Wave Accounting Review 2025: Features, Pricing & More

However, Wave lacks direct Etsy integration, so you must manually upload data. It also lacks some of the advanced features needed to scale businesses, but it’s ideal for small or just beginning operations. The wave accounting implementation timeline depends on the complexity of the software and how much data needs to be imported.

While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. If you’re a small business owner offering an in-person service or working with a bookkeeper or accountant, QuickBooks is a standard choice and may be worth the subscription fee. It meets a more diverse set of business needs, and has become standard among accountants, so your team won’t have a learning curve getting started. Wave deposits money into your connected bank account within two business days of payment. You’ll pay 2.9% plus $0.60 per transaction for Visa, Mastercard and Discover; 3.4% plus $0.60 per transaction for American Express; and 1% per transaction for ACH transfer from your client’s bank account. Transaction fees apply on both platforms, and all payment methods are optional.

It also allows users to accept online payments and easily manage payroll and taxes without having specialized knowledge. It’s hard to beat free accounting software, especially if you’re running a small business on a budget. Wave’s free plan offers a decent number of features, like unlimited invoices, that are not always included with other free accounting software options, let alone paid accounting software plans. It also complies with accounting standards and uses double-entry accounting, which can help ensure accuracy. ClinicSource excels in revenue cycle management, offering real-time insights into claims status and payment trends. Detailed financial reporting tools allow therapists to monitor cash flow, revenue, and expenses with ease.

FreshBooks includes expense tracking with receipt capture, helping therapists stay organized and prepared for tax season. Its multi-user support enables small group practices to grant access to team members or external accountants securely for seamless collaboration. Wave’s business reports are on par with some of the top invoicing solutions companies for small businesses. Users can create reports to show month-to-month or year-to-year comparisons to easily identify cash flow trends. You can also receive unlimited income and expense tracking data, instant updates for invoicing, payroll and payments data and profit/loss reports.

Should your business use Wave Accounting?

Additionally, QuickBooks does not have a free plan like Wave, with prices starting at $35/month. For a limited time, new Wave Pro users can accept Visa, Mastercard and Discover payments at a discount. Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business.

What Is Auto Dealership Accounting Software?

Depending on your subscription, you can snap a photo of your expense receipt and upload it to Wave through the mobile app. All users can attach a receipt to transactions in the desktop interface, although you can’t attach them to unpaid bills. Additionally, the free Starter plan does not allow me to connect a live feed to my bank or credit card accounts. However, it’s a good thing that I’m able to upload my bank statements from CSV or Excel files and perform bank reconciliations.

Ease of Setup

• As a more modern platform, Wave has a simpler and easier-to-navigate user interface (UI) while QuickBooks offers an array of features and tools that require a significant learning curve to navigate.
• Join the thousands of people like you already growing their businesses and knowledge with our team of experts.
• While only Wave Pro users can access automated bank transactions and expense categorization, free users can manually categorize expenses by tax category to ensure their data is ready to go by tax time.
• Xero also offers inventory, project management, contact management, sales quotes, and multiple currencies.
• QuickBooks by Intuit is a mainstay in online invoicing and accounting for small businesses.

FreshBooks comes with time tracking in all plans and project profitability tools in the Premium plan and up. Its inventory feature updates stock count for particular items each time you add them to an invoice. One of Xero’s standout features is its real-time bank reconciliation, which automatically matches transactions from your linked bank account, saving time and reducing errors. This capability ensures that therapists always have an up-to-date view of their practice’s financial health.

Wave acquired a company called Small Payroll in November 2011,8 which was later launched as a payroll product called Wave Payroll. In February 2012, Wave officially launched Wave Payroll to the public in Canada,9 followed by the American release in November of the same year. Support for non-paying users is limited to the chatbot and self-service Help Center.

This ensures a smooth transition of your financial records from one system to the other. Since BlueCamroo has a time tracker, you can also generate a Wave invoice based on the billable hours. Wave Payments fees depend on transaction payment methods and your subscription plan.

QuickBooks expense tracking lets you automatically capture information from receipts and track miles, features that make QuickBooks more flexible for a variety of businesses. In the past, Wave generated revenue from its credit card processing, Wave Payroll, and bookkeeping services. While Wave’s free accounting software doesn’t limit you to a certain number of invoices, customers, or transactions, certain features and automations are now only available by subscribing to Wave Pro. FreshBooks excels at automating time-consuming tasks, such as invoicing, expense tracking, and client payment processing. These features help maintain a steady cash flow while reducing administrative burden. For therapists ready to grow their practice, Wave offers optional paid add-ons such as payroll processing and credit card payment processing, which integrate with the free accounting tools.

Wave Accounting is an affordable bookkeeping and accounting software service that doesn’t sacrifice features for the sake of pricing. Its expense, income and cash-flow tracking features are perfectly suited to freelancers, solopreneurs and other self-employed individuals who want to keep their accounting software expenses low. Wave Accounting offers free software, meaning you won’t need to submit a credit card or payment information to use it. It can help you manage your bookkeeping, accounting and invoicing processes through a few internal integrations. Kashoo’s emphasis on simplicity doesn’t come at the expense of functionality.

You can easily manage accounts, track expenses, and generate real-time insights into your business. The system also offers payroll processing, helping you manage employee compensation and taxes. Like Wave, QuickBooks Online is easy-to-use, cloud-based accounting software. QuickBooks Online boasts a robust set of features, including advanced options like project management and inventory features you won’t find with Wave. QuickBooks Online also has hundreds of integrations, connecting your accounting solution with other small business software and apps. However, like most products with free plans, Wave has its limitations, especially compared to more scalable small-business accounting software.

This affordable and user-friendly solution is well-suited for small practices, including solo therapists and small group practices. Designed with simplicity in mind, Patriot Accounting offers a streamlined platform that allows users to manage their finances without needing extensive accounting experience. With integrations like Stripe and PayPal, as well as the ability to connect directly to bank accounts, QuickBooks Online ensures real-time updates, reducing the chances of errors and saving time. Detailed reporting and budgeting features empower therapists to make informed financial decisions, set goals, and grow their practice with confidence. Below are my detailed summaries of the best auto dealership accounting software that made it onto my shortlist.