Chrome Web App of the Week: Wave Accounting

Posted 05/23/2011 at 10:36am | by Seamus Bellamy

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With so many ways of spending our hard earned dough, it can be difficult to keep tabs on where our cash goes. For small business owners whose work expenses often overlap the cost of day-to day living, things can get even more complicated. If you’re serious about getting your financial life straight and keeping it there, Wave Accounting is the right tool for the job. Free, easy to use and insanely powerful, Wave is our Chrome Web App of the Week.

Wave draws power and simplicity of use from the fact that the application is designed to interface with your existing online banking and credit card accounts, making manual entry of expenses and income a thing of the past. Users can choose from a wide variety of banks and credit card vendors, enter their online banking password information and import all of their income and expenses in under five minutes. Once the import is completed, you’ll be asked to categorize your expenses using an extensive, but easy to navigate checklist. 

As with other accounting software, the more information you provide to Wave, the deeper and more accurate a picture it can paint for you of your financial situation. Data is presented as a bar graph or pie chart, detailing income and expenditures on a month-by-month basis.  Additionally, Wave allows users to keep track of invoices, vendors and customers, so you always know who you owe, who owes you, and what the cash coming into or leaving your wallet is for. After using Wave for a month, you’ll wonder how you ever got along without it.

Be sure to check back every Monday for another Chrome Web App of the Week.