Wave Financial: Financial Software for Small Businesses

All in all, Wave has lost my praises and word-of-mouth. I used to refer all new business owners to Wave, but now I warn them from using it. Wave is one of the best accounting software options out there, especially for freelancers and small businesses. The biggest advantage Wave has over its competitors is that it offers basic features for free, which other platforms charge for. The only services you pay for are payroll and credit card payments.

I recently joined thinking I might like this merchant better than some of the few others I tried but boy I was wrong. 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. Oh and their customer service is poor so good lucky for any newbie just beware. This app is what my company was looking for to complement Quickbooks. I’ve been using Wave for about two years and have had no issues.

Decide which of your invoices will allow online payments

It’s nice to have my accountant able to log in and go to work.So, if I like it so much, why did I only give it 3 stars? Wave Apps has no Stripe Integration for accounts based in the United States. If / when this integration happens I will gladly give 5 stars.

• See invoice summaries, tap into business reports, receive payment notifications and more using our highly-rated, free mobile app, available on iOS and Android.
• Every report template in Wave is optimized to look clean and to be easy to understand, even for people who are not used to seeing these reports.
• Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption.
• Wave uses Plaid to set up connections to financial institutions, and it works like it does on other sites.
• The software supports multiple companies and offers personal accounting as well.

Wave doesn’t offer inventory tracking, but neither do other competitors at the sole proprietor level. Independent contractors who need this would have to use a more advanced application like Xero. Wave’s free status is a strong selling point for freelancers and other very small businesses, for whom every dollar matters.

I had a terrible experience with this…

If you’re a freelancer or a business owner who only needs a simple but reliable accounting platform, we urge you to try Wave. You have nothing to lose, especially as almost all of its features are free. The best thing about Wave is that the software grant accounting is free. This makes Wave an ideal accounting and invoicing tool for small startups, freelancing professionals, and consultants. The software comes with a very clean and friendly dashboard, where everything you need is within a click of a mouse.

For what everything is, I am satisfied with the support offered. If you are a business that receives payments by check over $10,000 then you cannot deposit the checks into your Wave banking account. I assume this policy may be in place because Wave wants you to use their online payment system instead, in order for them to collect large fees for large payments you receive.

ZERO CARE OR CONCERN – DO NOT USE THIS COMPANY

The software supports multiple companies and offers personal accounting as well. The checkout feature is one-of-a-kind and a great addition for business owners who need to charge multiple customers quickly. With Wave, you have access to expense tracking, bank reconciliation, and reporting to help you manage your finances. Wave also has some of the most appealing invoices on the market.

When you create a new bill, you can pick a vendor from your list or add a new one. Just as with invoices, you can add items from your “services and products” list or create a new item. When you’re done, click the “save” button and you’ll go back to the “bills” page. Creating bills is much simpler than creating invoices, as you don’t have to send them to your vendors.

Money is typically deposited into accounts within two business days and all payments are recorded to have you set when tax season rolls around. Note that you will pay credit card processing fees on all applicable transactions. While its limitations do not make it an ideal solution for every business, Wave is a particularly appealing option for freelancers who are just starting out. Wave’s optional paid features include online payment processing, payroll software, and access to personalized bookkeeping services and coaching through Wave Advisors. If you’re interested in using payroll software, you can start a free 30-day trial when you sign up for Wave.

Enjoy customers paying you 3X faster when you enable online payments

These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. Simplicity doesn’t always translate into ease of use. Less scalable products are typically simpler, but diminished functionality can cause headaches down the road for growing businesses.

The “sales tax” report helps you assemble the taxes collected from your sales and paid on purchases. The “payroll and wage” report helps you monitor the money spent on your employees’ wages and taxes. Wave has a clean interface, and the amount of information displayed is just right, especially for people who are not familiar with accounting. You can quickly access everything from the navigation bar on the left side of your window. The one thing the navigation bar lacks is a quick-add button, which you can only find on the dashboard.

The Final Verdict: Is Wave Worth It?

The layout is clean and easy to understand, and there is a clear flow for each of Wave’s features. Once you’ve created a customer record, Wave creates a page for it with content divided into three sections. The first tab opens a screen containing contact information. It also provides totals for what the customer has paid over the last 12 months and what is unpaid.

I HATE Quickbooks, but I may have no choice but to go back to it. The advisor I spoke with today was very nice and sympathetic, and he said he would send a ticket over, but that he didn’t think support would be able to help me with my bank connection issue. Very disappointed in this product and upset that I have wasted so much time. I started using Waveapps in April to utilize their invoicing feature aswell as accepting payments. I used their software to send one invoice, and once the cusomter paid, the money was depositied in my account. I was not given any notice regarding this, once it was done, they emailed me.

With limitations on Xero’s lowest-tier plans, users will have to upgrade to a more expensive option to take advantage of everything the software has to offer. Xero also doesn’t support multiple businesses, so pricing can add up quickly for some users. And it’s worth noting that while Xero has more features, the software also has a steeper learning curve than Wave. To sign up with Wave, you need to enter your email address plus the name and category of your business.

• All in all, Wave has lost my praises and word-of-mouth.
• Monitor your cash flow, stay organized, and stop sweating tax season.
• Many or all of the products featured here are from our partners who compensate us.
• You can enjoy features such as unlimited income and expenses tracking, digital receipt upload and transaction management and access its invoice mobile app at no cost.
• It’s also missing an audit trail and third-party integrations.

One was more of a mistake and the customer acknowledged this but the chargeback could not be reversed but we simply refunded the money. The next chargeback was by a customer who simply used our services for about 6 weeks and abruptly chose to end using the services despite our repeated attempts to assist him. We provided documentation of our providing services as promised, as well as proof of the terms of service the customer agreed to. The chargeback is now in dispute.Since our business expenses are paid by revenue received, this chargeback has put our bank account into overdraft.