If you are a small business owner looking for a free and easy to use accounting software, WaveAccounting.com could be for you. Their goal seems to be to keep small business owners record keeping as simple as possible but still providing features found in expensive accounting software packages.
There are several features that make WaveAccounting.com great.
1. It is free. Totally free. They don’t have multiple pricing plans. They have no pricing plans. They appear to make their money by posting ads and money-saving offers from other companies that would interest small business owners like virtual phone systems and web hosting.
2. Wave is online so you can access your data anywhere and anytime. It is not available on the mobile phone yet but it is a planned feature.
3. You can give view or edit access to your bookkeeper or accountant as a Guest Collaborators.
4. Wave allows you to connect to your PayPal and Etsy accounts so you can import transactions.
5. You can create unlimited businesses and even keep track of your personal expenses separately.
The dashboard gives you an overview of the balances of your bank account and credit card, as long as they are linked. It also includes a financial snapshot, an aging of your accounts payable (bills you owe) and your accounts receivable (what’s owed to you) and it can alert you to overdue bills.
I was able to link one bank account and one credit card account in less than a minute. I have both accounts with the same bank and a high-speed internet connection. It will take longer if you have multiple accounts and slower internet access.
They have the standard financial reports that you can email or export to Excel. I also like that you can drill down in reports to see the source of the numbers.
As an accountant I like that they allow journal entries although I found the feature by accident and it took me some time to find it again.
I have used a lot of accounting systems in my career and I think Wave Accounting would be a very good choice for a lot of small businesses. As an accountant I like that they allow journal entries although I found the feature by accident and it took me some time to find it again. I think some novice accounting users will still need help setting up their chart of accounts for the first time and may need help reconciling from time to time but for the most part they will not need ongoing support from an accountant or bookkeeper.
[schema type=”person” name=”Steve Webster”]
Disclosure: I am an affiliate for WaveAccounting.com