Enter some basic information about your understanding a bank’s balance sheet business’s accounting software needs and we’ll send you up to five personalized quotes for absolutely free. The offers that appear on the website are from software companies from which CRM.org receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all software companies or all available software companies offers. The customer support team is very responsive and helpful, according to most Wave accounting reviews.
Completely free-for-life accounting software plan
As of 2024, Wave has introduced a second paid plan that gives small businesses the option 10 ways to continue building your grant to scale up with Wave as they grow. If you have a question or issue, you can browse the help center or reach out to Mave, the automated chatbot. If you do want live support, you’ll need to invest in an Advisor or paid service.
The app has payroll functionality (the payroll suite starts at $20 per month) and lets you calculate taxes. The main difference between Wave accounting free and paid is that the latter provides access to additional features, such as Wave payroll, payments, and invoicing. With the free version of Wave, you can still do your bookkeeping and track expenses. Wave accounting integrates with bank accounts, and can accept credit card payments as well as online bank transfers to your business. You can also manage paying outside contractors, and send and manage receipts.
It requires no contract, features no hidden fees, and businesses don’t even need to use a credit card to get started. Like all product dashboards, the Wave dashboard gives you a good overview of business performance, along with options to connect a bank account or credit card. The Cash Flow graph provides a nice view of money coming in and going out for the last year, and there’s also a bar graph that breaks down expenses nicely, so you can see exactly where your money’s going.
Wave’s key accounting features
- The software has a clean and user-friendly interface that makes navigation simple.
- Check out our comparisons among these top three accounting software options to find the right fit for your business.
- Wave is a double-entry accounting website designed for freelancers, self-employed contractors, and small businesses.
- Some of the links on our site are from our partners who compensate us.
Wave’s free pricing structure gives the software its appeal, but users that have larger businesses and require more advanced accounting features may find QBO or Xero to be the better fit. There are several additional Wave products that you can purchase for your business. Wave Payroll has two options ranging from $20 – $40/month + $6/employee or contractor. Tax service payroll is available in 14 states, while self-service payroll is available in the remaining 36 states. Wave is cloud-based software that boasts a solid set of accounting features suitable for most small businesses. In our last review, we found these features especially appealing because they were all completely free with no artificial limits.
Wave has also added an insurance option, which allows you to obtain a quote for business insurance through Next Insurance. While this is a nice idea, it seems like the insurance option would be more at home under Integrations or Resources. Wave Accounting also uses double-entry accounting, which is much more accurate than basic single-entry accounting. Most accounting software use the double-entry system, though FreshBooks’ cheapest plan is a notable exception. We love that even though how to write a voided check for direct deposit Wave is free and freelance-focused, it doesn’t assume freelancers can afford to skimp on financial accuracy.
How Does Wave Compare with Other Providers?
Users are not able to assign estimates to projects or track income and expenses by project. Wave is a free invoicing software that helps small businesses keep track of their bookkeeping needs from one location. It is a user-friendly, intuitive platform even for those with no prior accounting experience. As a free service, it is a good option for freelancers, entrepreneurs and small business owners who would like to keep their overhead low.
How much does Wave accounting cost for nonprofits?
Finally, Wave’s billing, payment acceptance, and invoicing features all work together to ensure you get paid on time. In other words, Wave has many of the invoicing perks you get with invoice-heavy software like FreshBooks, but at no cost. However, Wave might not be the best choice for businesses that are looking to grow big, as there are no advanced plans available.
The article kicks off with Wave, but it includes reviews for nine other free bookkeeping programs that you might prefer. Of course, if you freelance, you don’t need to worry about running payroll either now or in the future. But for small-business owners who want to eventually expand their businesses and hire an employee or two (or more), just know that Wave doesn’t make it easy to add payroll software beyond its own. The greatest issue with Wave accounting support is that users who don’t pay for any premium features receive support in the form of self-service with assistance available in Wave Help Center and through the chatbot. Last but not least, Wave integrates with popular accounting software.
Users of Wave’s paid and free plans can both access receipt scanning, though only paid users can opt for free receipt scanning. In either case, Wave Accounting’s mobile app lets you capture unlimited receipts and import them in bulk in batches of up to 10 receipts. The fact that Wave lets users create and send unlimited invoices and receive payment straight from the invoices for free makes it perfect for freelancers. 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. We encourage you to research and compare multiple accounting software products before choosing one.