In addition to its accounting software, Wave offers paid services, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching. Wave Accounting is ideal for micro businesses with fewer than 10 employees, contractors, freelancers and other service-based businesses on a budget. The financial management software is user-friendly and equipped with all the basics, including income and expense tracking, invoicing and reporting. Create beautiful invoices, accept online payments, and make accounting easy—all in one place.

As long as you’re content with basic features and don’t see yourself expanding in the foreseeable future, you’ll find this completely free, easy-to-use software particularly appealing. Since you don’t have to pay anything to get started, it’s certainly worth trying out. You can effectively analyze the financial health of your business, find ways to generate more profit, what you need to know about the 4 types of income and move forward with your business plan. 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 the option to let repeat clients opt into automatic credit card billing. Strong invoicing feature competes with that of paid products; app lets users send invoices on the go; offers significantly fewer reports than competitors; no inventory tracking.

Wave also offers a free app to help you manage your invoices on the go. With Wave Invoicing, you’ll be able to track, edit, send and pay invoices from any mobile device. In addition, Wave allows you to manage multiple businesses on one free account and uses double-entry accounting, which is ideal for accountants and tax time. Create beautiful invoices, accept online payments, and make accounting easy—all in one place—with Wave’s suite of money management tools.

Data Not Linked to You

1. See our step-by-step guide on how to import bookkeeping data into Wave here.
2. Unlike QuickBooks and FreshBooks, Wave Accounting is completely free to use.
3. Our (non-judgmental) team of bookkeeping, accounting, and payroll experts is standing by to coach you—or do the work for you.
4. They can receive “editor permissions” and access accounting and reports as well as purchases easily.
5. Visit your dashboard or use your invoicing or accounting features, and click the peach “Upgrade now” button.

Visit your dashboard or use your invoicing or accounting features, and click the peach “Upgrade now” button. Learn more about changing subscription periods and plan types, and how to cancel your Pro subscription in our Help Centre. This app is super helpful, the main issue I have while using it is the lag. When inputting information the character count for it is super slow/delayed to where it forces me to stay on a certain page until it registers that information has been inputted. After inputting information and trying to click done at the bottom it will not register unless I swipe the keyboard away. Clicking done in the top right corner works half the time, with it also glitching and forcing me to start over everything by taking me back to whatever page I was on prior to creating a new contact or new invoice.

Pricing and features

It’s also missing an audit trail and third-party integrations. While Wave has a lot to offer when it comes to invoicing, know that it’s still standard deduction vs itemized deductions slightly less automated than some competitors. This isn’t necessarily a deal-breaker, but it might require a bit more bookkeeping work. When everything is neatly where it belongs, tax time is simple. Wave’s smart dashboard organizes your income, expenses, payments, and invoices.

These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one. Can manage multiple businesses for free under one account; lacks project tracking tools, industry-specific reports and transaction tracking tags. Bank data connections are read-only and use 256-bit encryption. Servers are housed under physical and electronic protection.

QuickBooks Online

The app offers a receipt scanning feature as well, but you have to pay 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. However, like most products with free plans, Wave has its limitations, especially compared to more scalable small-business accounting software. Although Wave’s paid plan offers additional features, it’s still missing some more advanced capabilities, like built-in inventory tracking and audit trails, that growing businesses might need. Wave allows you to search transactions, design accounting reports and reconcile harry vance data across other Wave products.

Payroll

Next, you can add sales tax (if necessary), create customer profiles and customize your invoice templates. 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 uses real, double-entry accounting software. You can invite your accountants, bookkeepers or other business partners to Wave via email and designate their user roles. They can receive “editor permissions” and access accounting and reports as well as purchases easily.