If you operate a small business or run an online business , then you probably understand the challenges of finding the right financial software. About 6 months ago, I began the journey of switching my financial software package. I wanted something simple, yet effective. Ideally, I was hoping to find something that could both manage my personal and business finances. First, I settled on the Outright Accounting Software Package. I liked the fact that it was online, easy to use, and provided the tax help that I wanted. While I did like the software and would definitely recommend it, there was a monthly fee involved. That is when I discovered Wave Accounting. Wave Accounting can manage both your business finances as well as your personal finances. Just by clicking a tab at the top of the page I can switch back and forth between my personal and business account. You can set up both accounts to automatically import transactions from as many bank accounts as you have. In the beginning you will have to spend quite a bit of time categorizing your transactions. The process is pretty simple but does take time. After awhile, the software remembers what reoccurring transactions match which category. So, when you log in, the system will let you know how many transactions you need to approve. All you need to do is glance through and make sure they are assigned to the right categories. This can give you a great view over time as to exactly where your money is going. This can be especially helpful for budget and business planning . What I Like About Wave Accounting What I like most is that I can manage both business and personal accounts. At the same time, they are not lumped into the reports. I like this feature because this past month I earned a commission in my personal account that should have been in my business account. I was still able to assign the category to a business income. I also like that you can add as many business tabs as you want. So, if you own or are a part of more than one business, you can set up separate tabs and accounts for each. I also really like the business reporting that I can easily view at any time. Whether I want to see the general ledger, balance sheet, income statement or many other reports. Finally, I like that it is free. No monthly costs to worry about. What I Wish Would Change With Wave Accounting While I am very happy overall with the software, there are a few things I would love to see changed. First, the speed could be a bit faster when first assigning transactions. It seems to delay a few seconds after I set a transaction into a category. Not a huge deal but 4 or 5 seconds here and there can add up when you have many transactions in the beginning. I really wish there was some type of forecasting tool. Unfortunately, forecasting tools seem to lack in many financial software packages. I like to forecast ahead and see how my balance fluctuates long-term. For now, I use a simple iPhone Forecasting App that I wrote about a few weeks ago. Should You Try Wave Accounting? Ultimately, it is up to your particular situation. If you have something working really well for you, stay with it. If you are looking for a financial software that can manage both your personal and business finances all online, take a closer look at Wave Accounting . Related Articles: Forecast Your Checking Balance on an iPhone! Budgeting Software: 13 Free Alternatives 10 Options for Personal Financial Planning Software Quicken online is now free How I organize my bank accounts Budgeting with Mvelopes Personal Jonathan has been blogging online since 2009 and is still in awe that the Creator of the Universe desires to have a relationship with him. He recently launched a new blog with Bob Lotich called Blogging Your Passion . It is dedicated to help bloggers find what it is they are passionate about and turn it into an income-generating blog. The articles on this site are for entertainment purposes and should not be taken as financial advice. Please contact a financial professional for specific advice regarding your situation. Also, many of the CPF articles help us pay the bills by using affiliate relationships with Amazon, Google, eBay and others. Find out more here .
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An Inside Look at Wave Accounting