Item: Wave Accounting
Rating: 10
Author: Megan Ronecker

Overall Satisfaction with Wave Accounting

Use Cases and Deployment Scope

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!

Pros and Cons

Pros

Bookkeeping
Invoicing
Keeps income/expenses organized for tax time
Quick at-a-glance stats for monthly budget/spending/revenue

Cons

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).

Return on Investment

Invoices look very professional and provide a secure place for clients to enter in their credit card information.
Being able to set a reminder for invoice payments ensures I get paid on time and that I don't have to hassle my client for anything.
Their income/expenses chart helps me easily see if I'm over budget for spending or over the goal of income for the month so I can adjust next month accordingly.

Other Software Used

Basecamp, HelloSign, Adobe Illustrator CC

Likelihood to Recommend

I think Wave is so well suited for sole proprietors like myself or other solo entrepreneurs who need to keep their income and expenses organized, but need a simple and easy program to do it. They don't need a bulky and expensive program like Quickbooks, just something to keep all money related details together. This free program helps me with invoicing, tax time, and monthly money reports—basically everything I need for my small business to keep track of ingoing and outgoing money!

Wave Accounting Feature Ratings

Comments

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Wave Accounting: Great for small businesses and solo entrepreneurs!