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Does Wave do all this?

jasejase Member Posts: 1

Hi all, my teenage daughter has a candle making business that she runs from a Facebook and Instagram page, and she currently just uses excel to track orders/sales and costs etc.
Does Wave keep a track of cost of goods sold, gross profit, net profit, orders and sales? Doesn't need to have a lot of functionality, just needs to show her how much money she is making, as well as tracking orders and sales. .
Cheers
Jason

in Using Wave

Comments

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hi @jase , You seem like an absolutely great dad! Kudos to you for not only supporting your daughter, but actually helping her through the process.

    Wave does do almost everything you've mentioned, but I'll be more specific on some of these things so you have full clarity.

    Wave does not do inventory. Although we definitely can track gross profit and net profit based on income and expenses, we don't do inventory tracking.

    Although you can enter your orders into the Bills product, you cannot pay your orders through Wave, only track the accounting side of it.

    Hope this clears some things up for you, and if you have any further questions, don't hesitate to reach back out!

    edited September 24, 2019
  • AdeStudeeAdeStudee Member Posts: 4

    When you say, you cannot pay your orders, what does that mean?

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey @AdeStudee

    Essentially Wave is a money in payment processing app only. There is no way to pay any of your bills through Wave, only keep track of paid bills. You can collect income on your invoices, but when it comes to money transferring out of your account, Wave simply accounts for this.

    If you have a payroll account you can add contractors to your payroll and pay them as bills, this would be the only money that Wave allows you to process as money going out.

  • FinTechPROFinTechPRO Member Posts: 2

    Hi,
    This is Jay from Ireland. I am a start-up founder and I run a consultancy firm specialising in book keeping, management accounting and tax compliance. I just signed up for WAVE. I want to know how can I benefit the most by using WAVE over other apps to help my prospective clients and exsisting clients use WAVE. I need to manage a list of clients on WAVE, does it have a Partner or Accountant console/dashboard capability.

    Thanks,

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey Jay, thanks for reaching out and we're happy to hear you're interested in using Wave!

    Wave does not have a partner or accountant console/dashboard. You can collaborate on your clients' accounts, but you'd see exactly what they see based on the level of your permission.

    If you do have any further specific questions, I'd be more than happy to answer them!

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