TrustRadius Insights
Wave Accounting is a reliable tool for staying up to date with accounting tasks such as creating invoices, tracking payments, and managing …
Overview
What is Wave Accounting?
Wave Accounting is a free, cloud-based accounting platform exclusively for small businesses. It supports double-entry bookkeeping and permits unlimited user access, invoicing, and expense management. Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll apps.
Recent Reviews
Awards
Products that are considered exceptional by their customers based on a variety of criteria win TrustRadius awards. Learn more about the types of TrustRadius awards to make the best purchase decision. More about TrustRadius Awards
Popular Features
- Bank reconciliation (63)9.696%
- Accounts receivable (67)9.696%
- Standard reports (67)9.595%
- Dashboards (68)9.494%
Reviewer Pros & Cons
Pricing
N/A
Unavailable
What is Wave Accounting?
Wave Accounting is a free, cloud-based accounting platform exclusively for small businesses. It supports double-entry bookkeeping and permits unlimited user access, invoicing, and expense management. Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll…
Entry-level set up fee?
- No setup fee
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
Would you like us to let the vendor know that you want pricing?
26 people also want pricing
Alternatives Pricing
What is Xero?
Xero is an online accounting software product for small businesses and personal finance. Its features beyond general ledger and double-bookkeeping include quotable invoicing, bank reconciliation, purchase order and expense management, and tax management. Third party apps can extend its features…
What is QuickBooks Online?
QuickBooks Online is a SaaS version of the QuickBooks product. It contains all of the features found in the local version. Higher-priced plans include greater automation, payment management, inventory and time tracking, and analytics features.
Product Demos
How To Use Wave Accounting App | Get a hold of your Money! | Ibukun Awosika
YouTube
Wave Accounting Demo
YouTube
Features
Return to navigation
Product Details
- About
- Competitors
- Tech Details
- FAQs
What is Wave Accounting?
Wave Accounting is a fast growing, free, cloud-based accounting platform exclusively for small businesses (less than 9 employees) offered by Wave in Toronto. It supports double-entry bookkeeping and permits unlimited user access to always-available records and reports, as well as unlimited invoicing and expense management. Wave integrates with expense tracking software Shoeboxed. The software is mobile-accessible.
Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll apps, into one relatively comprehensive package. However, the automated payments and payroll functionality must be purchased; the payments addition bills per transaction, and the payroll feature bills by number of employees over a flat rate. To support the free platform, Wave integrates advertisements from business partners. Thus these are a necessary facet of the service.
Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll apps, into one relatively comprehensive package. However, the automated payments and payroll functionality must be purchased; the payments addition bills per transaction, and the payroll feature bills by number of employees over a flat rate. To support the free platform, Wave integrates advertisements from business partners. Thus these are a necessary facet of the service.
Wave Accounting Competitors
Wave Accounting Technical Details
| Operating Systems | Unspecified |
|---|---|
| Mobile Application | No |
Frequently Asked Questions
Wave Accounting is a free, cloud-based accounting platform exclusively for small businesses. It supports double-entry bookkeeping and permits unlimited user access, invoicing, and expense management. Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll apps.
Reviewers rate Multi-currency support and Order entry and Cost of goods sold highest, with a score of 10.
The most common users of Wave Accounting are from Small Businesses (1-50 employees).
Comparisons
Compare with
Reviews and Ratings
(172)
Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Business Problems Solved
- Pros
- Cons
Wave Accounting is a reliable tool for staying up to date with accounting tasks such as creating invoices, tracking payments, and managing financial obligations. Users appreciate how Wave Accounting simplifies these processes, eliminating the need for manual tracking. The software offers an intuitive interface and essential accounting features that make it a popular choice for small businesses. It has been commended for its ability to quickly generate professional estimates and invoices, as well as provide performance insights through flow graphs and profit and loss graphs. Although some users have experienced drawbacks such as limited customer support and lengthy credit card acceptance processes, overall, Wave Accounting has been highly recommended by users who find it valuable for organizing their businesses. It is particularly useful for tracking inventory purchases, sales, expenses, managing independent contractor businesses, and is considered an affordable and powerful solution by accounting professionals in service-based industries.
Comprehensive and Versatile Software: Users have found Wave Accounting to be a comprehensive and versatile solution for bookkeeping and budgeting. It has been praised for its ability to effortlessly track and categorize financial transactions, streamline invoice creation without redundant data entry, as well as generate various financial reports.
Cloud-based Accessibility: The cloud-based nature of Wave Accounting is highly appreciated by users, providing them with easy accessibility from any computer while eliminating concerns about computer glitches or server problems. This feature has been mentioned by numerous reviewers.
Powerful Invoicing Feature: Users have lauded the invoicing feature in Wave Accounting for its power and user-friendliness. They can easily create and send invoices, keep track of due dates, and mark off paid invoices. The software also provides automatic invoice numbering, facilitating quick reference to different invoices.
Horrible Reconciliation Process: Users have expressed frustration with the reconciliation process in Wave, describing it as horrible. They find it difficult to match transactions and suggest a simpler method for reconciliation.
Lack of Customer Support Options: Many users complain about the lack of customer support options in Wave. They mention the absence of phone or chat lines and express frustration with the frequent response to read documentation. Users desire more personalized assistance and quicker ways to resolve their issues.
Limited Reporting Features: Users feel that the reporting features in Wave could be more robust and flexible. They report issues with exporting general ledger items and mention the need for improvements in sorting options for reports. Some users desire preset date options for reports and request further development of this aspect in Wave.
Attribute Ratings
Reviews
(1-25 of 31)Companies can't remove reviews or game the system. Here's why
January 19, 2024
Disappointed in Wave Accounting
Score 1 out of 10
Vetted Review
Verified User
I am an artist and the only user. In trying to reconcile sales tax in wave to what I report to the state by quarter using the P&L, all income by customers and the account balances for the same time period (accrual) show different totals. I am at a loss how they can produce different numbers from what should be the same data. I am finding them unusable.
- Site is nicely done
- It's easy to read
- In my experience, by quarter reports do not show the same totals
- They closed the community support page
- In my opinion, chat bot is useless for anything that isn't simple
- Reporting on sales tax, I need to print 3 different reports to get the info I need
March 16, 2020
Wave Accounting - great for micro businesses
As an accounting firm, we co-use the program with our smaller clients. We are invited to use the system on their side, and then managing their financial records, and accounting transactions remotely. For our clients, it addresses the problem of cost-efficiency for our smaller clients as it has a free version. For us, it allows us to work remotely without having to visit our clients at their office. This is important as we are a virtual accounting firm, meaning we do not have a physical office address, but rather work from our own individual homes from our PC's. Many site visits would increase costs for our clients, many of whom are small clients, and need their costs kept as low as possible for cash flow reasons.
- Bank upload and reconciliations (new feature).
- Reports are good for a free system.
- Good customer and supplier reconciliation features for a free system.
- I find the system to be quite sluggish at times, compared to other systems that we use.
- They are adding new features to the system, but it is still very behind other comparative systems.
- The payroll function is only currently available to USA and Canada.
March 03, 2020
Awful Software and Support
Score 1 out of 10
Vetted Review
Verified User
We are a technology startup and began using Wave in 2015 for bookkeeping, an "upgrade" from our Excel bookkeeping efforts.
We were looking for something simple, that easily connected to our external bank and credit card accounts, in the cloud, and low-cost.
As the company evolved, we began using it for some invoicing and for payroll. We stopped using it for Invoicing, and recently stopped using it for Payroll.
We were looking for something simple, that easily connected to our external bank and credit card accounts, in the cloud, and low-cost.
As the company evolved, we began using it for some invoicing and for payroll. We stopped using it for Invoicing, and recently stopped using it for Payroll.
- Cloud-based
- Connects to external accounts for transaction import
- Customer Service
- Software Upgrades that negatively affect bookkeeping past and present
I am personally using Wave Accounting (free version) as the primary accounting app to run the backend of my business. I use the program to create, send, and track invoices to my clients, and I use the link to my bank account to track my expenses, profit and loss, sales tax, and general income vs. expenditures. Having a piece of software this comprehensive that is completely free is a pure lifesaver. I am on a generally tight budget, so this feature solves a huge problem for me and my company!
- Providing a comprehensive piece of accounting software for free
- Invoicing + receiving payments--super easy and intuitive on both fronts
- Bank account linking: They are working diligently to correct this, but it broke when they updated their system. Probably could have tested more banks prior to rolling out the upgrade
- If you don't fully track and reconcile your books, you'll see carry over numbers--needs a better way to handle this.
As a one-woman consultation, I use Wave to manage my quotes as I bid projects. I use it as my main CRM as well to organize and keep track of current and potential clients. When bids turn into accepted projects, I convert them to invoices and track payments there as well. I've connected my bank accounts and have used the card terminal before as well. I like the mobile app function to monitor and track outstanding invoices.
- Bid to invoice conversion is great.
- Client information is easily added to documents.
- Financial reports are in-depth enough.
- Some design aspects could be improved upon in their document creation.
- Some aspects of the interface are hard to use, and are not as intuitive as they should be.
December 04, 2019
Easy to use for someone without accounting or business experience
I own a small business and Wave is used for all of our accounting and expense tracking. It is linked to my checking account and I like that all of my expenses are already listed and I just need to go in every once in a while and categorize them. I used to do everything myself but as we have grown I now have our Office Manager do some of the categorizing and it is super simple for her to learn and do.
- Links to bank account
- Allows me to create new categories while other apps do not
- It is completely free to use
- I'm not a big fan of the invoice feature and don't use it
- I haven't figured out a good way to get a full report of expenses at the end of the year for my tax accountant without having to make some tweaks.
- The predictive categorization is most often incorrect.
October 29, 2019
Free Wave Accounting hits the spot for small businesses
We are using Wave Accounting to provide us with all of our accounting needs except the accounts payables throughout our entire company. We provide invoices and estimates through Wave Accounting. We also accept credit card payments through Wave Accounting. Our payroll and tax liabilities for sales tax and payroll are all managed on Wave Accounting.
- Invoicing - The invoicing feature of Wave Accounting is pretty solid. We are able to enter our services and items that are available for our customers at the correct price point. We add the services or the items to the invoice and add the quantity ordered or used. Invoices can be sent electronically through Wave Accounting and once the customer receives the invoice, it can be paid using the links provided.
- Recurring invoices - This is a nice feature in Wave Accounting. With recurring invoices, you can enter invoices that will be sent to clients on a regular basis. Either monthly, quarterly or yearly, the invoice will be sent to the customer. Customers can then pay online with a credit card and also permit you to automatically pay the invoice upon submission.
- Payroll - This feature will allow you to run payroll on your schedule and Wave Accounting will determine your liabilities and submit all paperwork to the proper government agencies. Wave will also schedule and notify you when payments will be made to those government agencies.
- Invoicing - Unfortunately, once an invoice is paid, you can still go back and correct that invoice or revise that invoice. Once the invoice is paid, it should be locked so that it can not be revised.
- Bills - The bills part of Wave Accounting needs quite a bit of work. I would like to see the bill section be brought up to the level that the invoicing section is at. It would be nice to enter a bill and notify me when the bill is due. Or just some way of keeping track of bills that come into the business.
- Reports - I would like to see some improvements in the reporting areas. I think it does a good job with reports but business owners always like to see reports with more detail. I know I would like to run a report automatically every month of my accounts receivables and payables.
I use Wave Accounting for all of my bookkeeping/accounting needs. I have all of my money accounts linked to it so that I don't have to keep track of my purchases and sales, it all automatically goes into my bookkeeping accounts. Then, at the end of each month, I categorize them and verify each income/expense. With the click of a button, I can see my revenue, expenses, and profit for the month! This also makes it super easy when tax time comes! I can just print a copy of my income report for the year and hand it over to the accountant who does my taxes. It couldn't be easier!
- Bookkeeping
- Invoicing
- Keeps income/expenses organized for tax time
- Quick at-a-glance stats for monthly budget/spending/revenue
- It does not integrate with my small credit union so I rarely use that account to purchase things because I have to remember to manually log it.
- Invoice line items must be something that is reoccurring or you have to create new "products" for each new project/service. I wish I could just add whatever I wanted to the item field on an invoice instead of having to choose from or create a new product
- It always logs transferring money out of my PayPal balance as an expense when I'm really just transferring it to my bank account. Easy fix, but always a bit annoying to wonder where that much money went (only to realize it just went to my bank account).
October 25, 2019
Quick-start your accounting!
We use wave for its essential accounting functions such as invoicing, payment receipts, and to track business-related purchases and expenses using the account connection feature. It's relatively easy to use and can copy and duplicate invoices, send reminders and gauge how often invoices are paid or not. It's primarily used by myself though I sometimes have my assistant send a simple invoice.
- Allows the user to set up customer profiles and manage the intricacies of account payable tracking.
- Allows the user to connect the app to a bank account thereby identifying purchases and business-related expenses. Awesome for tax time!
- Allows the user to create vendor profiles and manage payroll accordingly.
- Connecting the app to a bank that isn't listed in their database isn't seamless.
- Sending multiple invoices to one client that needs to use different payment methods raises a red flag.
- Receipts can't be exported as PDF's and must be sent from the email that was used during sign-up (can't be altered).
August 03, 2019
The best option if you're a freelance worker!
Score 8 out of 10
Vetted Review
Verified User
We use Wave Accounting in mainly the IT department to track invoices and receive payments from clients for work completed and reoccurring sales. Wave makes it very easy to create an invoice template, add customers, create line items, and send invoices! The option to also allow credit card payments on the invoice through Wave is a nice feature and saves us time from having to contact the customer and take card information over the phone and the transaction fee they charge isn't bad at all considering other applications out there.
- They make sending invoices pretty simple and you can choose from sending either from Wave or you can add an email account and it will allow you to send from the Wave account but using your own account to avoid confusion from your clients.
- Being able to store products, line items, and various services so you can quickly create more invoices later is a great feature! It'll save the price or hourly rate for the next time you need to use it
- Reoccurring invoices are one of my favorite features, it makes it simple to send invoices to customer who have a monthly fee you need to charge. Wave will send it automatically and there's no extra work for you to do to ensure your customer is up to date on current charges.
- Taking payments - I would like to see them integrate with CashApp or Venmo since many of my clients like to pay via mobile apps like those and then I have to manually record the payment in Wave
- I would also like to see a feature that allows you to download a PDF version of an invoice in their mobile app. Other than that the mobile app is great!
November 07, 2018
A wave of approval for Wave
Wave Accounting is used as the central accounting package for the business. All income and expenses are synchronized from various bank and card accounts. Both one-off and recurring invoices are issued through Wave. Payments via credit card or back transfers are accepted through Wave. Cash low is monitored on the dashboard. Year-end reports are used for income tax calculation.
- The dashboard provides instant views of month-by month income & expenses for the past 12-24 months, a breakdown of current year expense by category, and net income for the past year and year-to-date.
- Invoicing has easy templated set up has lots of per invoice options such as single/recurring payment options, due dates.
- Year end reports are easy to generate in either pdf or csv format.
- My biggest request is that they add a way to link invoice payments with the bank deposits . When a payment is made through Wave, they show the income and it is marked with the invoice number, but when they transfer the money into the bank, the credit is not tied to the invoice(s). You have to figure out by hand and delete the transaction from the bank to prevent getting double credit on it
- It would be good to have a field for CC email on each customer. Currently you have to add any CC when sending.
- On the Transactions view, a few more search options would be helpful.
November 07, 2018
Account By Wave Saves you time & resources
Accounting by Wave makes life as a web designer easier. I'm able to see all purchases for tax purposes. It makes it easy to see where the company stands and allows self-employed and small businesses to manage all their accounting with ease. This software is a no-brainer for anyone who uses Wave.
- Professional
- Quality
- Simple
- Organized
- Recommendations
- Sync with more banks
November 01, 2018
Ride the Wave! It's awesome!
We use Wave as our primary accounting solution for the entire company. We're small, but Wave has great features we're using across both backend financial management and front-end sales (quoting and invoicing). The ability to process payments has been a great tool for us as well and the auto-reminder feature on outstanding invoices saves a ton of time so I don't have to manually beat the bushes.
- Quoting and Invoicing - This feature is huge to be able to manage customers and automate the process of sending invoices as well as reminding outstanding balance holders about their obligations.
- Payment Processing - Once you get the invoicing down, the ability to process credit card and ACH payments in a single package is great. The fees are competitive and the turn-around time to money in the bank is quick.
- Bank Integrations - I mean, this ought to be a standard thing these days, but Wave makes it super simple. There is no need to use esoteric APIs or ugly interfaces - everything is in the same Wave wrapper and the functionality is truly seamless.
- The mobile experience leaves a lot to be desired. While I can use the receipt app to capture expenses, we live in a mobile digital world where I need to be able to create quotes and invoices on the spot and not back at my desk.
- There are a few accounting and account related tools that could use some sharpening. For example, there isn't a good way to merge transactions - so when I snap a picture of a receipt and add it there is trouble reconciling against the bank. This shows up as two discrete transactions that cannot be merged - so one has to be manually deleted. It kind of defeats the purpose of scanning the receipts in entirely.
- We've struggled with integrating debt accounts. For example, a shareholder may pay for something to get us by one day - how to we capture that as a debt owed? There isn't a way. The "shareholder debt" account doesn't talk to the rest of the system.
November 01, 2018
Wave Hello to Your New Accounting Solution - Wave
We use Wave for our whole organization. We run various reports from within Wave to track and monitor performance for the firm. With Wave we can easily generate a professional sales invoice for our small company. The reports from the software give us a way to quickly analyze trends both short term and long term.
- The ease of use with Wave makes it a great tool. Someone without much accounting experience can jump in and use the software.
- The reports features in Wave make looking at financial statements a breeze. In addition you can quickly drill down into expense categories to see all transactions of a certain type.
- It is very easy to generate a sales invoice and see the average period for our company to get paid.
- I love the Wave Invoice app where we can track invoices on the go and verify payment history.
- One area of improvement for Wave would be combining the various mobile applications into one app.
- Another room for improvement would be on the dashboard level. It would be great if they could use more bar graphs and get away from pie charts for things like expenses.
- Some of the other areas from improvement have been addressed by recent updates so I am excited to see what else Wave brings out.
November 01, 2018
Wave is a great small business solution
As a business owner, I use Wave to track and categorize expenses, pay vendors and freelancers, and send and categorize invoices. I provide a separate logon for my accountant so that they can pull information during tax time. Wave eliminates any need for manual tracking since it connects directly with my business credit card and checking account. It also provides a helpful dashboard that tracks earnings and expenses. You can pull financial reports easily, as well.
- tracks and categorizes financial transactions with a direct link to bank accounts and credit cards - helpful since there is no manual input outside of verifying that a category is correct
- easily creates invoices without the need to input customer information more than once. you can also send directly from the platform and toggle the option to accept credit card and ACH payments
- creates financial reports with ease
- connection to bank sometimes lags - you can refresh the connection but it takes a minute or two to update
- sometimes invoices are categorized as sales versus consulting income - you really have to look and change it to the appropriate income account. once an invoice is recorded as paid, you can change the income account
- Wave has a tendency of not accepting a saved password, forcing users to reset a password that is knowingly valid. Using Single Sign On eliminates this but it's still annoying.
Wave is a great alternative to QuickBooks Small Business, and is being used to satisfy all of my small business' accounting needs. It also keeps my overhead low, because it is completely free- there's no initial or monthly subscription fee! It is completely online, so it allows me to access my account anywhere from any device, which is very helpful when I am travelling or when I forget to bring my laptop to work. Additionally, the interface is simple and easy to use, so there was no learning curve and very little stress in setting it up. It allows me to reconcile accounts, run various reports, and easily keep tabs on both my income and expenditures.
- It connects seamlessly to my bank and credit card accounts, and typically inputs updated account information within 24 hours of the bank or credit card account being updated
- It provides easy access to my financial information from multiple devices anywhere, anytime
- It allows me to organize my income and expenses in easy to identify categories, helping me (and my accountant!) immensely during tax season
- I can reconcile all accounts with a few clicks of a mouse, without hassle or stress
- Wave doesn't have a comprehensive mobile app available, at least for Android. Wave does have supplementary apps, like an app that allows you to upload and categorize receipts, which then integrate into the main Wave interface. However, it would be great if there was an app that allowed for more on-the-go accounting.
- On some occasions there is a delay of more than 24 hours between my bank accounts updating and Wave inputting the updated information
- There are a few less "bells and whistles" in Wave than in QuickBooks, if those are things that are important to you and your business
July 05, 2018
Review: Wave
Wave is responsible for handling my company's bookkeeping, tracking estimates and invoices, and budgeting. Wave handles essentially everything related to finances for my business.
- Wave can create invoices, send invoices to clients, and notify me once an invoice has been received. It also tracks when invoices are due and allows me to check paid invoices off my list. It's extremely helpful when my previous methods of tracking invoices was updating an excel sheet. A simple feature included with invoicing is the software keeping track of what number invoice I'm currently on, so it's quick to reference different invoices.
- Bookkeeping with Wave is fairly intuitive. You can connect any of your desired bank accounts to Wave and import your list of transactions. Wave keeps a database of clients, and though it means creating entries for each client (specifically recurring ones) you can tag clients onto income in the bank account. You can also create specific line items for budgets and tag transactions under whatever budget item you wish. There are many ways to use bookkeeping and budgeting with Wave and I've been very pleased to keep everything categorized under one software rather than using multiple applications.
- Other features I've not used extensively yet that Wave includes are: estimates, cash flow reports, payroll, tax charts, etc. I'll be using estimates and reporting later this year, but I'm still impressed with how much versatility the software allows for.
- The only disappointment I've had with using Wave so far is how delayed transactions can be with the bank connection. This is likely because of how slow the turnaround can be for check deposits and other transactions to register in the bank (24 hours or more) but it means I need to reference my bank account's website instead of Wave if I have checks arriving on payroll day.
I use Wave to keep track of invoices and payments. It allows me to create recurring invoices and took my day of accounting on the final day of the month from the full day down to under an hour.
- Recurring Invoices
- Online Payments
- Manual Payments
- Simple reporting
- Cost of sales as related to products unclear
- Bringing in payments from other providers and applying the fees associated with those is not automatic
February 09, 2018
Worth the price!
[We're] Using for all accounting functions of a small startup (2 employees). [Also] Using it to track sales and expenses and for tax purposes at the end of the year.
- Estimates (quotes) and converting them to sales.
- Offering multiple ways of accepting payment.
- Dashboard gives up-to-date information.
- Has no ability to generate a purchase order.
- Connecting to your bank may not work. My bank has a separate log in for business customers vs. regular customers but the hand-shake to the bank is aimed at the regular customer login.
January 08, 2018
Wave Accounting, perfect solution for my businesses.
I use Wave in my firm (Two Gems Consulting Services) to manage cash-based accounting and track invoices and payments to vendors for projects that amount to around $200K annually and also as the volunteer head of BYI High School for our 4 years of operation and still manage our funds there while the school is on hiatus. Neither concern has departments. Recently, an organization I serve as a board member for took up using Wave and I was glad to see it.
- The invoicing is easily personalized and works well with both online delivery and with downloaded .pdf files for those who prefer to have direct invoicing from our firm.
- The billing system makes it easy to track payments to contractors by project, however, it would be great to have a full 1099 solution. The payroll system worked well for us for several years, however, there were some bumps and learning curves. I am not using it at this time.
- We have a few clients who use the direct payment options and while that costs us a few percentage points (and on the size of our contracts it seems to be a hefty slice), it's still worth it for the piece of mind to get the funds in rapidly. The rates are fairly competitive compared to what we usually.
- It's useful to be able to assign access to team members or collaborators.
- Transaction coding could be smoother and offer better search options.
- Flagging payments before transactions have been uploaded means you have to delete the old notice in order to connect the transaction to an invoice and the billing (expenses) system is always a few steps behind invoices (sales)
- 1099 tracking and submission would be much appreciated!
December 08, 2017
'WAVE' Hello to Managing Your Business
As an online freelancer, I need to be able to bill clients from all over the world. Wave allows me to create my own customized invoice for that, and break down the billing for each individual task. I recently held double positions within a company and I was able to bill for each department on one invoice. It allows me to create, edit, approve, and send invoices, even to send reminders to pay. Once paid I can then record the payment and send a receipt to the client for their records. This is very important as a freelancer because not everyone pays on the same schedule and keeping track of payments could be a hassle otherwise.
- Separates tasks by name for billing
- Reminders of invoices coming due and notices of any overdue
- Calculates payment amount due depending on the information you previously set up
- Saves time
- Makes freelancing financials painless
- I've not run into anything as of yet I'd like to see improved or added
December 28, 2016
Good Work Wave
Score 10 out of 10
Vetted Review
Verified User
I was having problems sourcing a suitable solution for taking credit card payments from clients. I found a great solution in some Irish software but was unable to charge clients remotely. To that point, my workflow was a bit all over the place. Invoicing and receipts one way; billing and accounts another. At a bit of a loss for a remote solution, I found Wave. For the first time I can manage all of my accounts in one place. [I can] record my outgoings with photographs of receipts (losing the paper bundles) and instantly invoice clients by the click of a few buttons on my phone or tablet. Brilliant software. Well worth using.
- Fast invoicing
- Easy to use
- No more boxes of reciepts
- I would like to see a button feature like the SumUp app.
- A box for prices incl or excl tax for ease of pricing.
- A Mac desktop version of the app. But I can use the website so I'm just being picky.
Score 9 out of 10
Vetted Review
Verified User
Wave is my primary accounting program for my business. I am a sole-proprietor business with no employees and prefer cloud based software so I can jump between working on my desktop, laptop, and tablet. I am able to use Wave accounting for all of my invoicing, receiving credit card payments, and tracking expenses. Because it is a full featured double entry accounting program it also is capable of tracking depreciable assets which many other paid online accounting programs do not do.
- Wave invoicing is clean and easy to use to invoice all my clients, including using their mobile app.
- Wave payments is great because you can see the payment details including when the money will deposit into your bank account. It also allows you to save payment methods for recurring payments.
- Wave has excellent customer support, there are various subscription options if you need more dedicated support.
- Wave does a great job of meeting the needs of small business owners by integrating receipts, invoicing, bank import, payroll, and expense tracking.
- There are no preset date options for reports. It would be nice if you could select a quick option when running a report like "this month", "this quarter", "last month", "last quarter". It can bee a little cumbersome to manually enter the dates for a report especially when looking for previous years.
- As a Wave Pro, I have clients who use Wave for Payroll. Under my "collaborator" access I cannot assist them with running payroll or view any payroll reports I have to use their personal login to access payroll. It would be nice to have an option to grant a collaborator more access including Payroll.
- It would be really great to add a credit memo option. That way you could show that a client has a positive balance on their account. I know there are some funky work-arounds for this, but it's not worth the work to use them.
- Bank reconciliation technically exists, but it's not intuitive for someone who is used to reconciling in a desktop software such as Quickbooks.
March 16, 2016
We love WAVE for our Small Business Customers
We use Wave Software for our small business clients who are getting started and need efficient and easy to use accounting software to manage their business finances, process payroll and have support for income tax preparation.
- So easy to use and set up
- Easy to collaborate with our Clients
- Easy to view reports and share information in meetings with clients
- The journal Entry Feature definitely could use improvements by allowing billable expenses to be posted to a Customer account
- Reporting is still very basic and needs enhancement - ability to generate custom reports is needed
March 16, 2016
Perfect for Today's SME's.
Score 10 out of 10
Vetted Review
Verified User
Wave is used in all aspects of our administration at ZonedIn and Galbro. It is used for payroll, invoicing, bookkeeping, HST (Sales Tax) management, financial reporting and business analysis. Wave has streamlined the way we collect, prepare, and analyze our financial data. It also provided us with an easy to use tool to manage all other areas of our business administration including invoicing, payments and payroll. By connecting all of our accounts to Wave we've been able see everything in real time versus more traditional accounting systems and we've saved time, money and headaches.
- Support. There are many similar systems out there but my experiences with Wave's support team is why I will always use this product over the others.
- Payroll. This is an area that can change your business. Harnessing the ease of use of Wave's Payroll Modules allows our company to stay lean and concentrate on growth while providing a premium experience to our awesome employees.
- Invoicing. It may seem trivial but the invoicing modules in Wave, when used correctly are a huge time saver and enhance the overall bookkeeping experience. Not to mention the impression my client's get when they receive a professional invoice via email.
- Sales Tax Automation. I don't even know how this would be possible but as an Ontario resident I would love to explore a way I could create parameters based on certain expenses and automatically add the HST.
- AI for categorizations. Wave does an alright job of taking a guess at the expense categories in the data from our payment accounts. A little more would be a fine addition.
- Speed. Sometimes I find it can be a little sluggish. Not all the time, but some.