounting does a lot for the price—but it can’t do everything.

How does Wave Accounting work?

And FreshBooks doesn’t limit your user number, but it does charge an extra $10 a month per user—which adds up fast. NerdWallet’s accounting software ratings favor products that are easy to use, have a robust feature set and can grow with your business. Ratings are based on weighted averages of scores in several categories, including scope of features and integrations, customer support and cost, among others. Learn more about how we rate small-business accounting software. Wave Accounting is free, but you will have to pay processing fees if you choose to accept invoice payments online.

• Create beautiful invoices, accept online payments, and make accounting easy—all in one place—with Wave’s suite of money tools.
• Set up invoice reminders to automatically email your customers when payment is due.
• We believe everyone should be able to make financial decisions with confidence.
• Allow your customers to pay your invoices immediately via credit card, secure bank payment (ACH/EFT), or Apple Pay.

Wave has helped over 2,000,000 North American small business owners take control of their finances. Easily monitor and keep track of what’s going on in your business with the intuitive dashboard. The quick summary allows you to stay in control of your business finances, including a task list of outstanding items. We also took our expert’s view into accounting when calculating our star ratings.

Track your income and expenses, painlessly

You can effectively analyze the financial health of your business, find ways to generate more profit, and move forward with your business plan. Ditching spreadsheets for business accounting software can help you organize your financial documents and statements, reduce headaches during tax season, and remove unnecessary manual work. Have an eye on the big picture so you can make better business decisions. Our robust small business accounting reports are easy to use and show month-to-month or year-to-year comparisons so you can easily identify cash flow trends. Sage Accounting offers some of the least expensive accounting plans available and stands out for its in-depth inventory tracking.

Freelance rates can differ depending on experience level and industry. For example, the rate a freelance web developer charges may be different than that of a freelance graphic designer, because each freelancer specializes in a different area. Wave Money is currently available to single-owner businesses in the United States with a Wave account. Once you create an account, we’ll notify all new eligible businesses by email.

Employees can securely log in to access their pay stubs and W2s, and manage their contact and banking information. Your employees can log into Wave securely to access their pay stubs and T4s, and manage their contact and banking information. Our bookkeeping and banking tools can be used separately or together for maximum control of your business finances. 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. Easily create, customize, and send professional invoices while on-the-go. After creating your account, everything is set up so you can get started.

At Business.org, our research is meant to offer general product and service recommendations. We don’t guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services. Monitor your cash flow, stay organized, and stop sweating tax season. Support for non-paying users is limited to the chatbot and self-service Help Center.

When you reconcile your books, you’ll navigate to the “Reconciliation” tab within the Accounting menu. If you need to manually edit, add or remove any transactions, you can do so on the Reconciliation or Transactions pages. Next, you can add sales tax (if necessary), create customer profiles and customize your invoice templates. Our partners cannot pay us to guarantee favorable reviews of their products or services. Deposit payments quickly, reliably, and directly into your employees’ bank accounts. The rate that you charge for your freelancing services can vary, so it’s important to get a grasp of market trends before sending your clients an invoice or quoting a price.

Accept payments online

Accounting software helps business owners understand how money flows in and out of their businesses. It replaces the time-consuming method of collecting receipts in a drawer and manually tracking revenue and expenses in a spreadsheet or with pen and paper. Have an eye on the big picture so you can make better decisions. Our accounting reports are easy to use and show monthly or yearly comparisons, so you can easily identify cash flow trends. Similar to other reputable cloud-based accounting software products, Wave encrypts the data you share with it and monitors its server facilities 24/7. After providing a few basic details about your business — name, type, currency you use, address — you’ll have instant access to your free account.

Save time when you send automatic payment reminders in your Wave account. Whenever a payment is due, your customers will get an email reminder. Your complete invoicing and billing process is now on your phone. If Wave isn’t a good fit for you, read through our article on the year’s best free accounting software. The article kicks off with Wave, but it includes reviews for nine other free bookkeeping programs that you might prefer. Yes, switching from other accounting apps or products to Wave is easy!

Wave Accounting plans and pricing

Keep compliant and save time by having Wave handle your Canada Revenue Agency tax remittances on your behalf. Send invoices whenever and wherever you want with Wave’s free app for iOS and independent contractor agreement for accountants and bookkeepers Android. Wave offers accrual-basis accounting only, not cash-basis accounting. It’s been one of the best decisions I’ve made when it comes to making sure my accounting is on point.

Wave Invoicing

Wave Accounting gives you free unlimited invoices, users, expense and income tracking, credit and bank account connections, and more. It also offers multi-business management for no  additional fee. You don’t have to enter a credit card number when you sign up. Just type in your business information, and you’re all set. Wave Accounting is the best free accounting software solution for freelancers, solopreneurs, and small-business owners alike.

See our step-by-step guide on how to import bookkeeping data into Wave here. Bank data connections are read-only and use 256-bit encryption. Servers are housed under physical and electronic protection.

Add credit cards and bank payments to get paid even faster, for a low, pay-per-use fee. Yes, Wave’s accounting software does automatic double-entry bookkeeping. This accounting process generates two entries for every financial transaction.