Wave Accounting

4.4
Overall rating
Reviews

4.4
Overall rating
Reviews

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
Free Version:
Yes
Free trial:
Yes

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Wave Accounting Reviews

Feature rating

Value for Money
4.7
Functionality
4.3
Ease of Use
4.5
Customer Support
4.0
5 reviews of 1,519 View all reviews
Henry
  • 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

Quickbooks Online and Zoho Expense

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.
Josh
  • Industry: Food & Beverages
  • 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

4
Reviewed on 24/06/2023

Grea, free, and built for Canadians

I always recommend Wave for new businesses.

Pros

first.. it is free. Hard to beat having a free accounting software, let alone one this useful.It can connect right to your bank account (if you have a good bank)invoicing is super easy and includes tracking so you know if invoices have been viewed

Cons

Nothing you can really complain about.Support is almost non-existent, but you're not paying for it and the help docs are decent enough.could be more customizable, but it is accounting software... it doesn't need to be fancy.

Alternatives Considered

FreshBooks and Mint

Reasons for Switching to Wave Accounting

simply put.. it did what I needed without too much hassle and all for free.
Carlos
  • Industry: Telecommunications
  • Company size: 2–10 Employees
  • Used Weekly for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 18/01/2024

Ride the Wave of simplicity for Small Business Accounting

Wave account was my only choice when I realized how simple it was to do everything from my phone or tablet. No need to log into laptop or computer

Pros

Love how simple it is to setup and manage from anywhere, especially my phone

Cons

They recently shuttered their banking option, just when I was getting used to it

Alternatives Considered

HoneyBook and Xero

Reasons for Switching to Wave Accounting

The most robust system for staying mobile
Samantha
  • Industry: Law Practice
  • Company size: 2–10 Employees
  • Used Weekly for 1+ year
  • Review Source
Value for Money
2
Features
3
Ease of Use
1
Customer Support
1

2
Reviewed on 01/06/2022

Not enough features and virtually NO customer support

It was fine when we had one part-time employee. But for all the real-life scenarios that pop up when you have full-time employees, it's useless. The customer service is also super disappointing and unhelpful. We only use it for payroll, which should not require much in terms of software so I can't imagine trying to use it for accounting.

Pros

I like how easy it was to set-up--that process was straightforward and the interface initially was easy to understand. Unfortunately as we needed to do more after adding a full-time employee, it proved impossible to work with or use.

Cons

For payroll you have no options, and even when they recognize this, they don't provide a solution. A good example--we had an employee who had maxed out her vacation hours, but we agreed to let her take a few unpaid vacation days. There was no way for us to do this within Wave (you get paid vacation time or nothing). I chatted and even emailed with various representatives--all of which were super unhelpful, and we ended up wasting a lot of time before just being told this isn't an option. That's another huge con--there is virtually no support. The chat bot is not only unhelpful, but real agents are usually unavailable or there's a 20+ minute wait. The system is also not improving like I'd expect. I was notified today that my card declined for some reason so I followed the instructions that Wave emailed me to try to fix it, and it's like someone wrote them without looking at Wave's website because none of the instructions match. Not only is there not a change payment button but there's a Q/A at the end of the page where a user specifically asked this question, and there's no answer! I kick myself for picking this software, and we're in the process of moving to Gusto right now.

Alternatives Considered

QuickBooks Payroll and Gusto

Reasons for Switching to Wave Accounting

Price and what we thought was ease of use. Now the price has gone up to match competitors (but the features have not), so it was a mistake.
Janet
  • Industry: Internet
  • Company size: 2–10 Employees
  • Used Daily for 1+ year
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 10/11/2023

Easy to Use Online Invoicing - No Monthly Fee

Pros

No monthly fees just the fee to process the online transaction.

Cons

No telephone number for customer support just a chatbot.

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