When you sign up for Wave Accounting, you’ll be asked to enter your first and last name and choose your business’ industry and country. From there, you can choose whether to manage your accounting and payroll, or create professional invoices. You can also choose to add new accounts by browsing the tabs on the app to select new categories. Once you’ve selected what you want to manage, you can create your own custom reports and export them to spreadsheet.
Invoicing is simple in Wave. You can create invoices for customers, add custom lines and columns, and even include a company logo. Once a customer accepts your invoice, you can convert it into a PDF and email it to them. You can also set the expiration date for an invoice. Once the customer approves the invoice, you can email them a PDF copy of the invoice or have them pay online. This is a great way to keep track of payments.
Although Wave may not be perfect for everyone, it is free and offers ample functionality for small businesses. It includes the most important features, such as invoicing customers, tracking expenses, and payroll. However, it lacks some features that make it ideal for large businesses. A more flexible pricing structure would be helpful, since monthly payments are more affordable than yearly subscriptions. And remember, Wave accounting doesn’t have the best customer service, so consider your own needs before signing up for it.
In addition to bookkeeping and payroll, Wave also offers payroll services. If you have multiple employees, Wave will calculate and file your payroll taxes for you. However, it’s important to note that Wave doesn’t do the job as well as standalone payroll software. If you have more than one employee, you should opt for another platform. This way, you won’t have to worry about missing an important deadline. You can use Wave to manage both the payroll and the tax aspects of your business.
While Wave doesn’t feature as many reporting features as some of its competitors, it does have plenty of useful features. For example, you can integrate your bank accounts with Wave and upload your receipts. Then, you can reconcile your books with a few clicks. You can also customize your invoice templates and set up customer profiles. You can even customize the look and feel of invoices using Wave. Aside from accounting, Wave also offers business analytics that are easy to understand and use.
Users who have used Wave praised its easy-to-use interface and responsive customer support. However, there were some drawbacks. While it’s easy to understand and navigate, some users said it lacked advanced features. Some of the most notable problems Wave has were slow response times, crashing, and two-day processing. Besides that, it’s also difficult to use the software on a laptop. In addition to these, Wave doesn’t offer project accounting.