Wave Apps Review: How Its Changing the Face of Financial Technology

Accounting is difficult but fortunately, there are many websites and apps that make it easy. One that stands out is Wave Apps Accounting.

I’ve been personally using Wave Apps in my business for over 5 years and it’s great!

Wave Apps accounting is an app that helps you manage your income and expenses. It can also connect to other Wave products to track payments, invoicing, and payroll. It helps you truly understand your finances to make them more manageable.

Read on to find out more about this product and why it is one you may want to add to your collection.

What is Wave Apps? 

Wave apps offers a variety of packages. Those that opt for the free package will be able to track their income and expenses and connect to other products to manage payroll, payments, and invoices. 

The free service also lets you create and send invoices while offering advanced features like recurring billing and automatic payments. 

The app also offers payment solutions. This pay-per-use service allows you to get paid in as soon as 2 business days through credit card and bank payments. The amount you pay varies by the type of card used and the method of payment. 

For a monthly fee, you can also take advantage of Wave’s payroll feature. The feature promises a fast a stress-free way of managing payroll and payroll taxes while guaranteeing 100% accuracy. The app also offers a worker’s comp insurance plan for payroll users.

Additionally, Wave offers a team of financial advisors that can assist in bookkeeping, taxes, and accounting. These services are available for a monthly fee which varies according to the services you’re using. 

Wave is also the first app to offer a lending feature that helps you build capital for your business. 

Wave Apps Review

Now that we know what Wave has to offer, let’s see how it stacks up. 

Pricing: In its most basic form, Wave Apps is free to use and that’s hard to beat. What’s more, the free plan doesn’t come with a lot of limitations. Here’s why you can expect: 

  • Unlimited invoices and estimates
  • Contact management
  • Expense tracking
  • Accounts payable 
  • Basic inventory
  • Reports

The paid services are reasonably priced. 

Hardware and Software Requirements: Wave is available on almost any device. Newer browsers are recommended but not necessary. They offer two iOS apps and two Android apps. 

Size of Business: Wave works well for smaller businesses and it even has an Etsy integration for Etsy sellers. However, it does not support multiple users and therefore, it may not be the best choice for larger companies. 

Ease of Use: Wave is easy to set up and navigate. The only drawback is that it doesn’t have a back button. 

Features: Wave offers an impressive set of features that rivals some paid accounting software programs. Here is what you can expect:

  • Dashboard
  • Invoicing
  • Estimates
  • Client portal
  • Contact management
  • Expense tracking
  • Bank reconciliation
  • Accounts payable
  • Chart of accounts
  • Inventory
  • Time tracking for payroll
  • Reports
  • Journal entries
  • Checkouts
  • Sales tax
  • Multi-currency
  • Importing and exporting
  • Lending

Customer Service: Wave offers various customer support resources to users, but according to some comments I’ve read online, response times are slow. Chat and phone options are only available to paying customers so if you have a question that can’t be answered in the help center, you will have to resort to email and wait a few days for a response. 

However, their Help Center is very comprehensive, and they have also added a Wave community for added support. 

Security: Wave offers 256-bit encryption and read-only banking information to protect privacy. They use Amazon Web Services to store data that is backed up regularly. Servers are monitored around the clock. 

Integrations and Add-Ons: Wave offers a limited amount of integrations. However, it does support a Zapier integration that connects Wave with over 1,000 add-ons. It connects directly with Paypal, Etsy, and Shoeboxed. You can also use its new Checkouts feature to create buttons on websites supported by Wix, Squarespace, and WordPress. API is also available for new developers. 

Overall: Overall, Wave has gotten favorable reviews due to the fact that it is user-friendly and reasonably priced. It also has a robust feature set, a good invoicing and personal accounting system and it’s a time saver for many companies. 

On the downside, here are some complaints users have had.

  • Slow Servers and Downtime: Slow servers and downtime is a common complaint among Wave users. Although downtime issues seem to be receding, slow servers are an ongoing problem.  
  • Lack of Central Mobile App: Customers complain that there are a variety of mobile apps. They would rather see features combined in one central app. They also complain that there are bugs in the apps. 
  • Difficult to Find Bookkeepers: Users have stated that it’s difficult to find an accountant familiar with Wave. As a result, Wave now offers a Wave Plus bookkeeping service designed to fix that problem. 
  • Expense Tracking Errors: Many users have found issues with duplicate transactions which cause them to have to reconnect to their bank accounts. 

Wave and HR Taxes

Despite having some drawbacks, Wave apps have definitely made a splash in the financial industry. In fact, in June of 2019, H & R Block announced it would be entering into an agreement to acquire the business financial solutions platform.

H & R Block shelled out a cool $405 million for the acquisition. The company believes this business move will help them expand their product and client portfolio and enhance their position in the small business market. They feel Wave’s disruptive pricing and low-cost customer acquisition will provide them with new business opportunities that will boost growth. 

Wave has changed the face of financial technology by offering a low-cost and convenient financial solution to small businesses. It will be interesting to see how it continues to provide business owners with a picture of their financial success as it continues to evolve.

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