For small businesses any larger than that, however, Wave is limited. Unlike competitors, Wave doesn’t offer many advanced features to increase the software’s functionality. It’s also missing an receipts by wave on the app store audit trail and third-party integrations.
Tax service payroll is available in 14 states, while self-service payroll is available in the remaining 36 states. NerdWallet independently reviews accounting software products before determining our top picks. We collect the data for our software ratings from products’ public-facing websites and from company representatives. Information is gathered on a regular basis and reviewed by our editorial team for consistency and accuracy. Similar to other reputable cloud-based accounting software products, Wave encrypts the data you share with it and monitors its server facilities 24/7.
Organized and stress-free small business accounting
- Xero also doesn’t support multiple businesses, so pricing can add up quickly for some users.
- Wave offers a decent number of support resources to customers, but the response times can be slow.
- Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services.
- We collect the data for our software ratings from products’ public-facing websites and from company representatives.
Can manage multiple businesses for free under one account; lacks project tracking tools, industry-specific reports and transaction tracking tags. This app is super helpful, the main issue I have while using it is the lag. When inputting information the character count for it is super slow/delayed to where it forces me to stay on a certain page until it registers that information has been inputted. After inputting information and trying to click done at the bottom it will not register unless I swipe the keyboard away. The import from contacts button does not work at all and the layout to get to customers invoice is great after learning where it is.
Wave Accounting at a Glance
However, there are a few features the software is still group purchase websites lacking. There’s no project management and limited time tracking, which rules the software out for a lot of businesses. Some automations are also only available on Wave’s paid plan.
Best Accounting Software for Small Businesses of 2024
Yes, Wave’s accounting software does automatic double-entry bookkeeping. This accounting process generates two entries for every financial transaction. Wave holds its own against two of its biggest competitors, QuickBooks Online and Xero. 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. With Wave, you have access to expense tracking, bank reconciliation, and reporting to help you manage your finances. Wave also has some of the most appealing invoices on the market.
Not being able to see intuit payment network fees or input the expenses unless I pay for the quick receipt plan in app is kind of a bummer. I’m glad the option is still available online and the system works great and the amount of different charts available is super helpful. Create beautiful invoices, accept online payments, and make accounting easy—all in one place. 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. Wave Accounting also uses double-entry accounting, which is much more accurate than basic single-entry accounting.
The financial management software is user-friendly and equipped with all the basics, including income and expense tracking, invoicing and reporting. You can effectively analyze the financial health of your business, find ways to generate more profit, and move forward with your business plan. When rating accounting and invoicing software, we use a 47-point rubric that looks at pricing, ease of use, features, customer service, and user reviews. We weigh each section differently to calculate the total star rating. Wave Accounting offers free software, meaning you won’t need to submit a credit card or payment information to use it.
There’s no live support unless you pay for it so you’ll have to dig for the answers to your questions in the help center or cross your fingers that the automated chatbot will help you out. Moreover, you can integrate QuickBooks with hundreds of third-party tools available in the app marketplace. There are also add-on Intuit services like QuickBooks Payroll or QuickBooks Time. Only integrates with in-house apps, like Wave Payments and Wave Payroll; does not integrate with card readers for in-person payments. We provide different levels of support, depending on the plan and/or the add-on features you choose. Our (non-judgmental) team of bookkeeping, accounting, and payroll experts is standing by to coach you—or do the work for you.