Wave Accounting

Discussion in 'Business Accounting, Tax & Legal' started by Srini Ranganathan, 16th Oct, 2016.

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  1. Srini Ranganathan

    Srini Ranganathan Active Member

    Joined:
    5th Sep, 2016
    Posts:
    32
    Location:
    Melbourne
    Hi all

    We're an early stage startup developing and manufacturing a natural cleaning product line with a unique fresh, clean fragrance.

    I've been looking at accounting systems like Xero and MYOB. But to start with, I found a free ad supported online system called Wave.

    It's based out of Canada, supports GST and bank integration. I've been using it for a week and have imported and mapped my accounts.

    Seems pretty straightforward so far. I had one question which I asked through their support site and got an answer within 24 hours.

    Thought I'd share my experience in case anyone is looking for a cheap and easy solution.

    It lets you export all your data out as well.
     
    Srini Ranganathan, 16th Oct, 2016
    #1
  2. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    12,412
    Location:
    Sydney
    Honestly, the $480 per year I spend on accounting software is a very small percentage of my expenses (and my business has very low capital requirements).

    Personally I'm not a fan of "ad supported" software - the advertising market is fickle and I want to know that the software I'm trusting something as important as my accounting data, is going to be reliable and there when I need it.

    I'd want to make sure I had regular automated backups of my data which can be easily imported into another system, just in case they disappeared overnight. There's just too much important (and often irreplaceable) data in those books.

    For something as critical as this, I prefer to rely on one of the more established players.

    That's just my personal preference - I've not used them or even looked at their software, so I can't make any observations about how good it is.
     
    Simon Hampel, 16th Oct, 2016
    #2
  3. abbyfresh

    abbyfresh Well-Known Member

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    Location:
    VIC
    Agreed, the free systems might be OK for a very small business for basic requirements. For more serious businesses set to grow with more complex demands, then if you going for a cloud solution it's best to choose one that is commercially supported and constantly improving. There is so many changes and features to keep up with, leaving all the free solutions behind in this regard. For this reason its worth spending on the decent product which should pay for itself once you realise what else you can do, or time that can be saved etc.
     
    abbyfresh, 17th Oct, 2016
    #3
  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    18th Jun, 2015
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    23,504
    Location:
    Sydney
    Payroll intergration with the ATO, super and other systems will soon be mandatory and there is np customer and supplier tool. No HR support and features like compliant payslips and so much more. The elcheapo candadian app will soon show its value. And have no or little support for local issues really.
     
    Paul@PAS, 20th May, 2017
    #4
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