Home Forums Money matters Moving from WAVE Financial Software – What are the options???

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  • #1225173
    GA Medical
    Participant
    • Total posts: 7

    As some of you may know, Australia will no longer be serviced by WAVE. I’ve been using it for quite a few years now, and for my needs it was perfect and FREE!!! (expect for the small Stripe fee for VISA payments – no problem!)
    Is anyone else in this situation, and what are the options that are similar? Obviously there are many options, but coming from a next to perfect free service, I do not want to pay stupid amounts.
    The basics that I need are Invoicing, bank link, Visa payment options for clients, customer lists, product lists, transactions, basic reports (including GST)…

    What are the options?

    #1225186
    Paul – FS Concierge
    Moderator
    • Total posts: 3,121

    If you Google something like free or cheap Accounting Software for Australia, you should have enough to do some research on.

    Zoho have taken over Wave haven’t they?

    How much are they charging? I am using Xero for my business and love it but I think I am paying $60/mo.

    Cheers
    Paul

    #1225193
    GA Medical
    Participant
    • Total posts: 7

    Paul, Zoho have not taken over Wave. Wave are kicking off none US and Canadian clients and are trying to handball them off to Zoho. Wave is Free – charging nothing. Zoho is free for 12 months for Wave users and then subscription based after that.

    $60 is a fortune for a business like mine. Especially after using Wave for so many years that was a perfect system for me and many other users.

    I have Googled, but I need user based information. The reason why I am asking on this forum is because I thought that it was a platform to conduct research like this. Perhaps not… 🙁

    #1225525
    JamesMillar
    Participant
    • Total posts: 1,675

    What is your budget for a paid solution – is $50 a month a stupid amount for your business financial system?

    #1225541
    GA Medical
    Participant
    • Total posts: 7

    Yes. Especially from moving from a next to perfect system that cost $0. For $50 a month you can get a lop of the range service from multiple online providers, that I do not need. It would be like burning money for no reason.

    #1225654
    JamesMillar
    Participant
    • Total posts: 1,675

    Free (or close) tends to mean you can expect disruption at some point because frankly, you are not providing any direct economic benefit to the provider. There may be some indirect benefits to them but these platforms cost a lot to develop and maintain to meet the constantly changing Australian regulatory standards (including direct lodgement protocols with the ATO). So free generally means compromises. It may mean you need to rely on other lodgement systems instead of direct lodgement. It may mean there is less third-party support from accountants and bookkeepers. I know there are plenty of accounting firms like ours that charge less for clients on Xero because its faster to use and support and we can pass that saving on. So the extra cost of Xero is made up in reduced accounting fees.

    So if you value saving a few hundred dollars a year over these various compromises (including your time) then sure – anything else is a waste of money (but obviously not a waste of your time as you currently value it).

    #1225746
    GA Medical
    Participant
    • Total posts: 7

    GST lodgement is no problem. GST reporting I do via the ATO website which is very very easy to do. All of the information required is compiled by WAVE. The process takes maybe 5 to 10 minutes after all ins and outs are entered.
    And Tax Return is done each year by accountant via the account link to the software. My business is basic, so there is very little for him to do.
    Wave is still free for US and Canadian customers. After doing some research, I think I will continue to use it. The only new issue now is STRPE support for non US users. I will need to manually send out VISA payment requests. But 90% of my customers do bank transfers, very few via VISA, so that is not a huge issue – but yes, like you said it now is a compromise. By as a free service, I can not fault it. I think those micro businesses in the US are very lucky to have such a great free service.

    #1225747
    Paul – FS Concierge
    Moderator
    • Total posts: 3,121

    GST lodgement is no problem. GST reporting I do via the ATO website which is very very easy to do. All of the information required is compiled by WAVE.

    I always found WAVE very good software but do note that GST calculation can only be done on an Accrual Basis, not a Cash Basis that most small businesses prefer.

    Cheers
    Paul

    #1225748
    GA Medical
    Participant
    • Total posts: 7

    Yes, thy is true. But it does not really phase me. It all evens out in the end.

    GST lodgement is no problem. GST reporting I do via the ATO website which is very very easy to do. All of the information required is compiled by WAVE.

    I always found WAVE very good software but do note that GST calculation can only be done on an Accrual Basis, not a Cash Basis that most small businesses prefer.

    Cheers
    Paul

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