Best Free Accounting Software for Small Business: Wave Accounting

Accounting software is an essential tool for small business. Managing business finances is not an easy task, especially for a start-up home business with zero accounting experience. Using paid software to help your task sometimes is not a feasible option due to the high prices. But fear not. You can still get significant help from free software like Wave Accounting. Offering free service with complete basic accounting features, Wave Accounting has won hearts of first time business owners everywhere.

Wave Accounting is simple and easy-to-learn. It will save your time and help you managing your accounting needs with these following features.

• Automatic Data Sync
With this feature, you don’t have to input your transactions manually. Wave can connect to various institutions of your choice, and this software will download your transactions and convert it to a useful financial reports.

• Dashboard Feature
You can see your financial status from the Wave Dashboard. It will also specifically display tasks you need to do immediately. Everything you need to know about your business finance will be displayed in one convenient page.

• Financial Report
Financial report can be very overwhelming for inexperienced business owners. That’s why as an excellent accounting software, Wave accounting can do all the financial reporting for you. Wave can give you 10 kinds of accounting report, spanning from Balance Sheet to Foreign Currency Exchange.

• Multi-Currency
This is important if you have overseas clients. Wave updates daily exchange rates thus you can input the data in one currency and Wave will automatically translate in any currency you want.

Due to the very simple features, Wave Accounting is best used by self-employed entrepreneurs or very small business. Bigger business might need software with more features and options.

There are ads popping a lot of time in this application. But since Wave Accounting is free software, ads are inevitable. The ads also appear on emails and invoices, so if this is bothering you, maybe you should consider getting paid software.

Wave Accounting only offers very basic accounting features. It doesn’t have payroll features and free customer services, two important features commonly exist in paid software. If you need to use those two features, you have to subscribe to Wave Premium Service which will cost you $15 per month for Wave Payroll solution and $9 for Customer Service.

Those things may sound like limitations. But actually, if you want to use your own payroll method, you rarely need helps from customer service and ads don’t bother you, using Wave Accounting will save you from paying for features you don’t need.

Even though Wave Accounting has more limited features compared to other paid software, it still has all the essential things that must be included in a decent accounting software. In fact, Wave Accounting simple features will help the home business owners to learn how to use it more quickly and get bigger control over their accounting methods in the same time. Overall, for a free product, Wave Accounting is very helpful and decent software for entrepreneurs and owners of small business.