WAVE – The Best Free Accounting Software for Your Business [Review]

Review of: Wave Accounting

Reviewed by:
On April 20, 2018
Last modified:April 20, 2018


Every business need a well organised method to manage accounting, invoicing, payments and payroll. These are the most important metrics of any business which need to be properly handled in order to run a business properly. And, you can’t manage them using MS Word, MS Excel or One Note programs. They can handle mild financing tasks but you can’t seriously consider using these office tools permanently because they lack so many tools which make your bookkeeping task very complex.

In fact, there comes separate software to manage accounts, create & send invoices, track payments, payroll and many other financial data. But, installing so many different tools will not only require more cash but will also make it tough for you to manage these accounting details and you’ll also miss out of the integration features which might come with a software which can handle all of these task under one interface.

That’s why I am here to tell you about Wave accounting software. The software can handle accounting, invoicing, payments, payroll and other financial transactions such as recurring billing, automatic payments & receipt generation under one single screen, provide lots of important tools to make your calculation, analytics & reporting easier and the best thing about this software is that – it is totally free.

Once you start using it, Wave accounting software will become the most important and powerful software tool for your business. Many small businesses use it and for any for any factor that the software is covering, they never needed to use any other software as Wave accounting software provides more than enough tools to handle them.

Features of Wave

Featured as an essential business tool on INC. Bloomberg, Forbes, CNBC, selected as PCMAG Editor’s Choice, appreciated well and got thousands of 5 star reviews in many business & software review sites, Wave accounting software has become a must-have for online or offline business. Lets go through the software’s features to know how much useful each of them really are.

Accounting using Wave App

So, what accounting is really meant for? To track your income & expense, understand your business & be ready for the tax time, right? Accounting using the Wave app will allow you to do all these things even if you are a non-accountant businessperson because there is no jargon, just simple & easy-to-use software which can be used by anyone.

  • Wave customizes your software instantly with the recommended settings so you don’t need to setup every technical bit
  • It connects your bank accounts, paypal and credit cards and all the transactions from them appear within seconds.
  • The built-in invoicing system automatically updated invoice status in your book
  • Snap pic of your receipt and it will automatically turn into complete accounting transaction
  • Automatically generate account reports: P&L, sales tax report and more
  • Guest collaboration for your accountants or business partner

customizable dashboard, personalized reporting via spreadsheets, graphs & charts, automatic exchange rate calculations, automatic data backup, cloud access, bill and invoice reminders and much more.

Invoicing through Wave App

Wave App allows you to create beautiful, professional, and highly customizable invoices, estimates and reports easily. You can change color, font, add elements, media, fields and much more. Generating invoices is just the beginning, Wave track status of your invoice, facilitate you to implement recurring billing, send automatic reminders to your customers, provide the feature to accept through all major credit cards and save customers’ credit card information for future billing.

All the invoicing and transaction details will be automatically synced so you don’t need to perform manual bookkeeping. Invoicing, accounting, billing and payroll, everything is interconnected in Wave app. So, everything is instantly updated whenever any transaction happens.

Payments & Payroll

Wave makes it easy to accept payments via credit cards, paypal and bank transfer. The credit card payments will take around 2 days while bank transfers can take anywhere between 2 to 7 days. However, whenever the payment is received, Wave App will automatically update it in to your book and update invoices so that you’ll always have track of your payments.

Setting payroll with Wave comes up with various benefits which you’d otherwise miss. Wave make approving payroll a task of just two clicks. It ensures that your payroll meet government regulations to avoid penalties. Wave handles vacations, bonuses and other benefits calculations. Wherever you live or run your business in US, payroll tax service can automatically pay and file your state and federal payroll taxes.

Other Features

The features list doesn’t end just here. Wave accounting software is providing several other features to help you properly manage your business:

  • Put recurring billing payment cycle for repeated customers
  • Scan receipt right from your phone and convert it to proper transaction in double-entry accounting format.
  • Lending money and getting funding for your business become a bit more easier with Wave app. It allows you to keep all the record of lending money and keep the data updated as more funds are received or paid.
  • Wave enforce highest level of security to your data and for bank authentication, it uses only 256 bit encryption and asks for only read access to get reports from your bank account
  • Cloud backup and access to manage your Wave account from any device
  • 100% free software with no hidden fee

Wave works everywhere! It is helping small businesses from more than 180 countries across the globe and is intelligently handling multi-currency transactions, hundreds of international bank connections and regional sales tax/VAT. I recommend you to create your free account on WAVE app and start using it for your business right now.

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After working 5 years as a Software Analyst in reputed MNC, Rebecca decided to settle down and work from home. Having an expertise in business & being a life motivator, she loves to share similar stuff on our website by the means of her articles.