Wave accounting ideal for small business

Wave accounting is one of the best accounting software for small business. It is easy, comprehensive and user-friendly. For any business accounting software that caters to their accounting requirements is important at the same time must be budget-friendly. And wave accounting software is undoubtedly an ideal software, to begin with, your accounting.

Look at some features of wave accounting:

• Its introductory package is available for free.
• Easy setup, user-friendly interface and dashboard giving an overall view of your business.
• Integration with bank and credit card accounts. And after initial set up all your ongoing transaction is automatically imported.
• Enable to create and send a professional invoice for free.
• Perform reporting functionality includes important financial reports such as balance sheet, Profit and loss, accounts payable, accounts receivables and sales tax. All these reports are available in PDF version or even can be exported to Excel.
• Cloud-based accounting software gives access from anywhere.
• “Invite collaborators” feature helps to give your accountant or your partner access to the accounting records.

Does Wave have some limitations?

Yes, they do lack in some areas, but they can be covered up.

1. The online invoicing service has limited customization options. It lacks on time tracing function that is a limitation for time-based services. No worries, you can still integrate it with FreshBooks. You can even have google docs to attach documents for a specific transaction.
2. It lacks inventory, budgeting and forecasting functionalities.
3. You can’t import transactions and balances from other accounting software.
4. You don’t have many options for customized reporting. The structure and formats of the reports are simply ideal for internal use. However, you make it more presentable via Excel.
5. You can backdate the accounts receivable and payable ageing of the current period that is essential for analyzing the previous period.

While Wave lacks some features that other accounting software like QuickBooks Online or FreshBooks provide- that’s why it is ideal for small business and freelancers who just need to manage their accounts, not employees.

 Is Wave accounting an ideal fit? How?

1. Easy to use: It has a user-friendly interface which makes the accounting for small business owner much easy and simple especially who have limited or no accounting knowledge.
2. Free accounting software: It has several useful features available for free such online invoicing, bank feed, easy setup and remote access to your accounting.
3. All in one app: It offers multiple businesses set up under a single wave account, so you can switch between them. Hence you can manage your different business ventures under a single platform.
4. Streamlines the bookkeeping: It has a simple dashboard with sidebars menu categorized into Sales, purchase, banking, reports, payroll and banking. Thus, making it easy to use and streamlines the entire bookkeeping activity.
5. More payment acceptance option: Wave accepts credit card and ACH payments online for invoices. And Wave checkouts allow you to send links other than an invoice to the customer to enable online payments. It is quite useful for business that needs payment advances.

Wave accounting is excellent software for small business and service providers who have limited analytical needs and use spreadsheets to track their budget and sales performance.

So, it is an ideal fit for small business accounting.