Wave Accounting began as a web-based financial tool. It caught our eye because it’s one of few such services that works with sterling rather than defaulting to US dollars. There’s now a free app for Google Chrome.
Setup involves little more than creating an account and adding items to your sales and expenses lists. You can save contact details for companies and individuals with whom you’ve dealt, automatically generate invoices, and see a balance sheet and payment pending information. Various taxes can be added, and payment terms amended. What we couldn’t work out was how to add discounts for bulk purchases of materials, or shipping costs where applicable.
You can associate your Wave account with your online bank account, and approve or hold in abeyance particular payments depending on the healthiness of your balance. As well as small-business accounts, Wave maintains a separate tab
in which you can enter personal expenses.
A monthly overview, with a pie chart showing where the lion’s share of your salary is disappearing, offers a useful visual means
of understanding your outgoings.
Wave also sends you weekly updates of the transactions that have taken place.
Verdict: Few accounting tools are as straightforward and undaunting to use as Wave. The fact
that it’s free is another important plus point.