Xero, for example, identifies matching transactions for you and supports other automated processes. Wave lacks some of the automation competitors have, however. It helps automate account reconciliation, which helps you match your transactions in Wave to your bank and credit card statements, looking for duplicate, incorrect, and missing transactions. The app also comes with standard financial reports like Profit & Loss (Income Statement) and Balance Sheet. Among other things, this means that Wave has a chart of accounts and deals with debits and credits in the background so that you don’t have to. Wave supports double-entry accounting, which makes accountants happy. (Credit: Wave/PCMag) Core Accounting in Wave The company has worked during the last year to make the site more accessible, and it shows. Like the rest of Wave, the dashboard is clean and understandable, attractive and colorful. There are also links to common tasks, like adding a customer and accepting credit cards. There are tables of invoices payable to you, bills you owe, and income/expense/net income. ![]() ![]() This page displays cash flow, profit and loss, and expense charts. You have to scroll a bit to see everything, but you’ll get a great overview of your finances with links to deeper details. Once you’ve started populating Wave with your company’s data, for example, the app’s dashboard is quite useful. Paid subscribers get phone, chat, and email help. (Credit: Wave/PCMag)Ĭustomer support is not available for Wave’s free features, but a chatbot provides step-by-step instructions for basic functions. Intuit QuickBooks Online, for example, provides deep, granular user permissions. Wave is a multiuser service, so if someone other than yourself needs access, you can choose from among multiple roles, each of which limits a user's ability to view, edit, enter, and delete information. You provide some basic details and then customize the app by, for example, modifying invoice and estimate forms, setting up sales tax, and choosing your preferred currency. Setting up Wave doesn’t take as much time as setting up FreshBooks since it asks far fewer questions about your business. Multi-factor authentication is required for bank connections through Plaid, a third-party account aggregator that is a standard in the financial industry. Wave is PCI Level-1 certified for handling credit card and bank account information. Is Wave Safe to Use?īank data connections with Wave are read-only and use 256-bit encryption, and its servers are housed under physical and electronic protection. Patriot Software Accounting costs $20 to $30 per month, for instance, and Truly Small Accounting is $20 per month. On the other hand, every sole proprietor-appropriate application we've reviewed charges for basic accounting. ![]() ![]() The company also offers advisory services from in-house accounting and payroll coaches and bookkeepers for a fee. Since my last review, it’s added a fee for scanning and uploading receipts ($8 per month or $72 billed annually), a feature that competitors offer free. Wave used to be free unless you signed up to accept customer payments or used the app’s payroll features. Our Editors' Choice winners for small business accounting programs are Intuit QuickBooks Online and FreshBooks for their superior capabilities, usability, and customizability, but neither is free. We’re surprised to see Wave now charging for receipt scanning and uploading, but the free version still has all the core features you expect from small business accounting software, including customer/vendor records, product/service records, invoices, estimates, and so forth. Wave has been one of the best accounting applications for years because it’s good and it’s free (unless you need payroll, and many microbusinesses don't).
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