About Wave Accounting
What is Wave Accounting?
Wave Accounting, part of Wave’s suite of financial products, is a web-based accounting platform designed to help small businesses manage income, expenses, payments, and invoices.
How do you use Wave Accounting?
Wave Accounting requires no downloads and is accessible from web-connected devices. Data can be imported from other apps, such as Quickbooks. From an online interface, users can access visual dashboards, reporting, invoicing tools, and more.
Who uses Wave Accounting?
Wave Accounting is used by small business owners, freelancers, accountants, bookkeepers, and tax preparers.
How much does Wave Accounting cost?
Wave Accounting is free. Upgraded plans with more features are available for other Wave products.
Does Wave Accounting have an app?
Yes, the Wave Invoicing app (for iOS and Android) provides on-the-go access to invoices.
Wave Accounting pricing
Wave Accounting has a free version and offers a free trial.
Alternatives to Wave Accounting
Wave Accounting Reviews
Feature rating
- Industry: Marketing & Advertising
- Company size: Self Employed
- Used Weekly for 2+ years
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Review Source
Excellent for freelancers and small businesses
Extremely positive. In 3+ years I don't think I've had to contact support once, nor have I ever considered switching to other tools. It is one of the few software tools I use regularly where I am happy to open it, and I'm happy to give them their percentage.
As a freelancer, Wave has been indispensable to me. Always simple and smooth, and exceptional bang for the buck. Not only would I recommend Wave to freelancers and small businesses, I have recommended it. Numerous times.
Pros
Wave is ideal for freelancers. Set up is really simple and the interface is user-friendly. I have zero background in financial matters, and with Wave that's totally fine.
The price is also right. There's no subscription or hidden fees, they just take a perfectly reasonable percentage from invoice payments. I asked a financial advisor friend of mine before signing up, and she was pleasantly surprised by the low rates, and told me to go for it. I've been using Wave for over 3 years, and I have never once been hit with a fee outside of the basic rates.
Wave also provides a host of reporting and tracking tools in this basic account. They didn't influence my decision to sign up, but they've proven to be very useful.
And finally a small but really helpful feature, especially if you're a freelancer just starting out: immediate money transfers. Once someone pays your invoice, the money is in Wave, and takes 2-3 days to transfer. For 1% more payment, you can transfer money within minutes. For the cash-strapped freelancer, that can be mana from heaven.
Cons
There are no major cons that I can think of. One issue I have is mostly my fault: When I first started using Wave I didn't know what I was doing, and I ended up creating a whole bunch of client and work type records unnecessarily. It would be nice if there were some more in-your-face tutorials, maybe some hover tips for new users. But the messiness is mainly from me leaping in before looking.
Reasons for Switching to Wave Accounting
It was the cheapest option, and the most user-friendly looking. I have no background in finance and didn't want complex features built for accountants - Wave has those features, but only if you want them.- Industry: Design
- Company size: Self Employed
- Used Daily for 1-5 months
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Review Source
If you run a small business, then this is the accounting software for Invoicing, expenses, etc
We switched from Freshbooks and it's been nice so far. They have a free version (you only pay fees on money transfers, credit cards, etc) so this is a good option for small businesses on tight budgets.
Pros
Simple and to the point. It does what it needs to do but doesn't have tons of options for doing advanced things. For us, this is great as we don't need all that power. Just simple easy to use accounting software.
Cons
Would have preferred the expenses (called bills inside Wave) would allow you to add the payment to them at the time of entry.
Alternatives Considered
Quickbooks OnlineReasons for Choosing Wave Accounting
Months fee on Freshbooks was getting too highReasons for Switching to Wave Accounting
Did everything Freshbooks did, just without the monthly fee.- Industry: Hospital & Health Care
- Company size: 2–10 Employees
- Used Weekly for 6-12 months
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Review Source
Holding my money hostage
As a small start up cash flow is obviously important, the fact that this company will not disclose its practices nor will it release funds in a timely manor only serves to indicate a fraudulent intent and I cannot in good faith recommend this company
Pros
Ease of use in invoicing and setting up customer database
Cons
When I attempted to collect payments through wave, I was asked to complete a questionnaire AFTER they allowed me to submit payment requests and routing information to my bank and received a payment from a customer. I was then told that the account was not approved for receiving payments and my money was to be held for 65 days before it would be released back to the payor. There seems to only be one point of contact and they could not divulge why my application was denied, and wouldn't help expedite the return of funds. This only seems to be that they want to take advantage of holding my money and earning interest on it. the amount in this instance is under $10,000, but if they are doing this to multiple subscribers, they are obviously taking advantage of the situation and cleaning up.
- Industry: Accounting
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
Wave Accounting
My overall experience with Wave was excellent and I had no issues with this software. If it was not for a change in business practice, I would still be using Wave now.
Pros
The best thing about this software is that it is free and offer just as much if not more features than some of its paid competitors. You can also access it online from any PC.
Cons
They don't have a robust support line but considering you are not paying for the software, you can't blame them. Plus there really isn't any reason for you to need support as everything is user-friendly and there is adequate help features in the software.
Alternatives Considered
QuickBooks Desktop ProReasons for Choosing Wave Accounting
Wave was free and offer the same functions and services.Switched From
QuickBooks Desktop EnterpriseReasons for Switching to Wave Accounting
Price- Industry: Online Media
- Company size: Self Employed
- Used Monthly for 6-12 months
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Review Source
Great free application with limitations
I had a very good experience, and would have continued to use the software if it did not have the limitations that I described.
Pros
I loved the cost - Free! I was using the free version to invoice my clients. It was easy to use and very professional looking on the client-end.
Cons
It lacked certain functionality that I needed for my business. I could not handle overpayments from my clients as a credit on their account to use for future invoices. When a new invoice was sent out, there was no way for the client to see if they had a previous invoice or balance outstanding.
