5 / 2015
We had such a great year in 2014! Accounting and bookkeeping professionals have embraced the cloud, adopting new products and taking on new challenges. Now that functions like bank reconciliation and journal entries can be cloud-based and data entry can be automated, a paperless workflow is the new norm.
Wave has been around for more than four years, but our goals remain the same: to liberate small business owners and to help them succeed. We would not be able to do this without the incredible accountants and bookkeepers who help our customers every day. This past year, there was one Wave Pro in particular who really stood out, an individual who lives and breathes Wave's values. He took on new obstacles and offered an immense amount of his time to Wave customers who wanted to manage their finances more efficiently. It is my pleasure to announce our Wave Pro of 2014: Mr. James Krener and his team at Krener Bookkeeping & Tax!
James welcomes all small business owners to learn more about their accounting system. A small business owner himself, he built his practice from the ground up with Wave. If you want to mix flexibility, generosity, and fun with accounting, KB&T has what you are looking for.
The quote in the picture below resides in James’ office and represents KB&T’s ultimate vision: to help small business owners rise above their accounting, bookkeeping, and tax with easy and affordable resources.
4 / 2015
If you're a brand new small business owner, it can be tough to focus on accounting and bookkeeping with so many other things on the go. You've probably questioned the idea of bringing on a professional but you're not sure what services you need this early in the game.
The team members at Madan Chatered Accountants are experts at helping small business owners succeed on Wave and they were generous enough to share some knowledge.
Here are 3 things they think you should consider:
Hiring the right bookkeeper is essential for making and maintaining a successful business. One of their main jobs is to create a budget for your company. A budget is a forecast of a company’s expenditures and revenues over a time period in the future (e.g. 3 months, 6 months, 1 year, etc.).
It’s important for business owners to prepare budgets periodically in order to:
1) Better manage cash-flow
2) Plan for any short-falls in cash (e.g. through bank financing)
3) Help allocate company resources
4) Set goals for revenue and profit
In addition to preparing a budget, you as a business owner, should review your company’s actual results against the budget to see if financial goals have been achieved and if there is room for improvement.
It’s important to review the financial performance (i.e. profitability) of your business at least quarterly with your bookkeeper so that you can:
1) Quantify the business’ profits or losses.
2) Identify areas for improvement in sales.
3) Proactively look for cost savings opportunities.
4) Measure your financial results against your competitors.
5) Track your company’s financial performance against your goals.
This sounds great, but why should you care about accounting if your business has a healthy cash balance? Well, you should care because accounting will help you know if you’re profits are declining, whether there are signs of a sales slump in the future, and whether your cash will run out shortly.
Wave is a 100% free program that allows small business owners to virtually keep track of expenses and cash flow with a cloud-based accounting software that will make your bookkeeping simple and easy. The program allows you to connect your bank account to their secure system which will essentially eliminate manual data entry. It has the ability to create transactions automatically and place those transactions into categories based on your business’s preferences. The categories are divided into income and expenses. They have a pre-set list of categories if you want basic bookkeeping, or you can create your own categories for a more advanced way to keep track of your records.
Wave helps you connect with accounting firms in your area that they think will help you out the most when the tax season comes around. The program they offer for this is called the Wave Pro Network where small businesses can search for accountants in the areas of expertise that they need to expand their business.
Furthermore, Wave is a great way to organize your income and expenses so it is easier for your accountant to file your corporate tax return. You do not need to rely on spreadsheets and word documents any more to try to organize your tax information.
Wave is not only great for bookkeeping, it is also seamlessly integrated with invoicing, credit card processing, receipt scanning, reports and payroll.
For free online videos on how to use Wave to complete your company’s books, see Madan CA's bookkeeping tutorials.
Allan Madan is a Chartered Accountant, Chartered Professional Accountant and Tax Expert who enjoys working with business owners, individuals and entrepreneurs. He has over 14 years of experience in public accounting. Prior to founding Madan Chartered Accountant in Mississauga, he worked for the prestigious firm Deloitte for six years, where he held the position of International Tax Manager.Continue Reading
7 / 2015
January is a great time to talk about setting up a bookkeeping program, prepping for taxes and ironing out a strategic business plan.
To help get you started on the right foot, Wave is hosting a webinar with cloud accounting expert Danetha Doe.
Danetha will share her expertise for how to align your business plan with your lifestyle and financial goals. As well as share her best practices for how to better organize your small business accounting in 2015.
Join us on January 15th at 4pm EST for the webinar!
This webinar is best suited for small business owners who:
... are new to Wave, and cloud accounting software.
... are new to doing their own accounting.
... live all over the globe.
... are looking to sharpen their financial planning and goal setting skills.
... would like to learn more about how to develop a business plan that works best for your small business.
... would benefit from advice for how to balance personal and business wants, and aligning for your needs.
About Danetha Doe:
Danetha is a financial growth consultant for small businesses specializing in fashion, beauty and natural hair products. She works with clients to improve their cash flow, profit margin and financial success. She is co-president of the Future of Accounting, a professional community of more than 300 accountants and software developers in San Francisco. She is an accomplished speaker and writer; and has been featured on the Huffington Post live with Suze Orman, Mind Body Green, YFS Magazine, and many more publications for her expert knowledge of cloud accounting management.
Click here to check out Danetha's profile on our Wave Pro Network.
Don’t forget to register for the webinar, space is limited!Continue Reading
23 / 2014
Shopping around for a credit card processing service (a.k.a. "merchant services") for your small business? You'll see some tempting teaser rates out there.
Here's what you need to know: Teaser rates have lots of conditions!
You might start with a low rate if:
But be careful...!
If any of these is true, you probably pay a higher rate — a lot higher! Often as much as 3.5%, 4% or even more!
What about hidden fees?
If you’re paying a low teaser rate, you’re probably also paying a bunch of these fees on top:
How much are you really paying in credit card fees? If you don’t know for sure, you’re probably paying too much. Understanding your credit card rates and fees will save you a lot of money!
With Wave, you get guaranteed, easy-to-understand low rates and no hidden fees, period. Pay 2.9% + 30 cents per transaction, with no surprises.
Learn more at waveapps.com/payments
(Prices for Canada & U.S.; for international pricing please see waveapps.com/payments)Continue Reading
22 / 2014
Who do you know who needs a little Wave?
Last week we launched a special refer-a-friend promotion. Every Wave customer received a unique referral code via email.
Share your unique code with as many friends as you’d like.
Post your code on Facebook!
Share it on Twitter!
Email it to small business owners, freelancers, consultants and contractors in your address book.
The sky's the limit.
From now until the end of September:
We've already awarded a bunch of free Premium Plus support, and we've got more with your name on it.
Spread the word any way you want! Just remember to use your unique link — the one you received by email — so we can give you full credit.
See the full terms for this promotion here. And remember the deadline — September 30. Thanks, and good luck!Continue Reading