New to Accounting - Can Wave meet my needs?

BrianH

Hi all. I am a new consultant that just incorporated and I recently started a contract with a client. I am new to being a business owner and know nothing about accounting. I'd like to list off what I'm going to be doing and I hope someone can tell me if Wave can take care of these items.

1) I know that Wave can connect to my Business Bank Account, can it connect to multiple accounts? I have my main account and a second GST account.
2) Can I connect Wave to my credit card so I can bring expense transactions in from my card?
3) I will be invoicing this one client for hours worked on a monthly basis. I'm pretty sure that Wave will be able to handle this, but it doesn't hurt to ask.
4) As mentioned above, a number of expense transactions will come in via my credit card and some manually entered. Is there a data entry form for expenses?
5) I will be invoicing the client for all expenses, so does Wave have some mechanism for passing these expenses to an invoice?
6) Is there an app available that allows me to store an electronic copy of a receipt with these expense items and will attach them to the invoice?
7) Finally, Payroll. I will eventually have to pay myself from my business. Is there a payroll package that calculates the tax and CPP deductions and remits these to the CRA? Also generates T4s and such.

I think those are the main points. Can Wave handle all these items for someone who knows nothing about accounting? Please let me know.

Cheers,
Brian

AlexL

Hi @BrianH . We're excited to welcome you to Wave! I'll do my best to answer your questions in order.

1. You can have numerous bank accounts connected to Wave at the same time.
2. You can connect to your Credit Card account.
3. You can invoice your client for as much as you want, whenever you want. If monthly works best for you, that works just fine.
4. You can manually enter in expenses in the Transactions page, or you can import expenses into Wave through our .csv file importer which makes it easier when importing numerous transactions at once.
5. If you're receiving money outside of Wave, you can mark the invoice as paid when you receive the payment or you can apply the actual deposit (which would be imported into Wave for bookkeeping purposes) to the invoice itself, thus also marking it as paid. If you're processing payments through Payments by Wave or Stripe, then we would automatically mark the invoices as paid for you.
6. We have a mobile Receipts app where you can import your expenses into Wave, which then creates a corresponding transaction for bookkeeping purposes. You cannot though attach these same receipts to an invoice.
7. The standard Canadian Payroll package calculates your taxes and CPP for you. Wave will then send your tax remittances and all the associated paperwork to the CRA on your behalf. We will also generate your T4s at the end of the year.

Lastly, other than Payroll and processing payments with us, Wave is completely free! I'd recommend you create an account and jump right in while playing around with it to see if it works for you!

BrianH

Thanks for the response. I've actually started to use Wave and I'm sure over time I will get more comfortable with it. One final question. When it comes to payroll, is there help available to walk me through setting it up and getting it functioning?

Cheers,
Brian

AlexL

Hi again @BrianH . The Payroll setup is intended to be super intuitive so that you don't need any help. Regardless, if you find that you're having difficulty with it, reach out to one of our agents over our in-platform Live Chat, and someone would be happy to help you!