We’ll ask you to verify your identity, answer a few questions about your business, and where you’d like the deposits to go. Wave keeps up to date records so you’ll always have the info you need for filing – or sharing with your accountant. You’ll always know who you need to communicate with and about what, so you can leave a great impression with customers. Keep compliant and save time by having Wave handle your Canada Revenue Agency tax remittances on your behalf.

It can help you manage your bookkeeping, accounting and invoicing processes through a few internal integrations. Show clients they’re in good hands by sending business invoices, estimates, and receipts. Automate overdue reminders and credit card payments to reduce friction and focus on the work. With Wave, your invoices and payments automatically flow into your accounting records. You’ll never lose track of payments again, and you’ll be all set at tax time. Create beautiful invoices, accept online payments, and make accounting easy—all in one place—with Wave’s suite of money tools.

Tools that help you make money moves

Wave Accounting can be a great option if you run a very small service-based business or don’t need more advanced features that alternatives might offer. For small businesses any larger than that, however, Wave is limited. Unlike competitors, Wave doesn’t offer multiple plans to increase the software’s functionality. It’s also missing an audit trail and third-party integrations.

With Wave, you receive a lot of features, like unlimited invoices and unlimited users, that are not always included with other free accounting software options, let alone paid accounting software plans. It also complies with accounting standards, uses double-entry accounting and helps automate the reconciliation process, which can help ensure accuracy and save you time. While Wave provides unlimited invoices, it might be best to look elsewhere if you are looking for more robust account software.

Wave Financial social media

You can accept credit cards and bank payments for as little as 1%2 per transaction. Make it easier for your customers to pay you through a Wave invoice, right from their bank accounts. Wave’s online payments feature lets you accept bank payments, quickly and easily. Wave Accounting is free, but you will have to pay processing fees if you choose to accept invoice payments online. Wave also offers paid products for payroll, coaching and mobile receipt scanning.

NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business. Learn more about how we rate small-business accounting software. Yes, Wave does not charge a subscription or any hidden fees. 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. While the invoicing platform is not easy to integrate with popular third-party payroll apps like Gusto or OnPay, Wave does have its own payroll software.

Pay employees and contractors

Once logged in, your main dashboard will show your cash flow, profit and loss, invoices, bills and other financial insights. From the dashboard (or the Banking menu on the left-hand side), you’ll be able to connect your bank and credit card accounts to automatically download and categorize your transactions. Wave Accounting is ideal for micro businesses with less than 10 employees, contractors, freelancers and other service-based businesses on a budget. The free financial management software is user-friendly and equipped with all the basics, including income and expense tracking, bank connections, invoicing and reporting.

• Companies that want to combine project management tasks in their accounting software or are looking for software with a great mobile app that they can use on the go will probably want to look for other options.
• If you’re on-the-go, you can also send invoices from your phone or other mobile device using the Wave app.
• Simply email your customers an invoice and they can use the secure “Pay Now” button to send over your payment.
• It also features a well-laid-out, clutter-free dashboard with individual tabs for sales, purchases, accounting, banking, payroll and reports.
• Your employees can log into Wave securely to access their pay stubs and T4s, and manage their contact and banking information.

Unlike QuickBooks and FreshBooks, Wave Accounting is completely free to use. It can allow you to manage all your accounting processes without paying a dime. It’s also intuitive so you don’t need to be an accountant to use it successfully. The software also does not provide project management features.

Data Used to Track You

Quickly build project estimates and professional invoices that reflect your business. Upload your logo, add customer info, share notes, and set net payment terms with ease. Sign up for a free Wave account and send your first invoice right away—it only takes a few minutes! You can also set up recurring payments, auto-reminders, and deposit requests to make sure you always get paid on time. Before you commit to accounting software, it’s in your best interest to shop around and compare all your options.

Mobile receipts

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. Track customer views and invoice payments in the Wave dashboard so you always know where you stand with sellers, property managers, buyers and renters.

We are doing work that matters – connecting customers with businesses around the world and help them resolve issues and be heard. Support for non-paying users is limited to the fifo or lifo inventory methods chatbot and self-service Help Center. Only integrates with in-house apps, like Wave Payments and Wave Payroll; does not integrate with card readers for in-person payments.