The freshly rebranded Wave Accounting—now known simply as "Wave"—as launched what it describes as a comprehensive set of the most affordable online tools available in today’s marketplace. This all-new suite of products means Wave is taking on heavyweights like Intuit Quickbooks and Freshbooks, as well as other Canadian startups like Kashoo.
By centralizing everything a small business owner needs in one convenient online location, Wave says it has made it easy to manage invoicing, accounting, payroll, payments, receipt management and more. According to the company, small business owners, contractors, consultants, entrepreneurs and microbusiness owners can now run their businesses more easily and affordably than ever before.
“There is a world of difference between the needs of a five-person company and a 55-person company,” explains Kirk Simpson, cofounder and CEO of Wave. “When we say ‘made for small business,’ we mean Wave is really built to work the way a small business owner wants their tools to work. This includes the one-person shops and ‘solopreneurs’ that make up more than half of small businesses in North America. Wave liberates small business owners from time consuming tasks with smart, integrated cloud-based software that saves time and money and eases frustration.”
Wave’s accounting tools have already changed the way nearly half a million businesses around the world do accounting and bookkeeping. With today’s announcement, Wave addresses the most common pain points for small business owners by bringing together new features in accounting, invoicing and receipt management, all completely free. Business owners can now use these tools in the cloud anywhere, on any kind of computer, without ever having to stop what they’re working on to download updates.
Wave’s invoicing includes all the tools freelancers, consultants and contractors need, the company says, including invoice customization, choice of currency, and the ability to convert estimates and quotes into invoices. There are no limits on the number of invoices or customers a Wave user can have, according to the Toronto-based company.
An iOS companion app to the online payroll software is scheduled for release in "early 2013."
“If you ask someone to describe a small business, they’d talk about the couple who runs the corner store, or the freelance web designer working in the same loft space they live in downtown,” adds Simpson. “That kind of a company with nine employees or less makes up 95% of small businesses, according to the most current US census data. We took our portfolio of products to the next level to support these companies with a smart, integrated small business platform so they can focus on the more enjoyable aspects of running a successful business.”
Wave launched in November 2010. Between then and now, the company has signed up nearly half a million customers, raised almost $20 million in funding, processed close to 33 million bank transactions, and grown from seven to 80 employees.