‎Wave: Small Business Software on the App Store

But it’s not the only option, and quite a few others offer more complex invoice creation abilities, or more comprehensive reporting and analytics. One of Wave’s competitors, FreshBooks, offers loads of features at very low pricing. Set up late payment reminders to automatically email your customers when payment is due (with Wave’s online payments feature or the Pro Plan). Add credit card payments to get paid faster and stop chasing customers with auto-reminders. However, you won’t find the additional features included in the QuickBooks Online Essentials, Plus, and Advanced plans. This includes certain functions such as journal entries, time tracking, and credit memos.

Accounting & Expense Management

Freelance rates can differ depending on experience level and industry. For example, the rate a freelance web developer charges may be different than that of a freelance graphic designer, because each freelancer specializes in a different area. Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption. In the other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. Learn about funding options, pitching to investors, and building a scalable business model.

Having customers in different countries can complicate things further, as currency conversion can be both costly and time-consuming. Wave also handles general finance management, and with the right third-party integrations, it can support CRM, ecommerce, and email marketing as well. Wave’s support options include a Help Center, with resources that can be browsed by categories including Accounting, Invoices & Estimates, and Payments, among many more. Wave’s payroll service’s functionality is defined by whether you live in a state that allows a third-party service to file for you, or if you need to do it yourself.

Bearing that in mind, here are the free invoice apps we covered in this guide, and what each has to offer. Whether you’re looking for the best free invoice app for Android, iOS, or another platform, you’ll find it here. Xero is a customer-friendly invoice app that provides easy-to-follow video tutorials within the software to guide you along the way. Positive reviews highlight the useful financial features of the app, but some customers express frustration over funds from customers being held up at times.

Note that you will pay credit card processing fees on all applicable transactions.
Deposit times may vary due to processing cutoff times, third party delays, or risk reviews.
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You can also create a multi-currency account that can store up to 54 currencies.

You can also track time, expenses, and mileage all in one place. While the invoicing platform is not easy to integrate with popular third-party payroll apps like Gusto or OnPay, Wave does have its own payroll software. Small businesses that plan to hire employees at some point might need to change accounting software systems in the future or upgrade to Wave Payroll. The software design and intuitive interface make Wave simple to set up and easy to use, even for those with little previous accounting experience. The site’s onboarding process is a breeze; first provide a few basic details about your business, such as name, address and industry. Then answer questions from a drop-down menu about the direction you want to concentrate on—invoicing, accounting or payroll—and you are directed to link financial accounts.

Wave Accounting Review: Features, Pricing & More

That’s not the case with Wave—it provides one plan with an unlimited number of users, invoices, credit card connections and reports for free. While users never pay a monthly fee, they will have to pay a credit card processing fee of 2.9% plus 30 cents per transaction if they use Wave to process credit card payments. This fee can vary depending on the type of card the customer uses. Your customers can pay the invoices you send them instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay. And by enabling Wave’s payments feature, you can accept credit cards and bank payments, and get paid out in as fast as 1-2 business days1. The drawback of just offering one plan is that it limits room for growth.

While it does offer a free iOS and Android app, the app is limited in the number of features and functions. You’ll have two options to receive a PDF copy of your invoice. Once you’ve created an invoice with our invoice generator, you’ll be able to download a PDF copy of the invoice or get the PDF emailed to you directly. Your invoicing and payment information are connected to Wave’s accounting feature, helping you stay organized.

It can allow you to manage all your accounting processes without paying a dime. It’s also intuitive so you don’t need to be an accountant to use it successfully. With Wave, you can use dashboards to view cash balances and invoice statuses, or export your accounting reports covering profits and losses, sales tax, cash flow, and more. The platform offers accounting and expense management as well, letting you manage your finances within the platform. We rank Wave third in our guide to the best small business accounting softwave, below only QuickBooks and Xero. However, Wave doesn’t support additional report customization beyond these abilities.

Unlimited bank and credit card connections

When everything is neatly where it belongs, tax time is simple.
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Freelance rates can differ depending on experience level and industry.
If you don’t live in those states, Wave can still help by crunching the numbers to give you the correct tax information and money owed.

When everything is neatly where it belongs, tax time is simple. Wave’s smart dashboard organizes your income, expenses, payments, and invoices. You can also create a multi-currency account that can store up to 54 currencies. You can see all your currencies in one place and easily move money between them when you need to make international payments.

Does Wave have any limits on how many invoices I can send?

Set up recurring invoices and automatic wave invoice app credit card payments for your repeat customers and stop chasing payments. Switch between automatic and manual billing whenever you want. Before you commit to accounting software, it’s in your best interest to shop around and compare all your options. Unlike QuickBooks and FreshBooks, Wave Accounting is completely free to use.

This list of the 10 best invoice apps will cover features and functionality, as well as what customers have to say about them. Yes, Wave’s accounting software automatically generates two entries for every financial transaction. This method of accounting—known as double-entry accounting—ensures account balances are correct and minimizes errors.

How is Wave different than QuickBooks?

You can also try out Wave Payroll, a paid service Wave offers for those who want to provide employee payroll through the platform as well. To apply taxes to the fees for your goods or services on the invoice, you simply need to enter the tax rate that is applicable for your state or province. Consult with your local tax department to determine which tax rate you’ll need to apply to your invoice. To create an invoice with our free invoice generator, follow these instructions and you’ll quickly have a professional invoice to send to your customers. Unlike other software, Wave is built for small business owners and solopreneurs at every stage—not accountants—so it’s easy for you to use. Look and feel polished, keep your books organized, and kick tax season’s butt, whether you’re a newbie or seasoned pro.

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Not being able to see or input the expenses unless I pay for the quick receipt plan in app is kind of a bummer. I’m glad the option is still available online and the system works great and the amount of different charts available is super helpful. Wave’s software is simpler—designed for easy use for freelancers and small businesses—while QuickBooks’ platform is designed to cover complex business needs and grow as your business grows. If you’re a freelancer or other solo service provider, Wave is a better option. The pro plan removes the InvoiceNinja watermark on invoices and adds a slew of extra features such as a custom InvoiceNinja URL customers can use to pay the invoices. Wave is a solid option for invoicing, standing out for its low pricing, great range of software functionality, and good customer service.