Powerful, free accounting software
Wave’s easy-to-use accounting software can connect your bank accounts, sync your expenses, balance your books, and get you ready for tax time. Start taking control of your finances today.
Accounting software that works as hard as you do!
♥ Simple, reliable, and secure | ♥ Easily manage cash flow | ♥ Be ready for tax time
Organized and stress-free accounting
- Wave makes accounting as simple as possible.
Make tax time a breeze
- When everything is neatly where it belongs, tax time is simple. Wave’s smart dashboard organizes your income, expenses, payments, and invoices.
We’re serious about security
- Bank data connections are read-only and use 256-bit encryption. Servers are housed under physical and electronic protection. Wave is PCI Level-1 certified for handling credit card and bank account information.
- Wave uses real, double-entry accounting software. Don’t know what that is? That’s OK. Accountants do, and they’ll thank you for it.
What is accounting?
Accounting is the process of recording and tracking financial statements to see the financial health of an entity. This is done by inputting, sorting, measuring, and then communicating transactions in various formats.
Accounting consists of bookkeeping and analysis. Bookkeeping, or financial accounting, consists of recording transactions, which can include purchases, sales, and receipts of an individual or an organization.
Once the bookkeeper records and organizes all of the transactions, the next step of accounting is to analyze these transactions into helpful reports which will show the state of one’s finances. These reports can include profit/loss statements, cash flow reports, and can track sales tax to keep a close eye on what is owed come tax time.
With accounting done right, you will be able to have a clear understanding of the state of your finances so you can make better decisions based on what you have available.
What is accounting software?
Accounting software is a solution for bookkeepers, accountants and business owners to record and report on their finances. It is used to help with processing financial transactions, tracking expenses and automating bookkeeping and accounting tasks to help facilitate running a business.
Accounting software allows business owners and accounting professionals to gather all of the needed financial information into one system with ease in order to track the financial health of one’s business. Rather than doing one’s accounting duties by hand in a ledger and leaving them vulnerable to human error, accounting software streamlines the process and helps get these tedious tasks done quickly and accurately.
Accounting software offers business owners the ability to just hop onto their computer and check how their business is faring, rather than flipping through thousands of pages and receipts.
Considerations when choosing accounting software
One consideration when choosing accounting software is the cost. Different accounting software companies have different pricing models – some charge monthly and others charge by the usage of features, however, there are some accounting systems that are completely free so it’s important to choose the one that best fits your budget. It’s also important to consider the features that each accounting software offers.
Some software is more robust than others and offers an extensive list of tools that others may not have, however, you may find that some of these tools are not necessary for you and not worth the extra cost that may be associated with them.
An important consideration to look for when choosing your accounting software is to look into who the software is built for.
You may find that one software is catered more towards bigger businesses while others are built for small business owners. This can make a huge difference in your choice as the one that’s closely associated with your business will likely have all the features you need.
Typical features of accounting software
A comprehensive accounting software will offer you several features that would not otherwise be available if you are managing your accounting elsewhere. Accounting software will allow you to connect your bank account to it, which means that any transactions made through your bank will connect to the software, meaning no manual data-entry is needed.
Reports with accounting software allow you to keep track of your business’ health with month-to-month or year-to-year comparisons so you’re able to identify any trends with your cashflow. When using accounting software, tax time will be much easier to manage as your income, expenses, invoices, and payments will all be tracked in one place.
Bank reconciliation is a helpful tool in accounting software as it automatically compares your financial records with your bank statements to ensure that everything matches up and there are no redundancies.
The benefits of a comprehensive accounting system
Using accounting software helps in relieving the burden of manual data entry, prevents common human errors, helps businesses and accountants when tax time comes around and allows the user to look at in-depth reports of how their business’ finances are faring.
Perhaps the biggest advantage of a comprehensive accounting system is all of the time it will save. In the past, accountants and small business owners would have to hand-write and systematically file all of their expense reports and receipts in a physical location.
With a comprehensive accounting system, all of their financial reports will be consolidated into one online system, making it easier to keep track of their records. An accounting system offers the ability to automate many processes which will not only save time but will also ensure accuracy and efficiency with one’s financial reports.
Powerful bookkeeping, and more!
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