This means you’ll have to solve your own issues using the available help center, or the Wave Accounting chatbot, Mave. In today’s Wave Accounting software review, we’re going to be exploring all of the key features and capabilities of a top solution for business accounting. It’s no secret that keeping track of business finances can be a complex process.

  • If remote access to your accounting data is critical for your business, you’re going to need a more advanced accounting application that will have a subscription fee.
  • Once you’ve created a customer record, Wave creates a page for it with content divided into three sections.
  • A list of recent and upcoming payments appears, and a link in the upper right corner says Pay Out Now.

Wave Accounting has a ‘great’ User Satisfaction Rating of 88% when considering 2602 user reviews from 5 recognized software review sites. Wave offers accrual-basis accounting only, not cash-basis accounting. If you need a payment processor or you need a software that will handle all of your financials, I recommend this one.

Customer Support

Wave’s customer support resources and new Wave Advisor services make it easy for people with limited accounting experience to learn the software. It’s also great for Etsy shop owners and other eCommerce businesses using Wix, Squarespace, or WordPress. If Wave sounds like it might be a good fit for your business, give it a try! That said, there are still quite a few areas where Wave could stand improvement. There’s no project management feature, limited time tracking, limited inventory, and poor mobile apps. Despite these drawbacks, Wave is still the best free accounting software out there.

waveapps review

As mentioned, you only pay if you add payments and payroll, both of which are optional. Credit card processing costs 2.9% plus 60 cents per transaction, and a little more than that for American Express (3.4% plus 60 cents per transaction). Bank payments (ACH) are charged 1% per transaction with a $1 minimum fee. I run a three person operation, so just enough to make accounting more complicated than a spreadsheet I create myself.

Software Categories

Record templates for customers and vendors only contain fields for basic details about each in Wave. You can import customer and vendor data via CSV files or as Google Contacts. It doesn’t take long, since customer and vendor records only contain fields for extended contact information. There are more, specialized fields if you designate a vendor as a 1099 contractor, however.

The platform is broken down into five suites of financial tools. You can create customizable invoices and monitor their payments. Wave Payments is an add-on payment processing service that allows your business to accept credit cards, debit cards, and ACH payments.

Is Wave Right For You?

It charges $35 for self-service states like California, Florida, New York, Texas, Illinois, and Washington. It charges higher for these states because it automatically transfers tax payments and files necessary paperwork in these states. The other 44 states are self-service states, which requires the user to file taxes and paperwork by him or herself. The base cost for the self-service states is $20per month and it charges an additional $4 per month per employee or contractor. Like other apps, it also offers receipt scanning to help organize business transactions. This is very useful especially when it comes to business meals and entertainment deductions.

  • Then I revive an email saying I am no longer allowed to use their payment processor “effective immediately, decisions are final” with ZERO reasons.All because a customer made a mistake.
  • This app is the worse, I set up my account, prepare and send an invoice expecting an AH payment that I configured on the Wave App.
  • Wave Accounting does a lot for the price—but it can’t do everything.
  • Everything was fine after I requested my second then on the day I’m expecting payout not earlier they randomly email me that they suddenly hold the funds ask me a bunch of silly questions.
  • Regarding running payroll, both solutions offer add-on modules that incur an additional monthly fee.
  • If the customer accepts the estimate, it can be easily converted to an invoice.

If you’re a small business owner in search of free, cloud-based accounting software, Wave Accounting is worth considering. This is particularly true if you don’t have much accounting experience and would like an easy-to-use, fully functional tool. It’s one of the only truly free options on the market and can allow you to manage your accounting processes in one convenient place.