By providing feedback on how we can improve, you can earn gift cards and get early access to new features. Once you sign up online, you can start using Wave’s features right away. All you have to do is share your business name, type, address and the currency you use. There’s no live support unless you business license pay for it so you’ll have to dig for the answers to your questions in the help center or cross your fingers that the automated chatbot will help you out. Charge for a one-time compliance audit or ongoing site maintenance; you can schedule recurring invoices or send them manually whenever you need to.

  1. Bank data connections are read-only and use 256-bit encryption.
  2. Other time-saving features include recurring bills and invoices.
  3. A 1% fee is applied to the amount you withdraw from your available balance, in addition to regular processing fees.
  4. While users never pay a monthly fee, they will have to pay a credit card processing fee of 2.9% plus 30 cents per transaction if they use Wave to process credit card payments.
  5. This accounting process generates two entries for every financial transaction.
  6. See invoice summaries, tap into business reports, receive payment notifications and more using our highly-rated, free mobile app, available on iOS and Android.

However, some features are noticeably missing, such as project management and budgeting, that are found with paid software options such as QuickBooks Online. Wave Payments takes care of online billing and payments in a single platform. Businesses can invoice customers by email and let them pay directly from an invoice, simplifying the billing process to just a few clicks. The software also lets businesses set up recurring invoices for scheduled payments that can charge customers’ credit cards automatically. The dashboard lets you enter credit card information manually for over-the-phone payments as well.

Customizable invoicing

Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption. Our money management tools are easy to use separately and more powerful together. Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business.

Accounting & invoicing software packed with features, 100% free.

Wave’s free plan offers a decent number of features, like unlimited invoices, that are 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. 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. Overall, customers have found Wave easy to use and convenient for invoicing and accepting payments. They like the mobile app and dashboard features, along with the ability to make professional, branded invoices.

While Wave has a lot to offer when it comes to invoicing, know that it’s still slightly less automated than some competitors. This isn’t necessarily a deal-breaker, but it might require a bit more bookkeeping work. Allow your customers to pay your invoices immediately via credit card, secure bank payment (ACH/EFT), or Apple Pay. Some customers who have used Wave’s payment features have complained that their accounts were canceled after an initial transaction due to being flagged as high-risk businesses.

Wave Accounting can be a great option if you run a very small service-based business or don’t need more advanced features that alternatives might offer. For small businesses any larger than that, however, Wave is limited. Unlike competitors, Wave doesn’t offer many advanced features to increase the software’s functionality.

Created Issues with the IRS

Upload your logo, add customer info, share notes, and set net payment terms with ease. When everything is neatly where it belongs, tax time is simple. Wave’s smart dashboard organizes your income, expenses, payments, and invoices.

More than 4 million businesses already manage their finances with Wave. Enable invoice payments by credit card for a pay-as-you-go fee as low as 2.9% + 60¢, and watch the money roll in. Quickly build project estimates and professional invoices that reflect your business.

Wave vs. QuickBooks

Your billing and invoicing processes are also more streamlined and bills are processed and sent out in a timely manner. If you’re a small business owner offering an in-person service or working with a bookkeeper or accountant, QuickBooks is a standard choice and may be worth the subscription fee. It meets a more diverse set of business needs, and has become standard among accountants, so your team won’t have a learning curve getting started.

Designed to be easy for freelancers and small business owners to use, while making accountants happy with robust reports and functionality. Wave isn’t ideal for contractors and other companies needing project management features. You can’t set up projects and assign them to team members—meaning you can’t also track actual income and expenses by projects. You can only create customized estimates and send them to new or prospective customers. You’ll pay a 2.9% plus $0.25 per transaction fee for invoiced credit card payments; and 1% (up to $10) for ACH payments.

Compare your accounting software options

A 1% fee is applied to the amount you withdraw from your available balance, in addition to regular processing fees. Deposits are sent to the debit card linked to your account in up to 30 minutes. Deposit times may vary due to processing cutoff times or third party delays. 1 Payouts are processed in 1-2 business days for credit card payments and 1-7 business days for bank payments. Deposit times may vary due to processing cutoff times, third party delays, or risk reviews. In addition to its accounting software, Wave offers paid services, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching.

The fact that Wave lets users create and send unlimited invoices and receive payment straight from the invoices for free makes it perfect for freelancers. Customers like Wave Payroll’s simple interface and say it’s easy for those without accounting experience to run payroll. They’ve also commented on the automatic generation of tax forms being a handy feature. Wave is the fastest-growing software for small business accounting, invoicing, payments, and more.

Finally, if you need extra help with your bookkeeping, accounting, or taxes, Wave Advisors is a service you can add to your account. This option is great for business owners who are new to accounting or want to outsource bookkeeping and/or tax filing. There are several additional Wave products that you can purchase for your business.

As you can see, each of these additional features could be quite valuable in their own right, but we really like that WaveApps doesn’t make any of them mandatory. Note that you can either have Wave do this for you or you can select self-serve payroll. In this version, Wave calculates your payroll for you, and then you file the taxes yourself. Even better, WaveApps allows you to purchase additional add-ons or packages as you earn money online with  your small business. On the left-hand side, you’ll notice how similar the dashboard controls are to a typical WordPress dashboard.