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 1,129 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.
Josh R.
  • Industry: Marketing & Advertising
  • Company size: 5,001-10,000 Employees
  • Review Source
Value for Money
0
Features
0
Ease of Use
0
Customer Support
0

1
Reviewed on 07/06/2015

I want to like Wave, and have been trying for years

..., but I need them to help me figure it out. I have a full-time salaried job as a copywriter and a few self-employment careers, like freelance writing, voice acting. I've always found doing my taxes to be a nightmare. I'd spend months stressing about it and trying to calculate income and expenses. Originally, I was adding up all my expenses with a calculator. When I discovered I could put things into Excel, it got a bit easier add numbers. And then about 4 or 5 years ago, I started using a new accountant, and he suggested Wave to me. I was excited to hear that it would important my bank and credit card statements, and that I could then quickly and easily categorize everything. I was sure this would save me so much time and stress. But I found Wave very hard to use. I wasn't sure how to create my own categories. I could never tell if my statements had been uploaded completely, and I would often wind up with duplicate transactions. And I still can't find a way to view the categories after I've allocated transactions to them. I tweeted to Wave a lot, and they were nice enough to send one their IT guys to sit with me in a coffee shop for a few hours. He watched as I tried to do things and he gave me help. He said this was useful to him, to see what people might be having trouble with. And, I figured I would then be ok. But I'm still having a lot of trouble. I'm not asking a lot. All I want to be able to do is import my bank statements and credit card statements, and categorize all the transactions. And being able to invoice people would be nice too. And it seems that his app has those features. But I still find it very complicated. I don't understand the categories. I can't find where the totals are. And lately, my mbna Mastercard has been saying it can't link to Wave. So tonight, I went in and started deleting all the transactions from 2014, hoping that I could start fresh and be sure that everything was imported correctly. But now I see that mbna won't give me the data files for before August (that's an mbna problem, not Wave) and I can't undelete what I deleted. And there's no way to get support without paying for it. But I don't want to pay until I'm confident the site can do the simple things I need it to do. Anyway, I'd love to support a local Toronto company. And I appreciate that someone from the company sat with me in person. And I see people reviewing positively, saying it makes a freelancers life easy. Someone even tweeted today that Wave makes doing accounting fun. But I just don't understand how people are able to use this site. If someone from the company, or one of the satisfied customers, could explain to me how to use this site properly, I'd love to be converted. But at this point, I fear I need to cut my loses and simplify my life by paying for some other software. I just want to be able to file my taxes and concentrate on my creative projects.

Pros

It seems like it offers the ability to import credit card and bank statements, categorize expenses, and invoice people. Those are the features I want. But...

Cons

...I haven't been able to figure out how to smoothly and accurately use the features I want. This app is making my life harder than it was when I just manually typed in all my expenses into a Microsoft Word and added them up with a calculator.

Response from Wave Accounting Inc.

Thanks for sharing with us your experience. Firstly, thanks for being such a valuable customer over the years. We especially appreciate your patience trying to make WaveApps work for your financials.

We have available Premium Support for customers who are getting started with Wave. We suggest those looking to best learn work arounds, and setting up proper customizations subscribe to our chat and phone support (unlimited - 9am-5pm EDT M-F) - $49 for three months. You can place a call and speak to one of our product specialists to help you work through your challenge.

If you could reach out to me [email protected] We'll try to match you with a member of our team to help troubleshoot since you have invested your valuable time into Wave to manage your business financials.

Jennifer from Wave

Replied 02/09/2015
Josh C.
  • Industry: Design
  • Company size: Self Employed
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
4
Customer Support
0

5
Reviewed on 05/08/2021

Awesome free accounting online software for your business that is super professional!

There is very little more I can ask for with Wave for my small business. It is free for the features I need and allows me to take only ACH or credit card payments with a reasonable fee and I only pay the fixed percentage when I use those features so I can just turn it off and get a check from a client and not pay anything. Great Flexibility!

Pros

Its free for small businesses that just need a good business accounting software! You can take ACH and CC payments if you want and turn them off on invoices you don't want it on. The rates are reasonable enough for using these services. The reports are easy enough for doing taxes. It's awesome and cheap for those that are one man shows or freelancers.

Cons

The thing that is the most annoying is when you want to do a recurring billing. It doesn't use something like Maintenance contract #1 then go to #2 or something like that it makes recurring billing invoice names that were the most recent of any invoices. Maybe I am not using it correctly, but each time I have to go and change invoice names then manually send it to the client.

Alternatives Considered

Quickbooks Online

Reasons for Switching to Wave Accounting

I originally chose Wave as it was free. Now I just love it and it works well for me so no reason to even look somewhere else.
Andrew R.
  • Industry: Building Materials
  • Company size: 11-50 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
3
Ease of Use
3
Customer Support
4

4
Reviewed on 05/08/2021

Perfect book keeping and invoicing Software

I have had a wonderful experience using Wave Accounting and have encountered no problems at all.

Pros

The fact that this software is 100% free and includes the aspects that are most critical to my business is why I give this such a high rating. The interface is easy to use and getting the system setup and all data input is a breeze. Wave has made my life so much easier and has taken hours of paperwork off of the table. Easy, convenient, reliable, absolutely affordable!

Cons

It does not keep track of inventory or scheduling jobs, but this was not a huge factor for me because I use an old fashioned appointment book and for all of the other free features it’s definitely worth it.

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