Accounting Software for Small Businesses

This feature is great if you need to add items for invoices but isn’t suited for tracking inventory, as there is no way to add stock levels or set reminders. Wave also offers time-saving automations, such as recurring invoices, automatic billing, and receipt scanning. When it comes to integrations, Wave is pretty limited, although it does support a much-needed Zapier integration, which connects Wave with 1,000+ add-ons.

Discover processing is only available to US customers.‍ By making things more convenient for your customers, they’re likely to pay you 3x faster.³‍Plus, you’ll enhance your brand and look more professional. Click here to exchange your fare products. Can I pay my fare with a paper fare product? As of January 15, 2022, RIPTA no longer accepts paper fare products for payment. When did RIPTA stop accepting paper fare products for payment?

Can accounts payable turnover formula I still buy paper fare products? What should I do with my unused paper fare products? The Wave mobile app lets you quickly buy bus fares on your phone. It is plastic and embedded with a special computer chip that keeps track of the value of the card. “The app is great for writing estimates and invoices.

Multi-factor authentication (MFA) is optional for the site and required for both bank connections through Plaid and payroll. If you want to leverage the company’s resources to prepare and file your income taxes, you can upload your accounting records directly and connect with a Block Advisor. Wave generates 14 reports, some of which relate to Wave Payroll (the company supplies full-service payroll in all 50 states).

You can cancel your subscription up until one (1) day before your renewal date through Wave. Wave’s dashboard organizes your info to show how your business is performing. Want to look more polished, save more time, and dividends conquer cash flow? Just starting your business or looking for the basics?

Wave Features

In eight years, we haven’t had a single unpaid invoice, thanks to how easy it is to create, send, and follow up. “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.” Make bookkeeping and tax time easy with solutions that are affordable, small biz friendly, and—dare we say—fun to use.

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Wave is designed specifically for small business owners to use, no matter what kind of bookkeeping background they come from. Additionally, QuickBooks does not have a free plan like Wave, with prices starting at $35/month. Also, Wave is BBB accredited and boasts an A+ on the BBB website. Overall, we rated Wave’s customer service a 4.3/5. An additional fee applies for filing your taxes through this integration, which includes an automatic import of Wave data into H&R Block. One of the most helpful features of Wave is its tax filing feature.

• Fortunately, the Help Center provides plenty of guides and information to help with most issues, and the software is intuitive enough that this support option will be sufficient for most users.
• Wave lets small business owners like you create beautiful invoices, accept online payments, and make accounting easy—all in one place.
• Overall, we rated Wave’s customer service a 4.3/5.
• And it’s worth noting that while Xero has more features, the software also has a steeper learning curve than Wave.

Antivirus Apps

With Wave, you have access to expense tracking, bank reconciliation, and reporting to help you manage your finances. The only downside is that there’s no back button, but navigating the software is still pretty simple. Wave has partnered with H&R Block to offer tax services. In our last review, we found these features especially appealing because they were all completely free with no artificial limits. Your deposit times may vary based on your financial institution.

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. Learn more about how Wave support works here. Our servers are protected physically and electronically. Then, whenever you’re ready, upgrade to the Pro Plan to unlock even more money management features. Download our mobile app on iOS and Android today!

• Some features are also only available on the paid Wave Pro plan.
• The only downside is that there’s no back button, but navigating the software is still pretty simple.
• Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
• It still supports most core accounting features, including bill management, customer payments, records (for customers, products, and vendors), sales forms (estimates, invoices, and statements), and reports.
• As mentioned, Wave’s free version, Wave Starter, is perfectly capable if you are self-employed and don’t need features such as digital receipt capture or online bank transaction imports.

The Wave smart card is a permanent, rechargeable card used to pay your bus fare that you can easily manage online. You now pay your bus fare using either a Wave smart card OR the Wave mobile app. You can mark invoices paid on the spot, so your records are instantly up to date. Easily create, customize, and send professional invoices while on-the-go. The Wave app is the mobile companion to your desktop experience, helping you keep tabs on your biz— anytime, anywhere. Not all financial institutions are supported so we can’t guarantee that you will be able to connect an account.

Online payments =on-time payments

The checkout feature is one-of-a-kind and a great addition for business owners who need to charge multiple customers quickly. And it’s worth noting that while Xero has more features, the software also has a steeper learning curve than Wave. With limitations on Xero’s lowest-tier plans, users will have to upgrade to a more expensive option to take advantage of everything the software has to offer. However, Xero doesn’t have a free plan, with monthly subscriptions starting at $15.

What Are ACH Bank Payments?

Wave supports double-entry accounting, which should please accountants. This page displays your account balances and a list of overdue invoices and bills prominently. Xero offers hundreds of add-ons, but I prefer Wave’s options, which more closely relate to accounting. You can add customer, product, or service, and vendor records as you need them, but it’s easier to create them up front before you start working with transactions and sales forms.

More value, less bookkeeping

As mentioned, Wave’s free version, Wave Starter, is perfectly capable if you are self-employed and don’t need features such as digital receipt capture or online bank transaction imports. Significant improvements have been made since our last review, affecting account reconciliation, payroll, performance, and security. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services.

Patriot Software (starting at $20 per month) is another low-cost accounting application that larger small businesses could consider. Adding customer payments, payroll capabilities, or seeking help from a bookkeeper (starting at $149 per month) incurs additional costs. This includes many critical features, such as the ability to connect to bank accounts for importing (and categorizing) transactions, reconcile bank accounts, and send forms automatically through Wave. If you pay for any add-on, such as receipt scanning ($8 per month) or payroll (starting at $40 per month), you receive live chat and email support.

Project Management

You can also use a unique email-forwarding address so what is the difference between a budget and a standard that you can email copies of receipts to your Wave account. You can choose between sending a list of their outstanding invoices or their complete account activity. Accurate categorization is crucial in accounting, as it significantly impacts your reports and income taxes. Most accounting applications guess at the correct category and allow you to change it. But it offers some features that Wave Starter doesn’t, such as automated payment reminders, bank reconciliation, mileage tracking, and sales receipts. Like Wave Starter, Zoho Books’ free version doesn’t support bank connections.

By providing feedback on how we can improve, you can earn gift cards and get early access to new features. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. Xero also doesn’t support multiple businesses, so pricing can add up quickly for some users.

For a free software program, Wave boasts an impressive, robust feature set that rivals even some paid accounting software programs. Wave’s Starter plan still offers the basic features businesses with simple accounting needs can use to manage their finances. Wave is cloud-based software that boasts a solid set of accounting features suitable for most small businesses. 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, your invoices and payments flow into your accounting records, helping you stay organized and prepared for tax time.

Learn more about changing subscription periods and plan types in our Help Center. Our plans are built for small business owners at every stage! Wave’s tools are web-based, so you just need an Internet connection and browser—no installation is necessary for our online software! Quicken, the granddaddy of all personal financial solutions, is now a hybrid solution.