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And even better, get rid of late payments with Wave’s Pro Plan features like automated reminders and recurring invoices. Xero also doesn’t support multiple businesses, so pricing can add up quickly for some users. 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.

1. Pricing is transparent, there are a decent number of add-ons, and even the paid plan is pretty affordable.
2. It can allow you to manage all your accounting processes without paying a dime.
3. Wave allows you to search transactions, design accounting reports and reconcile data across other Wave products.
4. Make it easy and convenient for your clients to pay by offering options like bank transfers, credit cards, and online payments.
5. And it’s worth noting that while Xero has more features, the software also has a steeper learning curve than Wave.
6. Wave’s accounting software is designed for self-employed people and freelancers like you, and can be easily customized for any size business and any type of goods or services you provide.

Best POS Systems For Small Business In 2024

We provide different levels of support, depending on the plan and/or the add-on features you choose. Visit your dashboard or use your invoicing or accounting features, and click the peach “Upgrade now” button. what is the difference between a trial balance and a balance sheet Learn more about changing subscription periods and plan types, and how to cancel your Pro subscription in our Help Centre.

With plans starting at $15 a month, FreshBooks is well-suited for freelancers, solopreneurs, and small-business owners alike. Enter some basic information about your business’s accounting software needs and we’ll send you up to five personalized quotes for absolutely free. Also, Wave Accounting only offers self-serve customer support. If you have a question or issue, you can browse the help center or reach out to Mave, the automated chatbot.

How do you get started with Wave Accounting?

Wave Accounting also uses double-entry accounting, which is much more accurate than basic single-entry accounting. Most accounting software use the double-entry system, though FreshBooks’ cheapest plan is a notable exception. We love that even though Wave is free and freelance-focused, it doesn’t assume freelancers can afford to skimp on financial accuracy. First, Wave is remarkably customizable—especially considering that it’s, you know, free.

Limited customer service

For instance, its unlimited invoices are much more customizable (and, in our opinion, more professional-looking) than QuickBooks’ comparatively expensive invoices. Wave’s software is simpler—designed for easy use for freelancers and small businesses—while QuickBooks’ platform is designed to cover complex business needs and grow as your business grows. If you’re a freelancer or other solo service provider, Wave is a better option. NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business. The best accounting software received top marks when evaluated across 10 categories and more than 30 subcategories.

However, like most products with free plans, Wave has its limitations, especially compared to more scalable small-business accounting software. Although Wave’s paid plan offers additional features, it’s still missing some more advanced capabilities, like built-in inventory tracking and audit trails, that growing businesses might need. We also ensure that the software offers most standard accounting features and reports, awarding higher rankings to those that provide advanced services, like tax filing. However, there are a few features the software is still lacking. There’s no project management and limited time tracking, which rules the software out for a lot of businesses. Some automations are also only available on Wave’s paid plan.

Wave’s invoicing is free and unlimited, with customizable templates and a user-friendly interface, putting it on par with some of the best invoicing software solutions for small businesses. Pro plan capabilities include recurring invoicing and the option to let repeat clients opt into automatic credit card billing. If you operate a larger business and need advanced features, give Xero a look before signing up for Wave.

Run your business your way

With the Pro Plan, automatically import, merge, and categorize your bank transactions. It’s always available, and it’s backed up for extra peace of mind. On the other hand, QBO only supports up to 25 users on its most expensive plan. Additionally, QuickBooks does not have a free plan like Wave, with prices starting at $35/month.