The app offers a receipt scanning feature as well, but you have to pay a subscription fee to access it. There’s a fee involved with accepting online invoice payments, too. At Fundera, Randa specializes in reviewing small business products, software, and services. Payments by Waveis a credit card processing service offered by Wave Accounting Inc., a Toronto-based software provider.

• Wave Accounting offers free software, meaning you won’t need to submit a credit card or payment information to use it.
• To pay a Wave bill for a friend or family member, call WAVE-123 and one of our helpful representatives can help you make a payment.
• And with our newest free tool, Receipts by Wave, it’s never been easier.
• Between the app and the payment process—I can’t tell you the hours it’s saved, and even the headaches that have gone away because of it.
• Wave Accounting is ideal for micro businesses with less than 10 employees, contractors, freelancers and other service-based businesses on a budget.

Accept payments through credit cards and bank payments to get paid even faster, for a low, pay-per-use fee. Add credit cards and bank payments to get paid even faster, for a low, pay-per-use fee. Wave’s mobile receipts feature lets you instantly input expenses into Wave. With Wave, you’ll be able to send unlimited, customized invoices to your customers, manage an unlimited number of expenses and track unlimited receipts through its receipt scanning and capture feature. Wave Accounting offers free software, meaning you won’t need to submit a credit card or payment information to use it.

Best Accounting Software for Small Businesses

Based on what day of the month you signed up, Wave will bill you a prorated portion of your regular monthly service charges for the current month. Yes, if you were previously signed up to receive usage alerts for data service, you will need to sign 3 types of financial statements and how to use them up again in your MyWave portal. 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.

• Then click on the “View Previous Statements” button below the current statement.
• Set up invoice reminders to automatically email your customers when payment is due.
• Next, you can add sales tax (if necessary), create customer profiles and customize your invoice templates.
• Add credit cards and bank payments to get paid even faster, for a low, pay-per-use fee.
• If you’re interested in using payroll software, you can start a free 30-day trial when you sign up for Wave.

Therefore, although there is only one version of the Wave accounting software, the add-ons that you’ll have to choose from will allow you to tailor your software to your business’s specific needs. Once logged in, your main dashboard will show your cash flow, profit and loss, invoices, bills and other financial insights. From the dashboard (or the Banking menu on the left-hand side), you’ll be able to connect your bank and credit card accounts to automatically download and categorize your transactions. With the Wave Money business banking account, managing your business finances is a breeze.

Compare Wave Money With Other Business Checking Accounts

And with our newest free tool, Receipts by Wave, it’s never been easier. Monitor your cash flow, stay organized, and stop sweating tax season. All details can be found on the “Subscriptions and Billing” page in your Apple account, or the “Find your purchases, reservations & subscription” page in your Google account.

Wave Accounting at a glance

Wave Accounting is free, but you will have to pay processing fees if you choose to accept invoice payments online. Wave also offers paid products for payroll, coaching and mobile receipt scanning. Moreover, in addition to their free software, Wave offers paid add-ons—Payments by Wave and Wave Payroll—so that you can manage the whole of your business accounting in one place. Unfortunately, there are very few truly free accounting software options on the market—Wave accounting, however, is one of them. Plus, not only is Wave free, but it’s also secure, easy to use, intuitive and offers substantial accounting capabilities. To pay a Wave bill for a friend or family member, call WAVE-123 and one of our helpful representatives can help you make a payment.

Introducing Receipts by Wave

A receipt is a document confirming a seller received money from a purchaser. A receipt typically includes the date, a description of the item the buyer purchased, and information about the method of payment. It is an acknowledgment from the seller to the buyer that the seller has received payment for a good or service. This option is only available through calling our Care Center.

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. While Wave is free to use, it doesn’t offer multiple plans to increase its functionality. It lacks some of the useful features you may find in other accounting software, such as project management, time tracking and inventory management. However, like most free products, Wave has its limitations, especially compared to more scalable small-business accounting software. One of its biggest drawbacks is its lack of higher-tier plan options for growing businesses that require a richer selection of features. You can mark invoices paid on the spot, so your records are instantly up to date.

Invoicing, payments, and banking all in one place that saves you time, gets you paid, and makes money management easy. On the other hand, perhaps you think you need accounting software that can offer more advanced features, such as those we mentioned earlier. Keep in mind, though, that unlike Wave, these accounting software options won’t be completely free. The basic version of QuickBooks Self-Employed starts at $10 per month but is discounted to $3 a month for your first three months for a limited time. Allow your customers to pay your invoices immediately via credit card, secure bank payment (ACH/EFT), or Apple Pay.

Learn more about how we rate small-business accounting software. In fact, many paid software systems, like Xero or Sage, will charge at least $9 to $15 per month for their most basic plans. And, these plans will limit your activity and your access to features like customizable invoices and multicurrency transactions—where Wave won’t. Additionally, Receipts by Wave works even without an internet connection—saving your receipts and syncing them with your account as soon as you’re back online. Once you’ve registered for a MyWave account and logged on to the system, visit the Account Summary page. Then click on the “View Previous Statements” button below the current statement.