wave accounting software

wave accounting software

Benefits of Wave Accounting Software

1. Streamlined Financial Management

By giving employees the ability to record hours in real time against the business’s activities, project-based billing organizations are able to invoice more accurately. Employees may input time and costs immediately in the correct currency, which will be brought into the company’s regular billing procedure, along with customer accounts, with just a click of the mouse for invoicing on all activities. Improve collaboration with clients by providing them with access to Wave within their client portal based on their specific job, giving them project status updates without repeatedly calling you for information. Completed assignments can be accessed together, and bills can be quickly paid. The system can easily be expanded to include timekeeping and approval by a team. The program will then automatically allocate the costs to the affected customer accounts.

Maximize revenue opportunities by managing AR more effectively. Accept credit and debit cards through Wave Payments – only pay when you get paid. Wave collects and organizes all subscriber payments, including those for third-party payment-serving services such as PayPal and Stripe, in one place. Manage expenses seamlessly – capture, submit and reconcile receipts for expenses from your mobile device. This tool works better for some business owners than others. No easy-to-use connection options for direct downloads of bank feeds. Supports banks that require you to manually update your account every time. Wave is more or less easy to navigate based on individual capabilities and expertise with accounting tasks.

Wave accounting software is designed for small business owners, a category that arguably includes active independent professionals. Wave’s manual accounting tools are free, seamless to use, and intuitive. The company’s suite of premium accounting services, including credit/debit card payment and payroll processing, is affordable – usually much cheaper than the equivalent services offered by standalone businesses. Wave’s invoice and accounting tools are a perfect choice for tech-savvy independent professionals seeking to streamline their financial management functions.

2. Simplified Invoicing and Payments

Payment methods are tailored to those of your customers: check, cash, credit card, or bank deposit. You can select the type of payment that best suits your requirements. Additionally, Wave also integrates with payment providers like PayPal, so customers can make payments to you through PayPal. This also relieves you of the hassle of cashing checks and setting up credit card handling terminals. Moreover, PayPal doesn’t charge setup fees, hidden fees, monthly fees, or termination fees. You can opt for just the only transaction fee when you get paid by your customers. This process makes it easy and fast to onboard customers and link accounts. No more waiting for checks or cash, and no more excessive credit card handling charges.

Invoice configuration is quite simple with Wave Accounting. You can personalize invoices with the Wave logo or your company logo. In addition, you can add your product or service information, tax details, shipping charge, or your company message once, and it will save you a great deal of time since the system auto-fills invoice fields. So, all of your business information is unified from the get-go. You can also manage invoice templates, including sales tax and customization options. Wave lets you generate statements and payment reminders, so you are always in control of your transactions.

3. Accurate Expense Tracking

Wave has integrated tools that make it easy to pay employees directly on the platform. Tools include Wave Payments, Payroll by Wave, Automatic Taxes, and Direct Deposit. Transactions are automatically recorded in the right section of the accounting ledger. This allows you to pay employees and contractors online, via direct deposit, within two days. You can keep track of the hours spent using an integrated online time sheeting system. It allows for easy payroll management with integrated tools, including tax forms, automatic deposits for direct deposit, tax collection, and payment reports for employees. Recurring employees and contractors can be easily paid on the Wave Software based on a determined period. Multiple locations allow the software user to assign employees or contractors to a particular shop, department, or supervisor. Workers and contractors can be paid using an hourly, salaried, or canned method to pay workers for consistent supplies.

Keeping track of all business expenses is always a priority when reconciling multiple expense categories later in the fiscal year. Wave Accounting Software helps keep designated expenses separate from others. Users can avoid fees incurred from using personal transactions to make certain buys. Having a for-business-only payment system allows the program user to accurately monitor the expenses on the Wave accounting software to track how much money is put into each section. You can track the usage of the business parking card, business credit card, business travel and entertainment card, and customer payment type.

4. Seamless Bank and Credit Card Integration

The management of all financial information can be successfully done using Wave accounting software. It easily generates business or professional invoices that bring identity to your brand digitally. Unlike the traditional method of exchanging printouts, the business can send the invoices easily to the customers via email and they can also take a printout if they wish to. Wave accounting software easily generates estimates without much effort, grows business contact list, and also prepares the business to track the estimates whether it is pending, declined or approved. Wave accounting software has the capability to track the project cost of businesses. Workers can directly enter their time in the project. Automatically, the timesheets can be generated directly of the workers that provide the status of projects. In a single screen, workers can view the list of all the timesheets, invoices, income, expenses, and so on.

Using Wave accounting software for your business clearly offers a lot of benefits. Even free Wave accounting software offers powerful features and controls of lesser software. The software plays a vital role in the success of businesses by managing each and everything efficiently. It is responsible for the finance management of businesses as well. The mention of Wave accounting by maintaining business’ finance processes efficiently in a single system. Wave accounting software can be easily accessed from anywhere through the internet and that too at any time. The business can easily monitor all its day-to-day finance activities and even keep an eye on projects’ current status. Wave accounting software is one of the best online business management tools and helps in the finance management of business properly.

5. Comprehensive Reporting and Analysis

And because we never want a fiscal year to end in a mess, businesses can keep an eye on their estimated tax liability and how much they owe on their GST/HST/PST returns to prevent any big surprises. In addition to pricing based on the needs of small business owners is the reporting capabilities that Accounting offers. The Balance Sheet, Income Statement, Audit Log, Journal, and Sales Tax Reports are standard, as with other notable accounts. Meanwhile, customizable accounts and a single-click account export provide more freedom in reporting. Bringing home the need for quick financial analysis is Dashboard, Accounting’s hub where users get a visual run-down of the health of their business. This function ties in with Invoice Customization and Branding, as the company logo, hashtag, or other customizations can be added to make the business seem more legitimate. When the details are handled, a business owner has more time to focus on selling their product with a sense of professionalism.

When a business breaks down, it’s easy to feel hurt, but your financial statements shouldn’t reflect the same feeling. The Express Reports section of Accounting offers a fast and simple view of where a business stands by consolidating bank accounts, tax liabilities, invoice aging, and expenditures. This pit stop forces the business owner to think of the big picture and take strides to push their company along. New expense tracking capabilities let business owners monitor the details without an exhaustive amount of paperwork. Receipts and bills can be added and auto-downloaded, and provided tax categories can be assigned to all expenses, ensuring everything is taken care of at tax season.