The motto of Wave Apps is “easy, fast, truly free”. Wave Apps allows small business owners to connect bank accounts, sync expenses, balance books and prepare for tax season. It is a complete, all-in-one online accounting software program with the ability to replace an entire accounting staff.
While initially designed as software for freelancers, the success of Wave Apps has made it a worthwhile program for small business owners as well. Best of all, the online accounting software is free to use.
- Free online accounting software program with payments and payroll the only features of Wave Apps that can incur fees.
- Easy to create invoices and manage all types of transactions.
- Deal with multiple different currencies and handle payroll tasks (at small additional charge).
- Fast setup with little knowledge of accounting required to operate software.
- No mobile app for accounting on the go.
- Lacks any real-time tracking for projects or payroll.
Wave Apps operates with the promise of being simple, reliable and secure. Its objective is to provide a simplified, free version of accounting for very small businesses with a tight budget. There are more sophisticated programs like QuickBooks, yet that is not affordable for all types of startups.
Wave Apps is accessible with an internet connection at any time, though no comprehensive mobile app for the online accounting currently exists. Users may manage their cash flow through a variety of methods. The free reports present month to month, as well as year to year comparison to help get an idea of cash flow trends.
Like any good online accounting provider, Wave Apps also makes tax filing much less of a hassle. Taxes are a major buzzkill for most small businesses yet Wave Apps can assist with organizing income, expenses, payments, and invoices saving you a ton of tax prep as April rolls around.
In addition to tax prep, other accounting tasks may be delegated among other members of the small business with multiple users. You can even assign certain access privileges based on what the accounts can access, like only income but no expenses, invoices but not payments, etc. Overall, the accessibility of Wave Apps is incredible. It is very easy to understand, and helps walk entrepreneurs through aspects of accounting they may have not previously been familiar with.
There is no fancy jargon or sophisticated terms you need an accounting degree to comprehend. Wave Apps only takes a few minutes to setup an account before diving into its features. The double-entry accounting software is just like the pros use, so this isn’t just a basic type of accounting software either. Your data is also backup which is reassuring.
Reports are downloaded automatically and include everything profit and loss statements, to sales tax results, balance sheets and more efficiency reports.
For no extra charge, Wave Apps can sync unlimited bank and credit cards. PayPal, Shoeboxed and Etsy are all supported by Wave Apps. Invoicing is customizable and receipts can be scanned in to help with organization and tax prep. Bills and invoice reminders are automatically set up into your Wave Apps experience.
Dealing with sales tax is a hassle. Wave Apps can customize as well as automatically log sales tax. The online accounting software also accepts payments in a foreign currency, and features an automatic exchange rate calculator. Transactions can also be journaled and updated to reflect the most recent numbers.
Far and away the best feature of Wave Apps is the cost. It’s free. Yes, no strings attached. Wave Apps is free to install and all of the features are included. There is no trial period or limited features until you enroll in the paid version.
The only cost you will pay is for the payment and payroll features. If you require them, charges will mount based on the number of pay stubs or payments needed. Still, even if you do spend a little it is difficult to incur more than $10 to $20 per month.
Is Wave Apps appropriate for small business?
Most products that are advertised come with strings attached. However, Wave Apps presents no small print. Free is free. So if you are looking for a straightforward, simple to use online accounting software, but cannot afford the high cost of QuickBooks or FreshBooks, then you might have found the best option.
There are a few minor flaws with Wave Apps like no dedicated project or time tracking, along with no mobile app, but for the most part the number of features and ability to make your small business run smoother at no additional cost in impossible to ignore. All freelancers or very small businesses need to at least have Wave Apps for their accounting. Period.