Wave

Their invoicing system is easy to use and makes it easy for me to manage most of my clients.I look forward to trying out their accounting services. I decided to give Wave a try when my PayPal acct was on hold. I still use both.

Vorteile

I have only used the invoicing part of this software. I love it for the most part. I =t is missing a feature or two

Nachteile

I found that I could not let my clients submit partial payments, or it wasn't clear on how to do it. Multiple payments was not flexible enough for my needs. I would have liked to be able to schedule the payments by specific date rather than genericall as ay, week, month, etc

It’s been a solid piece of cloud accounting software, albeit limited. It’s hard to beat the price of it, and I have yet to find a similar but more fully featured one at the price of FREE!

Vorteile

I use Wave to keep track of my personal finances, from income to spending. In that lens, Wave performs quite well, allowing you to tag transactions that are automatically imported from your bank. It also lets you generate some simple reports such as your income statement, balance sheet, and cash flow. The interface is simple to use and understand, and I was able to pick it up (coming from an accounting background) in under a few minutes, without having gone through a walkthrough. The included ability to reconcile statements is also quite handy and allows me to verify that all transactions are posted appropriately. The inclusion of receipt tracking and tagging is also quite handy!

The best part about Wave is the price! If you don’t need features such as invoicing and payroll (some SMB’s may find these handy. From a personal perspective, I did not), the accounting software is completely free.

Nachteile

Wave still appears to be in its infancy, although the product has been there for a while. The user interface will frequently be updated (the reconciliation flow changed 3 times since I signed up about 6 months ago), and new features will constantly be added without any notification, often shifting often things around from where you expect them to be.

The reports from Wave are also very limited, so don’t expect any customizable reports as of 08/2019. You get about 12 reports total, some or all of which may not be very relevant to you, depending on your end goal. These reports are completely canned, system generated, and you do not have the ability to create new reports. This may change in the future, but as it stands, this is the current state of affairs.

The receipt tracking feature is definitely handy to have. While Wave will OCR your receipts and tag them to a category, it will actually post an entire transaction to the ledger when you save it down. For those of us with a bank account and credit card linked to auto import transactions, you’ll get a duplicate: one from the CC, and one from the receipt. It would be nice if Wave included some intelligence to automatically match the receipt and transaction together, but for now, you need to manually merge each.

Finally, as a small point, Wave does not obtain any service assurance through SOC1 or SOC2 reports, an issue that most people wouldn’t ever care about.

I was looking for a program that let me build estimates and convert them to invoices without any hassle and this fit the bill. Once a client approves an estimate, I click a button and convert it to an invoice and the client pays online. I love the credit card processing. Even though the rate seems high, It's all done automatically and I do nothing to get paid. If I want instant payout, I click a button and the money is in my account a few minutes later, at a 1% fee.

Vorteile

I love the fact this is internet based and handles my credit card processing, estimates, invoicing, automatic billing etc. I love being able to import bank statements (or direct access to bank) and import information automatically.

Nachteile

It can be a little confusing understanding the different features and what they really mean. It's not very easy to look up a specific client and pull down an invoice for them and sometimes the clients ability to pay online is shut off for unknown reasons. It seems that happens if I use the invoicing app so I can submit invoices immediately to a client while onsite.

Support has been poor quality. As a paying customer of both their payroll service (which is solid) and their accounting coaching, I'm tremendously disappointed with the platform.

Vorteile

The software at it's core is very easy to use. The reliability is however a complete failure.

Nachteile

Throughout the past 3 years, Wave has been a game of 'make sure my bank works.' First, I closed incompatible credit card accounts in order to open accounts that were listed as compatible. A year later, Wave lost the connection with all of capital one due to an issue with switching data providers (from Plaid).

Next, Chase bank cards also disappeared. When finally reconnecting, weeks worth of transactions were intermittently missing. For a software company who's core goal is to reduce manual data entry, this platform is a nightmare. Stay away.

Wave no longer integrates with CapitalOne Spark Business Checking & Savings. CapitalOne is going through some changes so I don't blame Wave too much but manually uploading bank statements every month is a hassle. Though I love Spark, I'm hopefully that Wave's banking that is coming soon will be a good future solution. I love Wave for everything else. It's the most rounded and affordable solution for my small business finances.

Vorteile

It's everything I need in one place. As a small business, Wave is the best solution for me. I can invoice my clients for free, and easily keep my finances up-to-date making tax season worry free.

Nachteile

Wave no longer integrates with CapitalOne Spark Business accounts, so I have to manually upload two bank statements every month into Wave; One for my checking and one for my savings account, both of which are Spark.