Wave Software

Wave Software

Unfortunately, you can’t import previous invoices into Wave. You CAN import bank transactions, however, which should serve your purposes; that way, the only invoices you need to enter in Wave are the open ones. – The website looks good and easy to make invoices but getting them paid. I have used Wave accounting for over a year.

Do you feel that accountants will be familiar with it and able to work with it?? I’d hate to go for it only to find out down the line that it wouldn’t work for them. You can switch from Wave to QuickBooks Online by exporting your data from Wave and importing it into QuickBooks Online. Read our fullQuickBooks OnlineandWavereviews for more information.

In the five or so years that we’ve been following Wave, the software has grown from 1 million users to over 3.5 million users. Put your wallet away, you won’t need to enter in any credit card ever, unless you want to use our payroll service. Just create your account and get started for free.

Last week, I suddenly found I could no longer issue invoices and receipts with Wave. I wrote to them, it has been 3 working days and no response. Today it worked again and coincidentally, I also received another email from Justcloud asking if they have permission to delete my data.

What annoys me is their lame transfer – only on business days! Means that you receive a payment on Thursday and it is being transferred to your account on Accounting service Tuesday late evening.This is a point where they do not seem to be able to move their a$$. It is true that Wave does charge a 1% fee for all ACH payments.

Accounting will always be an essential service for small businesses. I was even thinking of hiring an accountant but these services may do just as well. Reviewers at Trustradius gave Wave an average 7.8 rating out of 10. Reviewers state that the payroll module is helpful, saving the reviewer considerable time since the process is automated.

Wave only allows you to transfer money via their dedicated smartphone application, available for both Apple and Android phones. Customers in the US, the UK and Canada can send money, and current receiving countries include Ghana, Kenya, Nigeria, Tanzania and Uganda. Although the range of sending and receiving countries is limited, Wave are planning to introduce money transfer services to more countries as the company grows. The company’s payment to the credit card company will result in a credit to the company’s Cash account. However, the debit portion of the payment entry depends on whether the individual credit card purchases had been previously recorded in the company’s general ledger accounts.

There were also several comments about the “Journal” feature and the ability to add specialized transactions. Bookstime Services features high levels of security and strong encryption. The company is rated as a Level 1 PCI service provider and follows all security best practices laid out by the PCI standards. Generating revenue is the main aim of your business, and that means invoicing customers.

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This guide will teach you how to set prices, send professional invoices, accept payments, and protect yourself from unpaid invoices and payment scams. Truly understand and manage your income and expenses. Track everything and connect to other Wave products such as payroll, payments, and invoicing. Everything is automated and in one perfect package.

Accounting Method

If a company purchases additional goods or services on credit (as opposed to paying with cash), the company will need to credit Accounts Payable so that the credit balance will increase accordingly. I own a coffee shop and am in my first year, so $50 per month for QB plus another $50 for payroll when I don’t really need invoicing or the in-depth reports QB supports is a lot of money for me. Hi Chelsea, I am a consulting teacher starting up my own business. I have no employees, no inventory and am only “selling” my services to schools. It seems like Wave might work for me, and be at the right price point for a new business.

As far as I know, there is no way of avoiding this fee except by switching to another program that does not charge ACH fees like QuickBooks Self-Employed. Looks good on the surface but it’s glitchy and unreliable. The people (if you can manage to actually talk to anyone) are nice enough, but they’re totally useless besides telling you to clear your cache and cookies.

Thankfully, I was still testing when I discovered this and can go back to quickbooks before it was too late. Both product and reviewers are lacking on this one. I’ve been using it for less than 1 month and had 8 days where it would not connect to my bank, therefore unable to do any ACCOUNTING. Very frustrated and looking for alternatives. Have you heard of the free accounting software that is making waves in the accounting industry?

I have emailed Justcloud asking for clarification. Wave is a good one to look at, https://quick-bookkeeping.net/ and based on what you’ve told me, it’s the first one I’d recommend you check out.

  • A great deal of finding the right fit depends on the size of the company, the income flow, level of experience of the individual completing the accounting duties, and company budget.
  • I was told by Wave Tech Support that the large amount brought up questions.
  • That being said, Clio isn’t accounting software, so I’d recommend using Clio as well as one of its accounting integrations.
  • Invoicing is great and a quick way to collect money from clients.

If you run each business type as a separate business, it’s easy. You’ll just need to set them up as separate businesses in Wave. You can easily move transactions from any bank account to a different business or to your personal account, thus giving you the company/personal financial tracking you need. Thank you for your insightful and comprehensive review. I have been using Wave for the last few months with only a couple of glitches.

wave accounting

He told me they would get them processed after I had to kick and scream. 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. I am now told that is not even slated for THIS year.

I wish I could give you a simple answer, but the truth is, there’s not one across-the-board “best” program for all small businesses in the situation you describe. Depending on the type of business you’re starting and your needs/budget, Wave or FreeAgent might be a good choice for you. If you have needs which neither of those programs meets, check out Xero, Zoho Books, and/or QuickBooks Online.

But I can’t believe that the reviewers don’t even note that Wave does not support cash based accounting, just accrual. Yes, they have a cash flow report – that is an accrual based tool that you can use to manual calculate cash basis. This is so fundamental, it never occurred to me to really check before starting.

I could go on and on but simply put, this ‘free’ software can end up costing you a lot in time and potential business. If you’re logged into your account on the mobile app it should sync automatically. But there are two different Wave apps, Invoice by Wave and Receipts by Wave, so if you only downloaded the Receipts one, that could account for the issue. You may need to contact Wave’s customer support to see if you are logged in correctly, as they’d be able to help fix the issue.

Others liked the automatic card transaction download, saving time on data entry into the general ledger. Additionally, reviews felt that the invoicing options were easy to use and that dashboards were easy to read. Generally speaking, people really like the suite of tools Wave accounting provides as it gives a good basis for running a business.

Am generally happy with what it offers as it meets my small business needs. However, with Wave, I also received quite a few emails from Justcloud asking me to sign up for their $1 deal for data backup or risk having my data wiped out. I had no idea how this come about and if the data specifically refers to my business data with Wave.

Easily understand and manage your income and expenses. Everything is automated and in a single package. Accounting that’s seamlessly integrated with invoicing, receipt scanning, payment processing, and payroll. Our Certified QuickBooks Experts who will manage the export, cleaning, and import data from Wave to QuickBooks.

However, the ads lock up both of my computers (Macs). I feel I have no choice but to switch to QuickBooks. Been using it since years, and seen the gradual improvements. It’s a great tool for freelancers with the usual pricing.

However, reviewers did point out that the built in reporting leaves something to be desired. They wanted a way to customize reports and get more detailed information out of the app.

With Wave, you can amend, customize, and style invoices to reflect your brand and present a professional image. It was wonderfully easy to use, the invoices looked professional and payment processing features were handy.

Bad news is the software doesn’t support cash basis accounting–so you’ll need to handle that part manually at year-end. If your finances are pretty simple, then that shouldn’t be too hard.

Easy to use, but you get what you pay for…and then again, maybe not even that. I pay for a tax service that has been screwed up more times than they’ve gotten it right. Now I find out that I was promised W2’s would be generated by 1/31. Here it is 2/2/16 and they still have not been done. I call to speak to a manager who could basically care less.

You can send money from your US, UK or Canadian debit cards to Ghana, Kenya, Uganda or Tanzania. You can use Wave anywhere in the world, but your bank account must be based in the US, UK or Canada at present. Wave started in 2014 and since then it has provided money transfer services for over 100,000 customers. This makes Wave a leading currency exchange provider for East and West Africa. Wave, with a website at (part of a business called Chime Inc.) should not be confused with Wave Money, with a website at — they are separate businesses.