Wave Apps is an integrated accounting platform designed for small business. It can help business owners manage accounting, invoicing, billing and payments. On top of these business features, Wave also provides functionality to manage personal expenses. This dual functionality is a massive drawcard for small business and is one of the reasons why Wave is riding a surge in popularity.
What is Wave Accounting Apps?
Wave is an accounting tool that works for small businesses with less than nine employees. It is ideally suited to solopreneurs, gig economy workers and consultants in Australia because you can make full use of the toll and incur very little expense. The USA and Canadian markets have access to increased functionality which makes Wave better suited to small retail and office-based businesses with employees.
Wave is an intuitive tool that requires no accounting knowledge to get up and running. From the central dashboard, you can quickly generate a wide selection of reports for investors and accountants. Standard reports include balance sheets, AR/AP, income statements etc. By linking up your banking and financial accounts, you always have an up to date and accurate snapshot of your business.
What Does Wave Apps Offer?
Wave Accounting – Wave Accounting provides all the necessary bookkeeping functionality a small business needs. You can connect to your bank accounts, track expenses and balance your books. You don’t need an accounting background to use the software. It’s intuitive and easy to navigate. Up to date financial information and record-keeping also make tax-time less stressful and more straightforward.
Wave Invoicing – Allows you to create customised invoices for your business and issue them automatically or manually. All invoicing information syncs with the accounting module, so your business information is always accurate, and you save time on data entry.
Wave Receipts – The invoicing helps your business manage incoming cash, and wave receipts enables you to stay on top of expenses. Scan receipts on the go so you never have to track your expenses manually again. No more spreadsheets, no more sifting through paper receipts! Receipts also syncs with the central accounting module, so business expenses are always accurately reported.
Is Wave Apps Really Free?
Another reason Wave is quickly becoming a leading small business accounting tool is because it is free! You sign up and access this cloud-based platform without spending a single cent. Unlike many of its competitors, there are no registration or user fees, no free trial and no ongoing subscriptions. There is no limit on the number of reports you can generate, invoices you can issue or customers you can add. Although Wave doesn’t charge for the use of its accounting, invoicing and receipts functions, it does charge a fee per transaction for payments processed through Wave.
Obviously, if you do not need this functionality, then the software remains 100% free. If you process a high volume of payments, then your transactions can quickly add up. In this scenario, it might be more economical to look at a subscription-based accounting tool with fixed costs. Wave also offers payroll functionality on a pay per use basis, but this service is currently only available in the USA and Canada.
How Does Wave Make Money?
Wave is a business, not a charity. Although they offer their product for free, the company still needs to make money. Wave does this by working with other companies such as Symantec and Amex to offer “Business Savings”. These offers are shown in the Wave platform and provide users with special deals that can save their business money. The companies offering the deals pay Wave to display their service. Effectively it is a form of targeted advertising.
Is Wave Right For Your Business?
Like many accounting platforms, Wave Apps has been designed for the USA and Canada. This means that some valuable features are not available to businesses outside of those markets.
To sum up, in Australia, if you run a small business with no employees, then Wave is worth considering. Wave can represent a considerable cost saving for your business if the software has the functionality you need, and you don’t require a scalable accounting solution.
However, if you have employees and require payroll functionality, you will need to use an additional software package. As such, it might be better to choose an alternative accounting package which includes payroll services.