Wave Accounting Review: Features & Pricing in 2023

‘ User Satisfaction Rating of 87% when considering 1304 user reviews from 4 recognized software review sites. I have zero background in financial matters, and with Wave that’s totally fine.

They do have some nice features, but overall, it’s more of a self-employed or very small business type of program. The basic, free version is considered a “light” accounting program, but you will still have basic accounting reports (such as balance sheets, A/P and A/R, etc.). You can upgrade to add on payroll services, collect credit card payments, etc. Choose the template that best reflects your business, load your own logo, and choose a color for your invoices. Email invoices right from Wave, and collect credit card payments through our payment processing. Use Wave’s invoicing tools to stay professional, get paid faster, and keep track of where your money is. You can create customizable invoices and monitor their payments, and accept credit card payments as well as online bank transfers.

Wave

Although accounting and invoicing are separated into two different product sections on the Wave website , they don’t require separate accounts. These solutions are integrated within your dashboard and you’ll access them both through your single Wave login. Must pay extra for phone support; live chat support only included with paid services . Unlimited invoicing with customizable templates and payment terms; dedicated invoicing mobile app.

After a few months they refunded 2 transactions of a client again. Eric Gerard Ruiz is an accounting and bookkeeping expert for Fit Small Business. He completed a Bachelor of Science degree in Accountancy at Silliman University in Dumaguete City, Philippines. Before joining FSB, Eric has worked as a freelance content writer with various digital marketing agencies in Australia, the United States, and the Philippines. Wave has very high positive ratings on user review websites. Around 90% of the user reviews gave a score of about 4 stars, which means that many still like it despite certain cons about the software. If you’re interested in our payroll software, you can start a free 30-day trial when you sign up for Wave.

Wave At A Glance

The company also offers good customer support options, including an accounting guide, to help you learn to balance the books and use the software. If you are a business that receives payments by check over $10,000 then you cannot deposit the checks into your Wave banking account. I assume this policy may be in place because Wave wants you to use their online payment system instead, in order for them to collect large fees for large payments you receive.

• Just like invoices, there are two ways to create bills in Wave.
• Must pay extra for phone support; live chat support only included with paid services .
• In addition to being free, this offers an unlimited number of invoices and send out payment reminders on its own.
• I have read elsewhere that they defend this action of supplying you an account and then doing a more thorough “risk“ analysis, at which time they choose to cancel the account.
• Lendio doesn’t have its own payroll application, but it can be integrated with Gusto.
• The only services you pay for are payroll and credit card payments.

While Wave has a good invoicing capability, it still comes up short in terms of other features. For instance, you can’t wave bookkeeping review combine multiple checks in a single deposit, issue a credit memo to a customer, or add tracked expenses to an invoice.

Worst Payment Processor Ever

You create estimates using a similar process, though they require you to enter an expiration date. If you’re a startup, micro-business or sole proprietor who doesn’t want to invest in accounting software but needs to keep track of your finances, Wave Accounting is a great option. As long as you’re content with basic features and don’t see yourself expanding in the foreseeable future, you’ll find this completely free, easy-to-use software particularly appealing. Since you don’t have to pay anything to get started, it’s certainly worth trying out. It’s hard to beat free accounting software, especially if you’re running a small business on a budget. With Wave, you receive a lot of features, like unlimited invoices and unlimited users, that are not always included with paid accounting software plans.

• Our Wave accounting review finds the best things the app has going for it are its excellent features and the fact the basic software’s completely free.
• For example, payroll services will cost a base fee of $15 per month and then each employee will cost $4.
• No third-party integrations or additional plans to increase functionality (e.g., time tracking, inventory management).
• Wave Payroll is cheaper than many other paid payroll add-ons for competitors like QuickBooks, but still has its limitations.
• Even the new service Truly Small Accounting is $20 per month.
• This site does not include all companies or all available Vendors.

Here’s an in-depth look at each key feature and what informed the rating. Wave offers accrual-basis accounting only, not cash-basis accounting. With plans starting at $15 a month, FreshBooks is well-suited for freelancers, solopreneurs, and small-business owners alike. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Unfortunately, Wave does not offer a project management feature. An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018.

Wave is fairly easy to use – even for those not familiar with business accounting. They have tutorials and guides and when you first use the program, you are walked through a mini tutorial as well. The interface doesn’t require expert level experience, though you may find a few glitches and issues with bank transactions. Compared to its paid competitors, Wave is more user-friendly, even for people who are new to accounting. It has all of the features you need to organize your finances. The features are also easy to use, making it simpler than most other accounting platforms.

However, it doesn’t offer free users phone nor chat support. It is more like an expense and revenue tracker than an actual accounting software. It is limited when compared to the market in terms of journal entries and closing out accounting periods. There’s no subscription or hidden fees, they just take a perfectly reasonable percentage from invoice payments. I asked a financial advisor friend of mine before signing up, and she was pleasantly surprised by the low rates, and told me to go for it.