What is Wave Accounting?
Industry Specialties: Serves all industries
Wave Accounting is an accounting software suite that connects users’ bank accounts, balances their books and syncs their expenses to prepare for tax season. It is designed for small businesses. It is simple, reliable, secure and helps users manage cash flow. It helps users properly assign tasks and processes, and its dashboard organizes income, payments, expenses and invoices. All bank data connections use 256-bit encryption and are read-only. It is PCI Level-1 certified and handles banking and credit card transactions securely.
It uses a double-entry accounting module and helps users create professional invoices free of cost. It allows users to create invoices on the go, and sends invoice reminders and emails to clients when payments are due. It also supports mobile expense tracking that scans receipts and lets users create spreadsheets.
Product Screenshots and Videos
Benefits and Insights
Why use Wave Accounting?
Key differentiators & advantages of Wave Accounting
- Free: Wave Accounting free to use software, and it doesn’t have a set-up fee, hidden charges or monthly costs.
- Track Inflow and Outflow: It tracks unlimited expenditures, income and sales tax for both.
- Unlimited Collaborators: Users can add an unlimited number of accountants, collaborators and partners.
- Double-Entry System: It supports a fully-functional double-entry system, so that users can generate financial statements.
- Secure: Transactions conducted on Wave Accounting are secured by 256-bit encryption and its servers are housed under electronic and physical protection. It handles bank and credit card transactions securely and is PCI Level-1 certified.
- Manage Cash Flow: It helps users manage cash flows by assigning income, payments, expenses and invoices where they belong.
- Smart Dashboard: It has a smart dashboard that uses true double-entry accounting. It organizes users’ income, payments, expenses and invoices to help users prepare for filing their taxes. Users can export year-end reports and share them with their accountant.
- Create Invoices Quickly: It creates and sends professional invoices to users’ customers within seconds.
- Recurring Billing: It lets users set up automatic credit card deductions and recurring invoices for repeat customers so you can stop chasing customers for payments. Users can also switch between manual and automatic billing whenever they want.
- Bank Connections: Users can connect an unlimited number of banks and credit cards to the Wave Accounting platform.
Wave Accounting is designed with the needs of freelancers, solo entrepreneurs and small business owners (1-9 employees) in mind. It is used by 4 million businesses in over 200 countries. Wave Accounting users get access to double-entry accounting software that is free of cost. It eliminates double data entry and integrates with invoicing, payment processing, receipt scanning and payroll.
- Reporting: It has powerful reporting features and generates reports on cash flow, overdue bills and invoices, profit and loss statements and more.
- Multiple Businesses: It allows users to run and manage multiple businesses from a single account.
- Dashboards: Wave Accounting supports a dashboard that provides a single view of a business’s performance.
- Receipt Scanning: It offers unlimited receipt scanning with its mobile application. Users can scan and capture receipts even when they are offline.
- Seamless Integration: It integrates seamlessly with Wave’s accounting module.
- Mobile Application: It offers a mobile application that runs on both iOS and Android devices.
- Recurring Payments: Users can set up credit card payments. It also allows them to switch between manual and automatic billing.
- Recurring Billing: It automatically generates reports for processed payments, and users can also save payment methods.
- Scheduling: Wave Accounting supports flexible recurring payment scheduling. Users can add brand and logo colors to their invoices.
- Editing Invoices: It allows drag and drop invoice editing and users can also create invoices and duplicate them when required.
- Invoicing Templates: Wave Accounting has templates available in Excel, Google Docs, Word, PDF and Google Sheets formats. It has templates for marketing, consulting, legal, professional and freelance businesses.
Some of the product limitations include:
- It does not offer phone support.
- The product has a steep learning curve.
- When issues come up requiring code repairs, the fixes are temporary, costing users time and money.
Wave Accounting Suite Support
mail_outlineEmail: Email for support is not available.
phonePhone: Phone support is not available.
schoolTraining: It has articles, resources and blog posts to help users learn how to use the platform. It also has a community of users who come together to help each other on a single forum.
local_offerTickets: Users can submit tickets about their questions on the Support page.