We’ve all experienced the pain of having to track receipts or reconcile our bank accounts with our monthly bank statements, then send if all off to the CPA for our yearly tax filings.
Because this pain exists we need to pick our accounting software wisely, and there is a saying over at Wave Apps, it reads: “Let’s not complicate this!”. The price is not complex either; it’s FREE!
I started using it several years ago, and in the next section, I will share with you some amazing things it has done to make managing my finances a dream come true.
Before we begin you need to know a few things about this software:
It’s cloud-based which means it will work on your Windows, Mac, or Linux computers.
It’s best utilized by small businesses with up to 10 employees.
To use the built-in credit card processing and payroll services you will have to pay money. Here’s a link to the Waveapps Pricing Page: Wave Accounting Pricing
Why did I switch from Quickbooks to Wave Apps?
Back in 2007, I found myself for the first time in need of using an accounting software. I had no idea where to start, but since Microsoft Accounting was already bundled in my Office 2007 software installed on my laptop, I decided to give it a try. I thought at the time, wow, this is going to be easy!
If only it were that simple, you see I was a complete newbie to setting up any type of accounting system. I just banged my head against the screen and wasted an entire day with little results to show.
How the heck was I supposed to know which accounting method to use. Was it suppose to be on a CASH Basis or an Accrual method? What was the proper way to categorize my Chart of Accounts?
So the next day I called a CPA who came highly recommended to me for some help! That would also be the point where I started using Intuit Quickbooks because my new accountant (CPA) highly recommend it.
Quickbooks was the only software my new CPA would use, and it would be easy to send my monthly accounting data (QB file) to his firm to have my accounting books reconciled against my bank accounts every month.
After using Quickbooks Pro (desktop edition) for many years, I became tired of having to deal with the hassle of migrating it every time I bought a new computer system.
I also hated the tedious process of having to send an exported QB file to the accountant for monthly bookkeeping updates, then importing the one they sent back to me. We did the transfer of files via e-mail too, which looking back on it now I think “What a big security risk!”.
So with growing frustration, I did some research and found Wave Accounting by Waveapps and switched over about four years ago.
There is nothing wrong with Quickbooks, but since my accounting needs were basic, Wave Apps made a lot of sense for me to make the change. Around that time I had also switched to a new CPA who did not care about which accounting software I was using, so it worked out great.
A quick note about QuickBooks:
Currently, Intuit’s Quickbooks has a monopoly on about 85% of the small business accounting market. There is both a desktop version and now a cloud-based solution available (for a monthly fee). It’s a great option if you find that Wave Apps Accounting does not fit your business model, or you have more than ten employees.
You can read more about QuickBooks here: https://quickbooks.intuit.com/. If you have a really big business to run, you may need to get advice from your CPA or Bookkeeper for the best options.
Features of Wave Apps Accounting
Wave Accounting is a cloud-based double entry accounting software system, and after I had used it for a month, I knew it would serve my needs perfectly.
The days of managing multiple accounting data files on different computers are gone. No more backup files to worry about either! It’s all in the cloud now.
You can also provide login access to your CPA so they can access reports such as the “The General Ledger” and “Trial Balance.” You have the option to export all the reports to an offline file as well. I currently just use the export option, save the file to my DropBox, then send a download link.
You can export all of the accounting data at any time too, just in case you need an offline backup or want to move your data to another accounting software down the road.
Last but not least, they are serious about security; they use a 256-bit encryption protocol for all the data connections with the banks. Wow! Read on to discover more about the six product lines that are offered.
Waveapps Complete product line and features
- Accounting Software (free) – You can do things such as; Budgeting, Organizing, Tracking Expenses, and even calculating your Cost of Goods. There is even a Journal Transaction Entry feature too, which your accountant will love. The reporting features make preparation for taxes a breeze, check out all the accounting features here: WaveApps Accounting
- Built-in Invoicing (free) – You will have the power to look professional and show your clients that you’re serious about your business. You’ll be able to send out a clean looking invoice to help you get paid faster. And you can send them automatically for all your recurring business, truly a time saver! Check out all the invoicing features here: WaveApps Invoicing
- Small Business Lending – Waveapps is offering small business lending services provided through OnDeck. The minimum requirements for applying for a loan is 9+ months of business with 75k per year or more in annual revenue. The big advantage I like is a fast close for the loan, could be within 24 hours! Read about it here: WaveApps Lending
- Credit Card Payment Processing – This service allows you to accept Visa, Mastercard, American Express and Discover. It will even integrate as a payment option in your invoices. It’s PCI certified and secure, and you can also take payments over the phone or in person. Check out more here – Wave Apps Credit Cards
- Built-in Payroll – Having a seamlessly integrated payroll will allow you to pay your employees and handle employment taxes all in one place. It has all the great features of direct deposit and self-service pay stubs and tax forms too. Check out all the features here: WaveApps Payroll
- Free receipts scanner – A handy little app for your smartphone (iPhone or Droid) that utilizes the camera. You can take a picture of the receipt then upload it to the cloud for later and reference it right in your account register. You can also e-mail electronic receipts and or use the web application. Read more about this option here: WaveApps Receipts
My Final thoughts
Getting it setup is like a dream come true, it was pretty straightforward and easy.
All you need is an e-mail address and then click on the following link to setup a new account: Wave Apps Register You’ll have to confirm the account via a confirmation email so make sure you check for it in your spam filter if you don’t get it.
Would I recommend it?
Yes, Absolutely! I’m also using it to track my eBay sales, consulting fees, real estate investments, and personal finances. I hope they continue to innovate this fantastic accounting tool with more features.
If you liked this review why not sign up for my newsletter and get the latest updates on my new guides once I publish them! For now, Scotty B signing off.