Wave Accounting Reviews & Pricing

Key Features

• Link Accounts and Credit Cards: Connect an unlimited amount of bank accounts and credit cards. Users may supervise multiple businesses with one account. 
• Smooth Integrations: Integrate Shopify transactions and link with PayPal, Shoeboxed and Etsy accounts. 
• Intricate Dashboards: Elaborate dashboards that display cash balances, invoice statuses, incomes, expenses and payments. This accessory also provides bill and invoice reminders. 
• Export Various Reports: Export a variety of accounting reports such as profit and loss, sales tax, cash flow, comparative and others. 
• Automatic Updates: Receive prompt updates and reminders on invoices, payments and payroll details. 
• Evaluate High Volumes of Transactions: Process a bulk amount of transactions to ensure rapid bookkeeping practices. Users can also perform and accept transactions in foreign currencies and search for transactions based on descriptions. 
• Double-Entry Accounting: Operate with double-entry accounting—a method that chronicles transactions in two or more accounts — that performs prompt exchange rate calculations and has a flexible sales tax module. 
• Adaptable Expense and Income Categories: Use account IDs to create adjustable expense and income categories, sometimes called chart of accounts. There's also an unlimited income and expense tracking accessory. 

Approach to Common Challenges

• Managing expenses: Wave's expense tracking feature allows you to easily categorize and track expenses, generate reports, and even scan receipts directly into the app for simplified record-keeping.
• Creating and sending invoices: Wave's invoicing tool makes it simple to create professional-looking invoices, send them to clients, and track payments. It even integrates with payment processing to accept online payments.
• Paying bills: Wave's bill pay feature helps you stay on top of bill payments by scheduling them in advance and tracking their status. You can also connect your bank account to make payments directly from Wave.
• Reconciling bank statements: Wave's bank reconciliation feature automates the process of matching transactions between your bank account and Wave's records, saving you time and ensuring accuracy.
• Tracking income and expenses: Wave's income and expense reports provide valuable insights into your business's financial performance, helping you make informed decisions about budgeting and spending.
• Managing payroll: While not included in the free plan, Wave's optional payroll feature simplifies the process of running payroll, including calculating wages, taxes, and deductions, and filing payroll taxes.

Cost Of Ownership

• Q: What features are included in the free plan?
  A: Wave's free plan includes core accounting features like invoicing, expense tracking, bank reconciliation, and income/expense reports. However, it lacks advanced features like payroll, double-entry accounting, and integrations with other software.
• Q: How much does Wave's payroll feature cost?
  A: Wave's payroll pricing is based on a monthly base fee plus a per-employee fee. The cost varies depending on the state you're in, with a typical range of $20-$40 per month for the base fee and $4-$6 per employee.
• Q: Are there any other paid features or services offered by Wave?
  A: Yes, Wave offers additional paid features like payment processing (2.9% + $0.60 per transaction), bookkeeping services, and tax advisory services. These services can be added on an as-needed basis for businesses seeking a more comprehensive financial solution.

Limitations

•  Can't properly close accounting periods.  
•  Can't make partial payments on invoices. 
•  It's difficult to create and send estimates from the mobile app. 
•  Doesn't automatically categorize deposits. 

Suite Support

FAQ

• Q: How does Wave handle payroll taxes?
  A: Wave calculates and files payroll taxes automatically, including federal, state, and local taxes. Users pay a per-employee processing fee, and Wave integrates with Gusto for advanced payroll features like direct deposit and employee self-service. This is crucial for accurate and timely tax compliance.
• Q: Can Wave connect to my bank accounts?
  A: Wave securely connects to over 15,000 banks and financial institutions for automatic transaction imports. This saves time on manual data entry and ensures accurate bookkeeping. Users can categorize transactions with a few clicks, making reconciliation a breeze.
• Q: Does Wave track expenses and income on the go?
  A: Wave's mobile app allows users to capture receipts, track mileage, and log expenses on the go. This simplifies expense tracking and eliminates the need for paper receipts. By staying organized, users avoid missing deductions and gain better control over cash flow.
• Q: Can Wave handle inventory and sales orders?
  A: While Wave offers basic inventory tracking, it doesn't support full-fledged inventory management or sales order processing. This might limit its suitability for businesses with complex inventory needs or those selling directly through eCommerce platforms.
• Q: Does Wave offer customer support?
  A: Wave provides free email and phone support during business hours. They also have a comprehensive online knowledge base and a vibrant community forum. This ensures users have access to help and guidance whenever needed.