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Finance Fridays: Wave Accounting [Part One]

March 12, 2016

Thank God it’s Finance Friday!

 

Last week, my wife and I drove to Sarasota to see our adorable niece, Lulu. We spent all day over there at the pool with the baby and her mom, Morgan. We had such a good time! Our niece is getting so big and time is flying by. I completely had forgotten to set up this post to go out for last week’s Finance Friday. If you were looking out for that post, I’m sorry for the delay. But it’s here today, soak in and let us know what you think if you give it a shot.

 

 

Today we are talking Wave Accounting! We are going to focus on our biggest business and how we do everything accounting related in order to run a smooth business with a great system. For the longest time, we did manual invoicing for our interpreter referral agency, Sunrise Interpreting Services. Blegh. It was the biggest hassle to create invoice on Excel and keep tabs on each and every single invoice that remains unpaid. Do not even get me started on how we used to mark invoices as paid once payment was received. Makes me nauseous thinking about those old days but that’s how we got to where we are today.

 

Don’t worry if you don’t have your own small business, keep reading because there is a lot to learn and we will get to the personal accounting stuff next week—you won’t want to miss it! This week’s post will get your feet wet on using Wave for you and/or your family.

 

After this becoming exhausting, we hired an accountant {not only for tax season} because the company started to grow. That accountant used QuickBooks for bookkeeping, invoicing, payroll and everything else that comes with proper accounting. I hated that she used QuickBooks because I didn’t know how to use it and, to be quite honest, I really didn’t want to learn something that complicated. I was comfortable without having to learn any intensive accounting software because, HELLO, I’m not an accountant! Duh. I’m a sign language interpreter turned entrepreneur and ‘Accounting 101’ was not a class that I planned on taking while I was in studying in college.

 

My mom studied accounting and finance so she always told me to take a class. I’m not good with numbers though so hiring an accountant to lend a helping hand was our best bet to run the money of our business on the back burner. Time went on and the thought of being unable to find a specific invoice when a customer calls to ask how much they owe was baffling. I had to hope that our accountant was in the office to take the call or have her call them back with the details they requested. I felt that the business I created was out of reach when using QuickBooks.

 

There was so much my wife and I didn’t know any more about our own company. It didn’t feel good so we had to find something better. That’s when we found Wave Accounting, a free accounting software that is web based and can have multiple users by using the same login.

 

Here are a few of our favorite small business accounting features:

 

  1. Customers
    • An easy way to keep track of your customers is by including all of their information and hitting save. You never have to do it again. Once you input your customer’s address, email, phone number, company name, point of contact, etc. you can create invoices for them with the click of a button.

  2. Products & Services
    • Just as you enter your customer’s information, you can save each type of product or service you sell or provide with the price associate with each. You can name them something like, “Coffee Mug” and add the price to be $5. Every time you create an invoice for a coffee mug, the price is already there and all you have to do is update the quantity from 1 to however many your customer ordered. For us, we provide interpreting services so we have saved our service as “Interpreting” and our hourly rate is $80 with a two-hour minimum. We have it saved that automatically the quantity starts at 2. We also have reimbursements such as parking, mileage, etc.

  3. Invoices
    • Adding an invoice is simple, just select the company you want to create an invoice for and an invoice number is automatically generated. On the actual invoice, you can insert the type of service/product you’re billing for and even add some custom no it’s in regards to this particular invoice. When you’re ready to send the invoice, hit send directly on the invoice and it will shoot a customized email over to your customer. You can also customize reminders to go out to your customers before your invoice(s) become past due. This keeps tabs on your customers without having to manually go in and resubmit it or give them a call. If an invoice remains outstanding, you will receive a notification of such and you can take it from there.

  4. Payments
    • When a customer sends you a paper check, you can go directly into the invoice and apply the payment. If your customer is tech savvy and prefers to pay by credit card, say goodbye to credit card payments taken over the phone. They can go directly onto the invoice you submitted and processed their payment through there. As soon as the payment is made, you will receive a notification of such and can submit a receipt to your customer thanking them for their business.

  5. Statements
    • Say a customer wants to see the invoices of this month or see everything that is past due all in one place, you can grab a quick customer statement from the invoices tab and send it directly to your client. You can select the time frame of which you want the statement and can even choose if you want to only show the unpaid invoices. This is a great way to keep track of a customer’s invoices, payments, etc.

  6. Transactions
    • Bookkeeping is the worst. Maybe an accountant can handle that but I just don’t think that anybody, even an accountant, can enjoy bookkeeping. With Wave, you can link all of your accounts onto your dashboard (checking, savings, lines of credit) and it will pull all of your transactions into one simple place. You can then organize them without having to do any data entry. Categorize everything into the types of expenses you have or income you make.

  7. Reports
    • Taxes have never been easier than this. Pull every report you need in order to have your accountant file everything with ease. Grab your balance sheet, aged receivables, customer income and whatever other reports you need. All these reports are in one convenient place for any of your staff to access. If you sell products or provide services internationally, you’re in for a sweet treat because you can even pull a gain/loss report due to the exchange rate of international income and expenses.

  8. Payroll
    • We don’t use this very much because our interpreters are all independent contractors and there are very few actual employees that are on payroll. For other companies, maybe yours, this might be an absolute dream. You start by adding your employees with their hourly rate or annual salary. You can select how often payroll runs, activate direct deposit, upload all W4 files you have for your staff, and even pay the taxes right in one place.

 

Wave even has apps for Apple devices and they have been rolling out some for Android users as well. We now have two accountants, one for accounts receivable and one for accounts payable. They both have access to the web interface and they can be logged on at the same time on different computers doing completely different tasks. My wife and I can also access wave accounting either through the website or the apps we have on our iPhones.

 

Did I mention Wave Accounting is FREE?! This is not a sponsored post and I don’t receive anything from your sign up if you choose to open an account. Everything they offer is free and it’s great to use a transparent company such as theirs. There are optional support plans that can be activated on a one-time basis if you are having trouble setting up or whatnot. This gives you access to the Wave Accounting team 24 hours a day, 7 days a week. If you’re not in a rush for answers, check their FAQ or they still have support that can be submitted on their website. You’ll receive a response within two business days, but; for us, we have had a great experience with their response time.

 

The more we learn about Wave, the more we want to share it because it has been so beneficial to the lives of our companies. Stay tuned next week for our Finance Fridays post on Wave Accounting [Part Two] where we will expand more on how to do personal accounting for you and/or your family. Wave is doing wonders for us. Do you think it can do wonders for you, too? Check it out here and give it a try. Remember, it’s FREE. Yay for free things that improve your life and YAY for Friday.

 

Happy Friyayyy, pretty peeps! Enjoy your weekend and take it easy.

 

XO
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