Wave is a great tool for the Do-It-Yourself Entrepreneur
Overall Satisfaction with Accounting by Wave
Currently, we use Wave to support our small business clients in handling their day to day bookkeeping needs. It is a straight-forward solution geared towards new entrepreneurs, and solo-preneurs. We feel it is a great tool to keep track of business activities with only a minimum of technical accounting knowledge required.
Pros
- For starters, it's free! And every new business needs to be cost-conscious in order to successfully navigate the start-up phase and get into the Revenue Phase.
- The bank and credit card feeds are tremendously helpful to the non-accountant. Data entry in the bookkeeping industry is being replaced by these automatic transaction feeds. This helps a great deal in ensuring both accuracy and completeness of the bookkeeping records.
- Wave stays with you to help you grow. They offer a (paid) payroll module which allows the business owner to handle basic payroll needs without becoming an expert. Of course, we always recommend consulting a professional to confirm compliance - both legal and regulatory.
Cons
- I would love to see a separate transaction feed for CAD and USD accounts. It is tricky right now to properly post transfers and payments between currencies as well as from bank accounts to credit card accounts.
- Adding an invoice number field to the Verify Screen would eliminate the need to post the bill first and then record the payment second.
- Adding Wave to our roster of supported products has introduced us to a new group of business owners that are motivated to manage and grow their businesses.
- Wave has improved employee engagement as my staff feel more involved in helping our customers achieve their goals. Their work is more meaningful now and less data entry driven.
- Xero,QuickBooks Premier,QuickBooks Online,QuickBooks Pro,Sage 50 Accounting,FreshBooks
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