Although there are many free accounting packages available to business owners these days, Wave Accounting seems to be the favorite pick among those who have tried various types of cloud accounting software. The real surprise is that such a successful system is offered for free. Wave uses other non-traditional means to generate revenue and so they are able to offer their core product to the public for free. Of course some of the products they offer do cost a subscription fee, such as their Payroll module, and the credit card module which is charged a per-transaction fee.
Wave’s first product, Accounting by Wave started in 2009 and their software is now used by over 200 countries. The accounting software is similar to traditional bookkeeping services in that it offers expense tracking, invoicing, banking services, etc. Wave has acquired new companies since its inception and now can offer Payroll, credit card transactions, receipt scanning and even applications for mobile devices. Wave also offers personal finance software to help individuals keep track of their day to day expenses. While some of the newer services offered by Wave does cost a fee, it is nominal compared to other accounting packages or having to hire a person specialized in Payroll, for example.
Every day more business owners are seeing the benefits of allowing their applications to exist in “the cloud”, rather than having to download and install programs directly to their computers. Cloud based accounting allows business owners to cut down on their cost of business as well as allowing users to become mobile, since the software is not loaded directly onto a hard drive. It could also help with computer performance issues since the “cloud” software is typically loaded onto a massive system with plenty of room which allows the systems to run smoothly and efficiently. The security of the data held on these types of systems is usually the best internet security to be found, since being able to secure the data stored is one of their key selling points. Also, a business owner never needs to worry about keeping the software up to date or other maintenance issues associated with on-site software packages. A business owner can scale-back or increase their user base at will, without worrying about individual user licenses. Cloud computing is not the wave of the future, it’s here now. More and more business owners are riding this wave to cost savings, ease of use and data security.