Wave Accounting Review

If you’re already using QuickBooks or Xero, you’ll be happy to know that Wave has add-ons to integrate with both of these wave accounting popular accounting software platforms. Get support from Wave’s team of bookkeeping, accounting, and payroll experts.

The vendor also provides expert accounting coaching by real advisors, which is a great resource. Until then, the software is still a good solution for small business owners looking for simple, easy-to-use accounting software that won’t break the bank.

Does Wave do accrual-basis or cash-basis accounting?

As full-featured as it is, Wave lacks functionality in some key areas. While you can create product and service records for use in sales and purchase forms, you can’t track inventory stock levels . Nor does Wave offer a dedicated time-tracking tool as FreshBooks does. You can record blocks of time as products, but this isn’t a particularly elegant workaround. However, that doesn’t mean there are no features you have to pay for.

• Wave allows you to add sales taxes to invoices, bills, estimates, and expense and income transactions.
• It’s also great for Etsy shop owners and other eCommerce businesses using Wix, Squarespace, or WordPress.
• There is also an additional $4 per employee charge assessed each month.
• When compared to QuickBooks Online or Xero, Wave’s report templates clearly loses in terms of number.

Affected businesses received messages about the changes in their Wave accounts. Current Wave Accounting users’ accounts in the U.S. and Canada remain active and retain access to the latest versions of Wave’s Invoicing and Accounting software. Wave uses a bank-grade, 256-bit TLS encryption security system to keep business data secure and protected. Information is secured from data submission to data storage.

“Great Free App”

Wave only offers one free base option, so it’s not very good for a business that has an ever-growing list of tasks and customer base. At Business.org, our research is meant to offer general product and service recommendations. We don’t guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services. Wave also built a COVID-19 help section into their software, which allows businesses to see tax relief options for their business. They also created a helpful resource section with links to government relief sites. Within the Accounting tab, Wave allows you to track transactions, reconcile accounts, and keep a chart of accounts. You’ll also be able to hire a bookkeeper directly through Wave, or give your current accountant or bookkeeper access to your account.

It is absolutely unethical to take processing fee my client paid. The only entity that won in this case is them they got the fee.

Technical Support

Unfortunately, Wave does not offer a project management feature. We think Wave is great, but you don’t need to take our word for it. Read a collection of reviews from trusted third-party websites and testimonials from our satisfied customers. The scoring formulas take into account multiple data points for each financial product and service. Wave will calculate what you’ll owe in state and federal payroll taxes, but you are required to file the paperwork and submit payment. Free accounting software has no contract and no hidden charges.