Wave Accounting
by Wave Accounting
by Wave Accounting
Profile Information Last updated on: 29 July 2024
Profile Information Last updated on: 29 July 2024
We help make selecting a software for your business effortless, economical and efficient.
by Wave Accounting
by Wave Accounting
Profile Information Last updated on: 29 July 2024
Profile Information Last updated on: 29 July 2024
2. Initial Setup
Customization: Customize settings such as currency, time zone, and fiscal year.
4. Importing Data
6. Configuring Accounting and Payroll
8. Training and Support
Implementation Timeline
The implementation timeline for Wave software is generally quick and straightforward due to its user-friendly design and intuitive setup process. Here is a typical timeline:
3. Financial Reporting
5. Payment Customization
6. User Interface and Experience
Wave software is known for its affordability, particularly for small businesses and freelancers. While the core accounting and invoicing features are free, there are additional costs associated with certain premium features and services. Here is a detailed breakdown:
No live customer support
Wave’s Help Center is a robust resource that includes step-by-step guides and articles to help users navigate and utilize the software effectively. These guides cover a wide range of topics, from basic setup to advanced features.
Wave offers a series of video tutorials that provide visual and auditory learning experiences. These tutorials cover essential functions such as accounting, invoicing, and mobile receipts, making it easier for users to understand and implement various features.
Mave, Wave’s automated support chatbot, is available 24/7 to assist users with common questions and issues. Users can access Mave through their Wave account on the web or via the mobile app. This chatbot can help with a variety of tasks and direct users to relevant resources.
Wave offers live customer support via email and live chat. This support is available Monday to Friday from 9 AM to 4:45 PM Eastern Time. However, access to live support is contingent on certain conditions, such as having an approved online payments application, subscribing to payroll or the Pro Plan, or using receipt scanning services.
For more personalized assistance, Wave offers professional coaching and bookkeeping services through Wave Advisors. These services include one-on-one coaching sessions for accounting and payroll, as well as comprehensive bookkeeping services to help manage financial transactions and reconcile accounts.
In addition to in-house resources, there are external training courses available, such as those offered by Udemy and the Indepth Research Institute (IRES). These courses provide structured learning experiences, covering everything from the basics of Wave accounting software to more advanced financial management and bookkeeping practices.
Wave also supports a community forum where users can interact with each other, share tips, and seek advice. This community-driven support can be particularly useful for troubleshooting and learning best practices from other users.
3. Bank Access Security
Read-Only Connections: The connections Wave establishes with financial institutions to import transactions are read-only, which means that Wave can access transaction data without the ability to modify it. This reduces the risk of unauthorized changes to financial data.
5. Fraud Prevention
2. Types of Updates
3. Update Management
4. Update Process
3. Data Security and Privacy
4. Compliance and Legal Considerations
Wave provides two main subscription plans that cater to different business sizes and needs:
Pro Plan: Priced at $16 per month or $170 per year, this plan includes advanced features such as auto-importing bank transactions, automated categorization, and live customer support. It is suitable for growing businesses that require more robust financial management tools.
Downgrading: Similarly, businesses can downgrade from the Pro Plan to the Starter Plan if they need to reduce costs or if their requirements change. This flexibility ensures that businesses only pay for the features they need.
Transaction Fees: Both plans offer competitive transaction fees for online payments. The Pro Plan offers slightly lower fees for the first ten transactions each month, which can be beneficial for businesses with high transaction volumes.
Wave's payroll services are designed to scale with the business:
Per Employee Fee: There is an additional fee of $6 per employee per month, allowing businesses to add or remove employees as needed without significant financial impact.
Wave ensures that businesses can easily export their data, making it simple to switch to another service if necessary. This feature supports business scalability by allowing seamless transitions between different financial management tools.
Wave integrates with various third-party services, such as Plaid for bank connections, which helps businesses scale their financial operations efficiently. These integrations ensure that as a business grows, it can continue to use Wave without needing to switch platforms.
Wave does not require long-term contracts, allowing businesses to cancel or change their subscription at any time without penalties. This flexibility supports businesses in adapting to changing circumstances without being locked into a rigid payment structure.
2. Contract Cancellation
3. Amendments to Agreement
3. Data Security Measures
4. Fraud Prevention and Risk Management
5. Privacy and Data Protection
6. Bank Access Security
By Wave Accounting