Free Wave Accounting hits the spot for small businesses
October 29, 2019
Free Wave Accounting hits the spot for small businesses
Score 9 out of 10
Vetted Review
Verified User
Overall Satisfaction with Wave Accounting
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.
- Wave Accounting eliminated the reliance on spreadsheet accounting. Allowing us to eliminate lots of spreadsheet time which has provided a good return on our investment into Wave. We were paying a staff person to work in our spreadsheet accounting which didn't allow for the person to be billable. Now the staff person has moved into the billable hours area with less work in the accounting area.
- Wave Accounting allows us to provide a much quicker invoicing system with easy to use payment features for our customers. The positive impact on our cash flow has been very helpful to our business. We are no longer waiting 30 to 45 days for payments. On average, our customers are paying 5 to 7 days after receiving an invoice.
Basically, we selected Wave because it was a free accounting system. We have not tried another accounting system that is so much better than Wave Accounting that we should leave Wave Accounting. Every time, we find another online accounting system we do a review of the system and then consider its price point and ask ourselves "Does the price and its features justify leaving Wave Accounting?" Every time we have asked ourselves that question, the answer is no. If Wave Accounting continues to develop new features as they have in the past, we will continue to use Wave Accounting.