Bookkeeping
Wave: Small Business Software on the App Store
Wave’s free pricing structure gives the software its appeal, but users that have larger businesses and require more advanced accounting features may find QBO or Xero to be the better fit. However, some features are noticeably missing, such as project management and budgeting, that are found with competing software options such as QuickBooks Online. The lack of these features brought our score in this category to 3 out of 5 stars. Some features are also only available on the paid Wave Pro plan. Finally, if you need extra help with your bookkeeping, accounting, or taxes, Wave Advisors is a service you can add to your account. This option is great for business owners who are new to accounting or want to outsource bookkeeping and/or tax filing.
However, there are a few features the software is still lacking. There’s no project management and limited time tracking, which rules the software out for a lot of businesses. Some automations are also only available on Wave’s paid plan. If your business needs these features or automations, check out these top Wave alternatives to fully explore your accounting software options. Like Wave, QuickBooks Online is easy-to-use, cloud-based accounting software. QuickBooks Online boasts a robust set of features, including advanced options like project management and inventory features you won’t find with Wave.
Wave definitely offers a solid invoicing solution, and the best free invoicing software we’ve researched. Wave’s support options include a Help Center, with resources that can be browsed by categories including Accounting, Invoices & Estimates, and Payments, among many more. Unfortunately, Wave does not offer a project management feature. Wave acquired a company called Small Payroll in November 2011,8 which was later launched as a payroll product called Wave Payroll. In February 2012, Wave officially launched Wave Payroll to the public in Canada,9 followed by the American release in November of the same year.
FreshBooks Payments
- Deposit times may vary due to processing cutoff times or third party delays.
- Accept all major credit cards so your customers can pay your invoices online, instantly.
- Businesses can access the dashboard online from anywhere they have an internet connection, which means they always have the ability to bill clients and see who hasn’t paid.
- Users of the free plan are limited to using Wave’s Help Center or Mave, the support chatbot.
Users of the free plan are limited to using Wave’s Help Center or Mave, the support chatbot. Fortunately, the Help Center provides plenty of guides and information to help with most issues, and the software is intuitive correcting employment taxes using form 941 enough that this support option will be sufficient for most users. At the time of our last review, we noted that Wave “has always been and always will be free,” and that the company planned to maintain this pricing structure following its acquisition by H&R Block. While the free plan still exists, a paid plan is now available. Reviews often say customer service isn’t helpful, especially in working through disputed claims and chargebacks.
Wave is designed specifically for small business owners to use, no matter what kind of bookkeeping background they come from. The software supports multiple companies and offers batch vs continuous personal accounting as well. Wave improved its software and has addressed many customer complaints in its latest redesign, including adding 1099 payroll support, duplicate transaction management, and cash-basis accounting.
Don’t just take our word for it. Wave has helped over 2 million small business owners take control of their finances.
The software also lets businesses set up recurring invoices for scheduled payments that can charge customers’ credit cards automatically. The dashboard lets you enter credit card information manually for over-the-phone payments as well. Businesses can also add a checkout option to websites or social media profiles so customers can order directly from an online store. We also ensure that the software offers most standard accounting features and reports, awarding higher rankings to those that provide advanced services, like tax filing. Square’s basic invoicing options are free, but businesses can pay $20 a month for advanced features. Square also offers invoicing and online payments as part of its small-business solutions.
Wave is cloud-based software that boasts a solid set of accounting features suitable for most small businesses. In our last review, we found these features especially appealing because they were all completely free with no artificial limits. This free, easy-to-use accounting software is great for small businesses, especially for eCommerce, but lacks in project management, budgeting, and inventory tracking. Wave’s credit card processing services are part of the larger Wave platform. How Wave stacks up to other services is highly dependent on how valuable the platform as a whole is to your business. Wave’s bank payments option (ACH in the US, EFT in Canada) is like paying by cheque, but without the hassle.
Even more ways to get paid: Credit card
Wave is PCI Level-1 certified for handling credit card and bank account information. Email invoices with a secure “Pay Now” button after you’ve enabled the online payments option. Give your customers the option of paying with one click using a credit card, bank transfer, or Apple Pay.
It’s not just for invoices, either, offering general finance management tools as well. However, some information isn’t available until payments have been received, which can delay the company’s ability to investigate a business further. This has led to some customers having their funds held or refunded. Wave recently reduced its fund holding time from 120 days to 30 days. Wave Payments also connects with Wave Accounting for reporting features.
But it’s not the only option, and quite a few others 36 business expense categories for small businesses and startups offer more complex invoice creation abilities, or more comprehensive reporting and analytics. One of Wave’s competitors, FreshBooks, offers loads of features at very low pricing. With Wave, you can use dashboards to view cash balances and invoice statuses, or export your accounting reports covering profits and losses, sales tax, cash flow, and more. However, Wave doesn’t support additional report customization beyond these abilities.
