Wave accounting is suitable for companies, freelancers, and sole traders in the following countries: Canada, Ireland, UK, USA.
We tested the Canadian accounting software WAVE. We were impressed. The website is fast. It provides the features as Sage one. Nevertheless, WAVE is faster than the Sage website. The list of features of WAVE is really impressive for a free accounting software and we don’t know how they do it. Data entry is fast and easy when you use WAVE accounting.
Issues with WAVE accounting support
We found real issues about Wave accounting. First of all, we found a bug in the monthly reconciliation section. It didn’t allow us to take the last of the month into account and the balances of our monthly bank statements didn’t match with our monthly bookkeeping. We sent a message to the Wave accounting support team. 20 days after sending the request, we didn’t have an answer and the bug wasn’t fixed. This reconciliation page isn’t very important. However, this raises a major issue. It looks like there is no wave accounting support.
Is Wave financially sustainable?
WAVE isn’t a free gadget, it is a powerful online accounting software which can compete with all other paid accounting software. We wondered how it was possible. We tried to find information about the financial health (at least turnovers) of the company behind WAVE accounting and we didn’t find anything. We wonder if the business model of Wave accounting is sustainable. We wonder if it is still a company that is backed up by business angels’ funds. We would not like to see our books disappearing with this Waveapps.com. WAVE only gets its revenue from its credit card payment gateway and the payroll module. Meanwhile, other online accounting software like Xero requires paying around $30 on a monthly basis.
Features of WAVE accounting application:
Local currency invoices
Foreign currency invoices
Product & services list
list of customers & vendors
Manual journal transactions
Chart of accounts (add an account)
Monthly reconciliation (bank statement amount vs bookkeeping)
Bank connection (to import bank transactions automatically).
It is possible to match the payment transactions with invoices, bills, and refunds.
Profit and loss report
Cash flow report
sales tax report
purchases by vendors
It looks like the P/L and balance sheet reports were in compliance with IFRS.
Wave accounting allows you to do payroll for US and Canadian employees.