Wave Payroll has two options ranging from $20 – $40/month + $6/employee or contractor. Tax service payroll is available in 14 states, while self-service payroll is available in the remaining 36 states. NerdWallet independently reviews accounting software products before determining our top picks. We collect the data for our software ratings from products’ public-facing websites and from company representatives. Information is gathered on a regular basis and reviewed by our editorial team for consistency and accuracy.

Pocket- and small business-friendly perks

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. While Wave is free to use, it doesn’t offer multiple plans to increase its functionality. It lacks some of the useful features you may find in other accounting software, such as project management, time tracking and inventory management.

Payments

Not being how to write down inventory able to see or input the expenses unless I pay for the quick receipt plan in app is kind of a bummer. I’m glad the option is still available online and the system works great and the amount of different charts available is super helpful. These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one. Since you’re self-employed you don’t have the resources of a large company to make sure you’re paid properly and your books are balanced. Wave accounting software is the solution you need to take charge of your business and keep your hard-earned money safe.

And it’s worth noting that while Xero has more features, the software also has a steeper learning curve than Wave. Wave’s Starter plan still offers the basic features businesses with simple accounting needs can use to manage their finances. Pricing is transparent, there are a decent number of add-ons, and even the paid plan is pretty affordable. These factors contributed to our rating of 4.4/5 for Wave’s pricing and fees. In addition to its accounting software, Wave offers paid services, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching.

1. QuickBooks Online’s detailed reporting and transaction tracking is ideal for growing businesses.
2. We don’t guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.
3. Still, Wave’s free plan offers a good set of features and could be suitable for sole proprietors or smaller businesses with basic accounting needs.
4. The only downside is that there’s no back button, but navigating the software is still pretty simple.
5. Merchant Maverick’s ratings are not influenced by affiliate partnerships.

Wave’s smart dashboard organizes your income, expenses, payments, and invoices. Transactions what is overtime will appear in your bookkeeping automatically, and you’ll say goodbye to manual receipt entry. With the Pro Plan, automatically import, merge, and categorize your bank transactions.

Simple accounting software for self-employed pros

Make it easy and convenient for your clients to pay by offering options like bank transfers, credit cards, and online payments. And even better, get rid of late payments with Wave’s Pro Plan features like automated reminders and recurring invoices. Wave has recently updated its pricing model to now include a paid plan.

It’s always available, and it’s backed up for extra peace of mind. Powerful, easy-to-use accounting software that has everything you need to confidently run your business. You work hard to make your business a where’s my amended return success—that’s why Wave uses both physical and digital protection to keep your money safe. Wave is also PCI Level-1 certified, which is often necessary with third-party merchant service providers. Create graphs, charts, and dashboards to see at a glance where your income is coming from and which expenses are cutting into your bottom line. You can then dig down as deep as you like with expense tracking and customized reports to manage your revenue, categorize expenses, and find cost-cutting opportunities.