With Wave Accounting, you can accept payments online via bank deposit, credit card (Visa, Mastercard, and American Express), and Apple Pay. While each transaction has a processing fee, it’s not more than 3% (detailed pricing below in Pricing section). The wave accounting canada software allows you to set sales tax rates based on where you operate your business and automatically calculate tax on any invoice, bill, or transaction.

Tax payments

The drop-down menu allows you to choose the feature you are looking for quickly. Wave’s dashboard organizes your info to show how your business is performing. Plus, easily access key reports (like profit and loss statements) about the health of your business. Make bookkeeping and tax time easy with solutions that are affordable, small biz friendly, and—dare we say—fun to use.

What are the new features of Wave Accounting?

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. Most popular accounting tools have at least a handful of built-in app integrations that make connecting with third-party services as painless as possible. For instance, Xero and FreshBooks’ native Gusto integrations ensure the accounting and payroll software sync with each other problem-free. 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. Users of Wave’s paid and free plans can both access receipt scanning, though only paid users can opt for free receipt scanning.

Is Wave’s software something I need to install?

Most users are very satisfied with the features they get entirely for free. It’s very easy to get used to the WaveApps interface, as it is intuitive and straightforward. For example, if we compare Wave vs FreshBooks, the latter provides a four-tiered subscription schedule. For example, Bookkeeping support costs $149 per month, which can be a lot for small businesses. Last but not least, Wave integrates with popular accounting software.

It is standard procedure for funds to be deposited in accounts inside 48 hours, with records of each payment is kept so that you will be ready for tax season when it comes. You can invite your accountant to Wave via email and designate their user role. Wave recommends “editor” permissions for bookkeepers and accountants, which gives full access to purchases, accounting and reports, as well as limited access to sales. You will however be required to pay an extra cost in order to complete the filing of your taxes using this connection, which includes the automated import of data from Wave directly into H&R Block. For a 100% online solution, Wave Accounting offers a very wide range of features. This topic covers the main features, of which we will review the main elements.

“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.” For instance, you can add logos, images, attachments, and notes. There are also self-help resources like guides, documentation, and FAQs. The vibrant community forum is a treasure trove of tips and tricks shared by fellow Wave users, helping you unlock the full potential of the software.

What Kind of Support Wave Accounting Offers?

Similar to other reputable cloud-based accounting software products, Wave encrypts the data you share with it and monitors its server facilities 24/7. 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.

• These optional codes enable quick information referencing for your accountant, making work easier.
• That’s why Wave’s payroll software can help ease the burden of doing payroll on your own.
• Then select the expense category, list the quantity (Qty), price, and tax, and select the blue “save” button.
• Wave Invoicing is free, but works especially well with their paid feature—Payments by Wave (customers click “pay now” on your invoice and you can accept faster online payments).
• It’s important to note that any business profile changes made in this form will automatically be applied throughout your Wave Accounting account.
• Wave Accounting makes money by offering optional paid services like Wave Payments and Wave Payroll.

For example, when an invoice is created in Wave Accounting, this can trigger the Zap. 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. FreshBooks is an affordable option for freelancers and small service-based businesses that operate mostly on the go. Compared with free software like Wave, QuickBooks plans are expensive.

It’s one of the few really free choices available and may help you handle all of your accounting tasks in one simple location. We totally get it—running payroll for your business can seem like a daunting task, especially when you’ve got so much on your plate. That’s why Wave’s payroll software can help ease the burden of doing payroll on your own.

Wave’s invoices are easy to customize with your business’s logo, colors and contact information. Another great feature for small business owners is that they can separate business and personal expenses to simplify sales tax and tax filing. Last but not least, WaveApps for smartphones allows you to deposit checks and track your income with a tap on your phone. Upon processing your first payroll, you can use Wave’s payroll software for up to 30 days, commitment-free.

• Launched in 2010 by co-founders Kirk Simpson and James Lochrie, Wave provides an all-in-one platform for managing finances with ease.
• Filter the report by date range, account type, or name to gain valuable insights.
• Your customers can pay what they owe you directly from the invoice itself, and you can send invoices and accept payments on the go through Wave’s well-reviewed invoice app.
• In addition, what some users complained about was the scalability of the accounting software.
• Wave’s payroll software is seamlessly connected with the rest of your Wave account to reduce the time you spend on manual bookkeeping.

Furthermore, the software automates sending invoice reminders to customers if they have overdue invoices. That way, you’re not chasing busy payments but getting paid and focusing on your business. In Wave Accounting, you can easily create professional-looking invoices.

Next, you can add sales tax (if necessary), create customer profiles and customize your invoice templates. Wave’s smart dashboard organizes your income, expenses, payments, and invoices. It also offers unlimited users and has a large app marketplace for integrations. You won’t have to carry your laptop for your travels or short trips. That’s because you can still create and send invoices using Wave Accounting software’s mobile application. Wave Accounting combines invoicing, expense tracking, and payroll management into one seamless solution.

Does Wave Accounting track inventory?

QuickBooks Online offers more features, support options, and integrations compared to Wave. They include time tracking, card reader capability, project management, and inventory management. You can also view your tax payments and liabilities on the payroll summary and tax liability reports. Use the tax management function to set up sales for your invoices and transactions.

To save and send to your customer, or to save and record a payment you have already received, simply click the blue “save and continue” button and select the appropriate option. Wave is a Canadian company that provides financial services and software for small businesses. Wave is headquartered in the East Bayfront neighborhood in Toronto, Canada.

We’ve also crafted a guide to small business payroll to help you navigate the process. 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. If you’re using the free plan, you can only access self-service help. Also, it offers a handy FAQ section that contains solutions to common problems. Furthermore, you have round-the-clock access to Mave, Wave Accounting’s AI-powered chatbot (available on both desktop and mobile). Wave, headquartered in Toronto, Canada, launched the accounting software in 2010.