Wave Accounting is collaborative, online accounting software for contractors / freelancers and small businesses in the UK. It aims to make it easy to work together with clients online. The software has daily settlement capability for more than 10,000 automatic bank feeds. It was launched in November 2010, and since then has been signing up thousands of new small business customers per month, with clientele in numerous countries. Its module – ‘Wave Payroll’ is available for clients in the US and Canada. Wave has been acknowledged with a variety of awards, including the Deloitte Companies-to-Watch Awards. The company releases new features for users constantly to keep them updated with the latest guidelines. Real-time financial information is available through the online accounting system that features automated bank feeds, sales tax information, invoicing, expense reporting, multi-currency reporting, and comprehensive reporting, along with many other features. Wave Accounting makes it easy for contractors / freelancers and small business owners to administer their business online from any location and at any time

Wave Accounting is a cloud-based accounting solution and no technological know-how is needs other than fundamental computer skills and speedy internet access to operate it. To have a graphical view of the accounts (revenue, net profit, and operating margin etc.), creating the first chart of accounts requires little accountancy knowledge. Each account has a default value added tax (VAT) rate which saves time when entering data. Some accountants may prefer to set this up for their customers before letting them loose on the accounts. Also, creating a bank account is even easier. However, even if the business is using online banking, they can easily connect Wave to their bank for automatic transaction importing, or can even manually import bank statements as QIF or CSV files

Wave Accounting Software for Accountants

Salient Features

  • Wave Accounting is simple enough for small-businesses and freelancers / contractors to use and they do not need any accounting experience
  • The application is 100% free and there are only a few solutions that have so much accounting functionality for no charge. However, using the payroll module is a chargeable item (payroll solution is available in the US and Canada)
  • The solution is a double-entry accounting for small businesses — not just an expense tracker
  • Wave Accounting has a full feature set including indefinite invoicing, indefinite expense tracking along with many more features. The product is available for any currency and can process payments in a foreign currency
  • The solution is designed for easy, secure association inside the company and with an accountant using 256-bit SSL encryption
  • The solution provides automatic bank data import (supporting 10,000+ banks)
  • Other features include: bill and invoice reminders, a personal finance tracker, compound sales taxes, and sales tax calculations

Wave review and rating

Wave is a free, cloud-based solution that provides supports to 2.5 million users, has been making its presence felt in the accounting world since 2010. The company has grown to 150 employees and recently earned the #9 spot in Deloitte’s Technology Fast 50 List. The application is very impressive and wave still uses their own software to balance their books

Wave pricing

Wave is available for free and unlike most free plans, Wave does not limit users to a definite number of customers, invoices, or transactions, making it one of the best free cloud-based accounting applications out in the market. The company generates sufficient revenue from payroll; credit card processing; and aims to keep the software completely free. Its features include:

  • Accept payments in a foreign currency
  • Accountant approved
  • Automatic data backup
  • Bill and invoice reminders
  • Business savings
  • Connect Wave with PayPal
  • Connect Wave with Shoe boxed
  • Customizable chart of accounts
  • Customisable, professional reports
  • Customised, professional invoices
  • Easy bank reconciliation
  • Easy collaboration
  • Easy, real accounting
  • Easy-to-read dashboards
  • Fast start
  • Free online support
  • In the cloud
  • Journal entries
  • Mac- and PC-friendly
  • Run multiple businesses in one account
  • Safe and secure
  • Seamless integration with payroll
  • Unlimited expense tracking
  • Works with personal finance tools

Free Plan or $0/month includes the following:

  • Contact management
  • Expense tracking
  • Lending
  • Personal accounting
  • Reports
  • Supports multiple businesses
  • Unlimited invoicing
  • Unlimited estimates
  • Nine users, plus one accountant

Additional cost includes:

  • Credit Card Processing – Wave Payments facilitates online payments of invoices and uses a pay-as-you-go model. The rate of processing is 2.9% + 30¢ per transaction
  • Payroll – Wave Payroll begins at a base fee of $15/month (every employee costs an additional $4/mo). If a small business / contractor have 10 or more employees, the charges drops to $2/month per employee


Invoicing Software

Accounting Software

Receipt Scanning





New features

Recently, Wave launched automatic payments wherein Payments by Wave credit card processing is supported. Now, small businesses and contractors / freelancers can automatically schedule credit card payments for regular customers as an alternative of sending continual invoices or charging their cards manually. Doing so saves a lot of time and it’s even convenient for customers. To enable automatic payments, users can create a recurring invoice and select to use automatic payments – at this step a user will be prompted to enter their customer's credit card details. Once the details are entered, this information will be saved securely on the system for billing each time the invoice generates, until the schedule is completed. If few customers are apprehensive about sharing their card details, manual payment option is also available. During the recurring invoice creation process, users will be able to select between Automatic or Manual Payments. For Manual Payments, the user or the customer will be required to themselves enter credit card details once the invoice is generated each time. However, for a recurring invoice, users can just click on Sales -> Recurring Invoices (present in the left menu) -> Click on Create Recurring Invoice. From the customer’s perspective, they can opt to securely save their card details, thereby, enabling businesses to set them up for automatic payments on future invoices. It enables businesses to:

Design customised invoices

  • Add custom messages
  • Add business logo and brand colours
  • Change sender or add recipients
  • Create once and duplicate
  • Drag-and-drop editing

Fix errors faster with the recurring payments list page

  • Filter by invoice status for easier viewing
  • Hover over an invoice to view details on the main page
  • Attention tab clearly displays errors and actions
  • See all invoices created on a recurring schedule

Get paid faster with automatic payments

  • Allow saved payment methods
  • Select preferred payment method
  • Schedule payment receipts for processed payments

Save time with recurring invoice

  • Choose automatic or manual send option
  • Flexible scheduling
  • Schedule automated payment reminders
  • Time zone control
  • Turn off recurring without deleting your invoice
  • Turn recurring on and off

DNS Accountants – Wave software accountants

DNS Accountants are Wave accountants in and around the UK. For any Wave associated query, clients can contact us at www.dnsassociates.co.uk or get in touch with us on our social media network – Twitter, Facebook, and LinkedIn. Additionally, our team of CAs and ACAs provide taxation and accounting services which include auto enrolment, business start-up guidance, accounting compliance and tax advice (UK company formation, VAT registration and returns services, business account opening, business insurance, registered office address (ROA), and tax investigation cover), bookkeeping services, management accounts, self assessment, RTI & payroll, smart cloud software training, construction industry scheme (CIS), landlord property tax etc.

HMRC Offices

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