In addition, Wave allows you to manage multiple businesses on one free account and uses double-entry accounting, which is ideal for accountants and tax time. Wave Accounting’s Starter plan is free and its Pro plan, which includes more features, is $16 per month. Regardless of which you choose, you will have to pay processing fees to accept invoice payments online.

You can effectively analyze the financial health of your business, find ways to generate more profit, and move forward with your business plan. Create beautiful invoices, accept online payments, and make accounting easy—all in one place—with Wave’s suite of money management tools. Wave’s Starter plan still offers the basic features businesses with simple accounting needs can use to manage their finances.

Wave Accounting Review 2024: Pros, Cons, Alternatives

While the free plan still exists, a paid plan is now available. Wave uses 256-bit transport layer security (TLS) encryption for data security, and all accounting data are stored in servers monitored 24/7. The Wave Advisor program is an in-house bookkeeping, accounting, and tax service from Wave. The advisors are trained employees of Wave who will assist you with your bookkeeping needs. Unfortunately, you can’t create a recurring transaction directly from the bill, which is something you can do in other software like QuickBooks. You also can’t create recurring expenses and create and send purchase orders.

Accounting software to keep you organized

Reports are important for managers, owners, and decision-makers. The software must have enough reports that can be generated with a few clicks. Moreover, we’d also like to see customization options to enable users to generate reports based on what they want to see. Businesses with inventory items should choose accounting software that can track inventory costs, manage cost of goods sold (COGS), and monitor inventory units. This section focuses more on first-time setup and software settings. Even after initial setup, the software must also let users modify information like company name, address, entity type, house banking scandal fiscal year-end, and other company information.

We built our Payroll tool for small business owners, so it’s easy to use AND teaches you as you go. Our money management tools are easy to use separately and more powerful together. Our money management tools are easyto use separately and more powerfultogether.

Is Wave Easy To Use?

Be your own accountant, thanks to Wave’s automated features, low cost, and simple interface. We went to user review websites to read first-hand reviews from actual software users. This user review score helps us give more credit to software products that deliver a consistent service to their understanding variable cost vs. fixed cost customers.

If your business needs these features or automations, check out these top Wave alternatives to fully explore your accounting software options. 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. Wave improved its software and has addressed many customer complaints in its latest redesign, including adding 1099 payroll support, duplicate transaction management, and cash-basis accounting.

1. This isn’t necessarily a deal-breaker, but it might require a bit more bookkeeping work.
2. Wave has recently updated its pricing model to now include a paid plan.
3. Our partners cannot pay us to guarantee favorable reviews of their products or services.
4. It also has a paid version that you’ll need if you want to connect your bank account, have multiple users, scan receipts, plus a few other nice features.
5. When rating accounting and invoicing software, we use a 47-point rubric that looks at pricing, ease of use, features, customer service, and user reviews.
6. Pricing is transparent, there are a decent number of add-ons, and even the paid plan is pretty affordable.

Connecting your accounts

Monitor your cash flow, stay organized, and stop sweating tax season. We also took our expert’s view into accounting when calculating our star ratings. Let us know how well the content on this page solved your problem today.

Pricing is transparent, there are a decent number of add-ons, and even the paid plan is pretty affordable. These factors contributed to our rating of 4.4/5 for Wave’s pricing and fees. Wave is easy to use and has a low learning curve, whether you’re in the free or paid version. The interface is clean and not overwhelming, and you can easily find your way around. The dashboard includes shortcut buttons so that you can easily create new transactions, like bills, estimates, long-term assets definition and meaning and invoices. Even if you don’t have accounting experience, you can familiarize yourself with the features of Wave in less than a week.