Wave Accounting Review: Pros, Cons, Alternatives

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You can connect your financial institutions to Wave for automatic transaction import, or use the Add Manual Transactions feature to record banking transactions manually. There’s also an optional payroll feature available in Wave if you have any employees you need to pay. All accounting features in Wave are free, but if you wish to accept online payments through Wave Payments or use Wave Payroll, you will be assessed a monthly fee.

One of the benefits of using Wave Advisors is that it integrates with Wave’s accounting software, which allows businesses to have a complete view of their financials in one place. Additionally, Wave Advisors offers a team of dedicated bookkeeping professionals to help businesses manage their finances. While you can track your sales tax in Wave, there’s no way to file your returns or pay your tax liability. This feature is also handy if you’re working with independent contractors and need to generate a 1099 form for tax filing.

Wave Payroll vs. Deluxe

There are also add-on Intuit services like QuickBooks Payroll or QuickBooks Time. 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. Wave has built-in bank-grade security measures, such as 256-bit TLS encryption, to keep your payroll data safe. what is a contra account the motley fool It also has secure data storage with servers that have strict physical access protocols and 24/7 monitoring. Finally, if you use Wave Payroll, you can only access customer service via live chat on weekdays or via email. Wave doesn’t have any over-the-phone support, so if you run into technical problems on a weekend, expect to deal with them on your own.

  • Wave accounting software can be used on any device, anywhere, and at any time as long as you have an internet connection, browser, and your Wave accounting login information.
  • Plans start at $40 per month with an additional $6 per month for each paid employee.
  • Contractors can be paid via direct deposit just like standard employees, but classifying them correctly in your payroll is vital to ensure your tax information is accurate.
  • Access to third-party integrations and basic HR tools like employee benefits and onboarding are also important.

Its other integrations, such as Wave Payments and Wave Payroll, were added benefits according to users. However, there were several complaints about poor customer service and limited contact options. If you’re on the Tax Service States plan but prefer to handle payroll tax payments and filings yourself, Wave Payroll will allow you to downgrade your plan. You still have to pay the $40 base fee per month (plus the per-employee costs) even if you opt not to get the provider’s automated tax filing services. If you need a different accounting software that includes payroll, consider QuickBooks. Its pay processing solution, QuickBooks Payroll, comes with unlimited pay runs, fast direct deposits, and access to employee benefits.

Wave Financial Products, Services & Integrations

Its plans offer a variety of features that let you pick what you need to support your business. Not only does it sync with other Gusto applications, but it also works with third-party applications, including QuickBooks and Xero. It also lets you pay international contractors and automatically files and pays payroll taxes in all 50 states.

Can I share Wave Accounting with accountants?

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 Invoice Login

For example, if you cancel your Wave Payroll plan in September, you should reactivate your subscription the following January to generate year-end tax reports. Wave Payroll’s monthly billing cycle starts on the first day of every month. If you unpause your subscription in the middle of the billing cycle, then you’ll be charged a prorated amount. If you’ve narrowed your search down to a few payroll providers but still can’t decide, read our guide on choosing the best payroll solution for help. Keep in mind that any benefits or deductions from an employee’s pay will display as an uncategorized expense, which you’ll need to categorize properly in Wave Accounting.

Wave Accounting at a Glance

Those who left feedback on third-party review sites (like G2 and Capterra) raved about its user-friendly interface and generally easy setup process. They also appreciate its affordable plans and seamless integration with Wave Accounting. It even integrates with Zapier, which allows it to connect with several business solutions like email marketing, customer relationship management (CRM), appointment scheduling, and payment tools. If you use Wave Accounting, you can view even more reports, such as profits and loss, cash flow, sales tax, and account transactions. You may also use filters and choose the data you need to customize the reports you need.

Self-service pay stubs and tax forms

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. FreshBooks is an affordable option for freelancers and small service-based businesses that operate mostly on the go. Moreover, you can integrate QuickBooks with hundreds of third-party tools available in the app marketplace.

Written by: Lucia

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