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Wave Accounting

Wave Accounting is a free online accounting software designed for small businesses with 0-9 employees that provides invoicing, expense tracking, bank integration, and other accounting functionality without requiring accounting experience. It has a full set of features including unlimited invoicing, expense tracking, customization, and integration with other apps. Wave Accounting is a cloud-based solution that is gaining popularity with tens of thousands of new small business customers signing up each month globally.

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36 views

Wave Accounting

Wave Accounting is a free online accounting software designed for small businesses with 0-9 employees that provides invoicing, expense tracking, bank integration, and other accounting functionality without requiring accounting experience. It has a full set of features including unlimited invoicing, expense tracking, customization, and integration with other apps. Wave Accounting is a cloud-based solution that is gaining popularity with tens of thousands of new small business customers signing up each month globally.

Uploaded by

enockbissue1
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Wave Accounting

Wave Accounting
Website: http://waveaccounting.com/

Category

From start-ups (Entry level)


Best Fit

Small businesses with 0-9 employees. Service-based businesses needing invoicing and the ability to
receive integrated payments, particularly in multiple currencies are well served by Wave
Accounting.

Strengths

 Wave Accounting is simple enough to use that no accounting experience is required.


 Totally, 100% free. We don’t know of another product that has so much accounting
functionality for no charge. Using the payroll system is a charge item (payroll coming to the
US later in 2012)
 Wave Accounting has a full feature set including unlimited invoicing, unlimited expense
tracking and much more. The product can run multiple businesses at once, is available for
any currency and can accept payments in a foreign currency, has a customizable chart of
accounts and has easy-to-read dashboards.
 The product was designed for easy, secure collaboration inside the company and with an
accountant using 256-bit SSL encryption. The system is a double-entry accounting for small
businesses — not just an expense tracker.
 The product provides for unlimited invoicing, expense tracking, and automatic bank data
import (supporting 10,000+ banks and credit unions).
 Wave Accounting can be customized to fit the business after using their fast start
configuration which contains 40+ pre-set business types. More customization is available for
invoices and customizable reports (online, or export as PDF & Excel): balance sheet, general
ledger, income statement, sales tax report, aged receivables, aged payables, gain/loss on
foreign currency exchange.
 Other features include: bill and invoice reminders, a personal finance tracker, compound
sales taxes, transfer matching, transaction splitting and sales tax calculations.
 There is nothing to install and is always up to date. There are no annual upgrade charges.
You can work anywhere, on any computer with a browser. The product is Mac-friendly as
well.
 Wave Accounting has integration with Wave Payroll, Shoeboxed, Freshbooks, Google Docs
and Etsy.. There is an automatic data backup provided as well as free online support.
Brief Product Description and Pricing

Wave Accounting is a collaborative, online accounting software for small businesses and their advisors.
Wave Accounting makes it easy to collaborate with clients online. Wave Accounting’s software has daily
reconciliation capability for more than 10,000 automatic bank feeds.

New features are released constantly for users. Real-time financials are produced with this online
accounting system that features automated bank feeds, invoicing, sales tax, expense reporting, multi-
currency, comprehensive reporting, and more. Wave Accounting makes it easy for small business
owners to manage their business online anywhere at any time.

Prices are free for accounting with a charge for payroll. http://waveaccounting.com/features/un-
pricing/.

Technical Specifications

Wave Accounting is a cloud based Internet solution. No technical expertise is required other than
basic personal computer skills and high-speed reliable Internet access. Creating the initial chart of
accounts is automated and requires little accountancy knowledge. This chart can be edited and
added to later. Each account has a default VAT rate which saves time when entering data, but it
needs to be used with care - it can be easier to have several accounts for the same nominal heading;
one for each VAT rate. Accountants may prefer to set this up for their clients before letting them
loose on the accounts.

Creating a bank account is even easier. Just enter the opening balance. However, if you use online
banking, you can directly connect Wave to your bank for automated transaction importing, or you
can manually import bank statements as .OFX files (or QIF or CSV, but OFX handles duplicates
better). The home or Dashboard screen provides quick links to most parts of the accounts, although
standard drop-down menus are also available. The Dashboard gives a snapshot of bank balances and
movements, debtors and creditors, and expenses.

Integration with Accounting and Ease of Setup

Overall, Wave Accounting is a powerful and reasonably priced online solution for businesses looking
for the standard accounting functions that most small businesses use. Wave Accounting is very
robust from a feature perspective, and the strategy of providing the service at no charge is very
aggressive. Wave Accounting has integration with Wave Payroll, Shoeboxed, Freshbooks, Google
Docs and Etsy.

Bank Integrations for downloaded credit card or transactional from the bank is included in the
system.

Company History and Contact Information
Wave Accounting launched in November 2010, and is signing up tens of thousands of new small
business customers per month, with users in more than 200 countries. Wave Payroll launched in Canada
in February 2012. The U.S. version of Wave Payroll is expected later in 2012. Wave has been recognized
with various industry awards, including the Deloitte Companies-to-Watch Awards, and the People’s
Choice at CIX.

More information about Wave Accounting is available at: www.WaveAccounting.com.

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