Wave Accounting in our opinion has really turned the world of web based accounting on its head, this is a truly fantastic application for small businesses that require a complete accounting application.
The internet is awash with invoicing services and trying to find one that fits your needs can be very difficult, do you want to subscribe to a service?, host the application yourself?, do you need to tie it into your banking system? Or do you just need a very basic way of issuing invoices?
In the last few years services such as Xero and Freeagent have made a massive impact on the way small businesses work, and to be honest I didn’t think that this model would change until I saw Wave Accounting.
What’s different about Wave, is that this service is completely Free, no subscription charge, no trial periods, no limits on the amount of invoices or customers you can create per month, it is truly free to use! The service was always designed to be free from the start and paid for by advertising other business services, these adverts are really unobtrusive and do not in any way hinder the use of the service.
Wave Accounting may not have the VAT and other tax advantages that Freeagent has, but it has all the features that small business needs, you can track payments into and out of your accounts, produce great reports that your accountant can work with, the service also links to your bank account and imports all your transactions automatically making reconciliation of your accounts really easy to do.
As the user base grows and people’s confidence in this business model increase then who knows, perhaps in a few months this may be the one that all competing applications and services will have to follow.
Would we recommend this to our customers? Absolutely, the only issue that we can see is the issue of trust!, will this service have the customer base to survive? and if not what happens to all customers data?, but there again this is a question that should be asked of all hosted services free or otherwise.
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