There are many top-grade paid accounting software systems you might find on the internet. However, not all of them are great options for a small business, solopreneur, or freelance accountant. Wave Accounting is one such accounting software that has made its name alongside some of the best accounting software systems, as it is not only affordable but also beginner-friendly.
In this article, you will first learn some general details about Wave Accounting. Furthermore, we will also discuss the major features of Wave Accounting that are helpful for businesses. Next up, you will also come to know why this software can be a great addition to your business. Finally, we will discuss some of the important pros and cons of the software system. Hence, to learn more about the app, read on through to the end of the article.
Wave Accounting – A General Overview
As per different Wave Accounting reviews and also our own experience with the software, it seems that the software system is the best option for solo entrepreneurs, startups, and micro businesses. This is because the software consists of all the essential features that small businesses and solo accountants need.
However, you will not find the advanced features that you get with accounting software systems like QuickBooks, Zoho Books, etc. Once you do a Wave Accounting login, you will find that the interface is simple, and the dashboard contains the essential tools only. Furthermore, you will also find various reports and charts on the software as well.
If yours is a micro business, or if you are a freelancer or a solopreneur, then Wave Accounting will be the best for you since you are on a budget constraint. There is also free financial management software that comes with it, which is freely available. Most of the services are free and consist of all the basics like tracking income and expenses, invoicing, reporting, bank connections, and more.
The Pricing Of Wave Accounting
The software is available for free. There are no paid versions or high-tier plans of the software. This is one of the major reasons why this software is not a great option for businesses on the verge of growth, let alone medium-sized organizations and large ones.
However, there are some features that are available for a price. Those features include Payments, Mobile receipts, Payroll, and Services of Advisors. The invoicing and accounting options are available for free.
|Payments||Credit Cards: 2.9% + $0.60 per transaction3.4% + $0.60 per AMEX transactionBank Payments:1% per transaction ($1 fee minimum)|
|Mobile Receipts||– $8 monthly billing ($96 per year)- $72 yearly billing ($6 per month)|
|Payroll||Tax Service states:$40 monthly fee+ $6 per active employee+ $6 per independent contractor paidSelf-service states:$20 monthly fee+ $6 per active employee+ $6 per independent contractor paid|
|Advisors||Bookkeeping Support: $149 monthly feeAccounting and payroll coaching: $379 one-time fee (other packages are available)|
The Major Features Of Wave Accounting For Businesses
According to CRM.org,
“The Wave accounting system comes with a wide range of features, such as invoicing, expense tracking, and bookkeeping. With Wave, you can also accept payments, run payroll, and get access to advisors.”
The following are the major features of the Wave Accounting software:
- You can create and send unlimited professional invoices, and that too easily.
- You can keep track of your finances as well as cash flow with the double-entry accounting system.
- You can connect easily with your bank account and track all the transactions you make.
- The payment processing feature enables you to accept all credit cards as well as ACH payments.
- The payroll feature is really easy to use and only involves a few clicks.
Wave Accounting – Why Can It Be A Good Addition To Your Business?
According to Forbes.com,
“If you’re a small business owner in search of free, cloud-based accounting software, Wave Accounting is worth considering.This is particularly true if you don’t have much accounting experience and would like an easy-to-use, fully functional tool. It’s one of the only truly free options on the market and can allow you to manage your accounting processes in one convenient place.”
One of the best things about Wave Accounting is that you can get top-grade support from Wave Accounting advisors with a minimum monthly payment. If your business wants an accounting learning curve, then this option is great for you.
Wave Accounting Pros & Cons That You Must Know
One of the major things that you need to know about Wave Accounting is that, like most free software, it has its limitations. You can highlight those limitations once you compare the software with other paid top-grade software systems.
Here are the top pros and cons of Wave Accounting that you need to know before you use the software for your business:
The Pros Of Wave Accounting
The following are the major pros of Wave Accounting that will give you reasons to implement it for your business:
- The software is available for free.
- An unlimited number of users can
- With a large number of customization and categorization options, you will have the option to categorize your transactions as well.
- The software also comes with multiple and unlimited invoicing options. Furthermore, there are automatic reminders for invoices as well.
- The software system also provides one of the cheapest payroll services among all of the accounting software options.
The Cons Of Wave Accounting
Here are the major cons of Wave Accounting you will need to be aware of before you use it for your business processes:
- The Wave Accounting customer service needs to be more proactive and needs to upgrade.
- In many places, users did not review the software system well.
- Although the software is a great option for small businesses, beginner accountants, and freelancers, it is not a useful option for businesses in their growth phases.
If yours is a micro business containing less than ten employees, then Wave Accounting is a great option for you. It is affordable, simple, and has some essential features that are useful for daily accounting purposes. What is your review of Wave Accounting? Share your views with us in the comments section below.