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
4.2
Ease of Use
4.5
Customer Support
4.0
5 reviews of 1,478 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.
Angel
  • Industry: Nonprofit Organization Management
  • Company size: 51–200 Employees
  • Used Monthly for 1+ year
  • Review Source
Value for Money
4
Features
4
Ease of Use
5
Customer Support
5

4
Reviewed on 05/07/2023

Riding the Wave Accounting in Business

Using Wave Accounting the most important features we have used are the automated transaction categorization, bank reconciliation, multi-currency support, real-time financial reporting, tax calculation, and integration with payment processors and third-party apps for enhanced functionality.

Pros

The most liked part of is Real-time financial reporting as it provides up-to-date and accurate insights into a business's financial performance, allowing for informed decision-making and monitoring of key metrics.

Cons

Wave Accounting does not have advanced features that allow us to directly connect to other systems to import the data through an API instead of manual input.

Alternatives Considered

Salesforce Sales Cloud

Reasons for Choosing Wave Accounting

Abila is not as user friendly and doesn't work very well with our flexible needs.

Reasons for Switching to Wave Accounting

Salesforce is very expensive and did not meet our budget and skills.
Christian
  • Industry: Information Technology & Services
  • Company size: Self Employed
  • Used Weekly for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 05/09/2023

Wave Accounting: The Optimal and Should be First Choice for Small Business Owners

I have been using Wave for a long time now. For more than 4 years and I have nothing bad to say about Wave Accounting it is absolutely amazing, and is way better than quickbooks in my opinion.

Pros

Wave's ability to automatically categorize and track receipts. Another feature I must mention is the invoicing capabilities. These features are more than essential to the small business owner and are easy to generate on the go quickly with the mobile application.

Cons

One aspect of Wave that could be improved is the mobile applications' ability to manage payout accounts. Also, the receipts feature remaining free would be a huge value add for logistics company owners.

Alternatives Considered

Quickbooks Online

Reasons for Choosing Wave Accounting

Cost, UI/UX, Features

Switched From

Quickbooks Online

Reasons for Switching to Wave Accounting

Cost, UI/UX, Features, Receipt Tracking
Bethany
  • Industry: Accounting
  • Company size: Self Employed
  • Used Daily for 2+ years
  • Review Source
Value for Money
0
Features
3
Ease of Use
5
Customer Support
0

3
Reviewed on 06/08/2023

Wave is a great product to get started with

Pros

I love the invoicing services, it is easy to use

Cons

I dislike the bank transaction screen and I dislike how bank accounts disconnect and some times when you refresh it will duplicate your transactions

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.

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