FREE ACCOUNTING SOFTWARE -- BEWARE OF FREE

https://www.waveapps.com/

Introducing the Wave.  Free and easy to use accounting software! That's right I said, FREE ACCOUNTING SOFTWARE! Hard to believe isn't it.  Accounting software can be some of the most complicated and expensive software on the market.  The software that holds the lion's share in usage and expense is Quickbooks.  Quickbooks was originally only available with the desk top version, but technology and the web demanded an online version. There you have it, cloud based and it still costs!

Well for those of you starting a small business with little or no budget for accounting, the Wave is your answer.  You first start off by creating your online account.  This is done by creating your username with your business email address and creating a simple password.  After you have set up your online access you will then continue with your business profile.

Next you have the option to upload your business logo for creating invoices and sending receipts. The invoicing feature keeps track of your invoices and customer base information.  As you create a service or product database it keeps track for repeat services or products. It also keeps track of paid or past due invoices. Invoices can be emailed as an attachment with a link to view in the browser or as an attached pdf file.  Below is a copy of an invoice:

As with all software you have a dashboard.  A place where you can navigate to different locations and work on other tasks.  The Wave Dashboard has the business name in the top left corner. There is a bar menu on the far left of the screen allowing you to navigate to invoicing, transactions, reports, payments and payroll.  There's also a snap shot of the company and it year to date profit and loss.

What else is free?? Well you are equipped to use your accounting software on the run with the Wave mobile app.  If you are always worried about losing a receipt, no more worries! The wave allows you to take a picture of the receipt and upload it.  Therefore, you are creating a digital file of all of your records and creating reference should you ever get audited.  

NOW, HERE IT COMES...SHOW ME THE MONEY!!! Yes the software itself is free but they generously provide a la cart services for a nominal fee of course.  Let's start with accepting credit card payments, we can't let paypal have all of the fun.  Their fees are in line with the average credit card payments of 2.9% of the charge and they add an additional $.30 for each transaction.

Finally, they offer professional bookkeeping services.  Some small business that are just starting can become overwhelmed when it comes to accounting and unsure how everything works and what should be allocated where.  They are unsure of how to connect their bank account, complete bank reconciliations and set up depreciation of assets. The wave has your back.  They have a list of independent professionals that you may choose from all at a cost to you.  If you need the service and recognize your limitations then you will value the at cost services.

Well, it is definitely true that you get what you pay for.  The software, while easy to navigate is not so easy to use all of the functions.  They do not provide immediate help support.  Your help requests must be submitted and you will get a response within 24 hours.  The have an extensive self help database but what you think something is called may not be how they have it listed.  The software is great for someone starting out, maybe with a few rental properties and you need to keep all of the expenses organized and separated.  But for a small company with employees and more than 100 transactions a month this software is not for your.  It does not have everything that you as a growing company will need.  If your budget is small or next to non-existent and you are just starting off then the Wave is your answer.  

Submitted by Carol Johnsnon