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Wave Accounting Review: Features & Pricing for 2024

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. When everything is neatly where it belongs, tax time is simple.

As a self-employed professional, your flexibility is a huge advantage, so you need financial processes that are as flexible as you are. You can also choose from Wave’s selection of professional invoice templates to make sure every touch point instills quickbooks subscription levels client confidence in your brand. Bank data connections are read-only and use 256-bit encryption. Servers are housed under physical and electronic protection. Wave is PCI Level-1 certified for handling credit card and bank account information.

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. With a Pro Plan subscription, you can connect your bank account with Wave and automatically import your transactions. Our servers are protected physically and electronically. Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption. Get your money faster when you offer customers the ability to pay directly from your invoices, starting at 2.9% + 60¢ per card transaction. Quickly build project estimates and professional invoices that reflect your business.

Allow your customers to pay your invoices immediately via credit card, secure bank payment (ACH/EFT), or Apple Pay. Enable invoice payments by credit card for a pay-as-you-go fee as low as 2.9% + 60¢, and watch the money roll in. Mark Calatrava is an accounting expert for Fit Small Business.

Wave is one of our best A/P software because of its ability to record unpaid bills even in the free Starter plan. However, we docked a few points because we found some weaknesses, such as the inability to create purchase orders, track transactions by vendor, and attach receipts to unpaid bills. Wave earned high marks for general features, and it could have aced the criterion if users could use account numbers in the chart of accounts and import a chart of accounts. However, we like that it’s fast to set up a new account, and it’s simple to add business information, such as company name, type of business, address, and contact details. As seen in the chart above, Wave beats QuickBooks Online and Zoho Books in pricing and ease of use. However, Wave’s two competitors have notable advantages in terms of features, like banking, A/P and A/R management, inventory, and project accounting.

  1. Your data is always available, and backed up for extra peace of mind.
  2. Wave is easy to use and has a low learning curve, whether you’re in the free or paid version.
  3. All users can attach a receipt to transactions in the desktop interface, although you can’t attach them to unpaid bills.
  4. Plus, you can calculate sales tax automatically, customize payment terms and enjoy access to easy-to-understand cash flow insights.
  5. A/P features include creating vendors and bills, recording purchase orders and converting them to bills, creating service items, and recording full or partial bill payments.
  6. Once you’re approved, you can turn payments on or off for any invoice, or pick default settings for all invoices.

This user review score helps us give more credit to software products that deliver a consistent service to their customers. Support network refers to a community of software users that can extend professional help to businesses. Having an independent software expert perform the bookkeeping is good for overall ease of use. Lastly, our expert opinion score is our subjective rating based on our experience in trying the software.

Button-up your bookkeeping

For information on credit card rates, visit Pricing for details. Email exported financial statements and reports to your accountant directly from Wave. Or even better, with our Pro Plan, safely hand off your books to your accountant by adding them as a limited user. Since Wave uses accountant-approved, real double entry accounting, your accountant will have all the information they need. 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.

Even more ways to get paid: Bank payments

Pay per use so you’re only charged when technology clients use this feature. The A/P section focuses on vendor management, bill management, bill payments, and other payable-related transactions. A/P features include creating vendors and bills, recording purchase orders and converting them to bills, creating service items, and recording full or partial https://intuit-payroll.org/ bill payments. While you can track your sales tax in Wave, there’s no way to file your returns or pay your tax liability. This feature is also handy if you’re working with independent contractors and need to generate a 1099 form for tax filing. The sales and income tax features are evaluated across the other categories, so it has no separate video.

Wave Accounting Review: Features & Pricing for 2024

Deposits are sent to the debit card linked to your account in up to 30 minutes. Deposit times may vary due to processing cutoff times or third party delays. Despite several limitations, Wave still has plenty to offer small businesses. It offers essential functionality that will help you pay bills, invoice customers, and track your expenses even in the free Starter plan.

Get paid in as fast as 1-2 business days1, enhance your brand, and look more professional when you enable payments. Customers can click a Pay Now button on invoices and pay instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay. You can accept credit cards and bank payments for as little as 1%2 per transaction.

Unfortunately, you can’t create a recurring transaction directly from the bill, which is something you can do in other software like QuickBooks. You also can’t create recurring expenses and create and send purchase orders (POs). The free Starter plan does not allow you to connect a live feed to your bank or credit card accounts. However, you can upload your bank statements from comma-separated values (CSV) or Excel files and perform bank reconciliations.

Wave’s smart dashboard organizes your income, expenses, payments, and invoices. Have an eye on the big picture so you can make better decisions. Our accounting reports are easy to use and show monthly or yearly comparisons, so you can easily identify cash flow trends. Save time when you send automatic payment reminders in your Wave account. Whenever a payment is due, your customers will get an email reminder.

Whenever you enter a transaction with a sales tax, it records the amount automatically in the sales tax liability account. With Wave’s web-based invoicing software, you can create and send invoices for your business in just a few clicks from your computer. If you’re on-the-go, you can also send invoices from your phone or other mobile device using the Wave app.

Enjoy customers paying you 3X faster when you enable online payments

Approval to use online payments is subject to eligibility criteria, including identity verification and credit review. You’ll need to answer a few questions about your business and provide us with a little more information about yourself in order to get approved to accept online payments. You can upgrade to Pro and add features as you need them, like bank account connections and real-time transaction updates, and you can easily make changes as your requirements change.

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