Wave is a web-based integrated accounting application specially created for SMEs. It has a wide range of features including accounting, invoicing, billing, payment tracking, payroll management, finance management, and receipts. The bank reconciliation function allows businesses to link their bank accounts, PayPal accounts and other sources of data for up to date transaction records. With Wave, businesses can also generate important reports like balance sheets, sales tax reports and account receivable with Wave accounting.
Its accounting system also features an invoicing instrument to collect money, and users can select the template best suitable in meeting the organization’s needs. The system’s payment processing permits users to receive credit card payments and send generated invoices via email.
Wave’s payroll module is only available in the U.S. and Canada has awesome features such as direct deposit and employee self-service. It has a personal finance tool with a budgeting tool, investment tracking and a dashboard for personal finance administration.
- The software is free except for the PAYROLL and PAYMENT PROCESSING functions.
- Wave supports traditional double-entry accounting for increase control of your business accounting needs.
- It’s easy to use and has all of the basic features for users. Menu and navigation are well laid-out.
- It also provides a live chat function.
- Support service is quick with response and resolution impressive.
- Stores electronic receipts, making it easy to keep receipts and track expenses correctly.
- Wave offers pre-generated reports making it easy to get tasks started. This is a great benefit for startups.
- There are no custom reports available.
- You can very easily reconcile your bank account, you can’t print a reconciliation report.
- There is no class/job tracking feature.
- The App is slow on iPhone and iPad.