I know what you are thinking, you are thinking “this is a real estate marketing blog, why is she talking about accounting?” I promise, I’m not crazy! This is also a real estate business blog and any business has to have accounting software right? Well I thought I would share with you the software I use and why I love it so much.
I swear I have tried nearly every accounting software out there and have switched software every other year. When I realized that I have been with Wave Accounting for 3 out of my 7 years of business, that there might be something good here. Also trust me when I say I truly hate bookkeeping so if this is working for me, it will work for you.
Here are the top 8 reasons I like Wave Accounting:
Did I just say free in relation to accounting software? Yup sure did! Wave Accounting is 100% free to use and that doesn’t mean it is shady, quite the opposite in fact. You can use every service Wave has to offer including the bank integration I have listed below for free.
Wave does offer access to their professional Accountants and Bookkeepers and I was pleasantly surprised to find about 5 in my area. My guess is that these professionals pay for the leads, just like Real Estate Agents pay for leads. Wave also has in-application sponsors with ads that cater to the needs of small business owners. Wave earns a commission when a product is purchased through an ad or income if an ad is clicked when it is displayed. It is important to note, just like all affiliate marketing, this does not cost you, the consumer, anything more.
At the end of the day, this is truly free accounting software which fits right in my budget!
2. Bank Integration
This is my second favorite feature by far! Wave Accounting connects to all my bank accounts and dumps the information right into the software for me. This makes it so much easier for me to just go in categorize each transaction and reconcile my accounts every month.
There are other accounting software programs out there that are just overly complicated and for no good reason. (QuickBooks and Quicken I am looking at you specifically.) Everything in Wave is simple and straight forward which is necessary for someone like me that doesn’t love dealing with the numbers side of my business.
4. Invoices + Payment Feature
While I realize that many Real Estate Agents won’t have a need to do invoicing, this is a feature available in Wave. You can set up your regular customers or vendors as well as products or services and use them as drop downs in your invoices. My most favorite feature is the Stripe integration within Wave Accounting. Stripe was created by the founders of PayPal and is a solid alternative to using PayPal. When I send an invoice I automatically include the option to pay with a credit card using Stripe. It is very helpful and definitely makes my life easier!
5. Estimates & Recurring Charges
I have just recently started using estimates and recurring charges in Wave Accounting. For me, I like that I can create a professional looking estimate to my clients and then easily convert it to an invoice when the project is finished. Again, one less step I have to take and it makes my life easier.
Recurring charges are invoices that I send out monthly, quarterly or annually. I typically use this for recurring annual charges for websites that I host. It is very helpful to not have to remember to send these out every month as I have clients that renew at different times throughout the year.
The Wave Apps available on both iTunes and Google Play are awesome! There is an app to upload your receipts to Wave and Wave will either create a new entry or look to add it to an existing entry that has been imported for your bank. This is a great way to not get stuck with a shoe box full of unorganized receipts at the end of the year!
There is an app to create and send invoices on the go and options to get paid on the go. To get paid via mobile, enter in a client or vendor’s credit card information into the app provided by Wave Accounting and the free integration with Stripe will accept the payment on your behalf.
Wave Accounting also offers reports that are easy to customize to print out to take to your Accountant at the end of the year. The reports can be customized per month, per quarter or per year. The reports all link back to your transactions that were imported by your bank account.
8. Constant Improvement
On of the great things about Wave Accounting is that they are constantly looking to improve or add services to their platform. They are always asking users about items they want to see next or if certain ideas would help business owners with their accounting. I love the fact that they really listen to their customers and implement new ideas fairly quickly!
I love using Wave Accounting and feel that it is a great alternative to other more expensive and cumbersome accounting software. Add in that it is free and for me it is a no-brainer to use Wave Accounting for my business!
Do you have a favorite accounting software that works great for your real estate business? How about another real estate software that you just can’t live without? Please share it with me in the comments below!