When you reconcile your books, you’ll navigate to the “Reconciliation” tab within the Accounting menu. If you need to manually edit, add or remove any transactions, you can do so on the Reconciliation or Transactions pages. Next, you can add sales tax (if necessary), create customer profiles and customize your invoice templates. Wave Money is currently available to single-owner businesses in the United States with a Wave account. Once you create an account, we’ll notify all new eligible businesses by email.

Easily monitor and keep track of what’s going on in your business with the intuitive dashboard. The quick summary allows you to stay in control of your business finances, including a task list of outstanding items. Your complete invoicing and billing process is now on your phone. Create, customize, and send invoices from anywhere. If you’re interested in our payroll software, you can start a free 30-day trial when you sign up for Wave. Our (non-judgmental) team of bookkeeping, accounting, and payroll experts is standing by to coach you—or do the work for you.

What’s New

Let’s take a look at taxable income limits for the recent tax year. Once you’re approved, you can turn payments on or off for any invoice, or pick default settings for all invoices. See pending and completed payments from project-based and quarterly clients in one dashboard to identify revenue ebbs and flows and plan accordingly.

• With the Wave Money business banking account, managing your business finances is a breeze.
• FreshBooks has an excellent mobile app that allows you snap photos of receipts, send invoices and track mileage.
• Track customer views and invoice payments in the Wave dashboard so you always know where you stand with sellers, property managers, buyers and renters.
• Automate overdue reminders and credit card payments to reduce friction and focus on the work.

Allows an unlimited number of users, but is not complex enough for businesses with more than a handful of employees; ideal for very small service-based businesses, freelancers or contractors. Save time chasing customers by setting up automatic payment reminders. Easily create, customize, and send professional invoices while on-the-go.

Accept credit cards

Moreover, you can integrate QuickBooks with hundreds of third-party tools available in the app marketplace. There are also add-on Intuit services like QuickBooks Payroll or QuickBooks Time. Only integrates with in-house apps, like Wave Payments and Wave Payroll; does not integrate with card readers for in-person payments.

Online payments =on-time payments

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. Essentially, it’s a type of business that offers services where the reputation or skill three-way matching of either the employer or the employees are the main asset. Think health, law, accounting, consulting, financial services, investing, etc. See invoice summaries, tap into business reports, receive payment notifications and more using our highly-rated, free mobile app, available on iOS and Android.

Fantastic mobile companion for Wave users

A few taps of the keyboard to enter their payment details. Wave keeps up to date records so you’ll always have the info you need for filing – or sharing with your accountant. Create beautiful, custom invoices from templates with easy drag-and-drop editing. Includes tools that help automate the reconciliation process; auto-categorizes transactions for you, but you can’t set up your own bank rules; no global search function.

When everything is neatly where it belongs, tax time is simple. Wave’s smart dashboard organizes your income, expenses, payments, and invoices. FreshBooks has an excellent mobile app that allows you snap photos of receipts, send invoices and track mileage. For example, QuickBooks Online doesn’t have a free plan, but offers four paid plans, each with additional features, making it a great choice for scalability. With the higher-tier QuickBooks plans, you have access to inventory management, billable expenses and project profitability tools, none of which are offered with Wave. However, like most free products, Wave has its limitations, especially compared to more scalable small-business accounting software.

Strong invoicing feature competes with that of paid products; app lets users send invoices on the go; offers significantly fewer reports than competitors; no inventory tracking. Enable invoice payments through credit card, bank and Apple Pay. Pay per use so you’re only charged when technology clients use this feature. Quickly create and send unlimited invoices, look like a pro with customizable templates, and get paid fast with online payments. Wave Accounting is ideal for micro businesses with less than 10 employees, contractors, freelancers and other service-based businesses on a budget.

A 1% fee is applied to the amount you withdraw from your available balance, in addition to regular processing fees. Deposits are sent to the debit card linked to your account in up to 30 minutes. Deposit times may vary due to processing cutoff times or third party delays. Instant Payout is an additional service offered by Wave subject to user and payment eligibility criteria. Wave’s invoicing is free and unlimited, with three customizable templates and a user-friendly interface, putting it on par with some of the best invoicing software solutions for small businesses. Other capabilities include recurring invoicing and the option to let repeat clients opt into automatic credit card billing.

Your deposit times may vary based on your financial institution. All payments are subject to a risk review and periodic credit risk assessments are done on business owners because we need to cover our butts (and yours). In some cases, we may hold funds and request more information if we need it for the protection of your business and Wave’s. Wave Accounting is free, but you will have to pay processing fees if you choose to accept invoice payments online.