You can view transactions and your chart of accounts and add manual journal entries and set accounting starting balances here. The meat of your Wave experience flows through the Accounting section. Features here are focused on creating and tracking bills and vendors. Here you can manage bills, receipts and vendors. The Purchases section is focused on your business expenses. The newest feature here is Checkout, currently in beta, which allows you to integrate a shopping cart solution on your website. The Sales section helps you manage estimates and invoicing, recurring invoices, customers and customer statements, your products and services offered, and customer payments. You can also access account and business settings and manage integrations with PayPal, Shoeboxed and Etsy, along with activating Wave Payments. Here you can get a quick glance at bank and credit account balances, a graph of your business income and expenses, a view into upcoming payables and receivables, along with past due bills and receivables, a high-level net income snapshot and a look at business expenses over the last month or year.įrom the dashboard, you have a menu of additional views to manage your sales, purchases, accounting, banking and payroll, as well as to view reports. How Wave worksĪt Wave's core is the account dashboard. It even supports VAT taxes, something most U.S.-focused accounting programs leave out. One useful feature for online and international businesses is its support of multiple currencies and international banks. (Though part of the free app, payroll requires a fee.) Wave keeps it to the basics and offers income and expense tracking, business reports, integrated invoicing (payments require a fee), receipt scanning and payroll. Wave's flagship product is its free Wave Accounting online bookkeeping and account app. PayPal integration: Wave can automatically import activity from your PayPal account into the app.Security: Wave uses 256-bit encryption and stores your data on servers that are physically and electronically protected.That’s hardly an unbearable tradeoff if you’re a small business looking to contain costs. But in exchange, you’ll have to accept the existence of paid advertising that appears in the app. No annual fee: Wave is a free service.There are also forums available at Wave’s Community Space, where you can swap ideas with other users of the system. FAQs and community support: Wave has an extensive FAQ page that will address most of the concerns and questions you have.There are no minimum required receipts for the service. It enables you to accept Visa, MasterCard, American Express and Discover cards. Credit card processing: Wave offers this feature with competitive pricing (30¢ per transaction plus 2.9% of the transaction amount).This enables you to track your personal finances, create a budget and track your investments in real time. Free personal finance software: In addition to accounting tools for small businesses, Wave offers free personal finance software.
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