What is Wave Accounting?
Wave Accounting provides free accounting software and invoice software for small business owners. The company also provides payment solutions for small businesses and can help them with payroll and taxes. Small business owners can save time with Wave Accounting’s easy accounting software.
This company’s accounting software has a user-friendly online platform that allows small business owners to track their income and expenses. Notably, this accounting software allows small businesses to connect to unlimited bank accounts and credit cards. Users are also able to download excel reports of their financial statements. The software also features an automatic exchange rate conversion feature, which is extremely useful for customers who sell their products in other countries. These features can be useful when it is time to file taxes.
Creating professional invoices can be difficult for some small businesses. Wave Accounting has customizable invoice software, which can help small business owners create new invoices, even if they are unfamiliar with the process. Wave Accounting can help small business owners send overdue reminders and set up recurring payments. Wave Accounting also provides convenient payment options, including ACH and credit card payments, with fees as low as 1%.
Wave Accounting also provides small businesses with various payroll solutions in all 50 states of the United States. Its payroll software can help small business owners pay employees and independent contractors. Wave Accounting can also automatically pay all state and federal taxes, and it can generate W2 and 1099 forms.
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What popular features do you get with Wave Accounting?
- Free Accounting Software
- Customizable Invoice Templates
- User-Friendly Online Portal
- Expense Tracking
- Payroll Services
- Tax Advisory Services
- Unlimited Income and Expense Tracking
- Recurring Billing Solutions
- Automated Bookkeeping
- Multiple Businesses in One Account
- Generates Business Reports
- Manage Employees and 1099 Contractors
- Automatically Tracks Sales Tax
- Easy to Share with Accountants
Customer Support is available at Wave Accounting
Wave Accounting advisors can provide customers with a variety of customer support services. They can help with bookkeeping, tax services, accounting, and payroll. These services can be an excellent option for people who do not want to use their accountant or another company for these services. Furthermore, some people may file their taxes, but need help from professionals at Wave Accounting. Wave Accounting offers monthly and annual packages for these services so that small businesses can choose what they need and not overpay.
What kind of business is Wave Accounting ideal for?
Wave Accounting is most relevant for small business owners, but some individuals who work as sole proprietors may find these services helpful. Some of the basic services, including personal finance tracking, are free. However, Wave Accounting is most useful for small businesses that need bundled services on one convenient platform. Many accounting software companies offer payroll and tax advisory services for small businesses. Wave Accounting also stands out for its ability to provide payment solutions for small businesses. It can also provide data and reports to help smaller businesses file taxes. A small business owner who already has an accountant could benefit from using Wave Accounting for payment, payroll, and invoicing solutions.
Pros and Cons
- Offers free accounting software for small businesses
- Unlimited income/expenses reporting and invoicing.
- User Friendly program
- Multiple roles and access for additional users.
- Easy to Manage Customers and chase payments
- Feature rich
- No phone support of free plan
- 2-7 days wait on payments
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Intuit Quickbooks
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Oracle Netsuite
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Freshbooks
- User friendly interface
- Regular updates on glitches and software improvement
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How much does Wave Accounting cost?
*based on information provided by the vendor. Actual cost may vary.
Wave Accounting offers free software for small businesses, but there are also multiple fees for other services.
Payments charges are based on a % of sales plus an additional flat fee. Bank payments are relatively cheaper, as there is only a 1% fee with a $1 minimum fee. Credit card transactions are charged $0.60 plus an additional 2.9-3.4% fee. Wave Accounting charges these fees because of the convenience of its invoicing and payment services.
Wave Accounting also charges for bookkeeping support, tax services, and accounting and payroll coaching. The price for these services is as follows:
- Bookkeeping services start at just $149/month, and this service includes monthly review calls.
- Tax Services start at $899/year, and this service includes tax filing by a CPA and a two-stage review process.
- Accounting and Bookkeeping packages start at a flat fee of $329. This service provides unlimited access to coaches via email and includes two hours of live coaching.
Final thoughts...
Many top accounting software companies offer free accounting and bookkeeping software. Wave Accounting is relatively unique because it offers invoicing, payroll, and payment solutions through its online accounting software. The company’s basic services are free, and small businesses only have to pay transaction fees and additional consulting fees. Wave Accounting offers various easy-to-use programs. These programs can help small businesses save time and conveniently send information to their accountants and bookkeepers.
