Wave is cloud-based software that boasts a solid set of accounting features suitable for most small businesses. In our last review, we found these features especially appealing because they were all completely free with no artificial limits. If Wave isn’t a good fit for you, read through our article on the year’s best free accounting software. The article kicks off with Wave, but it includes reviews for nine other free bookkeeping programs that you might prefer.
For instance, it doesn’t offer the same built-in time-tracking and project-tracking features you get with most other basic accounting software plans. Unlike with QuickBooks, you can’t manage 1099 contractors with Wave (which is one reason Wave’s better suited to 1099 contractors rather than those who employ them). Since Wave only has one accounting plan, though, it’s not perfect for business owners who want to add accounting features as they grow. And its email-only customer support means users are largely on their own if they encounter an immediate problem.
Organized and stress-free small business accounting
We deliver timely updates, interesting insights, and exclusive promos to your inbox. Wave offers accrual-basis accounting only, not cash-basis accounting. Once you sign up online, you can start using Wave’s features right away. All you have to do is share your business name, type, address and the currency you use. There’s no live support unless you pay for it so you’ll have to dig for the answers to your questions in the help center or cross your fingers that the automated chatbot will help you out.
If you do want live support, you’ll need to invest in an Advisor or paid service. While Wave has a lot to offer when it comes to invoicing, know that it’s still slightly less automated than some competitors. This isn’t necessarily a deal-breaker, but it might require a bit more bookkeeping work.
Pocket- and small business-friendly perks
Since Wave uses accountant-approved, real double entry accounting, your accountant will have all the information they need. When rating accounting and invoicing software, we use a 47-point rubric that looks at pricing, ease of use, features, customer service, and user reviews. We weigh each section differently to calculate the total star rating. However, some features are noticeably missing, such as project management and budgeting, that are found with competing software options such as QuickBooks Online.
Does Wave use double-entry or single-entry bookkeeping?
In addition, Wave allows you to manage multiple businesses on one free what are generally accepted accounting principles account and uses double-entry accounting, which is ideal for accountants and tax time. Honestly, these features outpace those included with some paid accounting software. For instance, Xero only includes expense tracking with its priciest plan, which starts at $65 a month. QuickBooks Online limits user numbers by plan (its cheapest plan, QuickBooks Simple Start, includes just three users).
- It also features a well-laid-out, clutter-free dashboard with individual tabs for sales, purchases, accounting, banking, payroll and reports.
- Wave Accounting offers free software, meaning you won’t need to submit a credit card or payment information to use it.
- The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
- When rating accounting and invoicing software, we use a 47-point rubric that looks at pricing, ease of use, features, customer service, and user reviews.
QuickBooks Online boasts a robust set of features, including advanced options like project management and inventory features you won’t find with Wave. QuickBooks Online also has hundreds of integrations, connecting your accounting solution with other small business software and apps. In addition, Wave’s mobile app lets you send invoices and track payments on the go.
Learn more about how we rate small-business accounting software. Keep your income flowing with the help of flexible payment options, and money transfers in as little as two days. Access your books at home or on-the-go, track business-related expenses like travel and office supplies, and set up the systems you need to take control of your cash flow and keep more of your money. For a free software program, Wave boasts an impressive, robust feature set that rivals even some paid accounting software programs. Finally, if you need extra help with your bookkeeping, accounting, or taxes, Wave Advisors is a service you can add to your account. This option is great for business owners who are new to accounting or want to outsource bookkeeping and/or tax filing.
If you’re a startup, micro-business or sole proprietor who doesn’t want to invest in accounting software but needs to keep track of your finances, Wave Accounting is a great option. As long as you’re content with basic features and don’t see yourself expanding in the foreseeable future, you’ll find this completely free, easy-to-use software particularly appealing. Since you don’t have to pay anything to get started, it’s certainly worth trying out. Wave allows you to search transactions, design accounting reports and reconcile data across other Wave products. Plus, you can calculate sales tax automatically, customize payment terms and enjoy access to easy-to-understand cash flow insights.
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