One on One: Wave

One on One is a series of reviews. Instead of a long-winded breakdown, I give you a quick summary along with one positive and one negative.

Name: Wave

Description: Wave is a bookkeeping service. It handles all aspects of small business bookkeeping. It handles invoicing, syncs and downloads transactions from your bank accounts, and even keeps track of your personal finances in a separate tab.

Cost: Wave is completely free for the core bookkeeping services. It also offers an optional payroll service for a (very) small fee based on number of employees, and they have paid premium training provided by accounting professionals.

One Positive: The transaction reconciliation screen has been improved dramatically over the years and just might be my favourite implementation across all the bookkeeping services I use. If you have a large list of transactions to categorize Wave does a great job of selecting, categorizing, and approving multiple transactions at once. If it was to implement a rules system like Xero uses it would be pretty close to perfect.

One Negative: The way Wave displays reports drive me bonkers. To be honest, no bookkeeping software does reports the way I'd prefer, but this one is particularly bad. The big thing I dislike is the way they're actually displayed. Income Statements will tend to default to either sorting the accounts by account number or name. I find it important to give the option to toggle between these two, but I can live with one or the other. For some reason Wave doesn't do either. The accounts seem to be displayed randomly, and the only way to display them properly is to download them to Excel and sort them there.

Final Thoughts: If you are running a small business on a budget and would like to keep all your bookkeeping in one app, I think you should take Wave for a test drive.

Moving Your Books Online - Your Stories Wanted

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I have recently started working on a project, and I'd like your input.

In the past few years, I have been helping people get started with online bookkeeping. Some were just getting started with their business, while others were making a move from an offline application. In all cases, there were obstacles along the way.

I'd like to spend more time on this site focussing on helping as many people with that process as possible. Just getting started with any bookkeeping can be tough, but there are also unique problems with moving your books online.

Here's where you, my amazing readers, come in.

I'd like to hear your stories. Your joys, your pains, your questions, and your answers.

It can be as simple as a couple words, or as detailed as a 500+ word email...your choice. I just want to hear your stories. If you want others to be able to see them too, please leave your answers in the comments below. If not, you can contact me directly instead. Or, if your answer is summed up in less than 140 characters, you can always send me a message on Twitter too.

Here are some examples of questions I'd like you to answer for me.

  1. My favourite cloud-based bookkeeping service is__.
  2. I recently switched from _ to __.
  3. The best/worst thing that happened since I moved my books online is _.
  4. I'm trying to get started online, but I'm really struggling with _.

Feel free to write about these or anything else that comes to mind. My goal here is to come up with some posts and (in the near future) guides that will help you solve some of these common problems.

I'm really looking forward to your responses.