Wave Accounting Software Review 2023

Performance at Glance

Specifications	Rating at Glance	Our Verdict
Ease of Use		Wave makes accounting easy even for non-accountants.
Features		offers a solid set of accounting tools to manage your finances.
Price		Wave's best feature? It's completely free!
Support		It’s support team is always there to help, just a chat away
G2 Rating		Wave has an impressive rating on G2, for good reason

• Ease of Use

Wave has a user-friendly interface that is easy to navigate and understand. It is designed to be intuitive and straightforward, making it a good option for entrepreneurs who may not have a background in accounting or finance.

• Features

Offers a range of features for managing finances, including invoicing, expense tracking, financial reports, bank reconciliation, payment processing, and more. While it may not have as many features as paid accounting software solutions, it still provides a solid set of tools for small business owners and freelancers.

• Price

One of the biggest advantages of Wave is that it is completely free to use, with no hidden fees or charges. This can be a major advantage for small business owners who have limited budgets.

• Support

Wave provides customer support through email and live chat, but does not offer phone support. While this may be a drawback for some users, the company is known for its responsive and helpful support team.

• G2 Rating

It is highly rated for ease of use, quality of support, and value for money. However, some users have noted that it may not be as robust as paid accounting software options, and may not be suitable for larger businesses with more complex accounting needs.

Features of Wave Accounting Software 

• ACH Payment Processing

Wave’s ACH payment processing feature allows users to accept payments directly from their customers’ bank accounts. This can be a more convenient and cost-effective option than traditional credit card processing, as it eliminates the need for card processing fees.

• Account Reconciliation

With Wave’s account reconciliation feature, users can easily reconcile their bank accounts, credit card accounts, and other financial accounts. This allows them to ensure that their records are accurate and up-to-date.

• Billing & Invoicing

The billing and invoicing feature allows users to create and send professional-looking invoices to their customers. It also allows users to track their invoicing activity and receive notifications when invoices are paid.

• Accounts Receivable

Wave’s accounts receivable feature allows users to keep track of the payments they are owed by their customers. It provides a detailed view of each invoice and payment, making it easy to monitor cash flow.

• Access Controls/Permissions

Wave’s access controls and permissions feature allows users to control who can access their financial data and what they can do with it. This helps to ensure the security and confidentiality of sensitive financial information.

• API

Application programming interface allows developers to integrate Wave’s features into their own software applications. This can be especially helpful for businesses that use multiple software platforms.

• Third Party Integrations

Offers integrations with a variety of third-party software and services, including PayPal, Etsy, and Shopify. This allows users to connect their financial data with other business tools they use.

• Time & Expense Tracking

Wave’s time and expense tracking feature allows users to track the time they spend on different tasks and the expenses they incur. This can be useful for managing projects and ensuring accurate billing.

• Real-time Updates

Gives you real-time updates on financial activity, including payments received, invoices sent, and expenses incurred. This helps users to stay on top of their financial status and make informed decisions.

• Customizable Reports

Wave’s customizable reports feature allows users to generate reports on their financial activity that are tailored to their specific needs. Users can choose from a variety of report templates or create their own.

• Mobile Payments

Allows users to accept payments on-the-go, using their mobile device. This can be helpful for businesses that operate in remote locations or at events.

• Activity Tracking

Provides a detailed view of all financial activity, including payments, invoices, and expenses. This allows users to monitor their financial status and identify potential issues.

• Contingency Billing

The contingency billing feature allows users to bill their customers based on specific criteria, such as the completion of a project or the achievement of a certain milestone.

• Customizable Templates

Wave offers a variety of customizable templates for invoices, estimates, and other financial documents. Users can customize these templates with their own branding and logo.

• Accounting

Comes with basic accounting features, including general ledger, chart of accounts, and income statements. While it may not be as robust as paid accounting software options, it still provides a solid foundation for managing finances.

• Accounts Payable

Lets users to manage their expenses and payments to vendors. It provides a detailed view of each payment and can be used to track outstanding balances.

• Activity Dashboard

Wave’s activity dashboard provides a high-level view of a user’s financial activity, including outstanding invoices, overdue payments, and expense trends. This helps users to stay on top of their finances and make informed decisions.

How Does Wave Accounting Work?

Here’s a breakdown of how Wave Accounting works:

• Sign up

To get started with Wave Accounting, you’ll need to create an account on the Wave website. This is a simple process that requires you to provide some basic information about your business.

• Connect your accounts

Once you’ve created your account, you can connect your bank accounts, credit cards, and other financial accounts to Wave. This allows you to easily track your income and expenses in one place.

• Record transactions

With your accounts connected, you can start recording transactions in Wave. This includes things like payments received from customers, bills paid to vendors, and expenses incurred by your business.

• Generate invoices

Allows you to create professional-looking invoices that you can send to your customers. You can customize your invoices with your business logo and colors, and you can set up automatic payment reminders to help you get paid on time.

• Track your finances

Wave Accounting provides a variety of tools for tracking your finances. You can generate reports to see how your business is performing, and you can use the dashboard to get a high-level view of your finances.

• Integrate with other tools

Wave Accounting integrates with a variety of other business tools, such as PayPal, Etsy, and Shopify. This allows you to connect your financial data with other software you use for your business.

Wave Accounting App is designed to be an easy-to-use accounting software that is accessible to small businesses. It provides the core features that most small businesses need to manage their finances, and it’s completely free to use.

What Are the Benefits of Wave Accounting?

There are several benefits of using Wave Accounting for small business owners. Here are some of the main advantages:

• It’s free

Wave Accounting is completely free to use, which makes it an affordable option for small business owners who are just starting out. While there may be fees for certain payment processing features, the core accounting features are all included for free.

• It’s easy to use

It is designed to be user-friendly, even for those who have no accounting experience. The software is intuitive and easy to navigate, which can save small business owners time and frustration.

• It automates tasks

Automates many of the tasks associated with accounting, such as reconciling bank transactions and generating financial reports. This can save small business owners time and ensure accuracy.

• It provides real-time financial information

With Wave Accounting, small business owners can see their financial information in real-time. This can help them make better business decisions and respond quickly to changes in their finances

• It integrates with other tools

Wave Accounting integrates with a variety of other business tools, such as PayPal and Etsy. This can make it easier for small business owners to manage their finances across multiple platforms.

• It provides professional-looking invoices

Allows small business owners to create professional-looking invoices that can be customized with their business logo and colors. This can help them present a more polished image to their customers.

Overall, Wave Accounting provides small business owners with a free and easy-to-use accounting solution that can save them time and help them make better business decisions.

Wave VS QuickBooks

Wave and QuickBooks are two popular accounting software solutions that are designed for small businesses. Here’s a breakdown of how they compare:

• Pricing

One of the main differences between Wave and QuickBooks is pricing. Wave Accounting is completely free to use, while QuickBooks has a range of pricing plans depending on the features you need.

• Features

QuickBooks offers a more comprehensive set of features than Wave, which may be important for businesses with more complex accounting needs. For example, QuickBooks offers inventory tracking and job costing, which are not available in Wave.

• Ease of use

Both Wave and QuickBooks are designed to be user-friendly, but some users may find Wave to be simpler and easier to navigate.

• Customer support

QuickBooks offers more robust customer support options than Wave, including phone support and a dedicated account manager for certain pricing plans.

• Integrations

Both Wave and QuickBooks integrate with a variety of other business tools, such as PayPal and Shopify. However, QuickBooks offers more integrations overall.

• Payment processing

Wave includes payment processing features for ACH payments and credit cards, while QuickBooks offers these features as well as the ability to accept payments via mobile card reader.

Wave is a good choice for businesses that need a basic, free accounting solution, while QuickBooks may be a better choice for businesses with more complex accounting needs and a budget for software expenses.

How to import data into wave accounting?

Importing data into Wave Accounting is a straightforward process. Here are the steps to follow:

• Prepare your data

Before you can import data into Wave, you need to ensure that your data is in the right format. Wave accepts CSV files for imports, so you may need to export your data from another software in this format. You can also use Wave’s import templates to ensure that your data is formatted correctly.

• Access the import tool

Once you have your data prepared, log in to your Wave account and click on the “Settings” button in the bottom left corner. From there, select “Data Import & Export” and then click on the “Import Data” button.

• Choose the type of data to import

In the import tool, you will see a list of data types that can be imported into Wave, such as customers, invoices, and expenses. Select the type of data that you want to import.

• Upload your file

After selecting the data type, you will be prompted to upload your CSV file. Click on the “Upload a file” button and select your file from your computer.

• Map your data

Once you have uploaded your file, you will need to map your data to the corresponding fields in Wave. This involves selecting the columns in your CSV file that correspond to the fields in Wave, such as “Customer Name” or “Invoice Date.”

• Review and import your data

After mapping your data, you will have the opportunity to review it before importing. Take some time to ensure that the data is correct and that there are no errors. Once you are ready, click on the “Import Data” button to complete the process.

How to export data from wave accounting?

Exporting data from Wave Accounting is a simple process. Here are the steps to follow:

• Access the export tool

Log in to your Wave account and click on the “Settings” button in the bottom left corner. From there, select “Data Import & Export” and then click on the “Export Data” button.

• Choose the type of data to export

In the export tool, you will see a list of data types that can be exported from Wave, such as customers, invoices, and expenses. Select the type of data that you want to export.

• Select your date range

Once you have selected the data type, you will be prompted to select a date range for the data that you want to export. You can choose from a range of preset options or select a custom date range.

• Export your data

After selecting the date range, you will be prompted to export your data. Click on the “Export” button and your data will be downloaded to your computer as a CSV file.

• Review your data

Once your data has been downloaded, open the file and review your data to ensure that it is accurate.

Exporting data from Wave Accounting can be useful if you need to share your financial data with others, or if you want to backup your data for safekeeping. 

Conclusion 

Wave Accounting is a popular and user-friendly cloud-based accounting software that offers a range of features to help small businesses manage their finances. With its affordable pricing, easy-to-use interface, and comprehensive set of tools, it has become a go-to option for many entrepreneurs and small business owners. 

In addition to its core features, Wave Accounting also offers a variety of add-ons and integrations that can help you streamline your business operations. For example, you can use Wave Payroll to automate your payroll processing, or integrate with popular e-commerce platforms like Etsy and Shopify to simplify your sales tracking and reporting. Wave also integrates with a variety of payment gateways, making it easy to process online payments from your customers.

Moreover, Wave provides users with a range of customizable reports and financial statements to help them track the performance of their business over time. These reports include balance sheets, income statements, and cash flow statements, among others. This allows users to quickly gain insights into their financial health and make informed business decisions.

It comes with excellent customer support to help users get the most out of their accounting software. The platform offers a comprehensive knowledge base with tutorials, FAQs, and how-to guides, as well as a community forum where users can connect with other business owners and share their experiences. Wave also provides email, phone, and live chat support, ensuring that users can get help when they need it.

Frequently Asked Questions

• What does Wave do?

Wave is an accounting software designed for small businesses and freelancers. It offers a range of financial tools, such as invoicing, accounting, payroll, and receipt scanning, to help manage your business finances in one place.

• Is Wave free to use?

Yes, Wave is free to use for its core features, including invoicing, accounting, and receipt scanning. Additional features such as payroll and payment processing come with a fee.

• Is it safe to pay with Wave?

Yes, it is generally safe to pay with Wave. Wave uses encryption to protect your data and follows industry standards for security. However, it is always important to be cautious when entering financial information online and to ensure you are using a secure internet connection.

• How do I pay a contractor in Wave?

To pay a contractor in Wave, you can use the Wave Payments feature to send money directly to their bank account. You will need to enter the contractor’s information and the payment amount, and then Wave will handle the rest.

• What is the safest way to pay a contractor?

The safest way to pay a contractor is to use a secure and reliable payment method, such as direct bank transfer or a reputable online payment service like Wave Payments. It is also important to keep accurate records of all payments made to contractors for tax and accounting purposes.

• Does Wave help with taxes?

Yes, Wave offers a range of tax-related features and resources to help small business owners and freelancers manage their taxes. This includes automatic tax calculations, tax form generation, and tax report generation. However, it is still recommended to consult with a tax professional for specific tax advice.