High-level description
Wave Accounting is a fast growing, free, cloud-based accounting platform exclusively for small businesses (less than 9 employees) offered by Wave in Toronto. It supports double-entry bookkeeping and permits unlimited user access to always-available records and reports, as well as unlimited invoicing and expense management. Wave integrates with expense tracking software Shoeboxed. The software is mobile-accessible. Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll apps, into one relatively comprehensive package. However, the automated payments and payroll functionality must be purchased; the payments addition bills per transaction, and the payroll feature bills by number of employees over a flat rate. To support the free platform, Wave integrates advertisements from business partners. Thus these are a necessary facet of the service.
Business impact
Is Wave Accounting safe?
Answer
Wave Accounting uses 256-bit encryption, and our service and procedures are reviewed and validated by various third parties. Data in transit is also a consideration when you personally email information. For most people, emailing confidential documents to an accountant offers no protection at all.
How does wave accounting make money?
Answer
How do you make money? Wave makes money through optional financial services. Based on your business needs, you can choose to pay for online payment processing, payroll, and bookkeeping services. This allows our basic software—invoicing, accounting, and now a business bank account—to always be free.
How does Wave app work?
Answer
Wave Payments is straightforward to use and understand, with processing costs computed on an invoice-by-invoice basis at a transparent, flat rate based on the payment type. After the deduction of processing fees, funds you receive will automatically be sent to your bank account based on the following timelines.
How do I get started with Wave Accounting?
Answer
It's incredibly easy to create your free Wave account and hit the ground running. Simply visit our home page, click on “Create your free account” and enter your email. You'll be up and running in seconds. Next, download a copy of Fearless Accounting with Wave and get started right away.
Free lifetime updates
- Open source design system
- Automated feature upgrades
- Templates
- Security updates
Infrastructure and security
- SSL everywhere
- Automated backups
- Log scanning and alerts
- 24/7 monitoring