Both solutions offer add-on modules for running payroll that incur an additional monthly fee. This platform also provides customers with basic financial reporting and automated payment reminders. We also found it cost-effective with unlimited income and expense transactions.
Wave Accounting Review: Pros, Cons & Key Features
Xero offers hundreds of add-ons, but I prefer Wave’s options, which more closely relate to accounting. Its Standard edition ($20 per month) offers more features overall than Wave Pro. The $19-per-month Pro plan adds bank-feed automation, recurring billing and receipt capture. That said, Wave is not the platform for you if your business depends on features like mileage tracking or inventory-linked expenses.
Wave displays invoicing, payroll, and payments data updates, along with dashboards for cash balances. Wave is simple and easy to use for anyone—no accounting experience needed. “My fav tool for invoicing and accounting is Wave. Easy-to-use. And I love the interface!” Learn how to open a business bank account in Switzerland. Learn how to open a business bank account in Finland with this guide. If your business works regularly with international clients, a Wise Business account could save you time and money while doing so.
Payments
But it offers some features that Wave Starter doesn’t, such as automated payment reminders, bank reconciliation, mileage tracking, and sales receipts. It still supports most core accounting features, including bill management, customer payments, records (for customers, products, and vendors), sales forms (estimates, invoices, and statements), and reports. Offering both free and budget-friendly plans, Wave is a user-friendly, powerful, and what is the accounting analysis method mobile-ready accounting solution designed for small businesses and solo entrepreneurs.
Don’t let taxes keep you up at night
In eight years, we haven’t had a single unpaid invoice, thanks to how easy it is to create, send, and follow up. “Wave makes your life a whole lot easier and takes that worry off you. I’ve tried Quickbooks—it’s a bit more complicated and technical, and takes more time to set up.” Plus, view cash flow reports to keep an eye on income and expenses and make smart business decisions. Your business is unique, and every job is different—create custom categories for gas, equipment, rentals, uniforms, or whatever keeps your business running.
Xero Review: Comprehensive Financial Management, Streamlined for Growing Businesses
The free Starter plan covers the essentials to include unlimited invoicing, estimates and bills, making it one of the few truly usable free accounting tools. I can link my business bank and credit card accounts and watch transactions import automatically without any extra setup. Wave packs in the core tools most freelancers and small businesses need to manage their accounting without paying for extras they’ll never use. Yup, our mobile receipt feature can be accessed in our Wave app, on iOS and Android. Wave’s receipts feature and Pro Plan include unlimited receipt scans. Our smart depreciable cost formula receipts feature automatically extracts important details and organizes them for bookkeeping—meaning less manual data entry.
- Nevertheless, WAVE will expect the merchant (the business) to reimburse them, immediately.
- It’s built for people who don’t have a finance background but want an easy-to-use system that handles invoicing, expenses and payments in one place.
- Wave’s mobile receipts feature lets you instantly input expenses into Wave.
- The business (WAVE’s client) cannot pursue the chargeback as the WAVE Merchant Processing’s bank was the one that is the bank on record where the original payment was sent.
Adding customer payments, payroll capabilities, or seeking help from a bookkeeper (starting at $149 per month) incurs additional costs. If you pay for any add-on, such as receipt scanning ($8 per month) or payroll (starting at $40 per month), you receive live chat and email support. Significant improvements have been made since our last review, affecting account reconciliation, payroll, performance, and security. I am responsible for content in the AI, financial, graphic design, operating system, photo and video editing, productivity, and small business categories, among others.
- For example, if you’re looking for support with payroll processing and tax filing, Wave can provide it.
- Wave is simple and easy to use for anyone—no accounting experience needed.
- Wave includes an integrated invoicing tool, allowing you to send customizable, unlimited invoices to your customers.
- Export profit/loss, sales tax, cash flow, comparative, and more reports with visual graphs that makes the information easy to comprehend.
I am an ambassador of you guys – I always share your platform to my clients – be it business people or general people – I love your work and I am very very very glad that I came across Wave! It allocated them as COGS directly which means I need a JE every time I sell any of my goods. WAVE will cause immediate debiting the WAVE client’s account. Nevertheless, WAVE will expect the merchant (the business) to reimburse them, immediately. Should you need to upgrade to a more advanced solution, Wave makes it easy to migrate your data into another system.
