Click it, and you see what your payout would be after the 1% fee is deducted. Wave introduced the ability to produce customer statements not too long ago, which was an important addition. You can create and send these to remind customers of past due payments or simply to provide them with a record of their account activity for their records. Unfortunately, you can only create statements for one customer at a time. With Wave, you can accept payment via credit card or bank payments.

We built our Payroll tool for small business owners, so it’s easy to use AND teaches you as you go. Give your customers the option of paying with one click using a credit card, bank transfer, or Apple Pay. Wave does not integrate with QuickBooks, but if you want to connect QuickBooks and Wave you can use Zapier as a solution.

Wave Accounting Platform

For businesses that want to connect Wave and PayPal, Zapier is a viable option. In this blog, we will discuss the cost and features to develop software like Wave Accounting. Even though Wave’s greatest advantage is that it can be used free of charge, prospective customers that need its premium features could probably save more elsewhere. Katelyn is a Junior Research Analyst at SoftwarePundit, where she conducts in-depth analyses of technology markets & products and writes software-related content.

• Wave also built a COVID-19 help section into their software, which allows businesses to see tax relief options for their business.
• With the integration of technology and trends, you can do so much more.
• Wave is packed with great (free) features, including creating invoices and tracking transactions.
• There are no ads or pricing-tier feature limitations with Wave.
• You can also record payments here and take other actions, like sending reminders.
• Wave offers a limited number of integrations, although it does support a much-needed Zapier integration, which connects Wave with 1,000+ add-ons.
• Wave is designed specifically for small business owners to use, no matter what kind of bookkeeping background they come from.
• If you need to track your time for billing or invoicing purposes, you’ll need to use separate time-tracking software.

However, like most free products, Wave has its limitations, especially compared to more scalable small-business accounting software. One of its biggest drawbacks is its lack of higher-tier plan options for growing businesses that require a richer selection of features. It’s free except for the fees that come along with the payment processing. I use it for quotes and invoices and receipts and accounting, the end of year reports for my taxes. Wave is a highly popular accounting solution among freelancers and small businesses. We like it for its ease of use, free features, and low barrier to entry for non-accountants.

Extra Wave Costs & Fees

If your Wave account is connected to a payment processor, customers receive information on the invoice about how to pay via credit card or e-check. You can choose from three different templates and add a logo and accent color. Other options here include https://www.bookstime.com/articles/wave-accounting setting defaults (like payment terms, title, and footer), editing or hiding invoice columns, and scheduling reminders. Wave used to allow in-line editing of transactions, which simply meant you could edit transactions within the register itself.