Hi Legacy Builders. Welcome back to my website. I’m Jenn McNeely with JWM Designs & Marketing, and in this blog post, I will talk about a free alternative to QuickBooks. It’s called Wave App. I am not a paid affiliate for Wave App, and this is not a sponsored post. I use Wave App for both of my companies, and it’s a fantastic accounting and bookkeeping tool for small business owners. The best part of Wave App is that the bookkeeping and Accounting services are entirely free.
So why now?
Put simply, it is never too late to get your business books in order. How will you know if you have a profitable business if you don’t have a straightforward way to track your expenses or income. Not to mention, tracking your cash flow will assist you when it comes time to file your taxes, make capital expenditures, or partner with other businesses. There are many reasons why tracking your cash flow is key to growing your business.
So what is the Wave App?
It is a cloud-based platform that provides accounting, invoicing, payments, and payroll services. The invoicing and accounting services are free, while there is a pay-per-use fee for processing payments. Wave also charges a monthly fee for managing payroll. Customers can choose one or all of the available services for their businesses. Let’s look a little closer at the services.
Invoicing
With Wave, you can create and send professional-looking invoices, receipts, quotes, and estimates. The software allows you to create recurring invoices for repeat customers and automatically charge your customer’s credit card. You will have the flexibility to switch between automatic or manual billing, access your customer’s information, and track payments. The bonus is that all of your invoicing and payment information automatically syncs with the accounting software, so your bookkeeping needs are all set. Need a mobile invoicing option? Wave has an app that will allow you to get notifications, accept payments, and view your invoices on the go.
Accounting & Bookkeeping
The best feature, in my opinion, is your ability to connect your business bank accounts and credit cards to Wave’s software and track your income and expenses. After you log in, the dashboard displays the connected accounts, cash balances, net income, expense breakdown, overdue bills and invoices, cash flow from the last year, profits and losses for the previous year, and month-to-month business accounting reports. In addition, you can connect an unlimited number of accounts and credit cards which allows you to run multiple businesses from one account using Wave. Wave also allows you to create customizable expenses and income categories that best fit your business needs. Additionally, you can add customers vendors or invite someone like your tax preparer to collaborate and access your information.
Payments
Unlike the accounting and invoicing features, Wave’s payment processing and payroll services are not free. But they are not expensive and are competitively priced. With Wave’s payment processing, customers can pay their outstanding balances through your wave invoices. Wave accepts credit cards, bank payments, and Apple Pay. You can expect to get paid as fast as two business days after receiving payments. Plus, expenses are automatically tracked to your accounting records. For credit card payments, you will be charged 2.9% + $.30 per transaction and 1% per transaction for bank payments.
Payroll
Wave’s payroll services cover independent contractors and employees, and the software will create 1099 and w2 forms for tax time. The software also gives you the option of making direct deposits for your team. Depending on the state you operate from, Wave’s payroll service can also file pay and file your state and federal payroll taxes. However, fees for the payroll service vary, and certain features are not available in all states. You can learn more on Wave’s website.
What if I don’t know anything about accounting or bookkeeping? How will I use the software if I don’t know where to start?
Wave has a lot of resources on its site to help you understand how to use the software and what each tool does. Wave also has a blog that provides additional tools and guidance. If you require a more one-on-one approach, you can connect with a Wave’s advisor.
If this is a free service for invoicing, accounting, and receipt scanning, how can I be sure my bank information is safe?
Nothing online is 100% secure. However, I would describe the service as very safe. Wave’s servers are protected physically and electronically. Any connection between you and Wave is protected by 256-bit SSL encryption. Wave is a PCI-DSS Level 1 Service Provider.
Does it matter if I use the software on a Mac or PC?
No. The software is cloud-based and can be used on either operating system. In addition, the mobile apps are available for ios and android systems.
If my business is small or just getting started, is having accounting software necessary?
Absolutely! When it comes to the financial health of your business, ignorance is not bliss; it’s dangerous. Whether your business is a side hustle or a main hustle, you need to pinpoint the viability of your business quickly. If your goal of starting your business is to go full time eventually, how will you know when your business can sustain your needs. Additionally, Uncle Sam will demand his cut, and if you do not know your cash flow from the prior year when it’s tax time, you may find yourself facing steep government fees.
Your Action Steps
1. Visit Waveapps.com and look at the options. You can sign up for the accounting software for free. Take a look around the website, the blog, and faqs. Compare it to whatever bookkeeping system you are currently using. Ask yourself which platform best meets your business needs and can grow with your business.
2. Then take action. Make a decision. We are now in the middle of January 2022. Get your financial house in order. It’s time to take your business more seriously. Stop procrastinating and get it done.
If you have any questions or thoughts about this video or videos you’d like to see in the future, please leave me a message in the comment box or send me an email at info@jwmdesigns.com. I love hearing from you and would love to know which accounting service you choose.
I am all about you guys building your legacies. Together we are Legacy Builders. That means we take action. So keep building yall.
