When I use Wave, I do miss a built-in time-tracking feature. I could easily use the drag-and-drop tool to customize invoices with my logo and brand colors. The interface is clean and I could quickly add client details, save products or services and generate professional invoices in minutes. Here’s a closer look at the key features and how they perform in practice. Learn how to cancel your subscription in our Help Center. The cancellation of your subscription will take effect at the end of the billing period in which you cancel.

Is it easy to cancel for any reason after I subscribe?

Its professional-grade invoicing feature is fully integrated with your bookkeeping. This ensures your records are accurate, and all incoming payments are properly documented. After signing up, you’ll enter your business information and configure your account settings. When you’re running a small business, keeping your financial records in check is critical to your success. Its user-friendly interface and extensive set of features make it an excellent tool for managing your business finances with ease.

Can I set different account privileges for employees or my accountant?

You can also remove them as a collaborator at any time. You can do this by opening your account settings and inviting them as a collaborator with secure, limited-access permissions. Yes, you can easily invite your accountant or bookkeeper to collaborate on your account. Both plans come with the ability to run payroll or hire a bookkeeper. However, I do not like that users of the free plan do not have access to chat or email support.

• Though not perfect, Wave’s accounts payable features are well above average.
• The Wave app is the mobile companion to your desktop experience, helping you keep tabs on your biz— anytime, anywhere.
• Transactions will appear in your bookkeeping automatically, and you’ll say goodbye to manual receipt entry.
• Wave Accounting includes invoice reminder templates as well as standard invoices.
• In fact, with a research score of 4.7/5, QuickBooks is our top-ranked accountancy software for small businesses.

Once the deal is sealed, convert estimates into invoices in seconds. Or even better, with our Pro Plan, safely hand off your books to your accountant by adding them as a limited user. Connect to your bank with read-only and 256-bit encryption. You work hard to make your business a success—that’s why Wave uses both physical and digital protection to keep your money safe.

Payments

It’s easy to set up an account and get started! As a self-employed professional, your flexibility is a huge advantage, so you need financial processes that are as flexible as you are. Let Wave help you manage your finances so you can focus on building your business. “The app is great for writing estimates and invoices. You can mark invoices paid on the spot, so your records are instantly up to date.

Once your account is ready, you can begin linking your bank accounts to automate the importing of transactions. These include selecting your business type, fiscal year, tax settings, and adding your logo for personalized invoices. It keeps bookkeeping simple with built-in invoicing, expense tracking and payment tools but skips the complexity that larger systems add. I see the Pro plan as worth the cost the 6 best accounting software for nonprofits of 2021 for anyone managing regular clients or payments. The payment usually posts to your account in one to two business days.

How to file self-employment taxes in Canada — 2025 guide

Due to a perfect score for accounts receivable features and a custom bill-scanning app, our research shows that Wave’s toolkit isn’t too far behind the costly alternatives either. Wave bookkeeping is an excellent choice for small business owners looking for a free, easy-to-use solution for managing their finances. Additionally, while Wave’s bookkeeping features are free, payroll and payment processing incur extra costs. You can connect it with payment systems like PayPal or Stripe for additional payment options, and it offers API access for more custom integrations with your existing business software. Wave’s payment processing lets you accept credit card and bank payments online, meaning faster payments and better cash flow management. Income from sales, client payments, or other sources is categorized, making it easier to keep tabs on how your business is performing.

Wave offers accrual-basis accounting only, not cash-basis accounting. In other words, Wave has many of the invoicing perks you get with invoice-heavy software like FreshBooks, but at no cost. Wave Accounting also uses double-entry accounting, which is much more accurate than basic single-entry accounting. Working alongside our team of independent in-house researchers, we consider a huge variety of metrics when reviewing the top accountancy software and award each provider a mark out of 10 in each sub-category. Basic accounting functionality for free Excellent help and support features, including dedicated on all plans and 24/7 support and training on Advanced plan

• Let Wave help you manage your finances so you can focus on building your business.
• Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption.
• Give your clients the convenient option to pay you online by credit card or bank payments through your Wave invoices.
• For even more value, upgrade to the Pro Plan to spend less time on manual transaction entry with unlimited bank and credit card connections.

Does Wave use double-entry or single-entry bookkeeping?

Wave’s sales reports even let users view paid and unpaid income per customer, which separates its reporting features from the competition. Wave Accounting includes invoice reminder templates as well as standard invoices. According to our researchers, the platform is head-to-head with our accountancy frontrunners, QuickBooks and Xero. Wave Pro costs $16 per month or $170 per year, and includes a few extra perks on top of all the free features we’ve listed above. In addition to these permanently free tools, Wave offers an additional paid plan.

Complete Guide to Wave Bookkeeping for Small Businesses

“When I signed up with Wave it was a no brainer. It’s been one of the best decisions I’ve made when it comes to making sure my accounting is on point.” Wave is PCI Level-1 certified for handling credit card and amortization expense formula bank account information. When everything is neatly where it belongs, tax time is simple.

QuickBooks

Send invoices to clients, get paid, and manage your books, all in one convenient platform. See our step-by-step guide on how to invite collaborators to your Wave account. “Great app for writing estimates and invoices. Your business is unique, and every job is different—create custom categories for gas, equipment, rentals, uniforms, or whatever keeps your business running. You can even set up recurring invoices for repeat rebate adjustment sample clauses clients!

Our robust small business accounting reports are easy to use and show month-to-month or year-to-year comparisons so you can easily identify cash flow trends. Button-up your bookkeeping to make tax time suck less. With a Pro Plan subscription, you can connect your bank account with Wave and automatically import your transactions.

Stay organized and never lose a receipt

Email exported financial statements and reports to your accountant directly from Wave. You’ll have all the information you need to ensure you don’t miss out on any tax incentives that could grow your business, minimize taxes, and help you keep more of your money. Access your books at home or on-the-go, track business-related expenses like travel and office supplies, and set up the systems you need to take control of your cash flow and keep more of your money. You love the lifestyle that comes with being self-employed, but you may not love the complicated accounting responsibilities that come with it. Not all financial institutions are supported so we can’t guarantee that you will be able to connect an account. Following the offer period, your account will automatically be charged at the listed monthly price until you cancel your subscription.

Plus, our features are designed to work together, meaning less to worry about. Our invoicing process would be lost without it! “Wave makes your life a whole lot easier and takes that worry off you. I’ve tried Quickbooks—it’s a bit more complicated and technical, and takes more time to set up.”

Easily track your income and expenses and stay organized
and accurate. Maxim Liberty Bookkeeping Services has been providing professional virtual bookkeeping services since 2005. Wave also has a receipt scanning app, which allows you to digitize paper receipts and automatically attach them to the corresponding transaction in your account.

How long does Wave take to pay out?

Wave provides an easy way to track your income by syncing transactions from your bank accounts or manually entering them. For small businesses, expense tracking is crucial to understanding where money is going and ensuring accurate financial statements. Every time a transaction occurs in your bank, it will appear in your Wave account, allowing you to categorize it and track your spending in real time. Once your account and bank connections are set up, managing your income and expenses becomes seamless.