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The free Starter plan does not allow you to connect a live feed to your bank or credit card accounts. However, you can upload your bank statements from comma-separated values (CSV) or Excel files and perform bank reconciliations. We’ve developed an internal case study to evaluate accounting software across 15 different categories based on a common set of facts and functions. The graph below shows how Wave scores across each category compared with two of its competitors, QuickBooks Online Plus and Zoho Books.

Explore more details on the competition in our full roundup of the best accounting software for small businesses. Easily create, customize, and send professional invoices while on-the-go. Your complete invoicing and billing process is now on your phone.

Pay per use (no strings attached)

Since my last review, it’s added a fee for scanning and uploading receipts ($8 per month or $72 billed annually), a feature that competitors offer free. The company also offers advisory services from in-house accounting and payroll coaches and bookkeepers for a fee. However, like most products with free plans, Wave has its limitations, especially compared to more scalable small-business accounting software. Although Wave’s paid plan offers additional features, it’s still missing some more advanced capabilities, like built-in inventory tracking and audit trails, that growing businesses might need. Service or project-based businesses should choose accounting software that can track project costs, revenues, and profits. The software must have tools to track time, record billable hours or expenses, send invoices for progress billings, or monitor project progress and performance.

A graduate of the Rotman School of Management at the University of Toronto, he has a wealth of experience knowledge in business strategy and growth. Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business. Make it easier for your customers to pay you right from their bank account. Our money management tools are easy to use separately and more powerful together. That said, QuickBooks Online and FreshBooks are our Editors’ Choice winners.

Tam has a passion for travel and has visited Antarctica, Patagonia, and the Maldives. She’s a proud supporter of animal rights and rescues, and LGBTQ+ causes. You’ll often find her doing hot yoga, playing badminton, scaling a rock wall, or hanging with her teacup Yorkie. He comes to Wave with decades of executive experience, most recently as General Manager for Afterpay North America, and previously as Executive Vice President at Mastercard. You’ll always know who you need to communicate with and about what, so you can leave a great impression with customers.

  1. The dashboard includes shortcut buttons so that you can easily create new transactions, like bills, estimates, and invoices.
  2. This user review score helps us give more credit to software products that deliver a consistent service to their customers.
  3. You can create decent invoices in the Pro plan, but they aren’t as customizable as those in other software like QuickBooks Online.
  4. Allow your customers to pay your invoices immediately via credit card, secure bank payment (ACH/EFT), or Apple Pay.
  5. Wave invoices are integrated with our free accounting software, so payments are recorded and categorized for you – which means less bookkeeping and tax season prep.

This user review score helps us give more credit to software products that deliver a consistent service to their customers. While you can track your sales tax in Wave, there’s no way to file your returns or pay your tax liability. This feature is also handy if you’re working with independent contractors and need to generate a 1099 form for tax filing. The sales and income tax features are evaluated across the other categories, so it has no separate video. The program did well in A/R management, and it could have scored higher if there were more options to personalize invoices. The Starter plan allows you to upload your company logo, but you can’t choose from invoice templates and change the invoice color.

Take control of tax season

Get paid in as fast as 1-2 business days1, enhance your brand, and look more professional when you enable payments. Customers can click a Pay Now button on invoices and pay instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay. You can accept credit cards and bank payments for as little as 1%2 per transaction. Wave is easy to use and has a low learning curve, whether you’re in the free or paid version. The interface is clean and not overwhelming, and you can easily find your way around. The dashboard includes shortcut buttons so that you can easily create new transactions, like bills, estimates, and invoices.

Next, you can add sales tax (if necessary), create customer profiles and customize your invoice templates. Quickly create and send unlimited invoices, look like a pro with customizable templates, and get paid fast with online payments. The app also comes with standard goodwill definition and meaning financial reports like Profit & Loss (Income Statement) and Balance Sheet. It helps automate account reconciliation, which helps you match your transactions in Wave to your bank and credit card statements, looking for duplicate, incorrect, and missing transactions.

In addition to its accounting software, Wave offers paid services, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching. Instant Payout is an additional service offered by Wave subject to user and payment eligibility criteria. A 1% fee is applied to the amount you withdraw from your available balance, in addition to regular processing fees. Deposits are sent to the debit card linked to your account in up to 30 minutes. Deposit times may vary due to processing cutoff times or third party delays. Wave invoices are integrated with our free accounting software, so payments are recorded and categorized for you – which means less bookkeeping and tax season prep.

wave small business

With Wave’s Pro Plan, you can set up recurring invoices and automatic credit card payments for your repeat customers. Switch between automatic and manual billing whenever you want. You can mark invoices paid on the spot, so your records are instantly up to date. Accept payments through credit cards and bank payments to get paid even faster, for a low, pay-per-use fee. Add credit cards and bank payments to get paid even faster, for a low, pay-per-use fee.

Allow your customers to pay your invoices immediately via credit card, secure bank payment (ACH/EFT), or Apple Pay. Create beautiful invoices, accept online payments, and make accounting easy—all in one place. You can set up multiple sales tax rates, apply them to invoices, and generate reports to help with tax compliance. The A/P section focuses on vendor management, bill management, bill payments, and other payable-related transactions. A/P features include creating vendors and bills, recording purchase orders and converting them to bills, creating service items, and recording full or partial bill payments. Wave is one of our best A/P software because of its ability to record unpaid bills even in the free Starter plan.

You have to scroll a bit to see everything, but you’ll get a great overview of your finances with links to deeper details. This page displays cash flow, profit and loss, and expense charts. There are tables of invoices payable to you, bills you owe, and income/expense/net income.

Priced right for small businesses

However, we docked a few points because we found some weaknesses, such as the inability to create purchase orders, track transactions by vendor, and attach receipts to unpaid bills. With the paid version, you can connect your bank account to Wave and upload bank statements to synchronize your transactions. However, Wave’s reconciliation feature is not as seamless as those in other software like QuickBooks Online. For instance, while it has an automatic reconciliation feature, it doesn’t allow for any reconciling items, such as checks written but not yet processed by your bank.

Customizable invoicing

Having an independent software expert perform the bookkeeping is good for overall ease of use. Lastly, our expert opinion score is our subjective rating based on our experience in trying the software. You can access personalized support through the Wave Advisor program where you can get coaching and year-round advice from a Wave expert.

You can’t input or pay bills, categorize bank transactions, and view reports, which can be a problem if you often do business on the road. However, both the free (Starter) and paid (Pro) plans offer basic features, such as invoicing, income and expense tracking, and payment processing. The Pro plan has additional inclusions, as outlined in the below.

This means that Wave can’t calculate your COGS, which is important if you deal with inventory. Wave Accounting offers free software, meaning you won’t need to submit a credit card or payment information to use it. It can help you manage your bookkeeping, accounting and invoicing processes through a few internal integrations.

Know when an invoice is viewed, becomes due, or gets paid, so you can take the right actions to manage your cash flow. Set up invoice reminders https://accountingcoaching.online/ to automatically email your customers when payment is due. Every invoice paid means more revenue coming into your small business.