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You can invite your accountants, bookkeepers or other business partners to Wave via email and designate their user roles. They can receive “editor permissions” and access accounting and reports as well as purchases easily. Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business.

In addition, Wave doesn’t have any dedicated time-tracking features, which can be an issue for some businesses. So yes, it’s excellent accounting software for small businesses, freelancers, contractors, and sole proprietorships. What many point out is that it is easy to automate bookkeeping and billing with Wave, as the software automatically syncs accounting and invoicing. In addition, users are very pleased with the fact that invoicing features are unlimited and customizable. Another big advantage of the app is it’s straightforward withholding tax percentage to use.

1. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
2. Still, Wave’s free plan offers a good set of features and could be suitable for sole proprietors or smaller businesses with basic accounting needs.
3. Yes, Wave Accounting is safe and secure to use for bookkeeping.

Capterra 4.4 out of 5 (1,201 reviews)

The software setup wizard guides you through four easy setup steps to generate an uncluttered, straightforward dashboard. The interface ensures a low learning curve with friendly graphics, an in-app help center, live chat, user-first design and an accessible app. Unlike a majority of its competitors, Wave does not have a comprehensive mobile app. While it does offer a free iOS and Android app, the app is limited in the number of features and functions. Today’s leading accounting platforms offer standard security features, such as data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe.

Reports

After the 60 days, chat support is only available for Payments and Payroll customers. A reconciliation feature is also included in Wave, with a brief tutorial provided. Your chart of accounts is also easily accessible, so you can add a new account, change the name of any account, or edit the default chart what is operating cash flow of accounts.

Wave’s business reports are on par with some of the top invoicing solutions companies for small businesses. Users can create reports to show month-to-month or year-to-year comparisons to easily identify cash flow trends. You can also receive unlimited income and expense tracking data, instant updates for invoicing, payroll and payments data and profit/loss reports. Once logged in, your main dashboard will show your cash flow, profit and loss, invoices, bills and other financial insights. Make it easier for your customers to pay you through a Wave invoice, right from their bank accounts.

Wave Features

Otherwise, users must sync Wave with their favorite business management apps through Zapier, a third-party service. Wave allows you to search transactions, design accounting reports and reconcile data across other Wave products. Plus, you can calculate sales tax automatically, customize payment terms and enjoy access to easy-to-understand cash flow insights. It also features a well-laid-out, clutter-free dashboard with individual tabs for sales, purchases, accounting, banking, payroll and reports.

Wave Accounting Review ( : Pricing, Features, Pros & Cons

Allows an unlimited number of users in the Pro plan, but is not complex enough for businesses with more than a handful of employees; ideal for very small service-based businesses, freelancers or contractors. See invoice summaries, tap into business reports, receive payment notifications and more using our highly-rated, free mobile app, available on iOS and Android. Get your money faster when restaurant bookkeeping you offer customers the ability to pay directly from your invoices, starting at 2.9% + 60¢ per card transaction. See pending and completed payments from project-based and quarterly clients in one dashboard to identify revenue ebbs and flows and plan accordingly. Track customer views and invoice payments in the Wave dashboard so you always know where you stand with sellers, property managers, buyers and renters. Make it easier for your customers to pay you right from their bank account.

The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. Help us to improve by providing some feedback on your experience today. One of the most helpful features of Wave is its tax filing feature.