Doyle Bookkeeping

Wave bye-bye to riding the free Wave Accounting Software

Wave Accounting
Reading Time: 5 minutes

Wave Accounting Software Support ends…

At first, we saw the disappearance of bank feeds back in November 2019 and now a second
announcement as of the beginning of December 2020: They will be devoting their product
development resources solely to the United States and Canada, leaving Australians and
others in the lurch. It is simply a matter of time before all user files will be deleted.

An excerpt from the email correspondence received: “Additionally, as of November 30, 2020,
Wave will no longer offer email support for most customers outside the US and Canada.
Wave Payments customers who currently process payments via Wave’s connection with
Stripe will retain access to email support for payments issues until the Stripe connection ends
on June 30, 2021.” – Kirk Simpson, Co-founder, and CEO Wave

Never fear as help is near! There is a plethora of software solutions available, however they
aren’t free. I think we can all agree that nothing is really free anymore and you tend to get
what you pay for, so I urge you to consider moving to an alternative solution sooner rather
than later. You will be amazed at how easily it can be done, and how much better equipped
you will be after making the switch – plus the cost of these software packages is not going to
break the bank.

The first step would be to follow the instructions for downloading your file from Wave to
make the transition. Select your new chosen software option, follow the upload procedure
and away you go (pardon the pun). And this leads me to relevant software options.

Accounting Software Options

Without going into great depth, the top 5 most popular contenders include (in no particular
order):

  • Freshbooks
  • Intuit QuickBooks Online
  • Xero
  • Sage
  • Zoho Books

You could also have a look at Reckon and Rounded just to add a few. They are all roughly in a
similar price bracket. You should be expecting to spend an average of $15-20 per month
which is reasonable for the basic package. Further savings can be made should you pay the
full year upfront in some instances. It just depends what functionality is most important to
you. The different software options may seem the same at first glance, however each
platform differs in its functionality and its features with the added concern around customer
service and support. Also, it is important to consider where you see your business in the next
2-5 years as that will impact the expectation for the next price plan up from basic and it will
save you time going forward once your business has reached the goals you’ve set for it.

Let’s take a look at the above options in a bit more detail:

2021 Top 5 

Freshbooks – recent customer reviews suggest that Freshbooks is a good option for smaller
businesses and freelancers, is double-entry, supports invoices, expenses, estimates, timetracking and projects, however there is minimal setup support, limited invoice customisation,
a sub-standard mobile app and no quarterly tax estimates.

Intuit QuickBooks Online – we are huge advocates for QuickBooks Online as this is still the
best online option for small businesses in terms of features already included, extensibility and
flexibility. They have recently won the Most Satisfied Customers CANSTAR award for Small
Business Accounting Software 2020 in Australia which says a lot. The award is rated on ease
of use, value for money, reporting, ease of integration, functionality, customer service and
overall satisfaction. Super easy to use, and for those who are not comfortable with the Xero
integrated add-on setup, it would be the perfect software solution.

Xero – whilst providing great account reconciliation, data imports, sales and purchase
transactions, and project tracking, you still need to factor in a few things on top of the
package prices. Xero is an excellent choice for small businesses if you are willing to adopt the
add-on mentality. For example, expense reimbursements are handled in a separate mobile
app, there is a lack of phone and chat support and less relevant but worth noting, a major
limitation with stock control which is why it doesn’t lend itself to larger businesses with more
complex processes, particularly inventory management.

Sage – this is a more relevant option for larger businesses and it’s definitely a more expensive option due to that, however they do offer many advanced features and customization opportunities to justify the price tag.

Zoho Books – a top choice for cloud-based small business accounting setup. Their pricing is
competitive, and they offer a great mobile app, multiple payment gateways, document
management and great support, however it is somewhat concerning that their payroll
feature is limited to California, New York and Texas, leaving the taste of what’s just happened
with Wave fresh on your tongue. Their time-tracking feature also needs to be linked to
projects.

Our Top Tips in Choosing the Right Accounting Software Solution

It is a particularly important decision to make as you consider your current needs as well as
future needs, so here are a few tips to help knuckle down and figure out how to find the best
fit.

All software packages allow a free trial prior to signing up and I would suggest you have a
look at each of your shortlisted options in this manner as sometimes it can come down to
your personal taste too. Have a look at the mobile app (if available) as it is important to be
able to manage your books on the go to help keep you on top of the workload.

List your required functionality, desired features, and absolute must-haves. This should allow
you to narrow down your list of software providers. Don’t forget to include whoever will be
affected by your decision as they will need to be comfortable with the software in order to
align themselves to it for best practice.

Liaise with your Bookkeeper/Accountant – their opinion will be very valuable, and they’ll be
able to offer you their thoughts on the software solutions in question. Bear in mind that they
will have a preferred solution, but don’t let that necessarily dissuade you from using a
different one to their preferred choice.

Test drive the training and support offered and response time to your enquiry and don’t
forget that there will be a Facebook group or page set up to provide further support from
other users and Bookkeeping/Accounting professionals.

We hope this information has helped you in some way. Please feel free to reach out to us
here at Doyle Bookkeeping Services. We are always keen to have a chat and discuss various
options and review new features available across the board.