Wave Review

January 6, 2020

Wave Review

Whereas, as mentioned above, Wave only offers one option—email support for all software including invoicing, accounting and receipt scanning. You can lose a lot of time troubleshooting and hoping for a quick email response from the company.

Luckily for the user, accounting software is consistent and reliable—including when it comes to pricing. We recently reviewed this piece to make sure none of the prices or offers have changed (they haven’t) and that our rankings are the same (they are). We still think Xero gives users the most value with its unlimited users and comparatively affordable plans.

Business Continuity

Wave Accounting

Bank connections are available to businesses in the US and Canada. Please log into your Wave account to view this content or learn how to upload bank or credit card statements.

You can manage invoices; accept credit and debit card payments; track miles, income, and expenses; and run financial reports. FreshBooks offers four pricing tiers to choose from. The Lite plan for $15 per month works well for small businesses with five or fewer clients. The most popular plan, FreshBooks Plus, comes in at $25 per month and allows you to bill up to 50 clients. Extra features in this plan include setting up automatic payment reminders, charging late fees, and scheduling recurring invoices.

I have some of my clients from micro-business or freelancers so I am suggesting them to use Wave because it almost satisfy all their requirements except one or two but we can manage them on our own. Most cloud-based programs only do one or the other, unfortunately. So far as I know, Wave is your only option on that score. Xero used to offer personal accounting, but they scrapped that recently (not enough demand to justify the cost of providing it). Both Wave and Xero make it very easy to download any data you want to get out, if you’re switching programs.

Zoho Invoice would be a free alternative that might meet your needs if you don’t need full double-entry accounting capabilities and have fewer than 26 clients. They don’t have square https://simple-accounting.org/ integration, so no pulling employees timesheets. I was okay with that hoping that Wave will implement it eventually. But struggling with the direct deposit killed all my patience.

When I followed up 3 weeks later they sent me a link to try the process again and after 2 days replied that they cannot enable it for me. After another email they just refused provide any details saying for security reasons they cannot say Wave Accounting why. Request to escalate was ignored and according to Wave support there is no escalation process. Wave positions itself as a free cloudbased software, but it is not! You pay for the Payroll functionality and don’t get much in return.

Manage and Maximize Money

Recently, we updated this page to reflect a few changes in QuickBooks’ pricing. QuickBooks’ Self-Employed plan now costs $15 a month, not $10. QuickBooks Online also completely overhauled its payroll plans; however, the payroll update hasn’t yet hit the QuickBooks accounting add-on page, where the old payroll pricing is still being advertised. We’ll keep an eye on the situation and let you know as soon as QuickBooks updates the site.

If this happens, it means that you won’t have the information you need to build balance sheets at important times, like tax season. And coming across unbalanced books during tax time is a nightmare that could really hurt your business. Read our articles 5 Ways Bookkeeping Eliminates Stress and Why Creative Businesses Should Hire a Bookkeeper. Users and more businesses need to begin looking away from QuickBooks and begin exploring other QuickBooks alternative that has proven themselves over time to be a good QuickBooks alternative.

Did you know that cash flow problems are one of the top reasons small businesses fail? 1 An investment in the right accounting software could keep your business going year after year.

The page just wouldn’t come up and it took some time for support to fix it. I went through ID check process and assumed that was it. A week later the page was still saying stay tuned… Another email….

Already got our taxes prepped and money filling the account again. Wave is good Cloud-based accounting software for the account and small business but not for large businesses. We use this for Payroll and Bookkeeping services and it works well. Wave does offer payroll, but the software isn’t scalable enough for larger businesses, as it doesn’t support multiple users. Best of all, though, the software easily automates all of those processes, letting you dedicate more time to your business and customers and less time to the tedious task of data entry.

The Best Small-Business Accounting Software of 2020

We’ve explored reviews of Wave from across the web to get an idea of how the product is used and rated. Wave also has a dedicated section on their website called Wave University. It contains lots of useful information and support guides to make financially managing your business easier and talks you through exactly how to use the app.

Training is offered live online as well as through webinar format. Support is available online during business hours. And yes you can totally delete your paypal buttons so you don’t have to keep updating them all the time and just use the “send money” option. You can also import data from other applications using the Import Data option in QuickBooks Online and a CSV file or a Microsoft Excel file, and if you get stuck, you can access help from any screen.

  • This cloud-based, full-featured accounting software offers affordable plans with time-saving features, award-winning customer support, and options for unlimited users.
  • It would be nice if they provided the ability to tweak the spacing.
  • On the downside, and this can be a big one, you are not able to properly close a period.
  • The software manages invoices, accounts payable and receivable, as well as employee expenses and some payroll features.
  • Unfortunately, without knowing all the details of your situation, I can’t give you a definite recommendation; there are a lot of factors involved.
  • Customers in the US, the UK and Canada can send money, and current receiving countries include Ghana, Kenya, Nigeria, Tanzania and Uganda.

Then they said they couldn’t mail them out and I would have to print them and mail or invite my employees to join WAVE to retrieve it themselves…even after it was WAVE’s fault they weren’t generated. I have also been promised over a year ago that they would be incorporating 1099 contractors this year. All of a sudden, the beta program for that has disappeared with no further communication.

Since its beginning, QuickBooks products have been designed with the small business owner in mind, and QuickBooks Online is no different. Trying to decide between Wave and QuickBooks Online? Software experts at the Blueprint take an in depth look at these 2 options, including pros, cons, features and more.

It automatically tracks your banking information and credit and debit card purchases, lets you set automatic customer payment reminders, creates recurring expense profiles, and automates inventory tracking too. Wave’s 100% free accounting software is reason enough for us to recommend this product for small businesses. There are no hidden costs, setup fees, customer support fees, or any other surprise expenses. It’s important to note that Wave software has some crucial limitations, especially compared to QuickBooks Online. Wave doesn’t track inventory—one of the reasons why we recommend this product for service-based small businesses.

How to send money from the Wave Money app

Unfortunately the invoice you end up with is very cartoonish and not something I would ever allow a client to sign (or much less see). Before implementing this in the field it seemed to be a decent product, just not for me and what we do out in the field. Unfortunately going back to handwritten work tickets to be signed then re-generated as an invoice later in my office with Quickbooks.

In the meantime, if you plan to sign up for QuickBooks accounting and payroll, take to your sales agent about what payroll pricing you can expect. The Essentials plan for $40 per month supports multiple users and includes bill management, time tracking, and an accounts payable feature. And QuickBooks Online Plus for $70 per month offers the same features as the lower-tiered plans, plus inventory tracking. FreshBooks’ cloud-based software comes with time-saving features for small-business owners. It nabbed the top spot in our book for one-person startups and customers who need only invoicing capabilities rather than a complete accounting software solution.

A 1% transaction fee is charged for ACH transfers, though QuickBooks Online caps its fee at $10. Wave includes complete invoice customization capability, as seen above, so you can add your logo as well as your company’s accent color to any invoice you create. Wave also includes a variety of templates you can use, or take a few minutes to create a new, custom template.

Just take your time to learn the tool, ask questions and do a solid comparison to others before you centralize accounting around it – moving platforms is a pain – so think it through. With Kashoo software, you can create and send invoices, track your expenses, set up credit card payments, and generate basic financial reports. It has robust customer service and promises to always connect you with a real human via phone, email, and chat. Wave makes money from financial services that make running your business faster. We offer payroll services in Canada and the U.S. at a super affordable price.

Wave charges a fee for accepting credit and debit payments for invoices. The cost is 2.9% of the transaction amount plus a flat fee of 30 cents.

Wave’s newly redesigned UI is well organized and easy to use. The only downside is https://simple-accounting.org/wave-accounting-review/ that there’s no back button, but navigating the software is still pretty simple.

This app has great potential but it is not ready for the public. They withhold funds be informed sent through from customers. This company called Wave seems to be a complete rip off.

Wave Accounting

However, just because they’re easier to use doesn’t mean product support is unimportant. Like Wave, QuickBooks Online can track and manage your income and expenses, import receipt images, accept online payments, and connect your banking information.

Did our due diligence sending in supporting documents. Again without notice they have been holding all payouts forcing us to operate on reserves. This type of action/service is not a luxury small business can afford. We’ve since starting using Quickbooks with real people to talk to.

If this is too large of an amount of money for Wave to handle, then what are they going to do when bigger companies have larger amounts… tuck their tails and run??? So we answered the questions and they declined us. And if you noticed, I have been saying Tech Support, NOT Customer Service because they do not have Customer Service. So I tried to call their Corp HQ in Toronto, you cannot get an operator, all you get is a recording.

The Simple Start, Essentials, and Plus plans offer self-service payroll as an add-on for $35 per month plus $4 per employee per month. Users can also add Full Service Payroll, which includes automatic tax filing, for $80 per month plus $4 per employee.

Our independent review of Wave Money Transfer

It was good while it lasted, before their system made my data unusable. They really tried to be helpful, I chatted with several friendly people online, all of whom were unable to resolve my issues. They were unable to refer me to a WaveApps specialist in my area. Ultimately their solution was to offer me one of their bookkeepers at a cost of $3000 to fix the problem they created. The core software was pricey and I could have easily used Word and Excel and if I wanted a ‘free’ option.

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