Get Listed

Home/Accounting Software/WaveUpdated on: November 29, 2023

OVERVIEW
AWARDS
FEATURES
TECHNICAL DETAILS
PRICING
ALTERNATIVES
REVIEWS
MORE
- Videos
- Screenshots
- Faq
- Articles
- Downloads
- Customers
- Related

Get Buyer Checklist Start Free Trial

View Gallery

COMPARE

Wave

Most affordable accounting software

(455 Ratings) Write Review

What is Wave and how does it work? An accounting software meant to provide various accounting services to small scale businesses with professional expertise and quality. Wave provides services like Invoicing, Accounting and Receipt scanning without charging a penny to its clients, whereas, features like Payments, Payroll and all the other features that a company might be looking for in an online accounting software are provided at very affordable price. If used efficiently, it can help a company save a lot of money on its accounting activities. This is a very good option for any small business looking for an online solution to handle accounts.

FOLLOWERS 15,590 19,242 21,000 3,546 13,400

Wave Awards

Wave Features Show All Features

Accounting Features

Tax ManagementThe aim of tax management is to ensure that the provisions of the Income Tax Act and related laws are followed. Through the tax management function of various tools, you can handle local and foreign tax rates.
Spend ManagementThe end-to-end management of an organization's spend is referred to as spend management. Spend analysis, spend categorization/classification, spend data management, and spend performance management are all covered. Spend management is a continuous and ongoing mechanism that aims to improve a company's bottom line by managing and maximizing its spending.
Revenue RecognitionRevenue recognition is a generally accepted accounting principle (GAAP) that identifies the specific conditions in which revenue is recognized and determines how to account for it. The revenue recognition principle, a feature of accrual accounting, requires that revenues are recognized on the income statement in the period when realized and earned—not necessarily when cash is received. Having a standard revenue recognition guideline helps to ensure that an apples-to-apples comparison can be made between companies when reviewing line items on the income statement. Revenue recognition principles within a company should remain constant over time as well, so historical financials can be analyzed and reviewed for seasonal trends or inconsistencies.
PurchasingProcurement or purchasing is the act of obtaining goods, supplies, and/or services. Therefore, project procurement is obtaining all of the materials and services required for the project.
Project AccountingProject accounting is a type of managerial accounting oriented toward the goals of project management and delivery. It involves tracking, reporting, and analyzing financial results and implications, and sometimes the creation of financial reports designed to track the financial progress of projects; the information generated by this analysis is used to aid project management. While project accounting was traditionally used for large construction, engineering, and government projects, it has now expanded into several other sectors. It is commonly used by government contractors, where the ability to account for costs by contract can be a requirement for interim payments. A specialized form of project accounting, production accounting, is used by production studios to track an individual movie or television episode's costs.
PayrollPayroll is defined as the process of paying salary to a company’s employees. It starts with preparing a list of employees to be paid and ends with recording those expenses. It’s a tangled process that needs different teams such as payroll, HR and finance to work together. But, businesses can manage all the complexities effortlessly by choosing modern technology. Simply put, the process involves arriving at what is due to the employees for a particular payroll cycle after adjusting the necessary deductions like TDS, employees’ PF contribution, meal coupons, etc. A payroll cycle is the time gap between two salary disbursements. Businesses can opt to pay salaries on a weekly, bi-weekly, or monthly basis. Generally, it is processed every month in India.
Multi-CurrencyMulti-currency means using more than one currency (such as Canadian currency and American currency) in a multi currency bank account.
General LedgerA general ledger represents the record-keeping system for a company's financial data with debit and credit account records validated by a trial balance. The general ledger provides a record of each financial transaction that takes place during the life of an operating company.
Fixed Asset ManagementFixed asset management is the process of tracking and maintaining an organization’s physical assets and equipment. Asset types include vehicles, computers, furniture and machinery. Fixed asset management enables organizations to monitor equipment and vehicles, assess their condition, and keep them in good working order. In this way, they minimize lost inventory, equipment failures and downtime — and improve an asset’s lifetime value. Fixed assets such as servers, transport trucks and elevators require a large capital investment. They may comprise a large portion of a company’s net worth. In some businesses, as much as 40 percent of investment goes to buying equipment and vehicles. The better and more effectively a company manages its assets, the greater the prospect of maximizing value from these investments.
Expense TrackingBeing able to manage and track expenses is what keeps the project within a budget. Expense tracking means to track the expense that each project has.
CPA FirmsA Certified Public Accountant Firm (CPA firm) is simply a firm that is licensed in the state in which they operate and owned, at least in part by a Certified Public Accountant. CPA firms are comprised of auditors who conduct both public and private audit engagements. Apart from the auditors CPA firm usually consists of people at various levels in their accounting career. Hence, CPA firm consist of staff accountants and seasoned accountants who are experienced in all aspects of accounting. Most CPA firms, are auditing firms and seldom provide tax and accounting for the general public. While remaining CPA firms provide only tax and accounting services.
CollectionsCollections is a term used by a business when referring to money owed to that business by a customer. When a customer does not pay the business within the terms specified, the amount of the bill becomes past due and is sometimes submitted to a collection agency. When a business sells a product or service to a customer, payment is expected either at the time of the transaction or within a defined period of time such as 30 days. Unfortunately, some customers do not pay the business within those set terms and, at this point, the account can be considered in collections.
Cash ManagementThe method of gathering and handling cash flows is known as cash management. Individuals and businesses alike benefit from good cash management. It is an important part of a company's financial stability in business.
Billing and InvoicingBilling and invoicing feature allows you to bill project services directly to customers, employees and external service providers. Invoices can be created based on milestones, partial payments and final payments as well as at cost (time and material). Timesheets required in many industry sectors are generated by the system.
Bank ReconciliationA bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud.
Accounts ReceivableAccounts receivable refers to the outstanding invoices a company has or the money clients owe the company. The phrase refers to accounts a business has the right to receive because it has delivered a product or service. Accounts receivable, or receivables represent a line of credit extended by a company and normally have terms that require payments due within a relatively short time period. It typically ranges from a few days to a fiscal or calendar year. Companies record accounts receivable as assets on their balance sheets since there is a legal obligation for the customer to pay the debt. Furthermore, accounts receivable are current assets, meaning the account balance is due from the debtor in one year or less.
Accounts PayableAccounts payable include all of the company's short-term debts or obligations. For example, if a restaurant owes money to a food or beverage company, those items are part of the inventory, and thus part of its trade payables.

Payroll Features

W-2 PreparationForm W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. An employer must mail out the Form W-2 to employees on or before January 31. This deadline gives these taxpayers about 2 months to prepare their returns before the April 15 income tax due date. The form is also used to report FICA taxes to the Social Security Administration.
Direct DepositThe term direct deposit refers to the deposit of funds electronically into a bank account rather than through a physical, paper check. Direct deposit requires the use of an electronic network that allows deposits to take place between banks. This network is called the automated clearing house (ACH). Because the funds are transferred electronically, recipients' accounts are credited automatically, so there is no need to wait for the money to clear. Common uses for direct deposit include paychecks, tax refunds, and other benefits. Direct deposit is a safe and convenient way to receive payment. Funds are deposited into a recipient's account directly through an electronic network. In order for the funds to be transferred from the payer, the recipient must provide the name of their bank, their account number, and the bank's routing number to the person or business making the deposit.
Check PrintingIn the old days, check writing was done by hand. Today, there's a digital solution for everything and, when it comes to making prompt payments via check, that solution is check printing software. These programs aren't just used by the payroll departments of large enterprises. They can be useful for small businesses, bookkeepers, accountants, and even individuals who don't have physical checks handy. We reviewed dozens of companies offering either cloud-based or software solutions for check writing. These are the very best check printing software programs in terms of overall reputation, key features offered, and price—the top criteria considered by those shopping for check printing software.
Tax ManagementThe aim of tax management is to ensure that the provisions of the Income Tax Act and related laws are followed. Through the tax management function of various tools, you can handle local and foreign tax rates.
Wage GarnishmentHelps in deducting the amount from an employee's monetary compensation including salary as per a court order to pay off debt
Leave Tracking (Vacation)A leave management system, also known as LMS, is a platform that enables a company to easily and correctly allocate, track and grant leave as well as allow for employees to request and track their own leave.
Self Service PortalA self-service portal is a website that offers information and resources to help users find answers and resolve their issues. The job of any self-service portal is to help users address common needs efficiently and without outside help.
Multi-countryMulti-country means involving multiple countries. Often, different countries and regions are analyzed. The data and insights gained can be further analyzed for patterns, similarities, differences, opportunities and challenges for a company. The benefits are comprehensive insights for strategic decision making and business growth. Traditionally, businesses only had to worry about the payroll rules of the country they operated in. However, in a globalized economy, many businesses employ staff around the world. So, this adds extra complexity when it comes to achieving compliant payroll. Each country has its own payroll laws, including data laws and different employee benefit rules for example. These change often. Businesses with employees in different markets around the globe therefore have a responsibility to ensure they meet the latest rules and regulations.
Deductions ManagementHelps optimizing deductions workflow and assist in calculating various deductions or additions like ESI, PF, integrating leave, performance
Compensation ManagementManages employee compensation related data in an organized and automated manner
Benefits ManagementFrom the inception of a program or project investment until the last expected profit is realized, benefits management entails defining, preparing, evaluating, and monitoring benefits. Its goal is to ensure that the desired outcomes are precise, measurable, agreed upon, achievable, and time-bound. The terms ‘benefits management’ and ‘benefits realization’ are often used interchangeably.
401(k) TrackingHelps to track and manage matters concerning 401(k) that is a retirement savings plan sponsored by an employer.
Attendance TrackingThe attendance tracking is a functionality that allows you to keep a track of the attendance of students and teachers taking part in your virtual classroom sessions.

Wave Technical details

Support	Business Hours Online	Customer Type	Freelancers Small Business
API		Location / Phone Number	Ontario, Canada
Deployment	SaaS/Web/Cloud Mobile - Android Mobile - iOS	Official Website	https://www.waveapps.com/
Deployment	SaaS/Web/Cloud Mobile - Android Mobile - iOS	Category	Accounting Software Payroll Software

Wave Pricing

Pricing ModelFreemium

Free Plan

Free

Features

Accounting software
- Unlimited income and expense tracking
- Track sales tax on income and expenses
- Add unlimited partners, collaborators or accountants
- Fully functional double-entry system. Generate financial statements for year-end
- Powerful reports on Overdue Invoices & Bills, Cash Flow, Profit & Loss and more
- Unlimited bank and credit card connections
- Easily organize income and expenses into tax categories
- Run multiple businesses in one account
- Instantly see how your business is p erforming on your dashboard
Receipt scanning
- Unlimited receipt scanning with our free mobile app
- Integrate seamlessly with the accounting software by Wave
- Capture receipts even when you’re offline
- Say goodbye to paper receipts and spreadsheets
- Snap a photo of your receipt, we'll automatically fill in the rest
- Available on Android and iOS
- Incorporate receipts into your accounting reports
- Scan multiple receipts all at once
- No setup fees, monthly fees, or hidden fees

Screenshot of the Vendor Pricing Page

View Full Screen

Disclaimer: The pricing details were last updated on 18/03/2018 from the vendor website and may be different from actual. Please confirm with the vendor website before purchasing.

Learn more about Wave pricing.

Wave Alternatives Wave Alternatives

Wave Reviews

OVERALL RATING 3.5 Based on 455 Rating(s)

Rating Distribution

Excellent 58.5 %
Very Good 16 %
Average 4.6 %
Poor 1.8 %
Terrible 19.1 %

SHARE YOUR EXPERIENCE Write a Review

Read All Reviews

Videos on Wave

Online transactions for only 1 percent – Bank payments

Grow Your Business With Wave

How to Bookkeep For Invoice Payments in Wave

Wave Screenshots

Transaction

Wave FAQs

Q. What is Wave used for?

Wave is Accounting Software. Wave offers the following functionalities:

Tax Management
Spend Management
Revenue Recognition
Purchasing
Project Accounting
Payroll
Multi-Currency
General Ledger
Fixed Asset Management
Expense Tracking
CPA Firms
Collections
Cash Management
Billing and Invoicing
Bank Reconciliation
Accounts Receivable
Accounts Payable

Learn more about Wave features.

Q. What are the top alternatives for Wave?

Here`s a list of the best alternatives for Wave:

Q. Does Wave provide API?

Yes, Wave provides API.

Articles on Wave

Top Software 20 Best Payroll Software for Payroll Service Providers and Accountants Efficient payroll management is a critical aspect of running any business. Payroll service... read more

Top Software Top 8 Recurring Billing Software in 2022 Many subscription-based organizations utilize recurring billing software to help manage recurring... read more

Free and Open-Source Software Top 10 Accounting Software for Small Businesses to Use in 2021 Accounting is a part and parcel of every business and it is vital to have a strong accounting team... read more

Free and Open-Source Software 7 Top Free and Open-Source Accounting Software to Use in 2021 Accounting is an important part of any business. It is accounting that keeps track of the cash... read more