Wave Accounting is simple to use that no accounting experience is required.
Totally, 100% free. We don’t know of another product that has so much accounting functionality for no charge. Using the payroll system though is a charge item.
Wave Accounting has a full feature set including unlimited invoicing, unlimited expense tracking and much more. The product can run multiple businesses at once, is available for any currency and can accept payments in a foreign currency, has a customizable chart of accounts and has easy-to-read dashboards.
The product was designed for easy, secure collaboration inside the company and with an accountant using 256-bit SSL encryption. The system is a double-entry accounting for small businesses — not just an expense tracker.
The product provides for unlimited invoicing, expense tracking, and automatic bank data import (supporting 10,000+ banks and credit unions).
Wave Accounting can be customized to fit the business after using their fast start configuration which contains 40+ pre-set business types. More customization is available for invoices and customizable reports (online, or export as PDF & Excel): balance sheet, general ledger, income statement, sales tax report, aged receivables, aged payables, gain/loss on foreign currency exchange.
Other features include: bill and invoice reminders, a personal finance tracker, compound sales taxes, transfer matching, transaction splitting and tax calculations. (Please note: this is an American based accounting package but can be customised for Australian GST reporting).
There is nothing to install and is always up to date. There are no annual upgrade charges. You can work anywhere, on any computer with a browser. The product is Mac-friendly as well.
Wave Accounting has integration with Shoeboxed, Etsy, PayPal and Fundbox (beta). There is an automatic data backup provided as well as free online support.