WAVE- Best Accounting Software for Small Business in 2022

This free, user-friendly accounting software is ideal for small businesses,

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particularly eCommerce, but it falls short in budgeting, project management, and inventory tracking. Wave is the best accounting software for small business that sends simple invoices but does not require payroll processing. 

Wave's free features will cover all of the accounting needs of many freelancers as well as service-based businesses, making it the best free software. Accountants can use Wave to pull the reports they need to prepare a company's tax return at the end of the year. Let's start with us now:

WHAT EXACTLY IS A WAVE?

A wave is a cloud-based software with a robust set of accounting software for small business. These features are particularly appealing given that Wave is completely free.  While you can pay for add-ons such as professional bookkeeping services, payment processing, or payroll, all other features are free of charge — with no artificial limitations. Wave also allows for additional users (with four levels of permission), multiple businesses, and personal finance tracking. However, there are a variety of aspects where Wave could be improved. There is no time tracking, no inventory, no project management feature, and poor mobile apps. Despite these flaws, Wave remains the greatest free accounting software available. 

WAVE PRICES

Wave "has always been and will always be free," a structure which the company intends to keep after being acquired by H&R Block. Unlike most free plans, Wave does not limit the number of customers, invoices, or transactions you can create, creating it one of the best free available choices — plus, there are no annoying ads.  The company earns money from Wave payroll - its credit card processing, and bookkeeping services, which it uses to keep the software free. You have the choice to cancel your account at any point.

WAVE PRICES

WAVE Software price- Best accounting software for small business in 2022

WAVE PLAN FOR FREE

Wave's the best accounting software for small business is completely free and includes the following features:
  • Invoicing is unlimited.
  • Estimates are limitless.
  • Contact administration
  • Keeping track of expenses
  • Accounts receivable
  • Reports on basic inventory

EXTRA WAVE FEES & COSTS

There are several extra Wave products available for purchase for your company. Wave Payroll offers two plans, starting at $20 per month plus $6 per employee. In 14 states, tax service payroll is available, while the remaining 36 states have self-service payroll. Wave Payments is a payment processing add-on that enables your company to accept debit cards, credit cards, as well as ACH payments. This is a pay-per-use service, with credit card processing rates beginning at 2.9 percent + $0.30 for each transaction and ACH rates beginning at 1 percent per transaction. Finally, if you require additional assistance with your accounting, bookkeeping, as well as taxes, Wave Advisors is a service that can be added to your account. This is an excellent option for business owners who really are new to accounting or who wish to outsource bookkeeping and/or tax filing.

IS WAVE SIMPLE TO USE AS THE ACCOUNTING SOFTWARE FOR SMALL BUSINESS

Wave's user interface is well-organized and simple to use. The only drawback is that there is no back button, but having to navigate the software remains simple. Wave's software is simple to set up and use, and it does not require any prior accounting knowledge.   The company also provides excellent customer service, such as an accounting guide to help you learn how to keep the books balanced and utilize the software.

WAVE FEATURES

Wave has an impressive, rigorous feature set for a free software program, rivaling even some compensated accounting software programs. Wave provides bank reconciliation, expense tracking, and reporting to assist you in managing your finances. Wave has some of the most visually pleasing invoices on the market. In addition, Wave provides time-saving automation such as automatic billing, recurring invoices, and receipt scanning. 

WAVE FEATURES-Best accounting software for small business in 2022

WAVE FEATURES-Best accounting software for small business in 2022

However, some features, such as project and budgeting, that are found in paid software choices such as QuickBooks Online, are noticeably absent. Listed below are some of the features available in Wave as the greatest accounting software for small business.

Estimates & Invoices

Invoices and estimates are simple to create and send with Wave. Wave also includes a number of configuration options as well as automations to make invoicing easier. Wave's invoicing is notable for the following features:
  • Three invoice designs
  • Recurring bills
  • Scheduling invoices
  • Calculating time zones automatically for invoice scheduling
  • Automatic invoice checklist for late payers
  • Tracking the status of invoices
  • Conversion of estimates to invoices
  • Online invoice payment portal for clients
  • Dashboard for invoices

Bookkeeping

The wave includes the majority of the basic bookkeeping features you'd expect from accounting software for small business, such as:
  • Keeping track of expenses
  • Reconciliation of bank accounts
  • Entries in a journal
  • Accounts receivable
  • Bill reminders are sent automatically
  • Contact administration
  • Bank feeds in real time
  • Receipt recording
  • Accountancy chart that can be customized
  • Support for multiple currencies
  • Checkout links for eCommerce

Inventory 

Wave's inventory feature is little more than a list of items. This feature is useful for adding items for invoices but not for tracking inventory because there is no way to add stock levels as well as set reminders. This feature will include the following features:
  • Fill in the blanks with descriptions, item names, and sales prices.
  • Mark things that are purchased and sold.

Time Management

Wave's free accounting plan does not include time tracking. However, Wave Payroll subscribers have access to this feature. Wave Payroll time tracking offers the following features: Wave Accounting, Wave Payments, and Wave Invoicing are all integrated into Timesheets. Budgeting and reporting One disadvantage of Wave is that it lacks a budgeting feature. However, the software includes 12 customizable reports.

Accounting Tax Support 

Wave's tax filing feature is one of its most useful features. Wave now has direct integration with H&R Block to assist you to file your taxes. There is an additional fee for filing your taxes using this integration: Wave data is automatically imported into H&R Block.

WAVE CUSTOMER SUPPORT

Wave provides a sufficient number of customer support resources, but reaction times are slow. Phone as well as chat support are only available to customers who use payroll or credit card processing.  If you can't find an answer in the Wave Community or the extensive Help Center, your only alternative is to send an email. Emails take a day to respond to, so don't expect a quick response if you have a pressing issue.

INTEGRATIONS OF WAVES

Wave has a small selection of integrations, but it does assistance a much-needed Zapier integration that connects Wave to 1,000+ add-ons. Wave has direct integrations with Etsy, PayPal, and Shoeboxed. The innovative Checkouts feature can also be used to create buttons for websites such as Squarespace, Wix, and WordPress. Developers can use the API.

WAVE REVIEWS AS THE ACCOUNTING SOFTWARE FOR SMALL BUSINESS

Wave has generally received positive feedback from its users. The software is rated 4.4/5 on G2Crowd,  4.5/5 on Software Advice, and 6.7/10 on TrustRadius. Wave is also BBB accredited, with an A+ rating on the BBB website. While most reviews are favorable, the company recently obtained a 1.54/5 star rating from the BBB, and there have been a few complaints from dissatisfied customers.

COMPLAINTS & NEGATIVE WAVE REVIEWS

  • Downtime and slow servers
  • Several bugs in Wave's mobile apps
  • Reporting restrictions
  • There are no features for mileage tracking, inventory tracking, budgeting, or project management.

TESTIMONIALS & POSITIVE WAVE REVIEWS

  • Free software with no restrictions
  • User-friendly software that is simple to learn and use
  • Much time-saving automation
  • The ease with which professional-looking invoices can be created
  • The ability to keep track of one's business and personal finances

IS WAVE SAFE?

Wave employs a range of security measures to safeguard your information. safe. Here is what Wave is doing to safeguard your data:
  • Data encryption of 256 bits
  • Variants of banking information that can only be read
  • Amazon Web Services for data storage
  • Regular data backups
  • Servers are monitored around the clock.

THE END RESULTS: IS WAVE WORTH IT?

Wave is specifically designed for small business owners for using, regardless of their bookkeeping background. The software allows multiple companies and also provides personal accounting.  Wave's latest redesign improved its software and addressed many customer complaints, including 1099 payroll support, expense transaction automation, duplicate transaction management, and cash-basis accounting. The checkouts feature is unique and a good asset for business owners that must quickly charge multiple customers. However, the software is still missing a few features. Because there is no project management and only limited time tracking, the software is unsuitable for many businesses. Wave's track record for updates suggests that these features will be added soon, improving customer service response times.  Until then, the software remains a good option for owners of small businesses looking for simple, convenient accounting software that isn't too expensive. Wave's customer support resources as well as new Wave Advisor services make the learning process of the software simple for people with little accounting experience. It's also ideal for Etsy sellers and other eCommerce companies that use Squarespace, Wix, or WordPress. If Wave feels like it could be a suitable fit for your company, give it a shot! After all, it's completely free.

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