It also allows you to easily organize and categorize your receipts, making them easier to find when searching. The best part of using Wave is, you don’t have to worry about a payment gateway like Stripe. Once you sign up online, you can start using Wave’s features right away. All you have to do is share your business name, type, address and the currency you use. There’s no live support unless you pay for it so you’ll have to dig for the answers to your questions in the help center or cross your fingers that the automated chatbot will help you out.
Completely free-for-life accounting software plan
We believe everyone should be able to make financial decisions with confidence. The ZATCA has already notified resident businesses falling under the above waves to comply with Phase 2 of e-invoicing as per their applicable timelines. 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. We have a financial interest in their success, but all recommendations are based on our genuine belief in their value.
Access to Advisors
Xero has an app store with dozens of apps built to extend the software’s functionality and streamline business processes. You have apps for time tracking, inventory management, practice management, clinic management, e-commerce, debtor tracking, specialized reporting, and more. The benefits of Wave accounting software are unlimited invoices and income tracking, financial reporting, double-entry accounting, invoicing, and more.
You can enjoy features such as unlimited income and expenses tracking, digital receipt upload and transaction management and access its invoice mobile app at no cost. It’s great for creating and delivering invoices, though the analytics leave a little to be desired, as they don’t support custom reports. Plus, you’ll have to upgrade to the paid plan to access some key functions, including automatic transaction imports. When you send an invoice, clients have the option to pay with the click of a button by entering their credit card or bank account information or connecting to Apple Pay. While users never pay startup or monthly fees, Wave does charge a credit card processing fee of 2.9% plus 30 cents per transaction for most cards. This is a typical credit card processing fee that you’ll find on any platform.
- Users can connect an unlimited number of bank accounts to Wave Accounting software, ensuring every transaction is accounted for and financial snapshots are up to date.
- Are you a service-based freelancer in need of a basic, user-friendly way to track your finances without spending money on features you don’t need?
- 5 See EY Global Tax Alert, Saudi Arabia announces fifth wave of Phase 2 e-invoicing integration, dated 30 May 2023.
- It’s not bad at all, but several services are better, with Zoho Invoice in particular coming out ahead – in fact, it supports every feature mentioned here.
QuickBooks Online
Wave is suitable for anyone who needs robust accounting software on a budget. This includes small businesses with less than 10 employees (e.g., marketing agencies and consulting firms), self-employed entrepreneurs, freelancers, independent contractors, and various service-based ventures. Xero also offers inventory, project management, contact management, sales quotes, and multiple currencies. Wave Connect is a Google Sheet add-on that lets you download your COA, customers, invoices, and products to a spreadsheet. You can also upload transactions, customers, invoices, and products from Google Sheets to your Wave account. Wave uses double-entry accounting to monitor transactions based on income and expenses.
- The cost of basic packages can vary widely and depend on the industry.
- Customer payment information is encrypted for security before being processed through the customer’s bank or credit card.
- Invoice billing software tracks payments automatically so that you don’t have to.
- Users can create reports to show month-to-month or year-to-year comparisons to easily identify cash flow trends.
Additionally, free Wave Accounting users don’t have access to customer service. While you can check out articles on Wave’s knowledge base, you won’t be able to connect with a live person who can talk you through any accounting software problems. Users of Wave’s paid and free plans can both access receipt scanning, though only paid users can opt for free receipt scanning. In either case, Wave Accounting’s mobile app lets you capture unlimited receipts and import them in bulk in batches of up to 10 receipts. Wave Accounting is an easy-to-use online accounting software ideal for businesses seeking a cost-effective solution for their accounting work. Its free features make it a valuable tool for managing finances without high costs.
Electronic invoices also provide small business owners with professional-looking digital invoices that their customers can pay easily online through a system like Wave’s online payments. Wave Payments takes care of online billing and payments in a single platform. Businesses can invoice customers by email and let them pay directly from an invoice, simplifying the billing process to just a few clicks.
Do you provide customer support?
Like Wave Accounting, Wave Payroll is extremely intuitive and user-friendly, so you won’t have to worry about navigating a new software system while dealing with the complexities of making your first official hire. Also, anyone outside the US and Canada or operating a medium-to-large organization should look into alternative business accounting software like QuickBooks and Zoho Books. Wave, headquartered in Toronto, Canada, launched the accounting software in 2010. Geekflare tested the core features of Wave Accounting through hands-on subscriptions.
Thanks for using Wave to help you stay more in control of your business while on-the-go. Always know who you need to touch base with, and about what, so you can leave a great impression on customers. “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.”
Financial Services
Taxpayers who do not fall within the first 22 waves of Phase 2 e-invoicing integration should monitor future announcements from the ZATCA on the integration timeline period applicable to them in subsequent waves. Taxpayers should comply with the Phase 2 requirements in line with the e-invoicing regulation to preclude possible penalties. The ZATCA will notify the affected taxpayers in preparation for linking and integrating their electronic invoicing systems with the ZATCA’s e-invoicing platform (Fatoora). Businesses within this revenue bracket must prepare to align their invoicing processes with the technical and procedural requirements outlined by ZATCA. This includes ensuring their systems can generate, store, and exchange electronic invoices that comply with the specified standards.
Once those estimates are approved, they can easily be transformed into invoices with the click of a few buttons. Similar to other reputable cloud-based accounting software products, Wave encrypts the data you share with it and monitors its server facilities 24/7. 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. Sign up for Wave and send your first invoice right away—it only wave invoicing takes a few minutes!
Higher-tier QuickBooks Online plans include bill tracking, project profitability data, inventory management, employee expense tracking and more. Most accounting software was designed with non-accountant business owners in mind, which means setup should be fairly straightforward. Still, some accounting programs are more user-friendly than others, and Wave Accounting is among the easiest for first-time business owners to configure.
It also complies with accounting standards and uses double-entry accounting, which can help ensure accuracy. Are you a service-based freelancer in need of a basic, user-friendly way to track your finances without spending money on features you don’t need? If that’s the case, Wave Accounting will likely live up to your expectations.
Invoice like a pro with your free Wave account
Then add your logo and company colors to make it look professional and personalized. No, Wave Accounting does not include built-in inventory tracking or management. Wave doesn’t offer any native integrations with third-party apps, though users can rely on Zapier to create their own custom integrations. In fact, the only app Wave Accounting does sync with is Wave Payroll. If you have Wave Advisor with bookkeeping support, a trained, in-house professional can help you. This ensures a smooth transition of your financial records from one system to the other.