It’s one of the only truly free options on the market and can allow you to manage your accounting accounting provisions sample clauses processes in one convenient place. The fact that Wave lets users create and send unlimited invoices and receive payment straight from the invoices for free makes it perfect for freelancers. It keeps on saying “Reconnecting” every 5 or 10 minutes. It’s like you’re getting an incoming call when it’s “reconnecting”. I’ve even been on another call and I’ll get a call waiting beep and yep, it’s the Wave app “reconnecting”.

Small businesses that plan to hire employees at some point might need to change accounting software systems in the future or upgrade to Wave Payroll. Wave Accounting offers free software, meaning you won’t need to submit a credit card or payment information to use it. It can help you manage your bookkeeping, accounting and invoicing processes through a few internal integrations. If you’re a small business owner in search of free, cloud-based accounting software, Wave Accounting is worth considering. This is particularly true if you don’t have much accounting experience and would like an easy-to-use, fully functional tool.

Limited customer service

Not only can you customize the invoices to fit your brand, but you can also set up recurring invoices and automate credit card payments for repeat customers. Once invoices have been sent, you can easily track the status of each invoice to see if they are viewed, unpaid or Overdue. All payment information automatically syncs with the free Wave Accounting software included in your service, making accounting easy. The drawback of just offering one plan is that it limits room for growth. While other software solutions have a premium plan that provides advanced features for growing businesses, Wave does not provide more advanced accounting plan options outside of its one free plan. Whether you are struggling with sending out invoices on time, keeping track of payments or organizing tax information, Wave helps business owners get a handle on their accounting department at no monthly cost.

Button-up your bookkeeping

1. For example, QuickBooks Online doesn’t have a free plan, but offers four paid plans, each with additional features, making it a great choice for scalability.
2. The drawback of just offering one plan is that it limits room for growth.
3. Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption.
4. It can help you manage your bookkeeping, accounting and invoicing processes through a few internal integrations.
5. Although accounting and invoicing are separated into two different product sections on the Wave website (shown similarly below), they don’t require separate accounts.
6. It lacks some of the useful features you may find in other accounting software, such as project management, time tracking and inventory management.

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. FreshBooks is an affordable option for freelancers and small service-based businesses that operate mostly on the go. We believe everyone should be able to make financial decisions with confidence. Explore more details on the competition in our full roundup of the best accounting software for small businesses. We built our payroll tool for small business owners, so it’s easy to use AND teaches you as you go.

Invoicing Templates

Automate the most tedious parts of bookkeeping and get more time for what you love. The developer, Wave Broadband, indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer’s privacy policy. The developer, Wave Financial Inc, indicated that the app’s privacy practices may include handling of data as what is a rent ledger and how to make one described below. Ready to invoice in style, bookkeep less, and get paid fast? “It’s not just a cool piece of software, it is giving peace of mind to people.” You deserve to know your taxes aren’t something you have to sweat over the entire calendar year.”

It’s also intuitive so you don’t need to be an accountant to use it successfully. With a Pro Plan subscription, you can connect your bank account with Wave and automatically import your transactions. Bank data connections are read-only and use 256-bit encryption. Servers are housed under physical and electronic protection.

Is Wave good for freelancers?

However, like most products with free plans, Wave has its limitations, especially compared to more scalable small-business accounting software. Although Wave’s paid plan offers additional capital expenditures features, it’s still missing some more advanced capabilities, like built-in inventory tracking and audit trails, that growing businesses might need. That’s not the case with Wave—it provides one plan with an unlimited number of users, invoices, credit card connections and reports for free. While users never pay a monthly fee, they will have to pay a credit card processing fee of 2.9% plus 30 cents per transaction if they use Wave to process credit card payments. This fee can vary depending on the type of card the customer uses.

Wave is PCI Level-1 certified for handling credit card and bank account information. Similar to other reputable cloud-based accounting software products, Wave encrypts the data you share with it and monitors its server facilities 24/7. When you reconcile your books, you’ll navigate to the “Reconciliation” tab within the Accounting menu. If you need to manually edit, add or remove any transactions, you can do so on the Reconciliation or Transactions pages. Next, you can add sales tax (if necessary), create customer profiles and customize your invoice templates.