Wave accounting software manages every monetary piece of your business, ranging from income reporting to filing expense receipts. Also, it makes your business accounting process easy.
Founded– Canada (2009)
Founder– Kirk Simpson
Headquarter– Canada, Toronto
Wave is web-based accounting software that means you have the freedom to access your account anywhere, anytime with a proper internet connection. It is designed particularly for small business owners, freelancers, and entrepreneurs. It is quite simple to manage your business accounting processes with the software. Along with this, it has a clean and well- organized interface. Most importantly, wave accounting features are completely free, you have to pay a fee in case you use Wave Payroll or Wave Payments. Wave accounting software simplifies the process of accounting and creating invoicing, enables users to get rid of interruptions that come during expenses monitoring, checking payments of clients, and managing taxes and employees.
Wave provides a wide variety of financial features that have been designed while keeping the requirements of small business owners in mind. So, let’s take an overview of the user-friendly and flexible software.
Wave Accounting Software Features
The features of Wave accounting software are:
Ease of Use
Wave software is quite easy to use and doesn’t consume much time in setting up. It is pretty simple for the users to get used to it. Moreover, it’s not mandatory to have an accounting background to use the software. The software offers customer support as well as accounting guide. It will assist you in learning the method of balancing the books and use the software.
The dashboard feature in Wave gives the insight details of your business. It actually gives you the complete details of where your money is going to and coming from. The feature will provide you graphs for overdue bills & invoices, bank accounts & credit cards, net income, cash flow, and expenses breakdown.
Wave offers you an invoice dashboard feature in which you can see your overdue invoices, and outstanding invoices. Wave makes the process of invoicing easy so that you can take control over your invoicing cycle. Also, by helping you to schedule reminders for the payments, recording payments, and sending receipts. The software also offers recurring invoices.
The software offers its users a basic client portal for invoices. You can view the invoices of the client and pay it directly online. The business owners can add a client portal for estimates where you have got the permission to approve, comment, or decline on estimates.
In order to track your expenses in Wave, connect to your bank account, import the bank statement, or manually add expenses. The software has added bulk transaction categorization, and the capacity to amalgamate duplicate transactions.
After covering the feature set of the accounting software, let’s go through Wave accounting reviews from its users.
Wave User Reviews
Let’s discuss the positive and negative reviews of Wave software:
Wave receives good praise from its users because of its excellent functionalities:
There are no charges for using Wave accounting software, you just have to make the payments for payment processing, adding payroll, or professional bookkeeping.
Its users doesn’t confront any type of hurdle in learning of understanding the software.
- Saves Time
The users of Wave also likes the software not because it is simple to learn but also it is cloud-based and has mobile apps.
- Personal Accounting
Independent contractors, freelancers, and eCommerce shop owners appreciate the software because it easily manages personal and business accounts in a single place.
- Good Feature Selection
The robust feature set like receipt scanner, multiple company support, and expense tracking is liked by its users.
- Better Invoicing
Wave proffers professional-looking invoices via which you can create invoices and keep track of the products and services you have sent.
Negative Reviews & Complaints
Let’s see the complaints that its users have confronted with their latest software update and redesign. Here are a few repetitive issues that users have been facing with the software:
- Slow Servers & Downtime
Wave software always has an issue of slow servers and downtime and the particular issue creates hurdle in handling the accounting tasks. As per the recent research, a few Wave users have complained about the software’s loading speed.
- Limited Features
The software fails to provide better reporting, the facility of better bank transaction categorization, a dashboard, payroll for an independent contractor, and a mileage tracking feature. The software has added the feature like automatic transaction category, cash flow report, and 1099 payroll support.
- Poor Mobile Apps
The users of Wave dislike multiple Wave apps feature rather than one central full-featured Wave app. Apart from this, users receive multiple bugs in the apps.
- Lack of Integrations
The users of Wave accounting software have complained about a shortfall of third-party integrations.
- Difficult To Find Bookkeeper
The maximum number of Wave users are finding it hard to get familiar with Wave.
- Expense Tracking Errors
Many users of Wave are facing difficulty with duplicate transactions and multiple users also complained that they have to reconnect with a bank on a frequent basis.
Every accounting software offers different financial needs and capabilities for accounting purposes. Thus, it’s better to explore the other alternatives to decide the optional software for your business.
Alternatives of Wave Accounting
Let’s check the alternatives of Wave software that hold different financial needs and capabilities:
FreshBooks software permits you to track time expenses, access tax reports, accept online credit card payments and integrate with over 200 third party solutions. Apart from this, as the plan levels increase FreshBooks provides advanced functionality like project and client management tools, budgeting, and much more.
The different plans of QuickBooks Online provide you the ability to manage bills, track time, project profitability, manage inventory. You can consider QuickBooks Online accounting software, if you have decided to grow your business. It is one of the most popular accounting solutions in the market due to its excellent accounting functionalities. QuickBooks Online not only offers the core accounting features of Wave, but also the advanced features of FreshBooks.
QB Desktop is a cloud-based subscription service that gives you the liberty to work from any device. It focuses on providing new and improved features that assist accountants and their clients to complete the tasks with little effort. It can be used to create an invoice for the customers, pay bills, to generate reports for planning, tax filing, and many other things.
In short, if you have a question in your mind, is Wave the right accounting solution for your business? Then you can get the answer for the same by reading the alternatives of the web-based accounting software. As you have read in the blog that Wave can serve the accounting needs of different small businesses. You can explore more about Wave accounting software via its definition, features, reviews, frequently asked questions of the users, and alternatives of the software.
To get more insight details of Wave accounting software, dial Wave Support Phone Number 1-877-263-2742.