Meet the New "Wave"- It's Not Just Accounting Anymore

Complete Online Financial Management Solution for Businesses with Nine Employees or Less

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Dec 17, 2012, 09:00 ET

TORONTO, Dec. 17, 2012 /PRNewswire/ -- Wave, the cloud-based provider of business finance tools to nearly half a million small business customers worldwide, has launched a comprehensive set of the most affordable online tools available in today's marketplace. Wave's complete portfolio of applications and features are now unified in a seamlessly integrated solution that is available today at waveapps.com.

By centralizing everything a small business owner needs in one convenient online location, Wave has made it easy to manage invoicing, accounting, payroll, payments, receipt management and more. Now small business owners, contractors, consultants, entrepreneurs and microbusiness owners can 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," said Kirk Simpson, co-founder 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."

One Hundred Percent Free Online Accounting, Unlimited Invoicing and Receipt Management
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 robust invoicing includes all the tools most freelancers, consultants and contractors need, including invoice customization, choice of currency, and the ability to seamlessly convert estimates and quotes into invoices. There are no limits on the number of invoices or customers a Wave user can have — it's all part of the suite of free features.

A companion receipt scanning mobile app is scheduled to be available for the public in early 2013. With Wave's receipt scanning tool on iOS and Android, business owners will be able to submit their receipts via mobile devices. When they take a picture of the receipt on their mobile device or submit receipts easily via email, Wave turns these items into digital transactions in the accounting platform. It's another way Wave helps business owners cut clutter, paperwork and manual entry. This mobile app and service will be free, with a paid option for customers who want the digitization to be manually double-checked.

Easy, Affordable Payroll Anywhere from a PC or Mobile Device
For U.S. and Canadian users, Wave's payroll tool is an all-inclusive platform that keeps employers compliant with taxes and deductions while saving time and money. Once employers complete the simple setup process, running payroll can be as easy as setting a date and clicking a button. With a fee of only $5 or less per employee per month, including direct deposit services, Wave has the most affordable payroll solution available for small business owners.

The iOS companion app to the online payroll software is scheduled for release in early 2013. With payroll on iOS, business owners can run a payroll on the go from any location. Features include the ability to view payroll history and paystubs, and receive payroll reminders and notifications if an error occurs during a bank transfer. Employees can also view paystubs on their iPhones, and receive notifications once they've been paid.

Credit Card Payments Made Easy for Small Businesses
Receiving credit card payments is traditionally a massive pain point for small businesses, involving significant paperwork, hoops to jump through, and fee structures that leave business owners paying much more than anticipated. So Wave has incorporated credit card payment functionality that's simple to set up, with a completely transparent fee structure. Wave customers can now send invoices with a "Pay Now" option, which lets their clients pay by any major credit card (including American Express, Visa and Mastercard) quickly and easily. The invoice records are adjusted to reflect the payment, and funds are deposited to the Wave customers account seamlessly after processing. With Wave's payment solution, it's now easier than ever for small business owners to get paid on time.

Tighter Integration of Personal and Business Finances
For those who run their own small business, personal finances frequently overlap, if a distinction is made at all. Most business owners don't properly separate their business and personal expenses, making it almost impossible to get accurate information about their business' financial health. Wave makes it easy to assign expenses where they belong, doing all of the accounting calculations in the background to ensure the books are correct. Wave's personal finance tools also help small business owners keep track of budgets, income and expenses, all in one place.

"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," said Simpson. "That kind of a company with nine employees or less makes up 95 percent of small businesses, according to the most current U.S. 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."

The launch of the new "Wave" is the next step forward in the company's evolution since launching in November 2010. Over the past two years, Wave has reached the following milestones:

Signed up nearly a half million customers worldwide
Raised more than $19 million in funding
Processed close to 33 million bank transactions
Grown from seven employees in 2010 to nearly 80 employees today

Availability
People can access the new Wave products starting today by visiting the company's new website at waveapps.com. The mobile apps for payroll and receipt scanning are scheduled for release in 2013.

About Wave
Founded in November 2010, Wave provides integrated online applications that help small business owners around the world run their businesses. The company has secured more than $19 million in funding, and is signing up tens of thousands of small business customers each month. Wave currently tracks almost $60 billion in small business income and spending. Wave is based in Toronto, Canada and has offices in Rochester, New York, as well as Vancouver and Winnipeg. For more information, visit waveapps.com.

SOURCE Wave