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Wave earned high marks for general features, and it could have aced the criterion if users could use account numbers in the chart of accounts. As seen in the chart above, Wave beats QuickBooks Online and Zoho Books in pricing and ease of use. However, Wave’s two competitors have notable advantages in terms of features, like banking, A/P and A/R management, inventory, and project accounting. The Fit Small Business accounting team developed an internal case study to evaluate accounting software across 15 different categories based on a common set of facts and functions. The graph below shows how Wave scores across each category compared with two of its competitors, QuickBooks Online Plus and Zoho Books.
- We spend hours researching and evaluating each accounting software system we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.
- In addition to its accounting software, Wave offers paid services, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching.
- Unlike competitors, Wave doesn’t offer many advanced features to increase the software’s functionality.
With our intuitive dashboard, you’ll be a money management pro in no time. If you have a question or issue, you can browse the help center or reach out to Mave, the automated chatbot. If you do want live support, you’ll need to invest in an Advisor or paid service. We believe everyone should be able to make financial decisions with confidence. PCMag.com is a leading authority on technology, delivering lab-based, independent reviews of the latest products and services.
Wave Starter Plan
Still, with just one paid plan, Wave can’t accommodate growing businesses the way multiplan competitors like QuickBooks Online, FreshBooks or Zoho Books can. The software setup wizard guides you through four easy setup steps to generate an uncluttered, straightforward dashboard. The interface ensures a low learning curve with friendly graphics, an in-app help center, live chat, user-first design and an accessible app. While Wave Payroll doesn’t have many unique perks that set it apart from the competition, how do i calculate depreciation using the sum of the years’ digits it’s a good option for business owners who are already familiar with Wave Accounting’s interface. The software must also have a mobile app to enable users to perform accounting tasks even when away from their laptops or desktops. Support network refers to a community of software users that can extend professional help to businesses.
When rating accounting and invoicing software, we use a 47-point rubric that looks at pricing, ease of use, features, customer service, and user reviews. We weigh each section differently to calculate the total star rating. Wave holds its own against two of its biggest competitors, QuickBooks Online and Xero. Wave’s free pricing structure gives the software its appeal, but users that have larger businesses and require more advanced accounting features may find QBO or Xero to be the better fit.
Finally, if you need extra help with your bookkeeping, accounting, or taxes, Wave Advisors is a service you can add to your account. This option is great for business owners who are new to accounting or want to outsource bookkeeping and/or tax filing. If you have the Pro plan or pay for the add-on, there are three ways to capture receipts. You can upload them through the Wave mobile app, upload them to the browser version of Wave or forward them via email to your Wave account. Receipts you add via any method appear in the “Receipts” tab of the dashboard. You can use the “Payments Setup” subtab if you want to give your vendors and customers the option to submit online payments.
Wave Accounting plans and pricing
As noted up and down this article, Wave has become one of the most popular accounting software platforms for small businesses and freelancers out there. What users are not satisfied with is the Wave accounting app, as it is not as fast as the website version. Also, it seems to lack certain features that are available on the desktop version. While the company does offer email and live chat support, there is no phone support available. One of the biggest disadvantages of Wave is that it doesn’t have any dedicated time-tracking features. If you need to track your time for billing or invoicing purposes, you’ll need to use separate time-tracking software.
Give your clients what they want
Wave Payroll has two options ranging from $20 — $40/month + $6/employee or contractor. Tax service payroll is available in 14 states, while self-service payroll is available in the remaining 36 states. Wave Accounting offers live chat and email customer support for Pro plan users during business hours. Wave offers many basic accounting and bookkeeping features, though their availability varies by plan. If Wave isn’t a good fit for you, read through our article on the year’s best free accounting software. The article kicks off with Wave, but it includes reviews for nine other free bookkeeping programs that you might prefer.
Users of Wave’s paid and free plans can both access receipt scanning, though only paid users can opt for free receipt scanning. In either case, Wave Accounting’s mobile app lets you capture unlimited receipts and import them in bulk in batches of up to 10 receipts. At no cost, users can send an unlimited number of invoices to an unlimited number of clients. In contrast, FreshBooks’ cheapest plan starts at $19 and limits you to billing just five clients a month.
The free plan doesn’t let you do that, but it provides you with a link to your invoice so that you can include it in your own email. Another benefit of the paid Pro tier is that you can attach documents to your customer’s invoice. With a subscription to Wave Payments, you can include a payment link in your customer’s invoice. These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most.