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. The paid options give you unlimited invoicing with customizable templates and payment terms, as well as unlimited income and expense tracking. The Advisors feature also includes accounting and payroll coaching for a one-time payment of $329. Wave accounting provides different levels of support for customers who use different parts of Wave. While Wave has a lot to offer when it comes to invoicing, know that it’s still slightly less automated than some competitors.

• 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.
• In short, it’s a great all-in-one accounting app that won’t break the bank.
• We encourage you to research and compare multiple accounting software products before choosing one.
• Wave is best known for two things—its free version and ease of use.
• Many or all of the products featured here are from our partners who compensate us.
• Allows an unlimited number of users, but is not complex enough for businesses with more than a handful of employees; ideal for very small service-based businesses, freelancers or contractors.

Although accounting and invoicing are separated into two different product sections on the Wave website (shown similarly below), they don’t require separate accounts. These solutions are integrated within your dashboard and you’ll access them both through your single Wave login. A common issue when invoicing in Microsoft https://www.bookstime.com/ Word, Excel, or other DIY solutions is making calculation errors. 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 on-the-go, you can also send invoices from your phone or other mobile device using the Wave app.

Connecting your accounts

Wave Accounting also uses double-entry accounting, which is much more accurate than basic single-entry accounting. Most accounting software use the double-entry system, though FreshBooks’ cheapest plan is a notable exception. We love that even though Wave is free and freelance-focused, it doesn’t assume freelancers can afford to skimp on financial accuracy. Accounting software like Wave can also seamlessly connect with your bank accounts so you can automate tasks like recording transactions and generating reports. This can help you save time and make financial decisions quickly.

The best part of Wave advisors is that they are available year-round and will provide advice tailored to your business goals. 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. 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. Know when an invoice is viewed, becomes due, or gets paid, so you can take the right actions to manage your cash flow.

Accounting software that works as hard as you do

Get paid in as fast as 1-2 business days1, enhance your brand, and look more professional when you enable payments. Customers can click a Pay Now button on invoices and pay instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay. You can accept credit cards and bank payments for as little as 1%2 per transaction. 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.

Last but not least, WaveApps for smartphones allows you to deposit checks and track your income with a tap on your phone. In addition, Wave allows you to add an unlimited number of partners, collaborators, or accountants. This accounting software also offers integrations with popular accounting software, such as QuickBooks and Xero. 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.

Get paid faster

It’s been one of the best decisions I’ve made when it comes to making sure my accounting is on point. After creating your account, everything is set up so you can get started. Your data is always available, and backed up for extra peace of mind.

• Your customers can pay the invoices you send them instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay.
• These features help keep our invoicing, accounting, and business banking (currently only available to sole proprietors in the US) free.
• Your data is always available, and backed up for extra peace of mind.
• These solutions are integrated within your dashboard and you’ll access them both through your single Wave login.
• Wave offers accrual-basis accounting only, not cash-basis accounting.

In addition, the receipt scanning feature allows you to attach an image to each invoice. Wave invoicing allows you to create and send professional invoices in just a few clicks. The software also allows you to set up recurring invoices and track payments. 1 Payouts are processed in 1-2 business days for credit card payments and 1-7 business days for bank payments. Deposit times may vary due to processing cutoff times, third party delays, or risk reviews. Wave Accounting can be a great option if you run a very small service-based business or don’t need more advanced features that alternatives might offer.

Does Wave use double-entry or single-entry bookkeeping?

Includes tools that help automate the reconciliation process; auto-categorizes transactions for you, but you can’t set up your own bank rules; no global search function. Send invoices whenever and wherever you want with Wave’s free app for iOS and Android. Between the app and the payment process—I can’t tell you the hours it’s saved, and even the headaches that have gone away because of it. 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. Wave offers accrual-basis accounting only, not cash-basis accounting.

Whenever a payment is due, your customers will get an email reminder. Enter some basic information about your business’s accounting software needs and we’ll send you up to five personalized quotes for absolutely free. Have an eye on the big picture so you can make better decisions.

Wave Accounting plans and pricing

Wave’s payroll feature allows you to run payroll and pay your employees and contractors with more ease than ever before. You can use the software to wave invoicing login deposit payments into employees’ bank accounts with one click. You can also reconcile your accounts, up automatic payments, and track your invoices.