Wave’s invoicing is free and unlimited, with customizable templates and a user-friendly interface, putting it on par with some of the best invoicing software solutions for small businesses. Pro plan capabilities include recurring invoicing and the option to let repeat clients opt into automatic credit card billing. Since Wave only has one accounting plan, though, it’s not perfect for business owners who want to add accounting features as they grow. And its email-only customer support means users are largely on their own if they encounter an immediate problem.
Wave Accounting pricing and plans
Wave uses optical character recognition (OCR) technology payment and expense: what's the difference to read photos of expense receipts you take with a smartphone and (sometimes) turn them into categorized transactions. You can choose from three templates and insert a logo, but more customization options would be welcome. You can make them recurring, save them as PDFs, and view them as the customer would on both a desktop browser and a mobile screen. Xero Early is a dollar cheaper (starting at $15 per month), but it places a limit on invoices. You can get full-featured accounting with no limits through Patriot Software Accounting ($20 to $30 per month).
The drawback of just offering one plan is that it limits room for growth. While other software solutions have a premium plan that provides advanced features for growing businesses, Wave does not provide more advanced accounting plan options outside of its one free plan. One of Wave’s most popular invoicing features is the ability to create user-friendly customizable templates. Not only can you customize the invoices to fit your brand, but you can also set up recurring invoices and automate credit card payments for repeat customers. Once invoices have been sent, you can easily track the status of each invoice to see if they are viewed, unpaid or Overdue. All payment information automatically syncs with the free Wave Accounting software included in your service, making accounting easy.
Wave Accounting
Plus, you can calculate sales tax automatically, customize payment terms and enjoy access to easy-to-understand cash flow insights. It also features a well-laid-out, clutter-free dashboard with individual tabs for sales, purchases, accounting, banking, payroll and reports. Wave Accounting’s Starter plan is free and its Pro plan, how to prepare a post closing trial balance which includes more features, is $16 per month. Regardless of which you choose, you will have to pay processing fees to accept invoice payments online. Wave also offers paid products for payroll, coaching and mobile receipt scanning. It’s hard to beat free accounting software, especially if you’re running a small business on a budget.
Service or project-based businesses should choose accounting software that can track project costs, revenues, and profits. The software must have tools to track time, record billable hours or expenses, send invoices for progress billings, or monitor project progress and performance. Wave Invoicing is ideal for freelancers, entrepreneurs or small businesses. The fact that it is free makes it a great option for those just starting out or those who want to keep their overhead as low as possible. If you’re a startup, micro-business or sole proprietor who doesn’t want to invest in accounting software but needs to keep track of your finances, Wave Accounting is a great option.
How is Wave different than QuickBooks?
On the other hand, QBO only supports up to 25 users on its most expensive plan. Additionally, QuickBooks does not have a free plan like Wave, with prices starting at $35/month. An additional fee applies for filing your taxes through this integration, which includes an automatic import of Wave data into H&R Block. At the time of our last review, we noted that Wave “has always been and always will be free,” and that the company planned to maintain this pricing structure following its acquisition by H&R Block. Wave uses 256-bit transport layer security (TLS) encryption for data security, and all accounting data are stored in servers monitored 24/7. The Wave Advisor program is an in-house bookkeeping, accounting, and tax service from Wave.
It lacks some of the useful features you may find in other accounting software, such as project management, time tracking and inventory management. In addition, Wave’s mobile app lets you send invoices and track payments on the go. The app offers a receipt scanning feature as well, but you have to pay a subscription fee to access it. Wave Accounting gives you free unlimited invoices, users, expense and income tracking, credit and bank account connections, and more. We also ensure that the software offers most standard accounting features and reports, awarding higher rankings to those that provide advanced services, like tax filing. Like Wave, QuickBooks Online is easy-to-use, cloud-based accounting software.
- It also has a new company wizard to walk you through the setup process and that prompts you for the basic information needed.
- Wave also offers time-saving automations, such as recurring invoices, automatic billing, and receipt scanning.
- Depending on your subscription, you can snap a photo of your expense receipt and upload it to Wave through the mobile app.
- PCMag.com is a leading authority on technology, delivering lab-based, independent reviews of the latest products and services.
At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services. With plans starting at $15 a month, FreshBooks is well-suited for freelancers, solopreneurs, and small-business owners alike. Enter some basic information about your business's accounting software needs and we'll send you up to five personalized quotes for absolutely free. Until recently, Wave was best-known for its completely free accounting solution.
Wave supports double-entry accounting, which should make accountants happy. Among other things, this means that the software has a chart of accounts and deals with debits and credits in the background. It helps automate account reconciliation so you can square away your balance in Wave with your bank and credit card statements. This makes it easier to find duplicate, incorrect, and missing transactions. Yes, Wave’s accounting software does marginal cost of production definition automatic double-entry bookkeeping.
