Wave Online Accounting Software
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Wave Online Accounting Software
Review of the Best FREE Accounting Software
Curated by Laura L Smith
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The Accounting Onion Daily

The Accounting Onion Daily | Wave Online Accounting Software | Scoop.it
A newspaper by TSelling - updated daily with a curated selection of articles, blog posts, videos and photos. (RT @AccountingOnion: The Accounting Onion Daily is out!
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Wave Online Accounting Software

Wave Online Accounting Software | Wave Online Accounting Software | Scoop.it

Since I, personally, use Wave Accounting for my businesses, I thought it a good idea to do my first software evaluation on it. I have tried other free accounting software but found it cumbersome and confusing, even with my extensive background with accounting. I will admit that my knowledge has helped me customize Wave Accounting a big more but, even if I was a novice, I’d have been able to set up basic books, which is all most new and small businesses need.


Functionality
Although you don’t have to have complete knowledge of accounting, some is helpful when using Wave. The program is not downloadable, for those people or businesses that prefer desktop programs, this would not be ideal. It is not customizable by programming; however, the chart of accounts and other functions can be changed quite easily. The program currently integrates with Freshbooks, GoogleDocs and Shoeboxed. You can also link bank accounts and credit card accounts or upload statements for reconciliation. At this time it is possible to log in using your Google or Yahoo account but deeper integration, of both, is still in the works.
Wave has separate payroll software that integrates with their Accounting software; however, it is only available to Canadian companies for now. They plan on having the United States version up and available sometime in 2012.
Unlike other software companies that let you have their product free until you have so many users; or require more services, then offer fee-based add-ons, Wave Accounting not only allows an unlimited number of collaborators, the program can be set up for as many businesses as you need. It also offers customization of which company each collaborator has access to and what functions they have permissions for.
The information kept online is protected by Norton secured by Verisign. There are a variety of pre-set report features with the ability to download and upload information in many cases.
Community
Wave offers an incredibly practical community and help system. The forums are useful for interacting with other small businesses for a variety of purposes. However, it is rarely necessary to ask questions about the software, as their FAQs section not only answers questions but takes you through the various processes of setting up and using their software, step-by-step. There is never a fee for support and normally you can expect a response to questions within 24 hours. The only drawback I saw with communicating with Wave was the fact they do not provide any phone numbers. All interaction takes place online or via email.
Reliability
Wave Accounting has been available since November, 2010, so it is still fairly new and in progress. However, for being so new, the reliability is excellent. Their current systems integrate with other systems including banking and credit card; their initial payroll roll-out has functionality to offer direct deposit to you and your employees, in partnership with VersaPay. New releases are well-planned and executed after being tested properly. All in all, the systems and functions are more reliable than many paid accounting programs. They have a great deal of testimonials and feedback, including articles published in PC Magazine, GetApp and ChromeBook.
Cost of Deployment
With every aspect of Wave Accounting being free, tutorials and step-by-step instructions, the cost of deployment is essentially totally free. There are no additional hardware requirements or network costs. Hosting and consulting require no additional work, implementation or fees. Add-ons and new features are offered free; and a few of the outside interactive programs are minimal and not required unless you deem them necessary for your needs. As outside programmers cannot make changes, all updates are offered free by Wave Accounting.
Licensing Issues
As the accounting software is offered online only, there are no licensing requirements or fees, associated with Wave Accounting. Programming by outside sources is not an option so there would be no programming licensing issues either. All users are free and unlimited, accessing the software from any computer, so individual licensing is not needed.
To summarize, Wave Accounting is completely free and already set up with the basic accounting charts, diagrams and report filtering. One simply needs to know the difference between income and expenses and they can have a comprehensive system set up immediately. Even without payroll integration available to the United States, until later this year, with its various income and expense accounts, it is possible to track and maintain a small payroll. The ability to further filter and download reports, allows the ability to create professional business plan financials, among other fiscal uses.
Although importing and integration is still somewhat limited, the programmers continue to work to make this software more cooperative and fluid. With the detailed information and step by step processes, training is minimal at best. It can be used to house the accounting information for several businesses, each with its own charts, collaborators and reporting layouts.
On the plus side, for a small business, this software is effective for use throughout the growth of a business. Additionally, the issue of security of information is addressed through the well-known Norton and VeriSign gateways. For those who would prefer a desktop application, Wave does not offer that type of software at this time.
You can find additional reviews at the following:
PC Mag Review: http://www.pcmag.com/article2/0,2817,2374598,00.asp?tab=Reviews
GetApp: http://www.getapp.com/wave-accounting-application
ChromeBook Ratings: http://chromebookratings.com/2011/app-reviews/wave-accounting-chrome/

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Financial Accounting Expert job posting at American Tutoring.com - Call us at 1-877-TUTOR-17

Financial Accounting Expert job posting at American Tutoring.com - Call us at 1-877-TUTOR-17 | Wave Online Accounting Software | Scoop.it
American Tutoring (1-877-TUTOR-17) needs Financial Accounting Experts for one-on-one, in-home tutoring assignments year round.
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