The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. When it comes to integrations, Wave is pretty limited, although it does support a much-needed Zapier integration, which connects Wave with 1,000+ add-ons. The integrations Wave directly connects with are PayPal, Etsy, and Shoeboxed. You can also use the Checkouts feature to create buttons on websites, such as Wix, Squarespace, and WordPress. Join the thousands of people like you already growing their businesses and knowledge with our team of experts.
Accountant-friendly software
Xero’s cheapest plan starts at $15 a month and limits you to sending just five invoices a month. Yes, Wave’s accounting software does automatic double-entry bookkeeping. This accounting process generates two entries for every financial transaction. Wave also doesn’t have quite as many integrations as other paid (and more popular) accounting software options. Most importantly, it doesn’t sync with any third-party payroll providers.
The software setup wizard guides you through four easy setup steps to generate an uncluttered, straightforward dashboard. The interface ensures how to calculate operating cycles in accounting a low learning curve with friendly graphics, an in-app help center, live chat, user-first design and an accessible app. At Business.org, our research is meant to offer general product and service recommendations. We don’t guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services. We’ve already hit on a few accounting features that set Wave apart, but there are a few more perks to cover.
- Wave’s invoices are easy to customize with your business’s logo, colors and contact information.
- Users can connect an unlimited number of bank accounts to Wave Accounting software, ensuring every transaction is accounted for and financial snapshots are up to date.
- Allows an unlimited number of users in the Pro plan, but is not complex enough for businesses with more than a handful of employees; ideal for very small service-based businesses, freelancers or contractors.
Wave’s key accounting features
The software supports multiple companies and offers personal accounting as well. Wave improved its software and has addressed many customer complaints in its latest redesign, including adding 1099 payroll support, duplicate transaction management, and cash-basis accounting. The checkout feature is one-of-a-kind and a great addition for business owners who need to charge multiple customers quickly. Wave has recently updated its pricing model to now include a paid plan. Now, many standard features (such as automatic importing of bank transactions) are only available if you purchase a monthly or annual plan. Additionally, your cost may rise with add-ons like payroll, payment processing, or professional bookkeeping services.
Wave Features
Since the paid version of the software allows for multiple users, it how to record the disposal of assets may also appeal to midsize and growing businesses where more than one person keeps an eye on company finances. Wave Accounting imposes fewer limits than most of its competitors on everything from users to vendors. For instance, Xero’s cheapest plan limits users to sending 20 invoices a month, while FreshBooks’ cheapest plan limits users to invoicing only five clients a month.
Your customers can pay what they owe you directly from the invoice itself, and you can send invoices and accept payments on the go through Wave’s well-reviewed invoice app. At no cost, users can send an unlimited number of invoices to an unlimited number of clients. In contrast, FreshBooks’ cheapest plan starts at $19 and limits you to billing just five clients a month.
We love that even though Wave is free and freelance-focused, it doesn’t assume freelancers can afford to skimp on financial accuracy. First, Wave is remarkably customizable—especially considering that it’s, you know, free. For instance, its unlimited invoices are much more customizable (and, in our opinion, more professional-looking) than QuickBooks’ comparatively expensive invoices.
With Wave, you can send an unlimited number of invoices to an unlimited number of clients each month. Wave’s software is simpler—designed for easy use for freelancers and small businesses—while QuickBooks’ platform is designed to cover complex business needs and grow as your business grows. If you’re a freelancer or other solo service provider, Wave is a better option. NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can the art of forensic accounting grow with your business. The best accounting software received top marks when evaluated across 10 categories and more than 30 subcategories.