Streamline Your Small Business Finances with Wave Accounting: A Comprehensive Review of Features, Pricing, and More
By Rabiu Aminu, PhD, FCNA, FMNES
Introduction
What is Wave Accounting?
Wave Accounting is a cloud-based accounting software
designed for small businesses. It was founded in 2010 by Kirk Simpson and James
Lochrie and has since become one of the most popular accounting software for
small businesses. Wave Accounting offers a range of accounting features,
including invoicing, expense tracking, receipt scanning, and payroll
management. Wave Accounting is available as a web application and can be
accessed from any device with an internet connection.
Features of Wave Accounting
Wave Accounting offers a range of features that can help
small businesses streamline their accounting processes. Here are some of the
key features of Wave Accounting:
Invoicing: Wave Accounting allows businesses to
create and send professional-looking invoices to customers. Users can customize
their invoices with their business logo, payment terms, and other details.
Businesses can also set up recurring invoices for regular customers, making
invoicing more efficient.
Expense Tracking: Wave Accounting allows businesses
to track their expenses and categorize them for tax purposes. Users can upload
receipts and invoices to the software, making it easier to keep track of
expenses. Wave Accounting also allows users to connect their bank accounts and
credit cards to automatically import transactions.
Receipt Scanning: Wave Accounting offers a receipt
scanning feature that allows users to scan receipts using their mobile devices.
The software extracts the relevant information from the receipt, making it
easier to categorize expenses and keep track of receipts.
Payroll Management: Wave Accounting offers a payroll
management feature that allows businesses to pay their employees and
contractors. Users can set up direct deposit for employees, and the software
automatically calculates taxes and deductions.
Reports: Wave Accounting offers a range of reports
that can help businesses analyze their financial data. Users can generate
profit and loss statements, balance sheets, and cash flow statements, among
others. The reports can be customized to suit the needs of the business.
Benefits of using Wave Accounting
There are several benefits of using Wave Accounting for
small businesses. Here are some of the key benefits:
Ease of Use: Wave Accounting is designed to be
user-friendly, even for those with little accounting experience. The software
offers a simple and intuitive interface that makes it easy to navigate.
Affordability: Wave Accounting is free to use, making
it an affordable option for small businesses with limited resources. However,
users can opt to pay for additional features such as payroll management.
Accessibility: Wave Accounting is a cloud-based
software, which means it can be accessed from any device with an internet
connection. This makes it easy for businesses to manage their accounting from
anywhere.
Integration: Wave Accounting integrates with several
other business tools such as PayPal, Stripe, and Shopify. This makes it easier
for businesses to manage their finances in one place.
How does Wave Accounting compare to other accounting software?
There are several accounting software solutions available in
the market. Here's how Wave Accounting compares to some of the popular
accounting software:
QuickBooks: QuickBooks is a popular accounting
software designed for small businesses. While QuickBooks offers a range of
features, it is more expensive than Wave Accounting. QuickBooks also requires a
steep learning curve and can be challenging to use for those with little
accounting experience.
Xero: Xero is a cloud-based accounting software that
offers a range of features similar to Wave Accounting. However, Xero is more
expensive than Wave Accounting and may not be as user-friendly for those with
little accounting experience. Xero also offers a limited number of free
transactions per month, whereas Wave Accounting is completely free.
FreshBooks: FreshBooks is an accounting software that
offers invoicing, expense tracking, and time tracking features. However,
FreshBooks is more expensive than Wave Accounting, and it doesn't offer some of
the advanced accounting features that Wave Accounting provides.
Overall, Wave Accounting stands out for its affordability
and ease of use, making it an excellent option for small businesses that need a
simple accounting solution.
Pricing plans for Wave Accounting
As mentioned earlier, Wave Accounting is free to use.
However, users can opt to pay for additional features such as payroll
management. Here are the pricing plans for Wave Accounting:
Payroll: Wave Accounting offers a payroll management
feature that allows businesses to pay their employees and contractors. The
pricing for payroll management starts at $20 per month, plus $6 per active
employee or contractor.
Payments: Wave Accounting also offers a payments
feature that allows businesses to accept credit card payments. The pricing for
payments starts at 2.9% + 30 cents per transaction.
How to get started with Wave Accounting?
Getting started with Wave Accounting is easy. Here's how:
Step 1: Go to the Wave Accounting website and click
on "Sign Up."
Step 2: Enter your email address and create a
password.
Step 3: Choose your business type and enter some
basic information about your business.
Step 4: Connect your bank account and credit card to
the software to automatically import transactions.
Step 5: Start using Wave Accounting to manage your
finances.
Conclusion
Wave Accounting is an excellent accounting
software for small businesses. It offers a range of features that can help
businesses streamline their accounting processes. Wave Accounting stands out
for its affordability and ease of use, making it an excellent option for small
businesses that need a simple accounting solution. If you're a small business
owner looking for an accounting software that is easy to use and affordable,
Wave Accounting is definitely worth considering.
References
Guzman, F. (2021). Wave Accounting Review 2021: Is it the Best Free Accounting Software? Fundera. https://www.fundera.com/blog/wave-accounting-review
Patel, S. (2021). Wave Accounting Review 2021: Features, Pricing, Alternatives. Investopedia. https://www.investopedia.com/wave-accounting-review-5090827
Schwartz, L.
(2020). Wave Accounting Review: Easy-to-Use and Free. The Blueprint.
https://www.fool.com/the-blueprint/wave-accounting-review/
Wave Financial Inc. (n.d.). About Us. Wave Accounting. https://www.waveapps.com/about-us
Wave Financial
Inc. (n.d.). Wave Accounting Features. Wave Accounting. https://www.waveapps.com/features/accounting
Wave
Financial Inc. (n.d.). Wave Accounting Pricing. Wave Accounting. https://www.waveapps.com/pricing
Wave
Financial Inc. (n.d.). Wave Accounting Payroll. Wave Accounting. https://www.waveapps.com/payroll
Wave
Financial Inc. (n.d.). Wave Accounting Payments. Wave Accounting. https://www.waveapps.com/payments
Wave
Financial Inc. (n.d.). How to Use Wave for Your Small Business Accounting. Wave
Accounting. https://www.waveapps.com/getting-started-with-wave
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