Whether you are struggling with sending out invoices on time, keeping track of payments or organizing tax information, Wave helps business owners get a handle on their accounting department at no monthly cost. While several accounting software services provide a free version of their software, the free version usually limits the number of users, number of invoices per month and integrations.
That’s not the case with Wave—it provides one plan with an unlimited number of users, invoices, credit card connections and reports for free. While users never pay a monthly fee, they will have to pay a credit card processing fee of 2.9% plus $0.30 per transaction if they use Wave to process credit card payments. This fee can vary depending on the type of card the customer uses.
Wave’s usability is one of its greatest strengths. The software design and intuitive interface make Wave simple to set up and easy to use, even for those with little previous accounting experience. The site’s onboarding process is a breeze; first provide a few basic details about your business, such as name, address and industry. Then answer questions from a drop-down menu about the direction you want to concentrate on—invoicing, accounting or payroll—and you are directed to link financial accounts.
One of Wave’s most popular invoicing features is the ability to create user-friendly customizable templates. Not only can you customize the invoices to fit your brand, but you can also set up recurring invoices and automate credit card payments for repeat customers. Once invoices have been sent, you can easily track the status of each invoice to see if they are viewed, unpaid or Overdue. All payment information automatically syncs with the free Wave Accounting software included in your service, making accounting easy.
In addition to creating invoices, Wave gives users the ability to create estimates for potential clients. Once those estimates are approved, they can easily be transformed into invoices with the click of a few buttons.
Wave users can accept credit card payments over the phone, online or in person. Add a “Pay Now” button on invoices and you will automatically be able to receive Apple Pay, credit card payments and bank transfers. Money is typically deposited into accounts within two business days and all payments are recorded to have you set when tax season rolls around. Note that you will pay credit card processing fees on all applicable transactions.