(Northern BC, Canada)
Wave Accounting - Free Bookkeeping in the Cloud
I attended a webinar this past week about the free cloud application Wave Accounting.
It is a Canadian based company. Their target market is early stage businesses ... the ones who use shoebox accounting or Excel spreadsheets to manage their bookkeeping
... and have fewer than 9 employees.
It has the ability to directly connect with your bank to import and automate data entry, or you can upload a bank statement. No more manual entry. The bank feeds are encrypted and read only so Wave would never be able to move or transfer money.
It will separate personal and business expenses for you and can handle multiple businesses.
It tracks income, expense, accounts receivable and payable, and foreign currencies ... all for free. In the future, apps will be added that are not free ... such as payroll for $3/employee coming shortly ... but the core package will always be free.
I was impressed with the product as presented. I think I will try it out but two negatives I see right off the top are:
1. It doesn't let you do formal bank reconciliation.
2. Downloading transactions does NOT take care of the paperwork needed by CRA during an audit. Wave needs to find a way to let these entreprenuers attach eReceipts to the imported business transactions ... otherwise they will be in trouble during an audit when they can't produce the required documentation.Have you used or tried Wave Accounting? I would be really, really, really interested to know what you think of the application.