Wave Accounting App – Pros, Cons, And Everything About Wave Accounting App

However, like most products with free plans, Wave has limitations, especially compared to more scalable small-business accounting software.

Although Wave’s paid plan offers additional features, it still lacks some more advanced capabilities, like built-in inventory tracking and audit trails, that growing businesses might need.

Getting started

You can sign up for Wave quickly and easily online. After providing basic details about your business — name, type, currency you use, address — you’ll have instant access to your account.

Connecting your accounts

Your main dashboard will show your cash flow, profit and loss, invoices, bills and other financial insights once you log-in.

From the dashboard (or the Banking menu on the left-hand side), you can connect your bank and credit card accounts to automatically download and categorize your transactions if you opt for the paid Pro plan.

When you reconcile your books, you’ll navigate to the “Reconciliation” tab within the Accounting menu.

If you need to edit, add or remove any transactions manually, you can do so on the Reconciliation or Transactions pages. Next, you can add sales tax (if necessary), create customer profiles and customize your invoice templates.

Price:

Features:

• Unlimited income and expense tracking.

• Unlimited invoicing.

• Ability to turn estimates into invoices once approved.

• Ability to accept online credit card and bank payments within invoices using Wave Payments (fees apply).

• Customizable sales taxes.

• Unlimited bank and credit card connections in the Pro plan.

• Exportable, basic accounting reports and financial statements.

• Dashboard monitoring for cash balances and invoice statuses.

In addition to its accounting software, Wave offers other paid services, including Wave Payments, Wave Payroll, and Wave Advisors, which provide bookkeeping support and accounting coaching.

It’s hard to beat free accounting software, especially if you’re running a small business on a budget. Wave’s free plan offers a decent number of features, like unlimited invoices, not always included with other free accounting software options, let alone paid accounting software plans. It also complies with accounting standards and uses double-entry accounting, which can help ensure accuracy.

2. Customizable Invoicing

Wave’s invoicing is free and unlimited, with customizable templates and a user-friendly interface, putting it on par with some of the best invoicing software solutions for small businesses. Pro plan capabilities include recurring invoicing and letting repeat clients opt into automatic credit card billing.

In addition, With Wave’s mobile app you get to send invoices and track payments on the go. The app also offers a receipt-scanning feature, with a subscription fee to access it. There’s a fee involved with accepting online invoice payments, too. Customers can pay via credit card, bank payment or Apple Pay.

Wave Accounting can be a great option if you run a small service-based business or don’t need more advanced features that alternatives might offer. For small companies any larger than that, however, Wave is limited.

Unlike competitors, Wave doesn’t offer many advanced features to increase the software’s functionality. It’s also missing an audit trail and third-party integrations.

2. Limited customer service