Wave is PCI Level-1 certified for handling credit card and bank account information. Transactions will appear in your bookkeeping automatically, 7 questions to ask before buying a business and you can say goodbye manual receipt entry. Track your income and expenses, easily and for free, with Wave’s accounting software.
All your invoicing and payment information automatically syncs with our free accounting software included with your account. Set up recurring invoices and automatic credit card payments for your repeat customers and stop chasing payments. Switch between automatic and manual billing whenever you want. Finally, Wave’s billing, payment acceptance, and invoicing features all work together to ensure you get paid on time.
- When everything is neatly where it belongs, tax time is simple.
- This influences which products we write about and where and how the product appears on a page.
- Check out our handy support article to learn how you can switch to using Wave’s payroll feature.
- It’s also missing an audit trail and third-party integrations.
- Customers can click a Pay Now button on invoices and pay instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay.
Wave’s invoicing is free and unlimited, with three customizable templates and a user-friendly interface, putting it on par with some of the best invoicing software solutions for small businesses. Other capabilities include recurring invoicing and the option to let repeat clients opt into automatic credit card billing. Strong invoicing feature competes with that of paid products; app lets users send invoices on the go; offers significantly fewer reports than competitors; no inventory tracking. Wave Accounting is ideal for micro businesses with less than 10 employees, contractors, freelancers and other service-based businesses on a budget. The free financial management software is user-friendly and equipped with all the basics, including income and expense tracking, bank connections, invoicing and reporting. Manually creating invoices in Microsoft Word or Excel can be time-consuming and difficult to manage.
Wave’s smart dashboard organizes your income, expenses, payments, and invoices. The transactions will appear in your bookkeeping automatically, and you can say goodbye to manual receipt entry. Wave is one-stop money management for small business owners. Allows an unlimited number of users, but is not complex enough for businesses with more than a handful of employees; ideal for very small service-based businesses, freelancers or contractors.
The app offers a receipt scanning feature as well, but you have to pay a subscription fee to access it. There’s a fee involved with accepting online invoice payments, too. Customers can pay via credit card, bank payment or Apple Pay. Electronic invoices are created with online invoicing software or other cloud-based services, which makes it easy to automate the invoicing process. Electronic invoices also provide small business owners with professional-looking digital invoices that their customers can pay easily online through a system like Wave’s online payments.
Invoice on the go
For information on credit card rates, visit Pricing for details. Wave also doesn’t have quite as many integrations as other paid (and more popular) accounting software options. Most importantly, it doesn’t sync with any third-party payroll providers. The right software helps business owners quickly categorize transactions and generate financial statements. These include cash flow reports, balance sheets, profit and loss statements, and expense breakdowns. When equipped with the right accounting software, you can do more than just basic bookkeeping.
We believe everyone should be able to make financial decisions with confidence. We totally get it—running payroll for your small business can seem like a daunting task, especially when you’ve got so much on your plate. That’s why a payroll software like Wave’s can help ease the burden of doing payroll on your own. We’ve also crafted a guide to small business payroll to help you navigate the process. A common issue when invoicing in Microsoft Word, Excel, or other DIY solutions is making calculation errors.
It’s also missing an audit trail and third-party integrations. In addition to its free services, Wave has software and services that do come with fees, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching. You don’t have to wait for a new quarter or year to start using payroll software—you can start running payroll at any time! And if you’re switching providers, you can make the transition easily by importing all the necessary forms and information in just a few minutes. Check out our handy support article to learn how you can switch to using Wave’s payroll feature.
Invoicing, payments, and banking all in one place that saves you time, gets you paid, and makes money management easy. 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.
Your data is always available, and backed up for extra peace of mind. Our (non-judgmental) team of bookkeeping, accounting, and payroll experts is standing by to coach you—or do the work for you. Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business. QuickBooks Online’s detailed reporting and transaction tracking is ideal for growing businesses.
Only integrates with in-house apps, like Wave Payments and Wave Payroll; does not integrate with card readers for in-person payments. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. Here is a list of our partners and here’s how we make money. Doing payroll manually involves confusing and time-consuming calculations. Not to mention the stress of worrying about making errors and winding up in a tax audit (yikes!).
Digital invoicing empowers your small business by automating invoice processing and saving time by tracking key invoice data like upcoming and outstanding invoices. You can also manage late payments more efficiently through e-invoicing by setting up payment reminders to send to your customers before an invoice due date. Your customers can pay the invoices you send them instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay. And by enabling Wave’s payments feature, you can accept credit cards and bank payments for as little as 1%2 per transaction and get paid out in as fast as 1-2 business days1.
Wave’s key accounting features
And its email-only customer support means users are largely on their own if they encounter an immediate problem. Once logged in, your main dashboard will show your cash flow, profit and loss, invoices, bills and other financial insights. From the dashboard (or the Banking menu on the left-hand side), you’ll be able to connect your bank and credit card accounts to automatically download and categorize your transactions. 1 Payouts are processed in 1-2 business days for credit card payments and 1-7 business days for bank payments.
Tools that help you make money moves
You can also set up recurring payments, auto-reminders, and deposit requests to make sure you always get paid on time. Know when an invoice is viewed, becomes due, or gets paid, so you can take the right actions to manage your cash flow. Set up invoice reminders to automatically email your customers when payment is due. With plans starting at $15 a month, FreshBooks is well-suited for freelancers, solopreneurs, and small-business owners alike.
FreshBooks has an excellent mobile app that allows you snap photos of receipts, send invoices and track mileage. While Wave has a lot to offer when it comes to invoicing, know that it’s still slightly less automated than some competitors. This isn’t necessarily a deal-breaker, but it might require a bit more bookkeeping work. Our payroll software is seamlessly connected with the rest of your Wave account to reduce the time you spend on manual bookkeeping. Sign up for a free Wave account and send your first invoice right away—it only takes a few minutes!