About Wave Accounting

Online accounting software that provides features including invoicing, billing, payment tracking, payroll management, finance management, credit card processing, and receipt scanning. Wave Accounting is designed to help businesses streamline bookkeeping processes. With Wave's bank reconciliation tools, businesses can manage all bank account and credit card information in real-time to improve bookkeeping efficiency and accuracy. Businesses can also generate reports that include various data such as sales tax, balance sheet, cash flow, profit/loss, plus more. Wave's dashboard includes an invoicing tool that collects invoice payments. A small business owner can choose customizable invoicing templates based on unique business needs. Invoices can be sent via email and the software's credit card processing feature allows users to collect payments online. Recurring invoices and automatic payment features are available for regular customers.

What is Wave Accounting?


Wave Accounting, part of Wave’s suite of financial products, is a web-based accounting platform designed to help small businesses manage income, expenses, payments, and invoices.


How do you use Wave Accounting?


Wave Accounting requires no downloads and is accessible from web-connected devices. Data can be imported from other apps, such as Quickbooks. From an online interface, users can access visual dashboards, reporting, invoicing tools, and more.


Who uses Wave Accounting?


Wave Accounting is used by small business owners, freelancers, accountants, bookkeepers, and tax preparers.


How much does Wave Accounting cost?


Wave Accounting is free. Upgraded plans with more features are available for other Wave products.


Does Wave Accounting have an app?


Yes, the Wave Invoicing app (for iOS and Android) provides on-the-go access to invoices.


Wave Accounting Software - Wave dashboard
Wave Accounting Software - Wave payments
Wave Accounting Software - Wave invoice schedule
Wave Accounting Software - Wave invoice list
Wave Accounting Software - Wave invoice creation
Wave Accounting Software - Wave bank transactions
Wave Accounting video
Wave Accounting Software - Wave dashboard - thumbnail
Wave Accounting Software - Wave payments - thumbnail
Wave Accounting Software - Wave invoice schedule - thumbnail
Wave Accounting Software - Wave invoice list - thumbnail
Wave Accounting Software - Wave invoice creation - thumbnail

Wave Accounting pricing

Wave Accounting has a free version and offers a free trial.

Starting Price:
Not provided by vendor
Pricing Details:
Accounting & Invoicing - Free Receipt Management - Free Credit card processing - $0.30 + 2.9% per transaction Bank payment/ACH processing - 1% per transaction ($1 minimum fee) Payroll (tax service states): $35/month base fee + $4/active employee + $4/independent contractor paid Payroll (self service states): $20/month base fee + $4/active employee + $4/independent contractor paid
Free Version:
Yes
Free trial:
Yes

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Wave Accounting Reviews

Feature rating

Value for Money
4.5
Functionality
4
Ease of Use
4.5
Customer Support
4
5 reviews of 1,101 View all reviews
Henry C.
  • Industry: Marketing & Advertising
  • Company size: Self Employed
  • Used Weekly for 2+ years
  • Review Source
Value for Money
5
Features
4
Ease of Use
5
Customer Support
0

5
Reviewed on 23/09/2021

Excellent for freelancers and small businesses

Extremely positive. In 3+ years I don't think I've had to contact support once, nor have I ever considered switching to other tools. It is one of the few software tools I use regularly where I am happy to open it, and I'm happy to give them their percentage.

As a freelancer, Wave has been indispensable to me. Always simple and smooth, and exceptional bang for the buck. Not only would I recommend Wave to freelancers and small businesses, I have recommended it. Numerous times.

Pros

Wave is ideal for freelancers. Set up is really simple and the interface is user-friendly. I have zero background in financial matters, and with Wave that's totally fine.

The price is also right. There's no subscription or hidden fees, they just take a perfectly reasonable percentage from invoice payments. I asked a financial advisor friend of mine before signing up, and she was pleasantly surprised by the low rates, and told me to go for it. I've been using Wave for over 3 years, and I have never once been hit with a fee outside of the basic rates.

Wave also provides a host of reporting and tracking tools in this basic account. They didn't influence my decision to sign up, but they've proven to be very useful.

And finally a small but really helpful feature, especially if you're a freelancer just starting out: immediate money transfers. Once someone pays your invoice, the money is in Wave, and takes 2-3 days to transfer. For 1% more payment, you can transfer money within minutes. For the cash-strapped freelancer, that can be mana from heaven.

Cons

There are no major cons that I can think of. One issue I have is mostly my fault: When I first started using Wave I didn't know what I was doing, and I ended up creating a whole bunch of client and work type records unnecessarily. It would be nice if there were some more in-your-face tutorials, maybe some hover tips for new users. But the messiness is mainly from me leaping in before looking.

Alternatives Considered

Zoho Expense and Quickbooks Online

Reasons for Switching to Wave Accounting

It was the cheapest option, and the most user-friendly looking. I have no background in finance and didn't want complex features built for accountants - Wave has those features, but only if you want them.
Rowan M.
  • Industry: Construction
  • Company size: Self Employed
  • Used Daily for 6-12 months
  • Review Source
Value for Money
5
Features
4
Ease of Use
5
Customer Support
3

4
Reviewed on 23/07/2021

Solid free platform for small business

I am really impressed for a free offering. Everything looks and feels professional and I'm able to focus on running my business and not learning accounting.

Pros

Having a system that connects to your bank and imports all the transactions for you is a game changer. This is almost as simple as using something like Mint to manage your personal budget. Once the transactions are imported, they definitely lead you down the path to success even if you know nothing about accounting.

Cons

The lack of accounting/reporting for individual projects is a massive omission. I don't think they need a full blown project system, but just some way to tag transactions so that you know the expenses and income for a given project.

I also found the sales tax feature a little simplistic. Here in Washington state we have really small tax zones (customers less than a mile apart can be in different zones) and I have to track the sales tax collected/paid per zone. I was able to do this, but it feels very clunky as the system seems to be designed for a just a handful of different sales taxes.

Alternatives Considered

Quickbooks Online

Reasons for Switching to Wave Accounting

Price. I don't mind paying for things when it makes my life easier. But Wave is a really great product and I don't see any need to pay for something.
Heather H.
  • Industry: Mental Health Care
  • Company size: Self Employed
  • Used Monthly for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
4

5
Reviewed on 23/12/2021

Terrific and reliable free online accounting system

It has been very easy to deploy and to acclimate my accountant to. I have not needed to reach out to customer service much, but they have responded quickly to questions.

Pros

Easy to import from banks and credit cards to have all of your information in one place. Makes quarterly and year-end accounting simple.

Cons

The invoices can be customized more than the online payment option and I would like to see the online payment portal have more options (like the option to add preamble text or Terms & Conditions).

Alternatives Considered

Quickbooks Online

Reasons for Switching to Wave Accounting

The free version of Wave offered everything I needed for my small business.
Simon R.
  • Industry: Marketing & Advertising
  • Company size: 2-10 Employees
  • Used Weekly for 2+ years
  • Review Source
Value for Money
5
Features
4
Ease of Use
4
Customer Support
3

3
Reviewed on 02/12/2021

The best accounting software for small business and self emplyoed

Great experience, great customer services, easy to use, decent mobile apps, that exactly what we were looking for in an accounting software, I just sincerely hope that they stop going in the ¨Look like Quickbook¨direction!

Pros

Wave accounting has been a great experience right from the start, its easy to use, easy to send and enter bill in fraction of seconds, and the support is great!

Cons

The last update change the format of the expense section and I really dont like it, it make it more complicated, I feel that it try to look more and more like Quickbook but thats exactly why its great ¨ITS NOT LIKE QUICKBOOK¨ and I hope they keep it that way!

Alternatives Considered

Zoho Expense

Reasons for Choosing Wave Accounting

Quickbook is hard and confusing to use, also super expensive for what it is

Reasons for Switching to Wave Accounting

Its free, easy to use and has all the features we need
Verified Reviewer
  • Industry: Leisure, Travel & Tourism
  • Company size: 51-200 Employees
  • Used Weekly for 2+ years
  • Review Source
Value for Money
5
Features
4
Ease of Use
4
Customer Support
0

5
Reviewed on 17/11/2021

Great Software. Super Affordable.

Pros

For a small business, or probably even a larger one, it's a really great software with all of the accounting and billing basics needed, and it's basically free. The online payment system works really well for getting payments from clients. They can either pay with a credit card or ACH, which is great. You can turn off credit card payments too if you don't want to have a fee taken from your payments, which I also find as a nice feature. The invoices look very professional, can be white-labeled, so it just has your branded information on it. The invoices are also really easy to make. We had been trying to use Excel as an accounting system when we first started our small business, and found Wave soon after. It was a huge upgrade, and not very expensive. The reports are great, and it's easy to track expenses and monies brought in. It solved all of our accounting needs as a small website building business.

Cons

The one thing we really think can be improved are the recurring invoices. It doesn't make the invoice numbers in order based on that client's invoices, so they're oddly out of order. It's not a huge deal, but would be much better if it kept the invoice numbers specific to each set of clients.

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