Wave Accounting: The Velociraptor of Accounting Solutions

Wave Accounting: The Velociraptor of Accounting Solutions

Thanks to Jurassic Park, the Velociraptor has earned the reputation of being the stealthiest and smartest killer to grace the cretaceous period. With similar speed and agility, Wave Accounting slipped into the accounting systems jungle in 2010 and has been busy devouring the competition since. So, without further delay, here is the third installment of our accounting solutions series.

Before we scare anyone, rest assured that Wave only shows its claws when it comes to the competition (Velociraptors actually had feathers – please see below). For it’s countless users, Wave is a free, one-stop shop accounting solution that has quickly become one of the fastest growing accounting systems in the world.

Wave Accounting: The Velociraptor of Accounting SolutionsSimilar to the pack hunter mentality of Velociraptors, Wave Accounting has gathered a horde of affiliates and partners to help it overwhelm the competition. These partnerships allow Wave to provide its product completely free of charge through offering partner promotions for its users inside the app. Unless you’re a Wave competitor, this strategy is a win/win!

Being the nimble up and coming accounting solution, here is what you can expect from Wave:

Wave Accounting Strengths:

  • Completely free, always
  • Built for small business owners to be very user-friendly (Smart Interface)
  • Minimizes manual entry
  • Integrations with your bank/credit cards for automatic expense tracking (with de-duplication features to keep transactions from being logged twice)

Wave Accounting Weaknesses:

  • No Payroll in the U.S. until late 2012 (Only available in Canada currently)
  • Unobtrusive advertisements, but ads nonetheless
  • Some users have issues with foreign bank integrations and bank feeds

Wave Accounting: The Velociraptor of Accounting SolutionsIn fairness, we learned during our research that the Velociraptor was actually about three feet tall and covered in feathers (okay, it’s not as ferocious as the Spielberg version). That said, this dinosaur was one of the deadliest and shrewdest prehistoric animals. We warn you not to overlook Wave just because it looks like a little guy in the accounting world. Doing so could land you in a dangerous position.

Wave Accounting is probably best for business owners who are:

  • Small businesses and microbusinesses
  • Mompreneurs and WAHMs
  • Photographers, freelancers, independent entrepreneurs
  • Individuals

If you’re ready to take a bite out of the effort you put into accounting for your small business, try Wave Accounting. It’s always free, so imagine a permanent free trial. Then you can tell your clients you’ve got a Velociraptor on your side!

Is Wave your preferred accounting solution? If so, tell us what you think!

How to get organized: Life hacks to organize your life, go paperless, and save time (Part II)

Organizing your life might be a daunting task (and require more than a blog article of advice). So we’ve decided to dedicate our Friday posts to life hacks about biting off manageable chunks of life’s clutter and helping you get organized!


Life Hack: Utilize Your Morning Ritual

It is a common assertion that breakfast is the most important meal of the day, and we agree. In fact, we would argue that your morning is the most important time of your day! Read below for some life hacks to better utilize your morning and kick-start your day before you hit the ground running with work.

Your morning ritual consists of the last moments of personal refuge that you have before you deal with the trials and tribulations of your day. So don’t squander your freedom, and maximize every valuable second to give you the best boost for your workday:

Morning Life Hack #1: Prep the Night Before

Make it a goal to pick out your outfit and pack your snacks/lunch the night before. This saves you time in the morning, and is one less thing to waste your precious morning brainpower on. If possible, try and snag a solid eight hours of shut-eye.

Morning Life Hack #2:  Wake Up!Life Hack: motivational alarm

Unless you’re running on less than five hours of sleep, don’t hit the snooze button. She might be a little temptress but don’t give in!  Roll out of bed and do ten quick push-ups to get your blood flowing. You’ll feel instantly more alert in a shorter amount of time than the unfortunately short length of your ‘snooze’ cycle. There are also a handful of motivational alarm apps out there to help you!

Morning Life Hack #3: Utilize Your Shower Time:

Shower time is a different and rather personal ritual for everyone, so there are endless options here. While there’s not much you can productively do in the shower except for bathe… you can take this time get in your zone! Imagine you’re under a tropical waterfall, sing along to some Springsteen, or think through your to-do list. Do whatever you want that gets you to your A-game.

Morning Life Hack #4: Eat Your Breakfast [in your mom’s nagging voice]

A lot of people say the are “just not breakfast people,” but a cup of joe definitely does not provide all of the energy your body needs! Grab a granola bar, a smoothie, or your dinner leftovers. Nobody said you HAD to eat breakfast food, just make sure you are putting a little something (preferably a good balance of carbs and protein) into your stomach. You’ll be more alert, fueled up, and ready to blast through your inbox/staff meeting/expense report.

Morning Life Hack #5: Embrace Your CommuteLife Hack: Car singing

Since nobody has stepped up to the task of creating teleportation, we are all stuck commuting. This is it, your last bit of time to yourself, so get PUMPED. Don’t make phone calls or send emails while you are driving. Not only is it unsafe and illegal in some places, that’s also what you go to work for (or so it feels like). You probably can’t blast music and sing along in the office, so while you are still away pick your favorite tunes, ignore the idiot weaving through traffic, and savor the alone time. Oh, you carpool? Karaoke.

When you are organizing your morning routine you have to consider what works best for you, your family, and your timeline. Try switching up your routine to include some quality ‘me’ time. Developing a good work-life balance is key to success, and you should utilize your mornings to your personal advantage!

Do you have a morning routine? Share your own tips and tricks in the comment section below!

Outright: The Pteranodon of Accounting Solutions

What’s the first flying dinosaur that comes to mind? Did you say Pterodactyl? So did we. As it turns out, pterodactyls were pretty small, but had a larger cousin in the Pteranodon.  Take a second to briefly rock your inner eight-year-old by saying that name in a Megatron voice (Ter-AN-oh-donnnnnn); now let’s proceed with  something a little less extinct and more exciting: our second featured platform in our accounting solutions series.

Outright has been designed for those entrepreneurs who wanted to break out of the corporate pack and “fly solo”. Forget learning how to walk through complicated accounting systems, Outright was developed to help small businesses and freelancers glide through their accounting with a user-friendly interface.

Outright: The Pteranadon Accounting Solution

Like the Pteranodon, Outright focuses its attention on the smaller (although probably evolving) fish in the business world. With its narrow scope, Outright excels in providing accounting for small businesses and freelancers who don’t normally have accounting backgrounds.  Here is what you can expect from its platform:

Outright Strengths:

  • Supports direct linking to financial institutions, PayPal, and online marketplaces such as eBay and Etsy.
  • Quick-view graphs for easy-to-understand financial reports.
  • Categorizes transactions how the IRS expects (also includes tax estimates and deadline notifications).
  • Cloud-based, no downloading or installation.
  • Easy to use and designed specifically for small businesses.

Outright Weaknesses:

  • No invoicing/billing options (although it integrates with other tools like Freshbooks).
  • Taxes based on US tax system (not for international users).
  • Some users have issues with reconciliation
  • It’s a great starting point, but you still may want to bring your very organized report to an accountant before filing your taxes.

Outright is probably best for business owners who:

  • Are freelancers.
  • Are solopreneurs / microbusinesses
  • Are online retailers (on eBay, Etsy, etc.)
  • Don’t know much about accounting, and probably don’t want to learn.

In this “blast from the past” reference, Petri the Pteranodon (Land Before Time) learns to fly just in time to save his friends from Sharptooth.  Can Outright swoop in and save you and your business from the daunting task of accounting? Look into Outright’s free trial to see if it can save you some hassle and soar to success!

Petri Saves His Friends