Although project management, budgeting, and inventory monitoring are lacking, this free, simple accounting programme is excellent for small firms, particularly those engaged in eCommerce.
WAVE ACCOUNTING AT A GLANCE
- Accounting software on the cloud called Wave is totally free to use.
- Payroll, payment processing, and expert bookkeeping are among the extra company services that may be purchased for a cost.
- Wave provides an extensive range of accounting tools without charging a fee, however it is deficient in more sophisticated features like project management and inventory management.
PROS
- Free
- Easy to use
- Numerous features
- Attractive invoice templates
- Help from expert accountants is available
CONS
- Limited mobile apps
- Unsuited for large businesses
- Poor customer support
WHAT IS WAVE?
A robust collection of accounting capabilities make Wave, a cloud-based programme, ideal for most small enterprises. Since that Wave is completely free, these features are very alluring. While you do have the choice to pay for add-ons like payroll, payment processing, or expert bookkeeping services, all other functions are accessible without charge – and there are no artificial restrictions preventing you from using them. Additional users (with four levels of access) and personal money tracking are also supported by Wave.
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Yet, Wave still has a lot of room for growth in a number of areas. There is no project management function, imperfect mobile applications, minimal time monitoring, and limited inventory. Wave is still the greatest free accounting software available despite these shortcomings. Find out if Wave Accounting is a good fit for your company by reading the rest of our in-depth study.
WAVE PRICING
Wave “has always been and always will be free,” a business model it intends to keep after being bought out by H&R Block. Wave is one of the greatest free solutions available since, unlike other free plans, it doesn’t restrict you to a specific number of invoices, clients, or transactions. Moreover, there are no annoying commercials. The business makes money by processing credit cards, offering Wave Payroll, and providing bookkeeping services. It utilises this money to keep the programme totally free. Your account can be closed at any moment.
FREE WAVE PLAN
Wave’s accounting software is free and includes:
- Unlimited invoicing
- Unlimited estimates
- Contact management
- Expense tracking
- Accounts payable
- Basic inventory
- Reports
EXTRA WAVE COSTS & FEES
You may buy a variety of extra Wave products for your company. The two solutions offered by Wave Payroll start at $20 per month + $6 per employee. In 14 states, tax service payroll is offered, while self-service payroll is offered in the remaining 36 states. With the help of the add-on payment processing provider Wave Payments, you can start accepting credit cards, debit cards, and ACH payments for your company.
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With credit card processing costs starting at 2.9% + $0.60 per transaction and ACH rates set at 1% per transaction, this is a pay-per-use service. Lastly, Wave Advisers is a service you may add to your account if you need further assistance with your bookkeeping, accounting, or taxes. For business owners who are new to accounting or wish to learn more about it, this option
IS WAVE EASY TO USE?
The Wave user interface is clean and simple to use. The lack of a back button is the major drawback, although using the programme is still rather straightforward. Wave’s programme is incredibly quick to set up and use, and it doesn’t require any prior accounting knowledge (especially considering that you can now get extra help with your accounting and bookkeeping from Wave advisors). The business also provides strong customer assistance alternatives, such as an accounting guide that can teach you how to utilise the programme and balance your accounts.
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WAVE FEATURES
Wave has a feature set that rivals even some expensive accounting software programmes for a free software package. You may track your spending with Wave, reconcile your bank accounts, and get reporting to better manage your money. Moreover, Wave offers some of the best-looking invoices on the market. Moreover, Wave provides time-saving automations including automated invoicing, repeating bills, and receipt scanning. Project management and budgeting tools, which are present in premium software solutions like QuickBooks Online, are also conspicuously absent.
