You can mark invoices paid on the spot, so your records are instantly up to date. Accept payments through credit cards wave invoicing app and bank payments to get paid even faster, for a low, pay-per-use fee with our online payments feature. Manually creating invoices in Microsoft Word or Excel can be time-consuming and difficult to manage.
Another free software option to consider is FreshBooks, which lets you customize your invoice and accept online payments. Invoices can be sent for one-time charges, scheduled for regular charges, or broken up into partial payments. Customers can pay directly from an invoice by credit card, ACH bank transfer or Apple Pay — the same options offered by Wave Payments. The processing fees are a flat rate of 2.9% plus 30 cents for credit cards and Apple Pay, and a 1% fee on all U.S.-based ACH transfers.
Bank payments(ACH/EFT)
There’s a fee involved with accepting online invoice payments, too. Square also offers invoicing and online payments as part of its small-business solutions. Square features include creating and sending unlimited invoices, scheduling invoices for recurring payments, and even saving a card on file to charge automatically. Businesses can also send payment requests via SMS text messaging or sharable links to give customers the most convenient way to pay. Customers can make payments with credit card and ACH bank transfers, as well as Apple Pay and Google Pay. Electronic invoices are created with online invoicing software or other cloud-based services, which makes it easy to automate the invoicing process.
The dashboard lets you enter credit card information manually for over-the-phone payments as well. Businesses can also add a checkout option to websites or social media profiles so customers can order directly from an online store. That’s not the case with Wave—it provides one plan with an unlimited number of users, invoices, credit card connections and reports for free. While users never pay a monthly fee, they will have to pay a credit card processing fee of 2.9% plus 30 cents per transaction if they use Wave to process credit card payments.
A salesperson’s job is momentarily done at the end of each month when deals are closed and paperwork is submitted to the finance team. Given the effort it can take to land new customers, the worst outcome is for an unreliable order-to-cash process to create problems. This can cause significant delays in payments and cash collection, which can sour new business partnerships and create revenue leakage. Before you commit to accounting software, it’s in your best interest to shop around and compare all your options.
While Wave has a lot to offer when it comes to invoicing, know that it’s still slightly less automated than some competitors. This isn’t necessarily a deal-breaker, but it might require a bit more bookkeeping work. Unlike other software, Wave is built for small business owners and solopreneurs at every stage—not accountants—so it’s easy for you to use. Look and feel polished, keep your books organized, and kick tax season’s butt, whether you’re a newbie or seasoned pro. With a Wave Pro subscription, you’ll have recurring billing and other automation features.
Electronic invoices also provide small business owners with professional-looking digital invoices that their customers can pay easily online through a system like Wave’s online payments. One of Wave’s most popular invoicing features is the ability to create user-friendly customizable templates. Not only can you customize the invoices to fit your brand, but you can also set up recurring invoices and automate credit card payments for repeat customers. Once invoices have been sent, you can easily track the status of each invoice to see if they are viewed, unpaid or Overdue.
- Sign up for a Wave account so that everything flows right into your accounting records and your bookkeeping will be done for you.
- While its limitations do not make it an ideal solution for every business, Wave is a particularly appealing option for freelancers who are just starting out.
- While Wave provides unlimited invoices, it might be best to look elsewhere if you are looking for more robust account software.
Accountant-friendly software
As small businesses digitize and scale, the number of point solutions they must integrate with multiplies, from sales software to marketing automation to finance solutions. Wave is a fast-growing accounting software designed for small businesses, particularly those in marketing, advertising, and IT. It’s owned by parent company H&R Block and offers a suite of money management tools. FreshBooks is an online accounting and invoicing platform that provides invoicing, time tracking, expense tracking, report generation, and more. It’s geared toward small businesses, self-employed business people, and freelancers across a variety of industries such as information tech, construction, legal, marketing, and creatives. While the invoicing platform is not easy to integrate with popular third-party payroll apps like Gusto or OnPay, Wave does have its own payroll software.
Learning
- The software also lets businesses set up recurring invoices for scheduled payments that can charge customers’ credit cards automatically.
- Prices range from less than $10 per user to more than $100 per user per month.
- Also, Wave Accounting only offers self-serve customer support.
- Includes tools that help automate the reconciliation process and auto-categorizes transactions for you in the Pro plan, but you can’t set up your own bank rules; no global search function.
- Explore more details on the competition in our full roundup of the best accounting software for small businesses.
This saves valuable time, improves your company’s cash flow, and keeps your hard-won customers happy. Wave allows you to search transactions, design accounting reports and reconcile data across other Wave products. Plus, you can calculate sales tax automatically, customize payment terms and enjoy access to easy-to-understand cash flow insights. It also features a well-laid-out, clutter-free dashboard with individual tabs for sales, purchases, accounting, banking, payroll and reports.
For information on credit card rates, visit Pricing for details. A common issue when invoicing in Microsoft Word, Excel, or other DIY solutions is making calculation errors. Wave’s invoicing software for small businesses removes the worry of making these errors because calculations are done for you, including the taxes. Have an eye on the big picture so you can make better business decisions. Our robust small business accounting reports are easy to use and show month-to-month or year-to-year comparisons so you can easily identify cash flow trends.
Get paid faster with online payments
Wave is a solid option for invoicing, standing out for its low pricing, great range of software functionality, and good customer service. But it’s not the only option, and quite a few others offer more complex invoice creation abilities, or more comprehensive reporting and analytics. One of Wave’s competitors, FreshBooks, offers loads of features at very low pricing. The platform offers accounting and expense management as well, letting you manage your finances within the platform.
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. Create and send as many customized, professional invoices as you want with Wave’s free Invoice Generator. In a matter of seconds, and just a few clicks, you’ll have a free, professional invoice to send to your customers. Sign up for a Wave account so that everything flows right into your accounting records and your bookkeeping will be done for you.
Square Payments
This makes Wave ultimately a middle-of-the-road service for invoice creation specifically. It’s not bad at all, but several services are better, with Zoho Invoice in particular coming out ahead – in fact, it supports every feature mentioned here. Wave offers some of the strongest functionality of all the best invoicing services for small business. According to our research, it’s second only to Freshbooks for features, though QuickBooks matches Wave. Can manage multiple businesses for free under one account; lacks project tracking tools, industry-specific reports and transaction tracking tags.
You can also receive unlimited income and expense tracking data, instant updates for invoicing, payroll and payments data and profit/loss reports. It’s hard to beat free accounting software, especially if you’re running a small business on a budget. Wave’s free plan offers a decent number of features, like unlimited invoices, that are not always included with other free accounting software options, let alone paid accounting software plans. It also complies with accounting standards and uses double-entry accounting, which can help ensure accuracy.
Keep tabs on your cash flow, know who owes you and who you owe, and access important reports to stay in the know—even on-the-go, with our mobile app, the convenient companion to your desktop experience. Every invoice paid means more revenue coming into your business. Create and send professional invoices to your customers in seconds. Yes, switching from other accounting apps or products to Wave is easy!
With Wave, you can use dashboards to view cash balances and invoice statuses, or export your accounting reports covering profits and losses, sales tax, cash flow, and more. Exchange rate calculations can be made automatically – a must-have feature for those working with multiple currencies – and it’s also a double-entry bookkeeping program, ensuring credit and debit are properly recorded. FreshBooks has an excellent mobile app that allows you snap photos of receipts, send invoices and track mileage. In addition to its accounting software, Wave offers other paid services, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching.
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