Accounting
2017 Review of Wave Accounting – Accounts Receivable Functions
Mar. 22, 2017
Wave Accounting: www.waveapps.com
From the 2017 Reviews of Accounts Receivable Systems.
Wave is designed for the freelancer or small business owner. Wave is currently available at no cost, though additional functionality such as payroll capability and the ability to accept credit cards does carry a slight fee. Wave offers a complete, double entry accounting system that is deliverable on the cloud and offers mobile apps for both iPhone and Android devices.
Wave offers decent accounts receivable capability. Setting up a customer is quick, with only basic contact information needed. Credit limits cannot be assigned to a customer’s account, though users do have the option to request only cash payments. Finance charges will not be automatically billed, but users can create a flat rate finance charge fee in the products and services that can be added to an invoice that is overdue. Users can access the Transaction function to view all payment and expense activity.
Wave’s Dashboard offers users a good summary of all current activity, including a list of overdue invoices as well as a summary of those that are coming due shortly.
The product does not offer a detailed order history by customer, and does not offer return authorization capability. Users will need to access each individual invoice to record payments for multiple invoices, unless the payment was made using Wave’s online payment system, which will automatically record the payment to the appropriate invoice.
Wave allows users to quickly create customer statements, though there is no option to create statements for multiple customers simultaneously. Users can choose the time frame that they wish to include on the statements.
Wave offers basic reporting capability, with an Income by Customer report which details all income received from customers, and the Aged Receivables report, which provides a detailed list of all receivables, in standard aged increments, although the report also includes totals of invoices that will be coming due shortly. All reports can be displayed on screen for review, printed, exported to Excel or as a CSV file, or saved as a PDF.
Wave accepts multiple currencies, so users can invoice and accept payments in multiple currencies, with the system tracking any gains or losses based on exchange rates. Wave is a completely integrated accounting application, with all product features working together seamlessly.
Freelancers and small business owners will appreciate the level of accounting available in Wave. While the accounts receivable functionality isn’t particularly strong, it should be sufficient for those that would utilize the product. Currently Wave is available at no cost, though online additions such as payroll and online credit card processing options to charge a small fee.