Wave Accounting Cost
How much does it cost to purchase and implement Wave Accounting?What is the break-down cost of licenses, maintenance and support, installation, customization, data migration and training?
Software price
Wave Accounting offers a free accounting software with core features like income and expense tracking, invoicing, and receipt scanning. For advanced features like payroll and credit card processing, Wave Accounting charges a monthly subscription fee ranging from $20 to $35 per month, depending on the services included.
Plans compared
Wave Accounting offers two main paid plans: the Payroll plan, priced at $20 per month plus $6 per employee, and the Payments plan, priced at 2.9% + 30 cents per transaction or 3.4% + 30 cents per transaction for American Express. The software also offers a credit card processing feature with fees of 2.9% + 30 cents per transaction for Visa, Mastercard, and Discover, and 3.4% + 30 cents per transaction for American Express.
Plans fit
The Payroll plan is best suited for small to medium-sized businesses that need payroll services for their employees. The Payments plan is ideal for businesses that require credit card processing capabilities. The free plan is suitable for freelancers and small businesses with basic accounting needs.
Other cost
Wave Accounting has no implementation costs as it is a cloud-based software that is easy to set up. The software also allows for basic customization of invoices and estimates for free. Training costs are minimal as Wave Accounting provides tutorials and guides for users at no additional cost.
One-time fees
Wave Accounting does not require any specific hardware or servers for operation. There are no one-time fees associated with using the software.
Alternatives compared
Compared to alternatives like QuickBooks Online, Xero, and FreshBooks, Wave Accounting offers a competitive pricing structure, especially for small businesses and freelancers. While some of the alternatives may have more advanced features, Wave Accounting provides a cost-effective solution for basic accounting needs.
Verdict
Wave Accounting is a cost-effective accounting software option, especially for freelancers and small businesses. With its free plan and affordable paid plans, Wave Accounting provides a good value for those looking for essential accounting features without breaking the bank. I would give Wave Accounting a pricing grade of 85 out of 100 for its competitive pricing and range of features.
