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Wave

This is a long-standing online software available from the US (over 15 years old).  You can evaluate it for yourself here.  Alternatively have a look at the Youtube channel.

This software has limited functionality.  There are no account codes or budgets but the product is free.

If you are moving from MYOB you will appreciate the simplicity.  Even reconciliation doesn’t really need to work as hard as the way that MYOB users will remember.  The new method is to use the bank register.  The bank register function is much easier to find than in most online softwares. 

The key feature is that it downloads transactions from your bank account automatically.  The transactions are allocated to 'categories' (what we would call nominal accounts) through application of rules (to which you can add more details).  Since all the transactions are imported for you there is not the same need to match line by line reconciliation to be sure that you get the entries all in.  So you don’t really need a reconciliation function.  Hooray.

The ease in the new software is hidden.  It will wisely guess the codings based on its own assumptions of what the description in each transaction might mean.  However it is not easy to amend its guesses.  You can see the rules within the software that look through the text of the bank transaction and decide the coding.  
The software will produce a simple profit and loss  You can enter your own budgets and track cashflow.  You can enter non cash transactions into other asset and liability accounts that are not related to an actual bank account. 

If it is a small business this is suitable for simple bookkeeping.  If you are unregistered, using Flat Rate Scheme VAT or you have a good accountant, the lack of a VAT system should not be a problem.  There is no CIS, VAT or payroll. The graphs get a little confused between There are key limitations: no cards, budgets, stock control, sales or purchase ledgers.

Nevertheless the whole thing is still a lot easier than a conventional free bookkeeping package. My recommendation is not to install yourself onto a new online software before you have at least reviewed this free one. 

Ask an MYOB accountant

Call us now on 01422 847500


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