Wave: Small Business Software Wave Financial

With the Pro introduction to inventories and the classified income statement Plan, automatically import, merge, and categorize your bank transactions. It’s always available, and it’s backed up for extra peace of mind. On the other hand, QBO only supports up to 25 users on its most expensive plan. Additionally, QuickBooks does not have a free plan like Wave, with prices starting at $35/month.

Wave Features

However, like most products with free plans, Wave has its limitations, especially compared to more scalable small-business accounting software. Although Wave’s paid plan offers additional features, it’s still missing some more advanced capabilities, like built-in inventory tracking and audit trails, that growing businesses might need. 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. 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.

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We provide different levels of support, depending on the plan and/or the add-on features you choose. Visit your dashboard or use your invoicing or accounting features, and click the peach “Upgrade now” button. Learn more about changing subscription periods and plan types, and how to cancel your Pro subscription in our Help Centre.

1. The financial management software is user-friendly and equipped with all the basics, including income and expense tracking, invoicing and reporting.
2. You work hard to make your business a success—that’s why Wave uses both physical and digital protection to keep your money safe.
3. Wave offers accrual-basis accounting only, not cash-basis accounting.
4. With Wave, you have access to expense tracking, bank reconciliation, and reporting to help you manage your finances.
5. Create graphs, charts, and dashboards to see at a glance where your income is coming from and which expenses are cutting into your bottom line.

Payments

For instance, its unlimited invoices are much more customizable (and, in our opinion, more professional-looking) than QuickBooks’ comparatively expensive invoices. Wave’s software is simpler—designed for easy use for freelancers and small businesses—while QuickBooks’ platform is designed to cover complex business needs and grow as your business grows. If you’re a freelancer or other solo service provider, Wave is a better option. NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business. The best accounting software received top marks when evaluated across 10 categories and more than 30 subcategories.

Wave’s invoicing is free and unlimited, with customizable templates and a user-friendly interface, putting it on par with some of the best invoicing software solutions for small businesses. Pro plan capabilities include recurring invoicing and the option to let repeat clients opt into automatic credit card billing. If you operate a larger business and need advanced features, give Xero a look before signing up for Wave.

Since you’re self-employed you don’t have the resources of a large company to make sure you’re paid properly and your books are balanced. Wave accounting software is the solution you need to take charge of your business and keep your hard-earned money safe. As a self-employed professional, your flexibility is a huge advantage, so you need financial processes that are as flexible as you are.

It’s one of the only truly free options on the market and can allow you to manage your accounting processes in one convenient place. These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one. Wave Accounting can be a great option if you run a very small service-based business or don’t need more advanced features that alternatives might offer. For small businesses any larger than that, however, Wave is limited.

While Wave is free to use, it doesn’t offer multiple plans to increase its functionality. It lacks some of the useful features you may find in other accounting software, such as project management, time tracking and inventory management. Accounting software helps business owners understand how money flows in and out of their businesses. This can help you save time and make financial decisions quickly.

Wave Accounting Review ( : Features, Pricing & More

While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. You can invite your accountants, bookkeepers or other business partners to Wave via email and designate their user roles. They can receive “editor permissions” and access accounting and reports as well as purchases easily.