Powerful Free Accounting and Invoicing for Small Businesses
J.P. VanderLinden | TrustRadius Reviewer
December 15, 2018

Powerful Free Accounting and Invoicing for Small Businesses

Score 10 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Accounting by Wave

As a small business owner (founder, principal and independent contractor) with clients across the country, I quickly discovered that I needed a solution to manage my invoicing, cash flow and expenses for the business. Spreadsheets are fine, but I needed something professional but lightweight. I tried a few other solutions, but once I found Wave I was hooked. I've been using it for years, it's my go-to solution, and they keep adding features that make it better. I use it for estimates, invoicing, and bookkeeping.
  • Invoices are so easy to execute. Whether they are one-off or recurring, fixed or variable, single item or multiple line entries, they come out looking professional, polished and they get sent without any fuss. Put your client's info on them, add your logo, describe the services, add notes, set due dates, etc. all without cracking an abacus.
  • It's a little thing but I love how the estimates feature integrates with Invoices. You start by making an estimate for a client, with a defined expiry date. Once they accept, you can convert that estimate immediately into an Invoice and set it up to send.
  • Built-in payment processing is great. I don't have to worry about Paypal or Stripe or anything, Wave just handles my client's credit cards so I don't have to do a thing. They even have recurring billing for my retainer clients!
  • I know that credit card processing is a way for Wave to make money, but I really wish they offered ACH payment on Invoices.
  • I do cash-based accounting, which means I have to make little journal entries at the start and end of each year to get my books to balance because Wave wants to do everything differently. This should just be a setting to flip, whether you want cash-based or accrual-based.
  • They use Yodlee for bank connection, which doesn't play nice with 2FA. Pretty much every time I log in I have to re-enter credentials, get a code sent to me, reauthenticate, and know that I'm going to have to do it again next week. Not really on Wave, but wish they could get it together nonetheless.
  • I can't mark down a specific ROI, because Wave doesn't have a cost the way I use it. But compared to QuickBooks Online or similar software I'd put Wave at least on par if not better for my needs, which means I am getting a huge return for no cost.
For the pricing arrangement, the ease of use and the user-friendliness of the app, Wave crushes QuickBooks Online and Zoho Books. FreshBooks was a little bit closer as the two are more of an apples-to-apples comparison, but FreshBooks doesn't offer a non-paid option and they cap the number of customers you can have, which caused me to go with Wave. I've never regretted my decision.
Wave is free to use, and they have some premium features you can pay for. For someone just starting out as a small business, freelancer or independent contractor, this is a Godsend. You can look professional, have something easy to manage, and yet also have excellent records come the end of the year. You won't spend a bunch of time having to learn the program, it's very intuitive and you get a host of great features that will make getting paid easy.

Wave Accounting Feature Ratings

Accounts payable
Not Rated
Accounts receivable
9
Cash management
6
Bank reconciliation
7
Expense management
7
Multi-currency support
Not Rated
Multi-division support
Not Rated
Self-service portal
8
Intercompany Accounting
Not Rated
Journals and Reconciliations
5
Enterprise Accounting
Not Rated
Pricing
8
Credit card processing
9
Cost of goods sold
Not Rated
Order Orchestration
Not Rated
End-to-end order visibility
Not Rated
Order exception Resolution
Not Rated
Pay calculation
Not Rated
Benefit plan administration
Not Rated
Direct deposit files
Not Rated
Salary revision and increment management
Not Rated
Reimbursement management
Not Rated
Dashboards
7
Standard reports
8
Custom reports
Not Rated
Single sign-on capability
10