Wave Accounting Software Review

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review wave accounting

Reducing credit card processing fees with your current merchant account provider. Selecting the right credit card processing services for your business. cash flow We are currently able to locate four negative Payments by Wave reviews, none of which accuse the company of being a ripoff or a scam.

FreshBooks also has a variety of features like automatic account alerts, bank feeds, and more that help with your financial management needs. They also have a sleek mobile app that helps you manage all your finances while on the go. Wave aims to help small business owners and freelancers manage finances while keeping costs low. Below is a chart displaying each product offering Wave has along with pricing and some key features for each specific plan. The mobile app is also relatively limited, especially for Android users.

  • The mobile app lets you take photos of receipts and it'll automatically match it up with existing transactions.
  • I’ve sent several messages explaining my personal incovenience as well as my client’s.
  • You can use Wave on any device anytime and anywhere, and if you need help understanding its features, you can seek assistance from its Help Center.
  • One of the biggest benefits of using Wave is that it offers a lot of functionality at no cost.
  • Wave Accounting, however, offers every single accounting feature for free.
  • They have tutorials and guides and when you first use the program, you are walked through a mini tutorial as well.

The only downside to Wave is when growing businesses need to scale, it becomes difficult for the software to keep up. Wave’s features cater specifically to freelancers, new entrepreneurs, and small companies who don’t need to track, monitor, and manage huge amounts of transactions. Small business owners will enjoy using Wave accounting integration because it’s simple and easy to use. It requires no accounting and bookkeeping backgrounds so first-time users of accounting solutions won’t feel intimidated by it.

Wave is the best free accounting software, and is well suited for freelancers, small service-based businesses and new companies with little or no inventory. Wave’s expenses section breaks down sales categories into bills, receipts, products and services purchases, and a vendor CRM to keep track of your list of vendor contacts. This review will walk through the features and services offered by Wave.

Receipts By Wave

You can manage customers in Wave, but there is limited opportunity to add additional information such as credit limits or appropriate tax rates. Wave has also stated that customer statements will soon be added to a future Wave release, which will allow you to automatically remind your customers when their payment is late. Business Checking Accounts BlueVine Business Checking The BlueVine Business Checking account is an innovative small business bank account that could be a great choice for today's small businesses.

Although these add-ons are not free, they are pay as you go, meaning their cost will be based on how much you use them. Therefore, if you want access to these additional functions, you don’t have to worry about paying an unnecessary fee when you’re not actually using them.

review wave accounting

I'd love Wave Payments to allow for payments in more than one currency. I can invoice in USD and CAD , but I can only accept online payments via Wave in CAD. If you could reach out to me We'll try to match you with a member of our team to help troubleshoot since you have invested your valuable time into Wave to manage your business financials. If your business has an inventory, you’re better off using an app like Xero Accounting. However, they constantly push paid features when you move around within the desktop app. Sorry Android users, Wave only offers two apps, Wave Receipts and Invoice by Wave.

Wave connects with your bank and credit card accounts, and automatically downloads your transactions. You can also link your PayPal account to sync transaction data . You can recategorize them if needed, and the software remembers these changes so it can correctly categorize future transactions. Online credit card processingfor invoice payments is an optional service and costs a flat 2.9% plus 30 cents per credit card transaction, or 1%, with a $1 minimum fee, for ACH bank transfers. There aren't contracts to sign or monthly fees to pay to use this service. There aren't limits on the number of transactions, invoices or users your account can have.

We've used WaveApps with monthly recurring invoices for 3+ years now. Our customers typically pay via credit card and we always get the money quickly (less the standard 2.9% CC processing fee). It's also great the WaveApps functions as our accounting software, and fully integrates with our business bank account so we can easily keep our books. I've never used QuickBooks, but as a startup, Wave has met all of our needs. Their customer support has only been via email, but they've also been responsive for all of our needs.

Other Top Recommended Accounting Software

Wave can also help you set up your account, migrate your data from another accounting platform and review your Wave account for errors. Wave is a fantastic freemium accounting software tool that’s ideal for freelancers and small businesses.

review wave accounting

One quick Google search will pull up a lifetime’s worth of financial software to check out, Wave and FreshBooks being just two. I am using wave for sending invoices, quotations, and save my list of clients. My family and livelihood relies on my buisness and now I have no way to pay my bills. It looks like the resubmission of the chargeback withdrawal was successful and your outstanding balance is cleared.

Customer Sentiment

I have cancelled the debit card now but these people are basically an accessory to extortion. I have reported this activity to my bank along with their address and phone number. Payments by Wave rates as a reliable credit card processor according to our rating criteria. Although the company essentially repackages Vantives merchant account services within its own software, and its overall rating is better than Vantiv’s on the whole. Payments by Wave’s has a relatively low complaint rate, but we will continue to monitor feedback on the company and adjust its score as necessary. Merchants are encouraged to compare Payments by Wave’s pricing to that offered bytop-rated payment processors. I am using this application since1.5 years and it's very user friendly.

SMB Compass is a bespoke business financing company focused on providing financing and education to small businesses across the United States. It does not have a back button so users have to rely on their web browser’s back button or return to the menu section whenever they want to visit a new section of the site. That said, all functionalities are easy to find in the dashboard. Wave is safe for users with different data storage requirements. Its servers are protected both on the physical and online aspects and 256-bit SSL encryption for more robust data security.

The competitive edge for Wave is free pricing on key products like accounting, invoicing, and receipts. They also offer payments for a small transaction fee and more advanced plans to handle payroll and taxes. In terms of customer service, Wave currently offers email support for customers in North America and any regions that accept credit card payments for Wave invoices. Choose the template that best reflects your business, load your own logo, and choose a color for your invoices.

review wave accounting

Wave generates revenue from credit card processing, payroll memberships, and advanced bookkeeping services. This makes it possible for them to provide such a wide range of plans and features for free. Small business owners operating on a budget can look to Wave as the perfect accounting software. Wave offers free plans with Accounting Periods and Methods plenty of features to get started. Many Wave accounting reviews reveal how powerful the software is for individual contractors, freelancers, and small business owners. The software now caters to four million users, and that number continues to grow as more companies aim for simplicity in generating accounting reports.

They charge an arm and a leg for credit card billing and make you wait an eternity for your money, then it's a questionable as to whether we've gotten everything they owe us. They are chronically spamming us for "accounting" assistance, payroll assistance etc.


Wave Payroll is designed to save you time and improve your payroll effectiveness. Wave Payroll is cheaper than many other paid payroll add-ons for competitors like QuickBooks, but still has its limitations. 4.7/5 rated mobile app that brings budgets, virtual cards, and more into a single app. Expense management software that helps to simplify and streamline your expenses. Our mission is to help consumers make informed purchase decisions. While we strive to keep our reviews as unbiased as possible, we do receive affiliate compensation through some of our links. This can affect which services appear on our site and where we rank them.

We can highly recommend Wave as one of the best options for small business owners, independent contractors, and freelancers. Keep reading to learn more about Wave and the features they have to offer.

Can Wave Help With Business Taxes?

But, if you are a small business looking for an accounting solution or want to try something without spending a fortune, Wave may be the solution you’ve been looking for. Wave Accounting is constantly working on the features it provides. Constant collaboration with developers have helped improve its features to make life easier for users.

Wave is upfront and transparent about charges though, so no surprises. Users are impressed with their features, and even more impressed that they continue to be offered for free, even after several successful years in the business. Per transaction Wave charges 2.9% + 30 cents, so if you’re not making too many transactions throughout the month their plan is extremely cost effective.

Wave invoicing is a free add-on that integrates directly with the core Wave accounting software. When you’re choosing accounting software, you’ll want to know exactly what kind of activities you can perform with your account. And, if you’re a resident of New review wave accounting York, California, Florida or Texas, you can add full payroll tax services for an additional $10. If you can’t find a solution, you can contact Wave’s support team via email by clicking on the “email us” button at the bottom of the “help center” window.

This means that any ACY payment from $0.01 to 100% through Wave will cost at $1. Wave also allows users to send direct bank-to-bank transfers for 1% per transaction, although the processing time is a little longer. The company does not charge an early termination fee or a PCI Compliance fee, and merchants are free to cancel their service at any time. From basic book keeping to setting up your payroll, Wave can do it all. I can send invoices, accept payment, know my financial status and so much more at the click of a mouse. The simple nature of this program makes accounting almost enjoyable. The best part of this product is the fact that you can pretty much do almost anything with it in a simple and fast way.

Cole Torres, the owner of Local Eye Media, noted that Wave is particularly advantageous for companies that provide services rather than products. There’s no accounting software that’s the perfect solution for every small business—Wave accounting included. Moreover and in the same vein, Wave does not offer integration options for third-party tools or apps , whereas many other accounting systems do. Therefore, if you’re looking for accounting software that can incorporate more tax assistance, you might consider a Wave alternative. Therefore, although there is only one version of the Wave accounting software, the add-ons that you’ll have to choose from will allow you to tailor your software to your business’s specific needs. Moreover, you’ll be able to access workers comp coverage through AP Intego, calculate vacations, bonuses, and other benefits, receive payroll reminders, and receive priority customer support from Wave. Finally, if you need to want to run payroll through your accounting software, you can use the Wave payroll add-on.

Author: Roman Kepczyk

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