I am extremely disappointed in the lack of ability for a business to budget and track against the budget. This would seem to be a basic business need as recognized by your competitors Quickbooks, Xero and others. Hopefully you will reconsider your decision and offer some capability of budgeting and tracking in wave which would make the software extremely useful
I will have to continue my research but may go to Xero simply based on the ability to budget and track against budget
When it comes to budgeting, our old tools were never built for businesses. We want to revisiting budgeting closer to the end of this year, but to do so for a small business, rather than for personal finances. We haven't committed to this, but we do hear about businesses wanting help on this front, and we think we can help in meaningful ways.
Budgeting is a must for businesses. For those who aren't budgeting, they aren't managing their businesses well! Please prioritize this functionality. Thank you
Not having budget functionality is like driving your car blindly. How will I be able to compare budget versus actual. Maintaining budget in spreadsheet and actual transactions in wave and then taking executive decisions is a nightmare.
Thanks for your feedback. We're sorry this feature may be a hinderance on your personal financing, however as we move forward we need to acknowledge the tools our users utilize most. If you haven't read Mani's post in the previous page I would take a look at that.
I really would like the ability to track against a budget. Even if I have to manually enter the annual values for the projections of each revenue/expense account, it would be good to have the ability to determine YTD vs Budget YTD or actual + projected vs Budget. My organization uses Wave for payments at the moment, and next year we will be using your payroll. With the integration with RBC Royal Bank account access, it would be awesome to have that internally, especially is we ever needed credit and had to show people we were meeting our business plans.
Having the ability to upload a budget and track against would be very helpful. It's pretty necessary for running a business to be able to compare actually to forecast
I am not clear from this update whether you are getting rid of the whole personal section or just two features of it. I find personal useful to track expenses I have paid for personally and need to refund myself from the business account,
I love Wave for my small business and am now at a point where I need to start using a budget and monitoring budget vs actuals. I understand the shift away from the personal finance side of things - but budgeting is important for growing businesses. Hope to hear it's a priority and will be available in the next few months.
Hey @FCRC, @Kit, @nicola and @Lynne_BB! Thank you all for your input and your use cases as far as budgeting goes. Should this be a feature Wave decides to implement, your input will be invaluable in building it out. Mani's post on the first page of this discussion really helps to contextualize the process here, and we appreciate the input, always. @nicola, just so there is no doubt - the Personal tab of Wave will absolutely not be going anywhere. You will still be able to track track transactions there.
I do think some sort of budgeting functionality is needed for businesses using wave. I ended up here because I now need to create a budget for my business and didn't want to do it in mint since I'm doing my accounting here. The code already exists, I say move it from personal add it to business then if businesses aren't using it you can take it out.
I need budgeting features for both business and personal. Budgeting is essential in accounting. Or at least partner with a buget app that can be integrated into Wave. It's pretty cumbersome to do the budget outside of the accounting software.
whole heartedly agree with the comments above. some kind of budgeting integrated into Wave, even if it is rudimentary would simplify our lives and businesses greatly. for someone who works so heavily on projects which necessitate clear budgeting this is crucial.
Hi everyone. Thanks for all of the feedback here, we hear what you're saying as well as why this would make things easier to have everything in the same place.
Hi @The_Brewz . I don't think we currently have any plans to integrate with YNAB, but I'd happily let the team know we have a user reaching out about an integration with them.
Businesses, large and small, need the ability to budget and track against those budgets. Without this ability, we will be conducting a post mortem rather than proactive financial management. As others have suggested an integration with a product such as YNAB might offer a short term solution, but, ideally, this would be a baked in feature to the Wave suite.
This is so disappointing. I just spent a few months migrating everything to Wave. We need the ability to budget in our business and in personal and I desperately need a system that allows easy access between personal and business. With many small businesses, there is so much grey area and I loved having it all in one place.
I imagine most small businesses don't have time or manpower to manage a budget and a separate accounting system. I have spent countless hours creating accounts that act as budgets so that I can track where my profits are going and if I am staying inside my budgets... and it still doesn't work right. Can't split invoices between different accounts as far as I can tell.
This should be an easy and high priority feature for Wave, or I will have to find a better application.
Hey @SNL! When you say split invoices into different accounts, are you able to provide a bit more detail about what you are trying to do? We'd be happy to try and provide further help here!
I can't believe you've taken out the Budgeting functionality. After several years using Wave for Invoicing but doing my bookkeeping on Quicken, I decided to move to Wave as the accounting package for my (very) small business. So I created all the necessary Charter of Accounts, Products and Services, etc. And when I went to set up the current Budget so I could generate a P&L Report against current Budget, I could not find the Budget functionality!
That was a shock, so I came straight here hoping to find a pointer towards "Budgeting", not to read that it's gone until further notice (if ever!). This is a total deal-breaker for me. If I can't report Inc & Exp against Budget, I won't be able to switch over to Wave - that's too bad! :-(
As someone who has worked for Wave for a little over a year now I can say that I wasn't around to experience the budget function, although it does sound like a need feature. I'm curious however, would you get the same effect if you created a new business which could be considered a test account for your to predict future transactions? Is this any different from what the budget feature was? In Wave there's usually always a manual way to do things, so I'm wondering if this workaround might help. Thanks for your contribution!
Thanks @BarsinA for the suggestion but I doubt if creating a new business would help.
I need to report on my P&L (or Income v Expenditure) comparing Actual to Budget side by side , while showing the difference between the two, in every Quarter and end of Year reports.
Is this something that could be achieved using separate Businesses?
Hi @Luison , if you were to use the P&Ls from the two different businesses, you could compare by exporting or printing both reports off. However you would have to figure out exactly how you want to use this extra business to forecast and as this isn't apart of Wave's natural functionality, it may not work as well as you'd like it to.
I am seeing a great deal of demand from a lot of customers on your various discussion boards. I have used Wave for almost a year now and now that I have grown, I must have a budget that I can manage going forward. I also do not want to manage 2 programs to do that. You need to bring back either a budget module or a free partner app that can integrate with Wave for the purposes of budgeting. The alternative will be needing to move my account elsewhere so I can have a budgeting module. Please consider this, and soon as I will need to make a decision soon on what I will be doing with my business. Stay with Wave, or go to another platform. I hope I can stay with Wave.
Comments
I am extremely disappointed in the lack of ability for a business to budget and track against the budget. This would seem to be a basic business need as recognized by your competitors Quickbooks, Xero and others. Hopefully you will reconsider your decision and offer some capability of budgeting and tracking in wave which would make the software extremely useful
I will have to continue my research but may go to Xero simply based on the ability to budget and track against budget
Budgeting is a must for businesses. For those who aren't budgeting, they aren't managing their businesses well! Please prioritize this functionality. Thank you
Not having budget functionality is like driving your car blindly. How will I be able to compare budget versus actual. Maintaining budget in spreadsheet and actual transactions in wave and then taking executive decisions is a nightmare.
Hey there @arunkw
Thanks for your feedback. We're sorry this feature may be a hinderance on your personal financing, however as we move forward we need to acknowledge the tools our users utilize most. If you haven't read Mani's post in the previous page I would take a look at that.
I really would like the ability to track against a budget. Even if I have to manually enter the annual values for the projections of each revenue/expense account, it would be good to have the ability to determine YTD vs Budget YTD or actual + projected vs Budget. My organization uses Wave for payments at the moment, and next year we will be using your payroll. With the integration with RBC Royal Bank account access, it would be awesome to have that internally, especially is we ever needed credit and had to show people we were meeting our business plans.
Having the ability to upload a budget and track against would be very helpful. It's pretty necessary for running a business to be able to compare actually to forecast
I am not clear from this update whether you are getting rid of the whole personal section or just two features of it. I find personal useful to track expenses I have paid for personally and need to refund myself from the business account,
I love Wave for my small business and am now at a point where I need to start using a budget and monitoring budget vs actuals. I understand the shift away from the personal finance side of things - but budgeting is important for growing businesses. Hope to hear it's a priority and will be available in the next few months.
Hey @FCRC, @Kit, @nicola and @Lynne_BB! Thank you all for your input and your use cases as far as budgeting goes. Should this be a feature Wave decides to implement, your input will be invaluable in building it out. Mani's post on the first page of this discussion really helps to contextualize the process here, and we appreciate the input, always. @nicola, just so there is no doubt - the Personal tab of Wave will absolutely not be going anywhere. You will still be able to track track transactions there.
I do think some sort of budgeting functionality is needed for businesses using wave. I ended up here because I now need to create a budget for my business and didn't want to do it in mint since I'm doing my accounting here. The code already exists, I say move it from personal add it to business then if businesses aren't using it you can take it out.
I need budgeting features for both business and personal. Budgeting is essential in accounting. Or at least partner with a buget app that can be integrated into Wave. It's pretty cumbersome to do the budget outside of the accounting software.
whole heartedly agree with the comments above. some kind of budgeting integrated into Wave, even if it is rudimentary would simplify our lives and businesses greatly. for someone who works so heavily on projects which necessitate clear budgeting this is crucial.
Hi everyone. Thanks for all of the feedback here, we hear what you're saying as well as why this would make things easier to have everything in the same place.
I'm bummed that Wave is getting rid of personal budgeting but I completely understand why this decision was made.
I personally do all my budgeting on YNAB. Perhaps Wave could possibly develop an integration with YNAB that would be a good solution?
Hi @The_Brewz . I don't think we currently have any plans to integrate with YNAB, but I'd happily let the team know we have a user reaching out about an integration with them.
This is so disappointing. I just spent a few months migrating everything to Wave. We need the ability to budget in our business and in personal and I desperately need a system that allows easy access between personal and business. With many small businesses, there is so much grey area and I loved having it all in one place.
I imagine most small businesses don't have time or manpower to manage a budget and a separate accounting system. I have spent countless hours creating accounts that act as budgets so that I can track where my profits are going and if I am staying inside my budgets... and it still doesn't work right. Can't split invoices between different accounts as far as I can tell.
This should be an easy and high priority feature for Wave, or I will have to find a better application.
Hey @SNL! When you say split invoices into different accounts, are you able to provide a bit more detail about what you are trying to do? We'd be happy to try and provide further help here!
I can't believe you've taken out the Budgeting functionality. After several years using Wave for Invoicing but doing my bookkeeping on Quicken, I decided to move to Wave as the accounting package for my (very) small business. So I created all the necessary Charter of Accounts, Products and Services, etc. And when I went to set up the current Budget so I could generate a P&L Report against current Budget, I could not find the Budget functionality!
That was a shock, so I came straight here hoping to find a pointer towards "Budgeting", not to read that it's gone until further notice (if ever!). This is a total deal-breaker for me. If I can't report Inc & Exp against Budget, I won't be able to switch over to Wave - that's too bad! :-(
Hey @Luison
As someone who has worked for Wave for a little over a year now I can say that I wasn't around to experience the budget function, although it does sound like a need feature. I'm curious however, would you get the same effect if you created a new business which could be considered a test account for your to predict future transactions? Is this any different from what the budget feature was? In Wave there's usually always a manual way to do things, so I'm wondering if this workaround might help. Thanks for your contribution!
Thanks @BarsinA for the suggestion but I doubt if creating a new business would help.
I need to report on my P&L (or Income v Expenditure) comparing Actual to Budget side by side , while showing the difference between the two, in every Quarter and end of Year reports.
Is this something that could be achieved using separate Businesses?
Hi @Luison , if you were to use the P&Ls from the two different businesses, you could compare by exporting or printing both reports off. However you would have to figure out exactly how you want to use this extra business to forecast and as this isn't apart of Wave's natural functionality, it may not work as well as you'd like it to.
I am seeing a great deal of demand from a lot of customers on your various discussion boards. I have used Wave for almost a year now and now that I have grown, I must have a budget that I can manage going forward. I also do not want to manage 2 programs to do that. You need to bring back either a budget module or a free partner app that can integrate with Wave for the purposes of budgeting. The alternative will be needing to move my account elsewhere so I can have a budgeting module. Please consider this, and soon as I will need to make a decision soon on what I will be doing with my business. Stay with Wave, or go to another platform. I hope I can stay with Wave.