The traditional way of preparing financial statements has always been a time-consuming and error-prone process, with accounting professionals recording a dizzying amount of information on the books regularly. This concern led to the adoption of SaaS accounting platforms worldwide, lending credence to an impressive valuation of global accounting software at $12.01 billion in 2019.
Wave enters the picture by providing an accounting software that streamlines the tedious manual process. At the same time, it also simplifies the generation and management of invoices and receipts. The software’s interface is simple and straightforward, thus, reducing the likelihood of errors.
This begs the question, “How much does Wave cost?” It’s absolutely free. In this article, we will explain Wave’s pricing plans, along with their respective inclusions. You will gain a better view of how the software can shorten process times in accounting and simplify the creation of receipts and invoices.
For companies with some knowledge of automation, they are to likely migrate their financials over to the electronic spreadsheets readily provided by their desktops or Google.
While using Excel or Google Sheets is convenient, it poses a number of pain points. Some of the disadvantages of relying on spreadsheets for business include the complexity of formulas used, difficulties in auditing, security issues, and the confusion surrounding the large number of spreadsheets needed.
Furthermore, multiple users can access and edit information at any given time on shared spreadsheets, thus, tracking down those who committed errors can be challenging. There is also the added process of communicating with those who erred to verify transactional information.
An accounting program like Wave does away with the aforementioned concerns. It breaks down the accounting process, handling each milestone with simplified procedures until error-free financial statements are produced on time.
Wave is a free, full-featured business platform that streamlines the entire accounting process, from inputting data to preparing a succession of financial statements with ease. It also carries invoicing solutions and a receipt scanner to further boost operational efficiency. The software was ideally made for small businesses, start-ups, consultants, and freelancers.
Wave is easy to navigate with its clean and straightforward dashboard, which neatly displays all of its functions. Information surrounding a business’ sales transactions, purchases, banking, tax information, and payroll can be viewed, monitored, and edited on the tables provided. Accompanying the financials are reports and charts that indicate one’s cash flow, profits, and losses.
Detailed Wave Review
Detailed Wave Review
Wave affords the space to accommodate several organizations in one account and also allows an unlimited number of users to use the accounting platform.
Producing professional-looking receipts and invoices is made easy by the software, coupled with functions for monitoring and managing invoices and receipts. The system also allows users to accept credit card payments.
Wave offers integrations with popular apps like Paypal, Mailchimp, Etsy, Hubspot, and Google Sheets. It also has a native app for iOS and Android users.
Being a free app, Wave may be limited to simple accounting processes. If you want an app that is still budget-friendly but can scale to your expected complex requirements in the near future, you can check out FreshBooks.
In using Wave, companies can keep their operational costs down. With the exception of payroll services, which merit a $20 monthly charge, the platform is absolutely free and takes in an unlimited number of collaborators or accountants. It has three main interconnected functionalities—the free accounting software, free invoice manager, and the free receipt scanner.
Wave’s accounting tools are packed with useful features that can foster efficiency in a company’s accounting process, regardless of which industry it belongs to.
Wave simplifies cash flow monitoring by assigning specific sections and tables for a company’s different types of transactions. These include sales, purchases, salaries, and bank transactions. The online accounting software has a built-in tax calculator so users can always record deductibles accurately.
As for the preparation of financial statements, Wave has adopted the double-entry system in which two accounts are involved in every transaction.
For instance, a business subscribed to a new online platform for $100. The stated value is added under the “Technology Expense” of an income statement and deducted from the “Cash” column of a balance sheet. Wave makes this process easy since the financial statements are interlinked, thus, reducing the amount of information needed to be recorded manually.
Credence to Financials
Since financial statements are accompanied by reports, Wave’s dashboard supplies charts and tables that support a company’s financial reports. Found in these charts are historical data reflective of the company’s cash flow, profits, and losses. Also, the function displays the credit cards and bank accounts used by the company.
Wave is generous in its inclusions as there are no limits to the number of collaborators who can use the system. The same goes for the bank and credit card connections that can be entered. Even business owners who run several companies can use the application for all their businesses with no charge unless they avail of Wave’s payroll services, which come with a $20 monthly fee. First-time users can read through accounting software tips online to make the migration process easy.
Wave’s invoicing functionality centers on the quick and flexible creation of invoices, which can be customized to suit a business’ white label needs.
Wave’s invoicing platform allows agile businesses to create invoices at any given moment, whether via desktop or mobile app. This works wonders for sales teams on the go as they can update the entries in real-time when making purchases.
Sales teams can personalize the invoices to reflect an organization’s branding initiatives, such as the inclusion of logos and company color schemes. The columns are adjustable to meet a company’s aesthetic standards. Meanwhile, accountants can organize entries by dragging and dropping lines of information from one table to another.
Avoid Payment Delays
Wave ensures that businesses are on top of their receivables by adding an instant notification feature. The platform sends reminders when an invoice has been viewed, has lapsed, or payments have been sent. It also emails reminders automatically to clients so that they never miss their payment deadlines.
Tax computations are a source of headaches for accountants. Wave’s built-in calculator simplifies this procedure. Accountants get to assign values that reflect sales tax or any tax that the company’s transactions are subjected to. In doing so, the calculator will automatically compute for tax on the virtual ledger.
Wave accepts bank and credit card payments and offers automatic payments for recurring invoices.
Sending and storing receipts are made simple with Wave’s scanner, with the receipts stored in a user’s Wave account.
Wave’s receipt scanner isn’t reliant on the internet to function so businesses can scan receipts anytime and anywhere with the use of their mobile devices. Storing scanned receipts isn’t a problem either if there’s no internet, as the receipts are kept under the Wave user’s account, which will then be updated when he goes online.
Furthermore, if there are loose receipts on an accountant’s email, he can send them to Wave at email@example.com so they can be added to his account.
Wave complements its accounting, invoice, receipts functionalities by offering a payroll platform that automatically syncs with the features above. In the Transactions page, accountants can add payroll runs, which account for salaries, taxes, tax reimbursements, and bonuses. The journal reflects them as company liabilities.
Managers and business owners can also use this function to settle their dues with employees. For companies that prefer to pay by check, they can link Wave a bank account in which the transactions will be labeled as payroll liabilities. Meanwhile, businesses that don’t like the idea of linking their bank accounts can manually record payroll transactions using Wave Payroll.
The use of Wave Payroll entails a monthly charge of $20.
Wave’s free plan is beneficial for any type of business coming from any kind of industry, given the importance of accounting in every business setting. Whether you’re a start-up, a small business, a consultant, or a freelancer, you can generate financial statements and monitor every transaction with ease by using the software.
Since Wave’s accounting, invoice, and receipt tools come at no cost; you can try them out and see how much they improve your accounting workflow compared to using spreadsheets. Wave integrates with Google Sheets, so you can easily migrate your existing financials to the software. You can also improve your business’ rate of collections by leveraging instant payment notifications and automatic email reminders.
As far as Wave Payroll is concerned, the service streamlines the payroll process, with the entries syncing with Wave’s accounting platform. This works best for start-ups and small businesses, especially those who have yet to automate their payroll systems. The organization and efficiency imparted by the online accounting platform will readily improve the flow of financial information inbound, outbound, and within the company.
If you’re still unsure about whether you should automate your accounting workflow, there’s already a significant increase in the acceptance rate of online accounting applications. Don’t get left behind.
FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. Please note, that FinancesOnline lists all vendors, we’re not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions.