Wave announced today that it has launched a new set of online tools to offer a more complete financial management solution to businesses. Wave, provider of business finance tools to small businesses, changed its name from Wave Accounting to more accurately reflect its new offerings.
Wave now offers an integrated solution that allows customers to manage invoicing, accounting, payroll, payments and receipt management online. Wave is designed to help small business owners, contractors, consultants and entrepreneurs manage their businesses more efficiently.
“There is a world of difference between the needs of a five-person company and a 55-person company,” said Kirk Simpson, Co-founder and CEO of Wave. “When we say ‘made for small business,’ we mean Wave is really built to work the way a small business owner wants their tools to work. This includes the one-person shops and ‘solopreneurs’ that make up more than half of small businesses in North America. Wave liberates small business owners from time consuming tasks with smart, integrated cloud-based software that saves time and money and eases frustration.”
By extending beyond accounting, Wave now offers the tools needed to run a business beyond accounting processes. Features of the new tools include invoice customization, choice of currency, the ability to convert estimates and quotes into invoices, payroll management, credit card payments and access anytime, anywhere. Wave also has plans to introduce a receipt scanning mobile app in the future for Android and iOS mobile devices. The app will convert images of receipts into transactions within the solution.
Wave’s payroll features will help ensure compliancy with taxes and deductions and will feature direct deposit services. Wave is also planning to release a payroll app for iOS devices that will allow employers to manage payroll away from the office. Features will include payroll history, paystubs, payroll reminders and error alerts. Employees will also have the option of viewing paystubs and receiving notifications when they have been paid.
Wave’s credit card payment tools lets users send invoices to customers with a “Pay Now” credit card option. Clients can pay using American Express, Visa and MasterCard and the invoice records are automatically adjusted to reflect the payment. The new business tools make it easier for small business owners to classify business and personal expenses to keep track of budgets.
“If you ask someone to describe a small business, they’d talk about the couple who runs the corner store, or the freelance web designer working in the same loft space they live in downtown,” said Simpson. “That kind of a company with nine employees or less makes up 95 percent of small businesses, according to the most current U.S. census data. We took our portfolio of products to the next level to support these companies with a smart, integrated small business platform so they can focus on the more enjoyable aspects of running a successful business.”