Here is a list of our partners and here’s how we make money. 4.4 out of 5 stars based on user reviews collected by G2Crowd as of January 2024. “Wave invoicing makes your life a whole lot easier and takes that worry off you. I’ve tried Quickbooks—it’s a bit more complicated and technical, and takes more time to set up.” Want to look more polished, save more time, and conquer cash flow?
Wave Features
The financial management software is user-friendly and equipped with all the basics, including income and expense tracking, invoicing and reporting. Yes, Wave’s accounting software does automatic double-entry bookkeeping. This accounting process generates two entries for every financial transaction. Wave also doesn’t have quite as many integrations as other paid (and more popular) accounting software options. Most importantly, it doesn’t sync with any third-party payroll providers. Wave Accounting offers free software, meaning you won’t need to submit a credit card or payment information to use it.
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The integrations Wave directly connects with are PayPal, Etsy, and Shoeboxed. You can also use the Checkouts feature to create buttons on websites, such as Wix, Squarespace, and WordPress. “It’s not just a cool piece of software, it is giving peace of mind to people.” You deserve to know your taxes aren’t something you have to sweat over the entire calendar year.” Wave has helped over 2 million North American small business owners take control of their finances. Wave has helped over 2 million small business owners in the US and Canada take control of their finances.
- Wave’s software is simpler—designed for easy use for freelancers and small businesses—while QuickBooks’ platform is designed to cover complex business needs and grow as your business grows.
- Wave also offers time-saving automations, such as recurring invoices, automatic billing, and receipt scanning.
- Wave is cloud-based, so you can securely access your accounting software and your financial information anywhere you are—whether you’re working in your pjs, or waiting for a meeting to start.
- Monitor your cash flow, stay organized, and stop sweating tax season.
- It can help you manage your bookkeeping, accounting and invoicing processes through a few internal integrations.
Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business. FreshBooks is an affordable option for freelancers and small service-based businesses that operate mostly on the go. Powerful, easy-to-use accounting software that has everything you need to confidently run your business. We built our payroll state of oregon tool for small business owners, so it’s easy to use AND teaches you as you go.
Wave Starter Plan
NerdWallet independently reviews accounting software products before determining our top picks. We collect the data for our software ratings from products’ public-facing websites and from company representatives. Information is gathered on a regular basis and reviewed by our editorial team for consistency and accuracy. Similar to other reputable cloud-based accounting software products, Wave encrypts the data you share with it and monitors its server facilities 24/7. FreshBooks has an excellent mobile app that allows you snap photos of receipts, send invoices and track mileage.
The lack of these features brought our score in this category to 3 out of 5 stars. Some features are also only available on the paid Wave Pro plan. Before you commit to accounting software, it’s in your best interest to shop around and compare all your options. Unlike QuickBooks and FreshBooks, Wave Accounting is completely free to use. It can allow you to manage all your accounting processes without paying a dime. It’s also intuitive so you don’t need to be an accountant to use it successfully.
The app offers a receipt scanning feature as well, but you have to pay a subscription fee to access it. There’s a fee involved with accepting online invoice payments, too. Customers can pay via credit card, bank payment or Apple Pay. It’s hard to beat free accounting software, especially if you’re running a small business on a budget. 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. Wave has recently updated its pricing model to now include a paid plan. Now, many standard features (such as automatic importing of bank transactions) are only available if you purchase a monthly or annual plan. Additionally, your cost may rise with add-ons like payroll, payment processing, or professional bookkeeping services. Wave Accounting gives you free unlimited invoices, users, expense and income tracking, credit and bank account connections, and more. It also offers multi-business management for no additional fee.