NerdWallet independently reviews accounting software products before determining our top picks. We collect the data for our software ratings from products’ public-facing websites and from company representatives. Information is gathered on a regular basis and reviewed by our editorial team for consistency and accuracy. Similar to other reputable cloud-based accounting software products, Wave encrypts the data you share with it and monitors its server facilities 24/7. For micro businesses and self-employed entrepreneurs who just need the essentials, this free accounting software is a great option.
Your invoicing and payment information are connected to Wave’s accounting feature, helping you stay organized. Yes, switching from other accounting apps or products to Wave is easy! See our step-by-step guide on how to import bookkeeping data into Wave here. Connect your bank accounts in seconds with the Pro Plan. Transactions will appear in your bookkeeping automatically, and you’ll say goodbye to manual receipt entry.
We encourage you to research and compare multiple accounting software products before choosing one. While Wave has a lot to offer when it comes to invoicing, know that it’s still slightly less automated than some competitors. This isn’t necessarily a deal-breaker, but it might require a bit more bookkeeping work.
- Wave’s dashboard organizes your info to show how your business is performing.
- Wave Payments is an online payment processing and invoicing software that lets businesses accept online payments, bill customers through email and keep track of income records.
- Businesses can invoice customers by email and let them pay directly from an invoice, simplifying the billing process to just a few clicks.
- Here is a list of our partners and here’s how we make money.
- Know when an invoice is viewed, becomes due, or gets paid, so you can stay on top of your cash flow better than ever.
- Pro plan capabilities include recurring invoicing and the option to let repeat clients opt into automatic credit card billing.
Ratings and reviews
Businesses can also add a checkout option to websites or social media profiles so customers can order directly from an online store. Your customers can pay the invoices you send them instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay. And by enabling Wave’s payments feature, you can accept credit cards and bank payments, and get paid out in as fast as 1-2 business days1.
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. Our partners cannot pay us to guarantee favorable reviews of their products or services. Easily create, customize, and send professional invoices while on-the-go. Sign up for Wave and send your first invoice right away—it only takes a few minutes!
Manage your money like a boss
Wave’s invoicing is free and unlimited, with customizable templates and a user-friendly interface, putting it on par with some of the best invoicing software solutions for small businesses. Pro plan capabilities include recurring invoicing and the option to let repeat clients opt into automatic credit card billing. Manually creating invoices in Microsoft Word or Excel can be time-consuming and difficult to manage.
Customer service can be unhelpful
- Because it is free and only charges processing fees, it’s an affordable option for small businesses.
- Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business.
- Zoho Books offers a robust free plan, along with a range of paid plans that feature workflow automation.
- Unlike other software, Wave is built for small business owners and solopreneurs at every stage—not accountants—so it’s easy for you to use.
- Wave is PCI Level-1 certified for handling credit card and bank account information.
Customers can make payments with credit card and ACH bank transfers, as well as Apple Pay and Google Pay. 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. The software also lets businesses set up recurring invoices for scheduled payments that can charge customers’ credit cards automatically. The dashboard lets you enter credit card information manually for over-the-phone payments as well.
If you’re on-the-go, you can also send invoices from your phone or other mobile device using the Wave app. You can effectively analyze the financial health of your business, find ways to generate more profit, and move forward with your business plan. Some customers who have used Wave’s payment features have complained that their accounts were canceled after an initial transaction due to being flagged as high-risk businesses. In most cases, the businesses were unable to defend themselves and had to wait 120 days before any funds were transferred.
We provide different levels of support, depending on the plan and/or the add-on features you choose. Unlike other software, Wave is built for small business owners and solopreneurs at every stage—not accountants—so it’s easy for you to use. Look and feel polished, keep your books organized, and kick tax season’s butt, whether you’re a newbie or seasoned pro. 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.
Another free software option to consider is FreshBooks, which lets you customize your invoice and accept online payments. Invoices can be sent for one-time charges, scheduled for regular charges, or broken up into partial payments. Customers can pay directly from an invoice by credit card, ACH bank transfer or Apple Pay — the same options offered by Wave Payments. The processing fees are a flat rate of 2.9% plus 30 cents for credit cards and Apple Pay, and a 1% fee on all U.S.-based ACH transfers. Plus you can add checkout links on your business website and social media profile so customers can check out without having to wait for an invoice.
Why should I switch from my current accounting solution to Wave?
We believe everyone should be able to make financial decisions with confidence. The Wave app lets you easily generate and send invoices to your clients wherever and whenever you need to. The rate that you charge for your freelancing services can vary, so it’s important to get a grasp of market trends before sending your clients an invoice or quoting a price. Freelance rates can differ depending on experience level and industry. For example, the rate a freelance web developer charges may be different than that of a freelance graphic designer, because each freelancer specializes in a different area. Know when an invoice is viewed, becomes due, or gets paid, so you can take the right actions to manage your cash flow.
Data safety
Have an eye on the big picture so you can make better business decisions. Our robust small business accounting reports are easy to use and show month-to-month or year-to-year comparisons so you can easily identify cash flow trends. After providing a few basic details about your business — name, type, currency you use, address — you’ll have instant access to your account.
With the Pro Plan, automatically import, merge, and categorize your bank transactions. It’s always available, and it’s backed up for extra peace of mind. Reviews often say customer service isn’t helpful, especially in working through disputed claims and chargebacks. Some customers have also complained that Wave freezes payments but won’t give a straight answer about why thousands of dollars in funds are being held up.
The developer, Wave Financial Inc, indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer’s privacy policy. Always know who you need to touch base with, and about what, so you wavapps 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.”