The product provides limitless revenue and expense tracking, double entry accounting and tailored sales taxations. Wave Invoicing is free, but works especially well with their paid feature—Payments by Wave (customers click “pay now” on your invoice and you can accept faster online payments). The usage of Wave program is free and there’s zero concealed costs or free trials offered.
Still, some accounting programs are more user-friendly than others, and Wave Accounting is among the easiest for first-time business owners to configure. You can set up multiple sales tax rates, apply them to invoices, and generate reports wave accounting reviews to help with tax compliance. Wave lacks inventory management features, so if you’re a product-based business, consider QuickBooks Online.
- You can use it on your desktop and laptop to invoice and track payments and expenses.
- Then, you can categorize and analyze your banking data to extract cash flow insights and ascertain your business’s financial status.
- Wave pays and files your state and federal payroll taxes automatically.
- The Pro Plan is designed for growing businesses that need more advanced features.
- Also, anyone outside the US and Canada or operating a medium-to-large organization should look into alternative business accounting software like QuickBooks and Zoho Books.
Is Wave better than QuickBooks?
- Stripe charge 2.9%+$0.30 per transaction, where Wave is just 2.9%.
- Users enjoy VIP treatment from Wave Accounting’s in-house accounting and payroll coaches and bookkeepers.
- Users particularly appreciate the customizable invoicing, seamless payment integrations, and insightful financial reporting.
- It’s possible that small firms who have future hiring plans for workers may need to update to a more advanced version of their accounting software or switch to using Wave Payroll.
- You can also compare your data across different periods or categories using the comparative reporting feature.
- Discover its features, performance, and pricing in my comprehensive review.
Wave Plus, a service provided by Wave that will do your monthly small business bookkeeping, provide tax services, or assign a personal coach to you. Real-time monitoring and tracking of finances is possible using this software. The wave chatbot helps you with basic problems, while the Help Center’s friendly staff walks you through complex challenges. Developers can also enjoy custom integrations with other tools thanks to Wave Accounting Software’s APIs.
Customer Service & Support
This level of integration can help small businesses automate their processes while minimizing data entry and errors. Learn the essential steps, from ideation to scaling, and build a successful software-as-a-service business. While Xero has no free plan, you can utilize the 14-day free trial to try the advanced features. Its lowest plan starts at $30 per month, but, unfortunately, it does not offer unlimited invoices (something Wave offers in the free Starter plan). So, Zoho Books is a great alternative to Wave Accounting since it has all the basic accounting features.
With the scanner built into the mobile app, you can easily scan up to 10 receipts at a time using OCR technology. The receipts are stored on the cloud, which gives you peace of mind since they’re safe and can be accessed anytime. When you send your customers an invoice, they will see the “Pay Now” button. Once they click it and pay, the funds will appear in your account in 1-2 business days.
Entry-level set up fee?
Wave Accounting makes money by offering optional paid services wave accounting pricing like Wave Payments and Wave Payroll. There are also self-help resources like guides, documentation, and FAQs. The vibrant community forum is a treasure trove of tips and tricks shared by fellow Wave users, helping you unlock the full potential of the software. You can also access your profile, notifications, help center, and Wave Money account. Make Wave Accounting your own with personalized transaction categories. You can also compare your data across different periods or categories using the comparative reporting feature.
Pricing & Plans
Professionals who want to manage their accounting, invoicing, and financial transactions in one integrated platform will find the platform particularly useful. Wave Accounting was founded in 2009 by CEO Kirk Simpson and CTO James Lochrie. The two founders had previously worked together at another small business software company before deciding to start Wave.
Reconciliation is more difficult and it’s harder to resolve reconciliation issues. It doesn’t have Multi Factor Authentication (MFA) so its security won’t be as tight. It also has fewer native integrations than our recommended tools (QuickBooks and Xero), so you’ll have to rely on integration tools like Zapier. Additionally, it’s going to be harder to find a bookkeeper who is familiar with the platform as it’s less popular among professional accountants. Finally, the platform is designed for service businesses and lacks inventory management features that eCommerce businesses will want as they scale.
In Wave Accounting, you can easily create professional-looking invoices. You can send as many invoices as you like, and if you’re using the Pro Plan, you can schedule them to simplify recurring payments from repeat customers. Wave allows you to access it on any device with a modern browser and an internet connection.
Founded in 2009, Wave provides financial services and software for SMB’s from its HQ in Toronto, Canada and online accounting software in particular. Its user-friendly interface and cash flow tool make it stand out for a free tool. The software is the perfect accounting solution for freelancers and small service-based businesses. With Wave’s receipt scanning feature, you can snap a photo of your receipts and upload them directly to your account. I found this feature incredibly convenient, and you will too, as it saves time and reduces the risk of losing important documents.
In the evolving financial landscape of 2025, Wave Accounting has cemented its position as a pivotal tool for small businesses and freelancers. This user-friendly software supports businesses in navigating the complexities of financial operations with ease. Yes, Wave offers free accounting, invoicing, and receipt scanning services. However, there are paid features such as payroll and payment processing that come with additional costs. This makes Wave a cost-effective solution for small businesses and freelancers who need basic financial management tools without a hefty price tag. Those who rely heavily on integrations (e.g., communication, CRM, and project management tools) may not be able to work with Wave’s limited integrations.