The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

NOTABLE! Free Accounting Software: If you need software, use these guys

Scot

Ductus Exemplo
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 10, 2016
2,759
12,644
2,796
Florida

SeabassG33

New Contributor
Jan 15, 2018
5
4
14
32
Lehi
Dammit, exactly one hour before your post, I subscribed to Quickbooks :clench:

My problem is that I use multiple currencies, but I will definitely look into this. Thanks!
My understanding is that Wave also supports multiple currencies. Is that right?
 

varifix

Contributor
Dec 22, 2017
14
25
23
Central America
@SeabassG33 I think they are rolling out real support for multi currency invoices this year. For eg, I'm Canadian. I set up my Wave business as USD - but when I invoice my Canadian clients I can't invoice them in CAD - only in USD. So I've set up a new business for CAD invoices only which is a pain.

Nevertheless, for what you pay (nothing) - Wave is fantastic.
I've been using it since I started freelancing (2 yrs ago) and it's been a lifesaver for me.
Once they roll out the multi currencies I will be one happy man.

For sure check it out if you are on a budget or frugal like me.
 

exclusives88

Silver Contributor
FASTLANE INSIDER
Summit Attendee
Speedway Pass
May 28, 2014
501
816
343
32
I've been using waveapps for a year now and I think it is great except for some simple issues. Here are some issues I saw (and please let me know if there is a solution)

1. I pay off my credit card. It doesn't know that the reduction in my cash is to be applied to the credit card. Rather, they treat it as an expense.

2. Obviously, you will need to book your cost of goods sold

3. For amazon people, it will book your amazon payouts as revenue. However, I need to manually go in to break that out. As we know, that amount is net after FBA fees, perhaps advertising, shipping...etc. Monthly, I go in to break this out to Amazon Sales, FBA Fees, Amazon Advertising Cost, Amazon Shipping

4. Sometimes my cash balance does not tie to my bank statement. Maybe I jacked it up but definitely reconcile on a MONTHLY basis or else you will regret it at the end of the year.

5. Tip for e-commerce. I like to book Amazon, Shopify, Ebay, Etsy...etc revenue separately. That way, I can calculate profit margin for each sales channel easier.
 

DrunkFish

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Mar 25, 2015
182
267
176
24
Missouri
Credit Card Processing
2.9% + 30¢
per transaction for all credit cards, no additional fees

So if a client pays me 2000, they take $60~? I've only been paid with checks so far but correct me if im wrong.
 

CareCPA

Gold Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
May 2, 2017
666
2,249
550
30
Pennsylvania
Credit Card Processing
2.9% + 30¢
per transaction for all credit cards, no additional fees

So if a client pays me 2000, they take $60~? I've only been paid with checks so far but correct me if im wrong.
Pretty much. It's tough if you have low margins. Not as tough if you're a service business.
 
OP
OP
AgainstAllOdds

AgainstAllOdds

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Dec 26, 2014
1,934
11,399
2,426
27
Chicago, IL
Oh just realized QB cost the same plus the monthly fee. Ugh that a decent amount lol
That's pretty much the standard fee for all credit card processors - which is why I only take checks.

If someone wants to pay credit card, they can for an extra 3%.

Problem is if you have an online business, then you're forced to take credit cards.
 

CareCPA

Gold Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
May 2, 2017
666
2,249
550
30
Pennsylvania
That's pretty much the standard fee for all credit card processors - which is why I only take checks.

If someone wants to pay credit card, they can for an extra 3%.

Problem is if you have an online business, then you're forced to take credit cards.
I wish direct bank transfers (I guess ACH is the term I want) were as popular in the US as in other countries.
When I did internal audit I was auditing a division in the UK. Our procedures were US-based, so they included a lot of questions about the storage and security of blank checks. The people in the office just looked at me like I had three heads when I started going through them because they simply don't use checks. The bank info is generally in the invoice, so you can just initiate a direct payment.
 
OP
OP
AgainstAllOdds

AgainstAllOdds

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Dec 26, 2014
1,934
11,399
2,426
27
Chicago, IL
I wish direct bank transfers (I guess ACH is the term I want) were as popular in the US as in other countries.
When I did internal audit I was auditing a division in the UK. Our procedures were US-based, so they included a lot of questions about the storage and security of blank checks. The people in the office just looked at me like I had three heads when I started going through them because they simply don't use checks. The bank info is generally in the invoice, so you can just initiate a direct payment.
Yup.

Same with the rest of the world. No one uses checks or even knows they exist.

Our systems for paying are way outdated in relation to the rest of the world.

The "chip" that we have on credit cards as of two years ago, everyone had 20 years ago. "Pay pass" on credit cards (where you tap the card to pay) is standard everywhere but here. In China you can pay everywhere via mobile - no exaggeration, even street food you can buy with your phone.

Meanwhile, we're stuck decades behind everyone else.
 

DrunkFish

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Mar 25, 2015
182
267
176
24
Missouri
Yup.

Same with the rest of the world. No one uses checks or even knows they exist.

Our systems for paying are way outdated in relation to the rest of the world.

The "chip" that we have on credit cards as of two years ago, everyone had 20 years ago. "Pay pass" on credit cards (where you tap the card to pay) is standard everywhere but here. In China you can pay everywhere via mobile - no exaggeration, even street food you can buy with your phone.

Meanwhile, we're stuck decades behind everyone else.
God damn I wish that was a thing. I always try to use apple pay but i swear no where i go even uses it.
Same with the US and internet. So F*cking behind its laughable, except you want to cry.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

SeabassG33

New Contributor
Jan 15, 2018
5
4
14
32
Lehi
@SeabassG33 I think they are rolling out real support for multi currency invoices this year. For eg, I'm Canadian. I set up my Wave business as USD - but when I invoice my Canadian clients I can't invoice them in CAD - only in USD. So I've set up a new business for CAD invoices only which is a pain.

Nevertheless, for what you pay (nothing) - Wave is fantastic.
I've been using it since I started freelancing (2 yrs ago) and it's been a lifesaver for me.
Once they roll out the multi currencies I will be one happy man.

For sure check it out if you are on a budget or frugal like me.
It looks like ZipBooks supports multiple currencies. The dashboard can only be in one currency at a time but it automatically converts invoices in Canadian dollars into US dollars for dashboard purposes (for example). The conversion rate seems to be accurate from what I can tell.

The free version is still pretty good. Fully functioning from what I can tell.
 

JasonR

Maverick
EPIC CONTRIBUTOR
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
May 29, 2012
2,020
10,317
2,556
Traveling
Another idea that needs attention is creating a program that allows one to cross/utilize inventory skus from Amazon to their existing websites AND /or B&M stores (without spending $25k-30k yr in license fees). The issue is if you are utilizing an existing sku/product already on Amazon, then the sku will not be the same as what is usually on your website or B&M. We have tried multiple inventory systems and have been unhappy with the results. No one can 'stitch' different skus from different marketplaces to B&M /website inventory systems to track inventory. You literally have two sets of inventory skus for same item depending on marketplace/websites.
Have you tried Stitch Labs or Skubana? I've hard pretty good things about both, but I haven't used them personally. If you have tried them I'd love to hear your feedback.

Most accountants love Quickbooks though. I would have almost went with Xero but every accountant I talked to didn't know anything about it and didn't want to switch over.
I used Xero for nearly 2 years in my last business, my accountant had no issues with it (he mainly asked me to export certain reports for him), and me and my business broker loved it. It's really an excellent platform with multi-currency support which Bench doesn't have.

actually like Xero a lot better than QBO. More intuitive, better interface, and the integrations seem to be a lot smoother. They seem to be the "tech"ier younger brother of QBO.
Agreed. Xero is really a great piece of software.

Xero is $30 month. I understand wanting free software as a super early start up, but if you can't afford $30/month for Accounting Software you should really rethink your business.
 

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
28,799
97,807
3,751
Fountain Hills, AZ
Dammit, exactly one hour before your post, I subscribed to Quickbooks :clench:
Do you still use it?

Recommend it?

How about Wave users?
 

Tanu1234

Contributor
Aug 4, 2018
70
59
56
I suggest quick books online or xero to all my clients.

Wave is good option when you are at initial stage of business.

Not fan of Freshbooks. It is based on single entry system.

If you want to switch from your current accounting system to quickbooks to Xero, switch at the beginning of tax year. It will be much easier.
 
Last edited:

Andy Black

Any colour, as long as it's red.
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
May 20, 2014
8,331
35,206
4,306
Ireland
I suggest quick books online or xero to all my clients.

Wave is good option when you are at initial stage of business.

Not fan of Freshbooks. It is based on single entry system.
I want to get off FreshBooks. When I do a search for overdue invoices it doesn’t show all the overdue ones, and incorrectly shows ones overdue that aren’t. And I had a bug where some clients didn’t get sent their recurring invoice and I had to send them by hand. All I wanted from my invoicing software was it to send invoices, and let me know which aren’t paid. Oh, but the upgrade that caused these issues displays a nice pie chart when I log in. Thanks for that.
 

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
28,799
97,807
3,751
Fountain Hills, AZ
Any more Quickbooks users? On a forum filled with entrepreneurs there has to be more than 2 or 3?!
 

G-Man

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jan 13, 2014
1,826
9,691
2,186
I've been using QB Online for years. I use it for my small business. I use a $70k a year ERP at work. Dollar for dollar Quickbooks is better than the ERP.

If you're doing under $20M a year, you can do it on QB unless you're a manufacturer or have a gazillion SKUs.

EDIT: If any forum users need help doing a QB setup I can help you and I'm pretty sure @CareCPA has given excellent service to some forum members as well.
 

nradam123

Silver Contributor
Read Millionaire Fastlane
Speedway Pass
Mar 14, 2016
413
662
280
29
For me, I went down from Tally to Excel. Because for my work, Excel was enough.
It saved me atleast a couple hours each week because the sheet i made in excel was much quicker than entries in Tally as I was doing it myself and did not have an accountant.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Valor

Gold Contributor
FASTLANE INSIDER
Speedway Pass
Jan 1, 2014
324
1,234
366
24
Pennsylvania
Do you still use it?

Recommend it?

How about Wave users?
I've used Wave for 2-3 years now for my ecommerce business.

Free and more than sufficient for me.

They also made their software a lot "smarter" last year, and it makes importing and categorizing my transactions in bulk very quick and easy.

I definitely recommend it.

I've tried QB and Xero in the past too, and those seem like they would work great as well. Wave just seemed to have all the features I needed, I liked the UI, and it was free so I went with it.

My books definitely are not "perfect", but they are "good enough" for doing taxes and if I wanted to sell the business
 

CareCPA

Gold Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
May 2, 2017
666
2,249
550
30
Pennsylvania
I've been using QB Online for years. I use it for my small business. I use a $70k a year ERP at work. Dollar for dollar Quickbooks is better than the ERP.

If you're doing under $20M a year, you can do it on QB unless you're a manufacturer or have a gazillion SKUs.

EDIT: If any forum users need help doing a QB setup I can help you and I'm pretty sure @CareCPA has given excellent service to some forum members as well.
Hmm, for some reason that tag didn't show up in my notifications - odd.

I use QBO and Xero. I actually prefer Xero, although QBO is good for recurring charges without having to add another processor (i.e. Stripe or Paypal). The recommendation would change depending on what you're trying to do/streamline in your business.

For you e-commerce guys, QBO also handles bundles well if you're tracking inventory in the software. Xero only allows for single-item inventory tracking.
 

Lex DeVille

Sweeping Shadows from Dreams
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jan 14, 2013
2,680
17,478
3,256
Oklahoma
I use QBO only because no other accounting software would integrate with my bank for some reason, and because my accountant basically couldn't live without it.

If there were any other option, I wouldn't be with QB because their software is clunky and often confusing and we've had problems with their integrations that caused a lot of extra work on my part.

Beyond that, QB has a nasty habit of trying to upsell you, including when you are just trying to get help with simple issues (which I think @MJ DeMarco recently had a similar experience with ATT and HBO). QBO is all about making money, even at the expense of customers.

Even as recently as today QB let me know they'll be finding new ways to suck cash out of their subscription customers faster. What's worse is they've applied my own YOU Focused approach to copy to do it!

Screenshot 2019-05-21 at 2.28.52 PM.png



By the way, if you ever need to get support from QB...do NOT go through their online channels. Just pick up the phone and talk with a service rep. They've all been U.S. based as far as I could tell.
 
Last edited:
OP
OP
AgainstAllOdds

AgainstAllOdds

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Dec 26, 2014
1,934
11,399
2,426
27
Chicago, IL
I'm currently using a combination of Wave and Excel.

Excel is perfect for all my managerial accounting needs (which customer is how much in revenue, which product lines generate the most profit, etc). Meanwhile, Wave is good enough for invoicing and keeping track of the big picture numbers.
 

Andy Black

Any colour, as long as it's red.
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
May 20, 2014
8,331
35,206
4,306
Ireland
I'm currently using a combination of Wave and Excel.

Excel is perfect for all my managerial accounting needs (which customer is how much in revenue, which product lines generate the most profit, etc). Meanwhile, Wave is good enough for invoicing and keeping track of the big picture numbers.
Does Wave invoice in different currencies? I can’t find it mentioned on their site...
 
OP
OP
AgainstAllOdds

AgainstAllOdds

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Dec 26, 2014
1,934
11,399
2,426
27
Chicago, IL
Does Wave invoice in different currencies? I can’t find it mentioned on their site...
It's really stupid. Basically you set the currency that you want to use, and then have to stick with it. For someone like yourself, it could be a problem if you're taking in different currencies.

Note: I haven't played around with the currency in almost two years so it might've been updated.
 

JackiO

New Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
May 13, 2019
4
15
21
Does Wave invoice in different currencies? I can’t find it mentioned on their site...
I just started playing around with Wave and it definitely does easily invoice in different currencies.
 

Tanu1234

Contributor
Aug 4, 2018
70
59
56
I've been using waveapps for a year now and I think it is great except for some simple issues. Here are some issues I saw (and please let me know if there is a solution)

1. I pay off my credit card. It doesn't know that the reduction in my cash is to be applied to the credit card. Rather, they treat it as an expense.

2. Obviously, you will need to book your cost of goods sold

3. For amazon people, it will book your amazon payouts as revenue. However, I need to manually go in to break that out. As we know, that amount is net after FBA fees, perhaps advertising, shipping...etc. Monthly, I go in to break this out to Amazon Sales, FBA Fees, Amazon Advertising Cost, Amazon Shipping

4. Sometimes my cash balance does not tie to my bank statement. Maybe I jacked it up but definitely reconcile on a MONTHLY basis or else you will regret it at the end of the year.

5. Tip for e-commerce. I like to book Amazon, Shopify, Ebay, Etsy...etc revenue separately. That way, I can calculate profit margin for each sales channel easier.
1. You need to create credit card account in wave. payment to credit card should be considered as transfer. If you have personal credit card, payment to credit card should be recorded as shareholder's current account.

3. Wave or any software cannot segregate your amazon payout. Amazon transaction accounting is different thing. You need to use additional software like a2x or other software. But I dont think wave can be integrated with it. Xero or Quickbooks is better option if you have large amazon sales.

Please note that even you go with a2x, some manual work is required to approve bill and reconcile everything. ( Hire good accountant for this kind of work).

4. Monthly reconciliation is necessary if you want clean books.

5. In xero or quickbooks, there is additional feature to track different business via class. In wave, create different account for different income. Ex. Amazon Sales, Shopify Sales etc.

Please note I am not sales agent of Xero or Quickbooks. We are accounting firm helping people in Accounting and Bookkeeping needs. All the comments are based on my experience while working with clients.

If anyone needs help in Accounting or bookkeeping work, Message me. We have helped Ecommerce, Service, Wholesale,Retail,Marketing companies, Non Profit businesses across the globe.
 

Tanu1234

Contributor
Aug 4, 2018
70
59
56
It's really stupid. Basically you set the currency that you want to use, and then have to stick with it. For someone like yourself, it could be a problem if you're taking in different currencies.

Note: I haven't played around with the currency in almost two years so it might've been updated.
Wave has multi currency option.

You can select different currency while entering transactions.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.



Don't like ads? Remove them while supporting the forum. Subscribe to become an INSIDER.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom