Wave invoices are integrated with our free accounting software, so payments are recorded and categorized for you – which means less bookkeeping and tax season prep. Payroll software saves you time so you can focus on the best parts of running your business. And, in the long run, an online payroll software provider like Wave can save you a lot of money by reducing human error so you can avoid tax penalties (and who doesn’t love saving money?). You can mark invoices paid on the spot, so your records are instantly up to date. Accept payments through credit cards and bank payments to get paid even faster, for a low, pay-per-use fee.
Wave Accounting also uses double-entry accounting, which is much more accurate than basic single-entry accounting. Most accounting software use the double-entry system, though FreshBooks’ cheapest plan is a notable exception. We love that even though Wave is free and freelance-focused, it doesn’t assume freelancers can afford to skimp on financial accuracy. First, Wave is remarkably customizable—especially considering that it’s, you know, free. For instance, its unlimited invoices are much more customizable (and, in our opinion, more professional-looking) than QuickBooks’ comparatively expensive invoices. We provide different levels of support for customers who use different features and services from Wave.
Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption. If you’re interested in our payroll software, you can start a free 30-day trial when you sign up for Wave. Give your customers the option of paying with one click using a credit card, bank transfer, or Apple Pay. Create beautiful, free invoices that reflect your business branding.
We believe everyone should be able to make financial decisions with confidence. We totally get it—running payroll for your small business can seem like a daunting task, especially when you’ve got so much on your plate. That’s why a payroll software like Wave’s can help ease the burden of doing payroll on your own. We’ve also crafted a guide to small business payroll to help you navigate the process. A common issue when invoicing in Microsoft Word, Excel, or other DIY solutions is making calculation errors.
Only integrates with in-house apps, like Wave Payments and Wave Payroll; does not integrate with card readers for in-person payments. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. Here is a list of our partners and here’s how we make money. Doing payroll manually involves confusing and time-consuming calculations. Not to mention the stress of worrying about making errors and winding up in a tax audit (yikes!).
Deposit times may vary due to processing cutoff times, third party delays, or risk reviews. Get paid in as fast as 1-2 business days1, enhance your brand, and look more professional when you enable payments. Customers can click a Pay Now button on invoices and pay instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay. You can accept credit cards and bank payments for as little as 1%2 per transaction. There are no trials or hidden fees, and it includes all the key features you need to keep your books accurate and run your business smoothly.
For instance, it doesn’t offer the same built-in time-tracking and project-tracking features you get with most other basic accounting software plans. Unlike with QuickBooks, you can’t manage 1099 contractors with Wave (which is one reason Wave’s better suited to 1099 contractors rather than those who employ them). Since Wave only has one accounting plan, though, it’s not perfect for business owners who want to add accounting features as they grow.
Automate overdue reminders, set up recurring bills, and add notes or terms of service with ease. Moreover, you can integrate QuickBooks with hundreds of third-party tools available in the app marketplace. There are also add-on Intuit services like QuickBooks Payroll or QuickBooks Time. Although accounting and invoicing are separated into two different product sections on the Wave website (shown similarly below), they don’t require separate accounts. These solutions are integrated within your dashboard and you’ll access them both through your single Wave login. Includes tools that help automate the reconciliation process; auto-categorizes transactions for you, but you can’t set up your own bank rules; no global search function.
We built our Payroll tool for small business owners, so it’s easy to use AND teaches you as you go. Zoho Books offers a robust free plan, along with a range of paid plans that feature workflow automation. FreshBooks is an affordable option for freelancers and small service-based businesses that operate mostly on the go. Compared with free software like Wave, QuickBooks plans are expensive. The most basic plan, Simple Start, costs $30 per month, and the top-tier Advanced plan costs $200 per month, which is a sizable investment if you’re running a business on a tight budget.
Honestly, these features outpace those included with some paid accounting software. For instance, Xero only includes expense tracking with its priciest plan, what it means to reconcile your bank account in quickbooks which starts at $65 a month. QuickBooks Online limits user numbers by plan (its cheapest plan, QuickBooks Simple Start, includes just three users).
Payroll software that pays off
All your invoicing and payment information automatically syncs with our free accounting software included with your account. Set up recurring invoices and automatic credit card payments for your repeat customers and stop chasing payments. Switch between automatic and manual billing whenever you want. Finally, Wave’s billing, payment acceptance, and invoicing features all work together to ensure you get paid on time.
- For example, QuickBooks Online doesn’t have a free plan, but offers four paid plans, each with additional features, making it a great choice for scalability.
- Deposit times may vary due to processing cutoff times, third party delays, or risk reviews.
- Every invoice paid means more revenue coming into your small business.
- Electronic invoices are created with online invoicing software or other cloud-based services, which makes it easy to automate the invoicing process.
- All your invoicing and payment information automatically syncs with our free accounting software included with your account.
Create beautiful invoices, accept online payments, and make accounting easy—all in one place—with Wave’s suite of money tools. Upon processing your first payroll, you can use Wave Payroll for up to 30 days, commitment-free. At any time, you can activate to start your billing cycle and gain access to items like tax filing and approving payrolls beyond the current month. See our full US terms here, and our full Canadian terms here.
Your data is always available, and backed up for extra peace of mind. Our (non-judgmental) team of bookkeeping, accounting, and payroll experts is standing by to coach you—or do the work for you. Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business. QuickBooks Online’s detailed reporting and transaction tracking is ideal for growing businesses.
Pricing and features
Only pay for what you use and simplify annual audits with workers’ comp built for small business owners. 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. Know when an invoice is viewed, becomes due, or gets paid, so you can stay on top of your cash flow better than ever. Stay updated on the latest products and services anytime anywhere.
These features help keep our invoicing, accounting, and business banking (currently only available to sole proprietors in the US) free. These features help keep our invoicing, and accounting, free. Wave’s optional paid features include online payment processing, payroll software, and access to personalized bookkeeping services and coaching through Wave Advisors. If you’re interested in using payroll software, you can start a free 30-day trial when you sign up for Wave. In addition, Wave’s mobile app lets you send invoices and track payments on the go.
Our double-entry accounting software is trusted by over 2 million small business owners. These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. Less scalable products are typically simpler, but diminished functionality can cause headaches down the road for growing businesses. We encourage you to research and compare multiple accounting software products before choosing one. 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.
Invoicing, payments, and banking all in one place that saves you time, gets you paid, and makes money management easy. Of course, if you freelance, you don’t need to worry about running payroll either now or in the future. But for small-business owners who want to eventually expand their businesses and hire an employee or two (or more), just know that Wave doesn’t make it easy to add payroll software beyond its own.
Full details on how Wave support works are available here. Wave Accounting can be a great option if you run a very small service-based business or don’t need more advanced features that alternatives might offer. For small businesses any larger than that, however, Wave is limited. Unlike competitors, Wave doesn’t offer multiple plans to increase the software’s functionality.
Wave Payroll supports paying both employees and independent contractors when you run payroll. The proper tax forms—1099 in the US and T4-A in Canada—are also generated for you. In self-service states (all other 36 states) Wave Payroll does not make payments or file on your behalf. Automated, accurate payroll helps you stay compliant, save time, and be stress-free.
Wave’s invoicing software for small businesses removes the worry of making these errors because calculations are done for you, including the taxes. If you’re on-the-go, you can also send invoices from your phone or other mobile device using the Wave app. Every invoice paid means more revenue coming into your small business. Create and send professional invoices to your customers in seconds.