Wave Accounting Review: Features, Benefits, Pricing, and Cons

Wave
Accounting
is
a
bookkeeping
software
that
helps
you
manage
your
business’s
finances.
It
is
suitable
for
small
businesses,
freelancers,
and
startups.

Cons

• 
• 

Wave
Accounting
has
helped
businesses
meet
various
needs,
from
invoicing
and
reconciliation
to
payment
processing
and
payroll.
Indeed,
It
has
everything
needed
to
streamline
processes,
allowing
business
owners
to
focus
on
running
the
business.

In
this
Wave
Accounting
review,
we
will
look
into
the
software,
covering
its
features,
benefits,
pricing,
and
potential
drawbacks.

What
Is
Wave
Accounting?

Wave
Accounting
is
a
cloud-based
double-entry
accounting
software
with
a
suite
of
tools
and
services
that
streamline
bookkeeping
and
invoicing.
It
also
allows
users
to
accept
online
payments
and
easily
manage
payroll
and
taxes
without
having
specialized
knowledge.

Wave,
headquartered
in
Toronto,
Canada,
launched
the
accounting
software
in
2010.
It
is
only
available
to
users
in
the
US
and
Canada.

Wave
allows
you
to
access
it
on
any
device
with
a
modern
browser
and
an
internet
connection.
You
can
use
it
on
your
desktop
and
laptop
to
invoice
and
track
payments
and
expenses.
It
also
has
a
dedicated
mobile
app
for
Android
and
iOS
devices.

Wave
Features

Key
features
that
make
Wave
Accounting
popular
among
users
are
listed
below.

Income
and
Expense
Tracking

Wave
Accounting
allows
you
to
manually
enter
your
income
and
expenses
or
import
your
bank
and
credit
card
transaction
for
tracking.

Then,
you
can
generate
reports
to
gather
valuable
insights
for
better
decision-making
and
to
monitor
your
business
finances.

Customizable
Sales
Taxes

The
software
allows
you
to
set
sales
tax
rates
based
on
where
you
operate
your
business
and
automatically
calculate
tax
on
any
invoice,
bill,
or
transaction.
This
leads
to
greater
efficiency
and
accuracy
when
dealing
with
sales
tax.
You
can
edit
and
delete
it
anytime
using
the
web
or
mobile
app.

Invoicing

In
Wave
Accounting,
you
can
easily
create
professional-looking
invoices.
You
can
send
as
many
invoices
as
you
like,
and
if
you’re
using
the
Pro
Plan,
you
can
schedule
them
to
simplify
recurring
payments
from
repeat
customers.

Furthermore,
the
software
automates
sending
invoice
reminders
to
customers
if
they
have
overdue
invoices.
That
way,
you’re
not
chasing
busy
payments
but
getting
paid
and
focusing
on
your
business.

Payments

With
Wave
Accounting,
you
can
easily
accept
payments
online
via
bank
deposit,
credit
card
(Visa,
Mastercard,
and
American
Express),
and
Apple
Pay.
While
each
transaction
has
a
processing
fee,
it’s
not
more
than
3%.

When
you
send
your
customers
an
invoice,
they
will
see
the
“Pay
Now”
button.
Once
they
click
it
and
pay,
the
funds
will
appear
in
your
account
in
1-2
business
days.
Meanwhile,
Wave
is
keeping
track
of
every
payment
in
the
background
using
the
double-entry
method.

Accounting

Wave
uses
double-entry
accounting
to
monitor
transactions
based
on
income
and
expenses.
This
allows
you
to
maintain
a
comprehensive
ledger
of
all
your
financial
activities,
organize
and
categorize
your
financial
transactions,
and
monitor
your
cash
flow
accurately.

This
leads
to
the
automatic
creation
of
the
Chart
of
Accounts
(COA),
which
the
software
auto-updates
as
you
continue
transacting.
You
can
even
edit
it
manually
by
adding
and
removing
accounts
to
suit
your
business
needs.

Automated
Bank
Reconciliation

Wave
Accounting
automatically
matches
your
accounting
records
with
your
financial
ones,
such
as
bank
and
credit
card
statements,
to
ensure
consistency
and
accuracy
in
financial
reporting.

It
also
allows
you
to
generate
reports
on
all
reconciled
records
and
any
discrepancies
that
need
handling.
So,
if
there
is
a
problem
with
your
accounts,
Wave
Accounting
will
let
you
know.

Banking

Wave
allows
you
to
import
transactional
data
from
your
bank
account
or
credit
card.
You
can
add
as
many
bank
accounts
and
credit
cards
as
you
need.
Then,
you
can
categorize
and
analyze
your
banking
data
to
extract
cash
flow
insights
and
ascertain
your
business’s
financial
status.

Mobile
Receipts

With
the
scanner
built
into
the
mobile
app,
you
can
easily
scan
up
to
10
receipts
at
a
time
using
OCR
technology.
The
receipts
are
stored
on
the
cloud,
which
gives
you
peace
of
mind
since
they’re
safe
and
can
be
accessed
anytime.

Furthermore,
this
provides
another
way
to
track
expenses
and
stay
on
top
of
your
taxes.
It
also
allows
you
to
easily
organize
and
categorize
your
receipts,
making
them
easier
to
find
when
searching.

Payroll

Wave
Accounting’s
payroll
feature
helps
you
manage
paying
your
employees,
independent
contractors,
and
yourself.
This
includes
setting
up
direct
deposits,
generating
W-2
and
1099
tax
forms,
and
tracking
leave
time
and
accrual.

You
can
process
all
the
payments
with
a
single
click,
which
saves
time
and
reduces
manual
errors.
Wave
Accounting
also
offers
an
automated
tax
service.
This
robust
feature
can
automatically
pay
and
file
taxes
in
select
states,
including
California,
New
York,
Arizona,
Texas,
and
Washington.

You
can
also
get
detailed
reports
on
your
payroll
activities
based
on
factors
such
as
the
employees
on
your
payroll
and
the
expense
type.

Access
to
Advisors

Wave
Accounting
has
a
service
where
you
get
personalized
bookkeeping
service
support
and
accounting
coaching
from
in-house
experts.

The
bookkeeping
support
provides
you
with
a
professional
(based
in
North
America)
who
handles
your
accounting
needs.
Accounting
coaching,
on
the
other
hand,
ensures
you
have
the
knowledge
you
need
to
use
Wave
Accounting
to
manage
your
books
with
confidence.

What
are
the
Benefits
of
Wave
Accounting
Software

The
benefits
of
Wave
accounting
software
are
unlimited
invoices
and
income
tracking,
financial
reporting,
double-entry
accounting,
invoicing,
and
more.

• 
  Unlimited
  invoices
  and
  income
  tracking:
  Wave
  Accounting
  functions
  as
  invoicing
  software,
  allowing
  you
  to
  create
  invoices
  without
  restrictions.
  The
  customization
  options
  ensure
  that
  your
  invoices
  look
  professional.
  You
  can
  also
  track
  as
  many
  transactions
  as
  you
  want
  and
  categorize
  them
  in
  ways
  that
  accurately
  reflect
  your
  business’
  finances.
• 
  Double-entry
  accounting:
  Wave
  records
  your
  debits
  and
  credits
  in
  the
  background,
  allowing
  you
  to
  automate
  double-entry
  accounting,
  even
  if
  you
  don’t
  know
  what
  it
  is.
  This
  accurately
  tracks
  your
  income,
  expenses,
  assets,
  and
  liabilities
  all
  in
  one
  place.
• 
  Financial
  reports:
  Wave
  Accounting
  allows
  you
  to
  generate
  financial
  statements,
  such
  as
  balance
  sheets,
  cash
  flow,
  and
  income
  statements,
  to
  obtain
  all
  the
  important
  financial
  insights
  you
  need.
• 
  Simple
  setup:
  Wave
  Accounting
  does
  not
  require
  your
  credit
  card
  information;
  you
  create
  your
  account,
  and
  that’s
  it.
  You
  don’t
  need
  to
  download,
  install,
  and
  configure
  any
  software—it
  works
  on
  any
  modern
  browser.
• 
  Easy
  invoicing:
  Creating
  an
  invoice
  in
  Wave
  Accounting
  takes
  a
  few
  minutes.
  You
  pick
  one
  of
  the
  many
  customizable
  templates
  and
  add
  the
  necessary
  details
  (customer
  and
  service
  or
  product
  information)
  and
  payment
  terms.
  When
  it’s
  ready,
  you
  send
  it
  to
  your
  customer
  and
  wait
  for
  payment.
• 
  Mobile
  app:
  The
  mobile
  app
  allows
  you
  to
  do
  bookkeeping
  on
  the
  go.
  You
  can
  send
  invoices,
  track
  finances,
  accept
  credit
  card
  payments,
  scan
  receipts,
  and
  remind
  clients
  about
  overdue
  payments,
  among
  other
  things.
• 
  Bank
  and
  credit
  card
  connection:
  By
  allowing
  you
  to
  connect
  your
  bank
  account
  and
  credit
  card,
  Wave
  Accounting
  can
  automatically
  track
  transactions.
  This
  saves
  you
  the
  time
  and
  effort
  of
  doing
  it
  manually
  and
  enhances
  accuracy
  by
  reducing
  manual
  errors.
• 
  Payment
  processing:
  With
  Wave
  Accounting’s
  payment
  processing,
  you
  can
  ensure
  you
  never
  miss
  or
  lose
  a
  payment.
  Since
  it
  lets
  customers
  pay
  you
  online
  through
  several
  payment
  methods,
  it
  increases
  the
  likelihood
  of
  getting
  paid
  faster.
• 
  Bank-grade
  security:
  When
  sending
  data
  between
  your
  device
  and
  Wave
  Accounting’s
  servers,
  it
  is
  encrypted
  using
  256-bit
  encryption.
  This
  is
  the
  same
  level
  of
  encryption
  used
  by
  major
  banks
  with
  online
  banking
  services.
  Also,
  the
  servers
  that
  store
  your
  information
  use
  state-of-the-art
  security
  protocols
  and
  technology
  and
  strict
  access
  control
  measures.
• 
  PCI
  Level-1
  certified:
  The
  PCI
  Level-1
  certification
  assures
  you
  that
  Wave
  Accounting
  meets
  the
  highest
  standards
  when
  handling
  your
  credit
  card
  information.
  That
  means
  you
  have
  to
  worry
  less
  about
  fraud
  and
  data
  breaches.

Wave
Accounting
Pros

• The
  free
  plan
  is
  an
  excellent
  choice
  for
  freelancers,
  startups,
  and
  businesses
  with
  a
  limited
  budget
  since
  most
  features
  are
  free.
• Double-entry
  accounting
  ensures
  accurate
  financial
  records.
• Several
  customizable
  reports
  to
  choose
  from
  (e.g.,
  profit
  and
  loss,
  balance
  sheet,
  cash
  flow,
  sales
  tax,
  income
  per
  customer,
  and
  overdue
  invoices).
• The
  lack
  of
  hidden
  fees
  when
  processing
  payments
  increases
  cost
  savings.
• Automated
  reconciliation
  streamlines
  matching
  bank
  transactions
  with
  accounting
  records.

Wave
Accounting
Cons

• Not
  scalable
  since
  it
  lacks
  many
  features
  a
  growing
  business
  needs,
  such
  as
  inventory
  and
  project
  management,
  time
  tracking,
  and
  audit
  trail.
• It’s
  only
  available
  in
  the
  US
  and
  Canada,
  limiting
  functions
  like
  payroll
  due
  to
  only
  supporting
  USD
  and
  CAD.
• The
  free
  plan
  has
  limited
  customer
  service—live
  help
  is
  locked
  behind
  the
  Pro
  Plan
  or
  purchase
  of
  add-ons.

Wave
Pricing

Wave
accounting
offers
two
types
of
plans:
Starter
and
Pro,
the
offerings
of
which
are
explained
below.

Plan	Pricing (monthly)	Offerings	Best for
Starter	$0	Create unlimited estimates, invoices, bills, and bookkeeping records, Option to accept online payments, Invoice on-the-go via the Wave app, Manage cash flow and customers in one dashboard	Freelancers, Solopreneurs, Independent contract
Pro	$16	Option to accept online payments at a discounted rate, Auto-import bank transactions, Auto-merge and categorize bank transactions, Digitally capture unlimited receipts and track expenses, Automate late payment reminders	Small businesses, Startups

How
to
Access
Wave
Accounting
for
Free

To
access
the
free
version
of
Wave
Accounting,
head
to
the
website
and
click
the
“Sign
Up”
button
in
the
top-right
corner.
You
can
sign
up
using
an
email
and
password
or
your
Google
account.

Afterward,
you
need
to
complete
the
onboarding
steps.
This
involves
describing
your
business
(e.g.,
name,
location,
industry,
and
number
of
employees).
After
this,
you
will
have
access
to
the
web
version
of
the
software.

Wave
Accounting
Customer
Support

If
you’re
using
the
free
plan,
you
can
only
access
self-service
help.
Also,
it
offers
a
handy
FAQ
section
that
contains
solutions
to
common
problems.
Furthermore,
you
have
round-the-clock
access
to
Mave,
Wave
Accounting’s
AI-powered
chatbot
(available
on
both
desktop
and
mobile).

Email
and
live
chat
support
are
available
if
you
have
any
optional
add-ons
(e.g.,
Wave
Payroll
or
Bookkeeper),
successfully
set
up
online
payments,
or
are
subscribed
to
the
Pro
Plan.
You
can
contact
the
team
from
9
AM
to
4:45
PM
EST
Monday
through
Friday.

Wave
Accounting
Integrations

Wave
Accounting
integrates
with
several
applications
that
can
enhance
its
functionality
and
streamline
your
workflow.

Wave
Connect

Wave
Connect
is
a
Google
Sheet
add-on
that
lets
you
download
your
COA,
customers,
invoices,
and
products
to
a
spreadsheet.
You
can
also
upload
transactions,
customers,
invoices,
and
products
from
Google
Sheets
to
your
Wave
account.

It
was
designed
to
help
you
move
data
between
Wave
Account
and
other
platforms.
For
instance,
it
can
help
if
you
want
to
download
transactions
from
Wave
Accounting
to
Google
Sheets
and
upload
the
spreadsheet
to
Zoho
Books.

BlueCamroo

You
can
integrate
Wave
into
BlueCamroo,
a
free
CRM
tool,
to
sync
your
customers
and
contacts.
This
allows
you
to
create
sales
quotes
based
on
Wave
data,
which
you
can
then
send
to
your
customers.
After
the
client
approves,
you
can
send
it
to
Wave
to
automatically
create
an
invoice.

Since
BlueCamroo
has
a
time
tracker,
you
can
also
generate
a
Wave
invoice
based
on
the
billable
hours.

Zapier

You
can
set
up
an
automated
workflow
(Zap)
in
Zapier
and
then
use
it
to
connect
Wave
Accounting
with
your
favorite
business
app.
For
example,
when
an
invoice
is
created
in
Wave
Accounting,
this
can
trigger
the
Zap.
Then,
a
predefined
action
will
occur
in
another
app.

For
example,
invoice
details
can
be
added
to
a
spreadsheet
or
Notion
database.
At
the
same
time,
employees
on
Slack,
Telegram,
or
WhatsApp
can
be
notified
that
an
invoice
has
been
created
and
sent
to
a
particular
customer.

Does
Wave
Accounting
have
Mobile
Apps?

Yes,
it
has
an
Android
and
iOS
mobile
app
for
bookkeeping
and
invoicing
while
on
the
move.

Can
I
Import
My
Data
From
Other
Accounting
Apps
Like
QuickBooks?

Yes.
You
can
export
data
in
CSV
or
other
compatible
formats
from
QuickBooks
and
other
accounting
apps
and
then
import
the
document
into
Wave
Accounting.

If
you
have
Wave
Advisor
with
bookkeeping
support,
a
trained,
in-house
professional
can
help
you.
This
ensures
a
smooth
transition
of
your
financial
records
from
one
system
to
the
other.

Wave
Accounting
Alternatives

Here
are
some
alternatives
to
Wave
Accounting
that
you
might
consider
for
your
business
needs.

QuickBooks

QuickBooks
is
a
complete

accounting
software
that’s
considered
better
than
Wave
when
it
comes
to
advanced
features
and
scalability.
It
has
tools
that
are
not
available
in
Wave,
such
as
inventory
management,
project
tracking,
and
budgeting.

QuickBooks
has
advanced
reporting
and
analytics
for
deeper
financial
insights;
you
can
generate
reports
based
on
industry.

Furthermore,
QuickBooks
can
be
integrated
with
over
750
apps.
So,
while
Wave
Accounting
is
ideal
for
small
businesses
and
freelancers
on
small
budgets,
larger
businesses
prefer
QuickBooks.
However,
QuickBooks
doesn’t
have
a
free
plan.
The
lowest-paid
plan
starts
at
$30,
with
the
highest-paid
plan
costing
$200.
It
does
have
a
30-day
free
trial,
though.

Zoho
Books

Zoho
Books
is
a
cloud-based
accounting
software
that
offers
a
comprehensive
suite
of
accounting
and
business
management
tools.
Its
top
features
include
invoicing,
expense
management
and
tracking,
receipt
management,
bank
reconciliation,
payroll,
and
tax
compliance
(sales
tax
tracking
and
1099
reporting).

Zoho
Books
also
has
a
time
tracker,
multiple-currency
support,
inventory
tracking,
project
management,
and
CRM.
The
best
part
is
that
it
has
a
free
plan
that
you
can
use
forever.
There’s
even
a
30-day
trial
to
test
the
premium
features.

Furthermore,
Zoho
Books
is
available
outside
the
US
and
Canada.
If
you
try
creating
an
account
with
Wave
Accounting
outside
these
countries,
it
will
onboarded
in
Zoho
Books
instead
(Zoho
and
Wave
have
a
collaboration).

So,
Zoho
Books
is
a
great
alternative
to
Wave
Accounting
since
it
has
all
the
basic
accounting
features.
However,
it
also
allows
companies
to
scale
with
tiered
plans
that
provide
advanced
features
lacking
in
Wave
Accounting.

Xero

Xero
is
feature-rich
accounting
software
with
all
the
best
features
of
Wave,
such
as
payments,
invoices,
bank
connections,
payroll,
sales
tax,
reporting,
bank
reconciliation,
and
bill
and
receipt
capture.

Xero
also
offers
inventory,
project
management,
contact
management,
sales
quotes,
and
multiple
currencies.
It
allows
you
to
create
and
track
purchase
orders
and
fixed
assets.

Xero
has
an
app
store
with
dozens
of
apps
built
to
extend
the
software’s
functionality
and
streamline
business
processes.
You
have
apps
for
time
tracking,
inventory
management,
practice
management,
clinic
management,
e-commerce,
debtor
tracking,
specialized
reporting,
and
more.

While
Xero
has
no
free
plan,
you
can
utilize
the
14-day
free
trial
to
try
the
advanced
features.
Its
lowest
plan
starts
at
$30
per
month,
but,
unfortunately,
it
does
not
offer
unlimited
invoices
(something
Wave
offers
in
the
free
Starter
plan).

However,
it
is
suitable
for
businesses
who
want
to
scale
since
the
pricier
tiers
offer
the
needed
features.

Who
Should
Use
Wave
Accounting?

Wave
is
suitable
for
anyone
who
needs
robust
accounting
software
on
a
budget.
This
includes
small
businesses
with
less
than
10
employees
(e.g.,
marketing
agencies
and
consulting
firms),
self-employed
entrepreneurs,
freelancers,
independent
contractors,
and
various
service-based
ventures.

Who
Shouldn’t
Use
Wave
Accounting?

Wave
accounting
is
not
for
businesses
with
complex
needs,
such
as
high-volume
transactions
and
multiple
currencies.
Those
who
rely
heavily
on
integrations
(e.g.,
communication,
CRM,
and
project
management
tools)
may
not
be
able
to
work
with
Wave’s
limited
integrations.

Also,
anyone
outside
the
US
and
Canada
or
operating
a
medium-to-large
organization
should
look
into
alternative
business
accounting
software
like
QuickBooks
and
Zoho
Books.

Wave
Accounting
Verdict

Wave
Accounting
is
an
easy-to-use
online
accounting
software
ideal
for
businesses
seeking
a
cost-effective
solution
for
their
accounting
work.
Its
free
features
make
it
a
valuable
tool
for
managing
finances
without
high
costs.

However,
businesses
with
complex
needs
or
those
operating
outside
the
US
and
Canada
might
need
other
alternatives.

Recognized
for
its
exceptional
value
and
efficiency,
Wave
Accounting
receives
the Geekflare
Value
Award
for making
financial
management
accessible
and
simple
for
its
users.

Explore
more
on
Accounting