Also, you can’t set up separate depreciation for fixed assets or create loan amortization schedules. If fixed assets are a big part of your business, consider Xero because it’s an affordable option with a comprehensive fixed asset manager. Some other inconveniences we found include the inability to use account numbers in your chart of accounts, import bank balances, and import your chart of accounts.

However, live chat is only available during Wave’s typical business hours, and apart from the chat, your only other support option is email; Wave Accounting doesn’t offer any U.S.-based phone support. Most accounting software was designed with non-accountant business owners in mind, which means setup should be fairly straightforward. Still, some accounting programs are more user-friendly than others, and Wave Accounting is among the easiest for first-time business owners to configure.

Wave Accounting Review ( : Pricing, features & more

Some of the links that appear on the website are from software companies from which CRM.org receives compensation. This site does not include all companies or all available Vendors. In short, it’s a great all-in-one accounting app that won’t break the bank. For customers who only use our free Wave Accounting or Invoicing products, support emergency cash reserves is self-service with assistance available in the Help Center and through the chatbot, Mave. For these reasons, Wave ranks as one of the best payroll software for small business. Wave accounting is a cloud-based accounting website designed for freelancers, self-employed contractors, small business entrepreneurs, and startup owners.

• We love that even though Wave is free and freelance-focused, it doesn’t assume freelancers can afford to skimp on financial accuracy.
• You can effectively analyze the financial health of your business, find ways to generate more profit, and move forward with your business plan.
• Check out our comparisons among these top three accounting software options to find the right fit for your business.
• Get rid of late payments by including features like automated reminders and recurring invoices.
• The site’s onboarding process is a breeze; first provide a few basic details about your business, such as name, address and industry.

If you’re already using QuickBooks or Xero, you’ll be happy to know that Wave has add-ons to integrate with both of these popular accounting software platforms. Wave’s payroll feature allows you to run payroll and pay your employees and contractors with more ease than ever before. You can use the software to deposit payments into employees’ bank accounts with one click.

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Users are not able to assign estimates to projects or track income and expenses by project. The paid options give you unlimited invoicing with customizable templates and payment terms, as well as unlimited income and expense tracking. Wave invoicing allows you to create and send professional invoices in just a few clicks. The software also allows you to set up recurring invoices and track payments.

• However, there are tons of quality options out there, including Zoho Books and Sage, so take a look at our comparison table to discover which piece of accounting software will work best for you.
• Both Wave and QuickBooks have the option to add payroll capabilities to your account for an additional fee.
• Firstly, there’s no customer service telephone line without paying for their premium service option.

We’ll also showcase some key Wave Accounting competitors so you can explore other accounting software options if you decide Wave isn’t a good fit. Yes, Wave’s accounting software does automatic double-entry bookkeeping. This accounting process generates two entries for every financial transaction.

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TrulySmall Invoicing is a good option for those who just need the basics. It includes data storage, invoice status tracking, automatic payment reminders and professional templates. QuickBooks includes an option to add on accounting, which adds bill management, inventory and job costing capabilities in addition to expense tracking. The platform also includes receipt capture and mileage tracking, so you can automatically gather all the information you need to claim expenses for tax purposes in one place. It includes a good mix of features and is well suited for service-based businesses that are just starting out or plan to remain small. Specifically, it’s a good fit for the self-employed – solopreneurs, freelancers and consultants – and very small businesses (10 or fewer employees) that have limited or no inventory.

Additionally, QuickBooks does not have a free plan like Wave, with prices starting at $30/month. If you’re looking for free accounting software that has strong P&L statements, Sunrise is a good choice. In addition to being able to generate P&L statements, you can also process payments, manage income, send invoices, manage expenses and send quotes. It has one paid plan, which is $19.99 per month and includes features, such as cash flow insights, auto-categorizing expenses and payment integrations. Wave Accounting gives you free unlimited invoices, users, expense and income tracking, credit and bank account connections, and more. We also looked for a solution that gives users the option to accept invoice payments online, even though we recognized that there would be a cost for this last feature.

What are the Considerations for Wave?

If you’re a freelancer or other solo service provider, Wave is a better option. It’s free to use, and the clear user interface makes it easy for anyone to adopt and navigate, so you can spend more time offering your services and less on managing your business. The platform’s design is intuitive, so it’s easy for anyone to set up and use. Considering Wave is completely free, with no trials or hidden fees in sight, its value offering is extremely impressive. Wave is the cheapest accountancy software you’ll be able to get your hands on, but it’s not the only worthy contender out there. In fact, with a research score of 4.7/5, QuickBooks is our top-ranked accountancy software for small businesses.

Wave Accounting Key Features and Considerations

Add a “Pay Now” button on invoices and you will automatically be able to receive Apple Pay, credit card payments and bank transfers. Money is typically deposited into accounts within two business days and all payments are recorded to have you set when tax season rolls around. Note that you will pay credit card processing fees on all applicable transactions. One of Wave’s most popular invoicing features is the ability to create user-friendly customizable templates. Not only can you customize the invoices to fit your brand, but you can also set up recurring invoices and automate credit card payments for repeat customers. Once invoices have been sent, you can easily track the status of each invoice to see if they are viewed, unpaid or Overdue.