Recently, I’ve been speaking with some brand-new business owners who have been looking for a cheaper alternative to QuickBooks Online. In searching for a “real” accounting system that’s (1) web-based, (2) secure and (3) cheap, I came across Wave Accounting.
By far, the most intriguing aspect of Wave Accounting is the ability to tie together your personal bookkeeping with your business accounting. As any small business owner knows, you’re always worried about the big picture. Having a great bottom line in the business doesn’t feel as great if you’re bouncing checks at home!
And did I mention that Wave Accounting is free? The trade-off is minor; discrete ads from American Express, Microsoft and other advertisers show up at the top of every screen.
Another interesting feature is the ability to integrate your Wave Accounting account with other services, such as Shoeboxed, FreshBooks and Google Docs. Of the three, I think Shoeboxed is the coolest tie-in. It allows you to import your digital receipts from Shoeboxed, making it extremely easy to reference the original receipt for any business expense on the books.
Most importantly, Wave gives you real reports that you or your tax preparer will need at tax time, including:
– Balance Sheet
– Accounts Receivable Aging
– Accounts Payable Aging
– Income Statement
– Sales Tax reports, if you charge sales tax
– Expense by Vendor (helps with 1099s at year-end!)
If you’ve used Wave Accounting, I’d love to hear about your experience. If you haven’t used it, give it a try. It’s free, so what do you have to lose!
Deb Howard Greenleaf, EA, CEO and Principal, of Greenleaf Accounting Services provides virtual accounting and bookkeeping services and specializes in financial management to consultants, coaches, solo professionals, and other small business owners across the US. Deb is an Enrolled Agent (EA)—an IRS-licensed tax professional—and specializes in small businesses and entrepreneurs filing Schedule C or as an LLC. As an Advanced Certified QuickBooks ProAdvisor, Deb spends her day in QuickBooks Online and specializes in providing QBO support.