2017 Review of Wave Accounting – Invoicing Functions

Wave offers easy online payment capability through Payments by Wave, which allows clients to pay directly off of an invoice. The application also offers a series of templates that can be used when creating an invoice. Once of the nice features in Wave is that users can set up preferences in the Settings option, or simply choose the invoice option they wish to use when entering the invoice. Estimates are also customizable, and users can easily convert an existing estimate to an invoice by clicking on the tab at the top of the created estimate.

Users can schedule a recurring invoice with the option to choose frequency and start and end dates. Like all invoices, users can choose to add a payment reminder to the invoice so that clients will receive a reminder email before payment is due, as well as when a payment is past due. Though documents cannot be attached to Wave invoices or estimates, users can add notes that are visible to clients.

Wave allows users to process customer statements, though each customer has to be processed individually, with no option to process statements for all customers simultaneously. Discount amounts can be added to any invoice by simply adding a line item to the invoice that displays the amount that needs to be credited. Late fees can also be added manually to any existing invoice that is past due by using the same process.

Wave accepts multiple currencies, so users can process estimates, invoices and accept payments in multiple currencies. The system is completely integrated, so all features within the application work well together.

Sales tax information can be added in the Settings option, with the ability to add as many taxes as necessary.

Wave offers basic reporting options, including the Income by Customer report which provides details on income received from clients, and the Aged Receivables, which provides a detailed list of all invoices and whether they are current or past due, and exactly how past due each invoice is. All Wave reports can be reviewed on screen, printed, exported to Excel or CSV files, or saved as a PDF.

Wave offers a solid accounting application that is well-designed and well suited to freelancers and small business owners. Invoicing functionality is good in Wave, offering the ability to process estimates, convert estimates to invoices, and customize invoices. Wave is available at no cost, though businesses using the payroll and online credit card payment features will need to pay a small fee.

2017 Overall Rating – 4.25 Stars