Wave Accounting Review 2025

However, Wave might not be the best choice for businesses that are looking to grow big, as there are no advanced plans available. In addition, Wave doesn’t have any dedicated time-tracking features, which can be an issue for some businesses. Another big advantage of the app is it’s straightforward to use. The software has a clean and user-friendly interface that makes navigation simple. Even if you’ve never used accounting software before, you’ll be able to figure out Wave with ease. There’s also a dedicated invoicing mobile app to keep you going on the go.

Includes income and expense tracking, as well as cash flow monitoring.

When everything is neatly where it belongs, tax time is simple. Wave’s smart dashboard organizes your income, expenses, payments, and invoices. 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.

Wave Accounting at a Glance

We weigh each section differently to calculate the total star rating. 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. This free, easy-to-use accounting software is great for small businesses, especially for eCommerce, but lacks in project management, budgeting, and inventory tracking.

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. Wave also offers time-saving automations, such as recurring invoices, automatic billing, and receipt scanning. I use Wave Accounting for a nonprofit Client which has neither large revenue nor transactions. I have them set-up in the free version as they do not require much in the way of accounting software bells and whistles.

What is the actual cost?

• See details about Atomic, in their Form CRS, Form ADV Part 2A and Privacy Policy.
• Below, we outline the best scenarios for using Wave Accounting and who should consider alternative solutions.
• You also use it to generate sales tax reports, aged receivables, and account transactions reports.
• Among other things, this means that the software has a chart of accounts and deals with debits and credits in the background.
• Wave Accounting is a free, cloud-based accounting platform exclusively for small businesse…

Information is gathered on a regular basis and reviewed by our editorial team for consistency and accuracy. 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).

Invoice Templates

It also allows you to easily organize and categorize your receipts, making them easier to find when searching. With the scanner built into the mobile app, you can easily scan up to 10 receipts at a time using OCR technology. The receipts are stored on wave bookkeeping reviews the cloud, which gives you peace of mind since they’re safe and can be accessed anytime. You can invite your accountants, bookkeepers or other business partners to Wave via email and designate their user roles.

Wave Accounting is a cloud-based financial management tool designed for small businesses and freelancers. It offers user-friendly features like invoicing, expense tracking, and financial reporting to streamline bookkeeping tasks. Wave Advisors is a paid plan that offers personalized help and support for people who are new to accounting or want to get the most out of Wave’s features. It is pretty expensive at $149 a month – other accounting services in our review cost half this amount and include a full suite of features. Wave’s Advisors plan includes coaching or support from bookkeeping, accounting, and payroll experts; tailored business advice; and year-round advisor access. The Accounting set, on the other hand, focuses on managing and tracking your finances.

Their free plan allows you to create customized invoices, send automated reminders, and enable various payment methods directly from your invoices. The accounting package also offers unlimited income and expense tracking, as well as unlimited partners, collaborators, or accountants. Still, Wave’s free plan offers a good set of features and could be suitable for sole proprietors or smaller businesses with basic accounting needs.

Small business owners must wear multiple hats to operate their businesses. Managing the books to keep track of cash flow and other important information is a necessity of running a business. Wave offers customer support only in the form of email and live chat. There is no phone support available, which might be an issue for some users. Most users are very satisfied with the features they get entirely for free.

One of the standout features of Wave Accounting is that it is completely free. Small business owners can access robust accounting tools without any hidden costs. This includes tracking income and expenses, managing cash flow, and organizing financial data for tax season. The user-friendly dashboard makes it easy to navigate and stay on top of your finances.

Additionally, your cost may rise with add-ons like payroll, payment processing, or professional bookkeeping services. Wave offers unlimited income and expense tracking capabilities, which is almost unheard of for free accountancy software. Businesses can link their bank accounts to the platform, import bank statements, and add expenses manually. Wave even lets you categorize transactions in bulk as well as merge duplicate transactions, allowing you to streamline the process.

• Other similar programs lacked some of the capabilities that Wave offers.
• For both packages, there is an additional $6 fee per active employee or independent contractor paid.
• I have them set-up in the free version as they do not require much in the way of accounting software bells and whistles.
• Wave Accounting has free accounting tools that allow you to bank, invoice, and use accounting features to run your business.
• There is no phone support available, which might be an issue for some users.

These are designed to cover the essential needs of small business owners. It offers instant payouts, automatic bookkeeping, and cash-back rewards. Create custom categories that align with your unique business needs. Enhance your invoicing and receipt management by adding notes and attachments for easy reference. Do you have trouble handling tax-related or payroll processes? Wave Accounting’s payroll and tax management function gives you a seamless process.

Invoices can be made quickly and easily, even by those without accounting experience, thanks to the intuitive design. We did the research, and it seems there are no Wave accounting coupon codes or discount vouchers at this time. Jessica Pereira helps SaaS and digital marketing brands build long-lasting customer relationships with meaningful content. Her favorite topics include career development, productivity, and email marketing. For instance, you can add logos, images, attachments, and notes.