Wave Payments Review 2024: Pros, Cons, Alternatives

Wave is designed specifically for small business owners to use, no matter what kind of bookkeeping background they come from. The software supports multiple companies and offers personal accounting as well. The checkout feature is one-of-a-kind and a great addition for business owners who need to charge multiple customers quickly. Wave is cloud-based software that boasts a solid set of accounting features suitable for most small businesses. These features are especially appealing when you consider that Wave is absolutely free.

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• However, some features are noticeably missing, such as project management and budgeting, that are found with paid software options such as QuickBooks Online.
• However, we do suggest checking out Wave accounting alternatives, as they may provide the same features but for a slightly more affordable price.
• B2B & SaaS market analyst and senior writer for FinancesOnline.
• You can create customizable invoices and monitor their payments.

Even though Wave’s greatest advantage is that it can be used free of charge, prospective customers that need its premium features could probably save more elsewhere. Wave accounting is a cloud-based accounting website designed for freelancers, self-employed contractors, small business entrepreneurs, and startup owners. Wave is best known for two things—its free version and ease of use.

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Employees can use self-service accounts to view pay stubs, updated information and access tax forms. Wave does not integrate with QuickBooks, but if you want to connect QuickBooks and Wave you can use Zapier as a solution. You can import Wave data into QuickBooks Online if you are switching accounting software without needing a Zapier integration. Wave offers a limited number of integrations, although it does support a much-needed Zapier integration, which connects Wave with 1,000+ add-ons.

It’s very easy to use; it has all the features you’d need. You can also reconcile your accounts, up automatic payments, and track your invoices. In addition, the receipt scanning feature allows you to attach an image to each invoice. Of course, if you freelance, you don’t need to worry about running payroll either now or in the future. Wave’s inventory management feature is very basic, so if you’re a product-based business, you should consider alternatives like QuickBooks Online or Xero.

Wave Payroll reviews

For businesses that carry inventory, QuickBooks Online offers strong inventory tracking that alerts users when the inventory gets low. While Wave offers a basic inventory feature, it does not track stock within the software. While Wave is free to use, it doesn’t offer multiple plans to increase its functionality.

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Our team will migrate your account, onboard your team, and walk you through the most important features you need. Stay compliant with UK legislation and get access to advanced features that will make daily accounting and bookkeeping a breeze. Move over to FreshBooks and we’ll take care of migrating your data.

Accounts Payable

The drawback of just offering one plan is that it limits room for growth. That’s not the case with Wave—it provides one plan with an unlimited number of users, invoices, credit card connections and reports for free. While users never pay a monthly fee, they will have to pay a credit card processing fee of 2.9% plus 30 cents per transaction if they use wk 4 liabilities of an auditor ppt Wave to process credit card payments. This fee can vary depending on the type of card the customer uses. Wave allows you to search transactions, design accounting reports and reconcile data across other Wave products. Plus, you can calculate sales tax automatically, customize payment terms and enjoy access to easy-to-understand cash flow insights.

Wave earned high marks for general features because of its good usability rating. It’s fast to set up a new account, and it’s simple to add business information, such as company name, type of business, address, and contact details. We’ve developed an internal case study to evaluate accounting software across 13 different categories based on a common set of facts and functions. The graph below shows how Wave scores across each category compared with two of its competitors, Zoho Books and QuickBooks Online Plus. We provide a detailed explanation of the scores in the Features section. FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions.

We chose Wave over other products based on the reviews and the easy process of setting up our business. In 3+ years I don't think I've had to contact support once, nor have I ever considered switching to other tools. It is one of the few software tools I use regularly where I am happy to open it, and I'm happy to give them their percentage. Always simple and smooth, and exceptional bang for the buck. Not only would I recommend Wave to freelancers and small businesses, I have recommended it. The customer support team is very responsive and helpful, according to most Wave accounting reviews.

Alternatives to Wave Payments

Wave keeps up to date records so you’ll always have the info you need for filing – or sharing with your accountant. Monitor your cash flow, stay organized, and stop sweating tax season. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.