Wave Accounting: Free Small Biz Accounting
Wave Accounting is a completely free accounting web app targeted toward small business owners, startups and freelancers. The service competes against industry titans, like QuickBooks, but at no charge.
Setting up an account takes a few painless steps. First, fill in your account details, then link your financial data to Wave Accounting. Next, answer a handful of simple questions to help customize your account, like if your company is a sole proprietorship, partnership or corporation, or if you collect sales tax from customers. Linking your financial accounts is optional, but it eliminates the need to manually enter transactions and probably improves the accuracy of your books.
What’s great about the service is that you don’t need to understand a term like “double-entry bookkeeping” to keep your books in order. The service handles a ledger, accounts receivable and accounts payable in terms like transactions, income and expenses. Create invoices under the Income tab, and log bills under the Expenses tab. Simple, right?
What’s clear is that business owners do not lose functionality when switching to Wave Accounting. The system doesn’t feel like a downgrade, even if it’s offered for free. And for many, Wave Accounting may feel more intuitive than QuickBooks.