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Finance Fridays: Wave Accounting [Part Two]

March 19, 2016

Happy Finance Friday!

 

I love Finance Fridays because it really gives me some time to reflect on how to budget better and save money—with Wave! Today, were moving onto Part Two of Wave Accounting! Last week we explored a little bit of how we use Wave Accounting to run our business. We love it because it is so versatile. We can manage our business and personal life all in the same place but completely separate at the same time.

 

 

We have all of our income and expenses right on there. With all sorts of tools to help budget, invest, and even support, what is not to love and need from Wave? It’s FREE, also. That might as well be our favorite part. We can manage our money the way we like, when we like, wherever we’d like and not pay a dime for it. They use ads to make their money but I promise they do not interfere with your work. Want to know how to use it? Keep reading…

 

 

Here are a few of our favorite personal accounting features:

 

  1. Dashboard
    • Just like the business dashboard, the personal dashboard shows you a pie charts and graphs about your income versus expenses. There is also an area for you to set a budget for yourself and it will track whether or not you’ve gone over that amount or, in turn, say how much you still have within your budget to spend.

  2. Transactions
    • This area will integrate all of the transactions that go through daily on the accounts that you linked to your dashboard. You can create different categories for income or expenses and verify them as correct. This will integrate with your dashboard and the link to your budget showing you your pattern with money.

  3. Receipts
    • This is one of my favorite features! If you read my posts on Finance Fridays regularly, you will find that I have spoken of some smart phone apps that can earn you money for uploading receipts. Wave Accounting also has a way to track your receipts. You can email them to receipts@waveapps.com or use their Apple or Android apps. Once you’ve submitted your receipts they will automatically link to certain runs actions made with one of your accounts {as long as it’s linked on your dashboard}.

  4. Reports
    • Much like the business side of accounting with Wave, you have your reports tab. This is a great resource to pull any income/expense reports that need to be given to your accountant for tax time. Tax day is right around the corner so you want to be sure you have all of your documents in line. If you don’t this year, start fresh and do it right this year so you can avoid the headache you might be expecting a year from now.

  5. Investments
    • We are not completely invested in making any investments just yet – pun intended. This is the perfect tool to monitor all of your investments (stock exchange related) and link them with all of your other income/expenses. If you’re starting to invest, this could help you budget your spending on future investments.

 

I think it’s going to be a great financial year for us as a family, especially using Wave Accounting to help us budget and monitor our income and expenses. Are you already using accounting software for your family? If you are, what are you using and is it working well? I would like to see who is already using Wave Accounting or who is using another similar service.

 

Have a great weekend and remember to stay tuned for next week’s Finance Friday!

 

XO
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