Wave Financial is a Free Accounting Software for Small Business which is a fantastic choice for small enterprises and independent contractors who only require the basic features. In this article, we will introduce the key features as well as the advantages and some downsides you can meet when choosing Wave Financial. Let’s explored:
An overview of Wave Financial- The Best Free Accounting Software for Small Business
Wave is a free accounting and invoicing program that enables small businesses to manage all of their bookkeeping requirements in one place. Even for individuals who have never used an accounting program before, it is user-friendly and easy. It is the perfect option for independent contractors, business owners, or small business owners who are looking to keep their overhead costs low because it is a free service.
By managing invoicing, taxes, and payment processing with features like invoice templates, billing, payment tracking, payroll management, finance management, credit card processing, and receipt scanning, the cloud-based software system assists business owners in streamlining their bookkeeping process. Wave is a particularly enticing choice for freelancers who are just starting out, even while its limits prevent it from being the right solution for every business.
The Key Features of Wave Financial Accounting Software
The features that save them time are the major criteria, according to the small business owners we spoke with, that they look for in Free Accounting Software for Small Business. Wave offers a number of automatic features that meet this need.
- Recurring billing, which enables you to plan and routinely send invoices to clients, such as for regularly scheduled services or a subscription, is one of Wave’s time-saving options for invoicing. To encourage consumers to make on-time payments, you can also set up automatic payment reminders. You may quickly convert estimates or quotations that your company provides to customers into invoices with only two clicks, saving you the time of having to enter or copy the information again.
- Bank feed: Wave syncs your data for you automatically, saving you the time of having to manually enter transactions. To automatically download and import costs, deposits, and other financial data in real-time, it securely links to 10,000 financial institutions, including banks, credit cards, and PayPal.
- Automatic backups: Your data is automatically backed up and stored in the cloud, so you won’t have to worry about losing anything or starting over in the event that your internet connection is lost, stolen, or broken.
- Wave offers two mobile applications: Receipts and Invoice. Both are accessible for Android and iOS mobile devices. Receipts allow you to scan receipts and automatically convert them into expenditure transactions using optical character recognition (OCR) technology, saving you the effort of manually entering the necessary information. The transaction is then associated with an image of the receipt so that you can check its accuracy. You can generate, personalize, and send invoices, and payment reminders, as well as track the status of your invoices and collect payments using Invoices.
Wave has a nice variety of features for a free product, even though it might not have as many as some of the other Free Accounting Software for Small Business alternatives on the market. In comparison to many of the best-paid services, this service doesn’t offer many significantly distinct features.
Other characteristics that Wave provides include the following:
- Reporting: Wave is capable of producing a variety of precise financial reports, including balance sheets, sales tax reports, profit and loss statements, a general ledger, past-due accounts, and customer statements.
- Connectors: Wave provides Shopify, Shoeboxed, Etsy, and PayPal integrations. Additionally, it links to Zapier, which you can use to connect to hundreds of apps, and offers a number of “Zaps” on your account’s Integration tab that facilitate connections.
- Additional alternatives for accepting payments: Wave Checkouts enables you to provide a link to a customer rather than an invoice so that they can make an online payment instead of using a credit card or ACH. As an alternative, you can embed the checkout on your company’s website. This function is helpful for companies that demand advance payment.
- Support for several businesses: You can set up and switch between various organizations under your Wave account. However, you cannot transfer transactions between organizations, and there is no platform that enables you to simultaneously monitor several businesses.
Why Wave Financial is The Best Free Accounting Software for Small Business?
Free Accounting Software for Small Business is tough to beat, especially if you’re managing a small firm on a tight budget. With Wave, you get several capabilities that aren’t often offered with commercial accounting software programs, such as limitless invoices and users.
- Flexible invoicing
With customizable templates, an intuitive user interface, and free and limitless invoicing, Wave competes with some of the best invoicing solutions for small businesses. Additionally, Wave enables you to establish and maintain client profiles as well as send follow-up emails, receipts, and payment reminders. It also provides a mobile app specifically for invoicing, allowing you to send invoices and monitor payments.
- Simple to use
With a user-friendly layout and intuitive design, Wave accounting is straightforward and simple to use. You don’t require prior expertise, unlike with certain Free Accounting Software for Small Business, to make the most of the system; you can simply navigate the interface and quickly pick things up as you go.
In addition to video lectures for fundamental accounting concepts, Wave provides a comprehensive online Help Center with instructions on how to set up your account and carry out typical operations. Through the Community forum on Wave’s website, you can also exchange advice or ask any questions you may have with other business owners.
Besides many advantages of Wave as a Free Accounting Software for Small Business, it also exists some downsides that we need to refer to, including:
- Unable to scale
If you have a small firm with fewer than ten employees or don’t want the more sophisticated capabilities that some alternatives could provide, Wave’s Free Accounting Software for Small Business can be a wonderful choice. Any greater than that, though, and Wave is severely constrained. Unlike rivals, Wave doesn’t provide a variety of plans to enhance the capabilities of the product. Additionally, there is no audit trail.
Without a free plan, for instance, QuickBooks Online is a great option for scalability because it offers four different options, each of which has extra capabilities. Time tracking, inventory management, and employee expenditure management are all available with higher-tier QuickBooks services but are not available with Wave.
- Inadequate client service
Wave Accounting’s only customer assistance option is self-service. Customers of Accounting can get individualized support from Wave by paying for the Accounting Coach option.
For independent contractors, business owners, or small enterprises, Wave Invoicing is excellent. It is a fantastic choice for people who are just starting out or those who want to keep their overhead as low as possible because it is free. Companies looking for Free Accounting Software for Small Business with a great mobile app that they can use on the move or those looking to combine project management chores with their Free Accounting Software for Small Business may want to consider alternative solutions.