Unlike QuickBooks and FreshBooks, Wave Accounting is completely free to use. It can allow you to manage all your accounting processes without paying a dime. It’s also intuitive so you don’t need to be an accountant to use it successfully.

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. With Wave, you’ll be able to send unlimited, customized invoices to your customers, manage an unlimited number of expenses and track unlimited receipts through its receipt scanning and capture feature. If Wave isn’t a good fit for you, read through our article on the year’s best free accounting software.

Wave also doesn’t have quite as many integrations as other paid (and more popular) accounting software options. components of the income statement Most importantly, it doesn’t sync with any third-party payroll providers. With Wave’s free plan, users can accept online ACH payments for a standard transaction fee of 1%.

While the free plan still exists, a paid plan is now available. Today’s leading accounting platforms offer standard security features, such as data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. You can invite your accountants, bookkeepers or other business partners to Wave via email and designate their user roles. They can receive “editor permissions” and access accounting and reports as well as purchases easily.

Is Wave Right for You or Your Business?

For a free software program, Wave boasts an impressive, robust feature set that rivals even some paid accounting software programs. Finally, if you need extra help with your bookkeeping, accounting, or taxes, Wave Advisors is a service you can add to your account. This option is great for business owners who are new to accounting or want to outsource bookkeeping and/or tax filing. Wave’s accounting software is built for small business owners. Be debits and credits your own accountant, thanks to Wave’s automated features, low cost, and simple interface.

Wave Accounting Review 2024: Pros, Cons, Alternatives

Give your customers the option of paying with one click using a credit card, bank transfer, or Apple Pay. Yes, switching from other accounting apps or products to Wave is easy! See our step-by-step guide on how to import bookkeeping data into Wave here. Transactions will appear in your bookkeeping automatically, and you’ll say goodbye to manual receipt entry. At Business.org, our research is meant to offer general product and service recommendations.

Is Wave Accounting safe?

1. Its invoicing and online payment acceptance features can help you get paid while its reporting and money management tools ensure you stay on track for tax season and future business growth.
2. We love that even though Wave is free and freelance-focused, it doesn’t assume freelancers can afford to skimp on financial accuracy.
3. Merchant Maverick’s ratings are not influenced by affiliate partnerships.

Wave’s stored bank data relies on 256-bit encryption, and Wave states that its servers are both physically and virtually secured. Wave Accounting imposes fewer limits than most of its competitors on everything from users to vendors. For instance, Xero’s cheapest plan limits users to sending 20 invoices a month, while FreshBooks’ cheapest plan limits users to invoicing only five clients a month. With Wave, you can send an unlimited number of invoices to an unlimited number of clients each month. Before you commit to accounting software, it’s in your best interest to shop around and compare all your options.

Limited customer service

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. 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. Of course, if you freelance, you don’t need to worry capital market meaning about running payroll either now or in the future.