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If you're strapped for cash but need help doing your accounts then Wave Accounting could be the ideal solution for you. It offers a wide range of useful features, a simple dashboard, as well as reminders, invoice creation and automated data entry. Wave ought to help most small businesses in some way, particularly if their accounts aren't overly complicated.
There's plenty to like about Wave, which we'll come to shortly. First, though, we'd like to discuss some of its slight pitfalls and why you may wish to look elsewhere. In particular, Wave could be improved by adding more analytic and predictive tools. These would help you to understand your accounts and plan for the future. You'll find that some of the top accounting services and software systems provide analytic tools which will provide the means to project potential changes and therefore plan for any difficult times. Wave might benefit from this, and it would be a useful tool for most businesses.
The system is designed for entrepreneurs, freelancers, small businesses (with 9 or fewer employees) and consultants, meaning that it isn't necessarily great for larger organisations. Some advanced users might also find the system a bit underdeveloped in certain areas, which is due to the fact that it is not designed with financial specialists in mind. The dashboard is very easy to use, allowing you to move between areas of your accounts easily, and it also updates automatically with banking information and PayPal sales, among other things. This saves a lot of time in data entry and also makes sure you have fewer mistakes.
We were pleasantly surprised by how many accounting features were available from wave, given that their software is free to use. They've covered most of the areas we'd hope for, and they seem to have taken their users' needs into account in most areas of design. You can also download several apps, each of which helps you accomplish specific tasks when on the move. This includes the ability to photograph receipts and have them automatically uploaded to your business costs folders.
If you're in need of help then you can check out the searchable FAQ, or the forums sections. There is also 1 on 1 help from live experts available (in a live chat, over the phone or coaching from a WavePro). These services are available for users who have paid an additional monthly fee, although we felt that the prices charged were still very fair.
We were very surprised by just how much you can achieve with Wave, particularly as the vast majority of its customers won't pay a thing for their services. However, it's better suited to small businesses and entrepreneurs, and if you feel you would benefit from analytic tools then you may wish to take a look at some of the other accounting software packages available. If you think that Wave might be worth a try, why not give it a roll? If you have any questions their sales team will be glad to receive an email or call from you.
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