Wave accounting, Should I do it myself

A better accounting is one of the main aspects of any of the businesses. It enables us to understand the expenses, investments, revenue, profits, and overall financial condition of all the aspects of the business. Several businesses are now using accounting software and many more businesses are planning to take their accounting activities on software. Wave accounting is automated accounting software that is liked by many of the businesses. Wave accounting software has made accounting very simple for businesses.

This has made many of the businesses to save their valuable time and money. Wave app and software are designed mainly for freelancers, consultants, and new businesses. This software is much inexpensive and user-friendly which is easier to use without much training. As this is cloud based software, there is no security issue for the accounting done here. The cash in-flow and cash-outflow can be easily recorded with the wave accounting software. Businesses of different sections are now showing their interest in the wave accounting for the benefits provided by them. Many businesses have shown immense interest in this solution. This cloud based software has helped to achieve a fully integrated business management solution in a simpler way.

Features of Wave accounting :

• Better and faster bookkeeping
• Invoicing
• Calculation of Tax and Deductions
• Direct Credit Card Payments
• Fully integrated single login solution
• Profit and loss statement
• Automatic data backup

Pros and Cons of wave accounting

Pros:

• Wonderful options for selecting the features which can give a solution of customized accounting
• Reconciliations and bank upload are made easily
• Hassle-free Invoice management
• Smoothly managing the transaction
• A user-friendly interface makes it simpler for navigation
• Learning wave app and software is much simpler
• As wave accounting is cloud based software, there are no concerns about damage to data due to uneven circumstances.
• Handling multi-currency is made simpler with this software
• Except for the features like payments and payroll, this software is totally FREE.

Cons:

• Lacks time-tracking features
• Linking of bank account is troublesome in some cases
• Lesser provision for calculating the depreciation for the fixed assets
• Basic options for the reporting

Things you can do

It is very easy to handle most of the business activities with the wave accounting software. Some of the important activities here include: Invoicing, Tracking of the expenses, Accounts payable, Managing basic inventory, Bank Reconciliation, Journal entries, Multi-currency, Reports on the financial aspects of the business.

Now, can you handle wave accounting software all by you?

By looking at some of the important things regarding wave accounting, it will not be wrong to say that it is easier to handle wave accounting software. Integrating this cloud based software will help to benefit the business greatly giving enough relief for the management and business owners.

Accounts Junction provides wave accounting services for doctors. They have a highly dedicated team that can handle the accounting with this excellent software providing a nice efficiency for the businesses.