In every business, there is a flow of money, for a business to run successfully, money has to come in and go out. This is why fashion entrepreneurs and all other entrepreneurs need to manage their finances.
While learning to manage finances can be such a hassle, some apps and software can help make the process easier. Just as PiggyVest is used by many entrepreneurs in Nigeria to save and invest money, Wave is used by many others to manage finances.
What is Wave?
Wave is an online platform that was designed for small business owners and freelancers to take away the pain of managing finances from them. It was launched in 2010 by Kirk Simpson and James Lochrie and has, over time, grown to become an award-winning financial services software company.
With Wave, entrepreneurs can easily do such tasks as basic accounting, invoicing, and payroll in just a few steps. Essentially, Wave helps entrepreneurs every step of the way, from the cash in point to cash management and then the cash out point.
What can Fashion Entrepreneurs Use Wave for?
As a fashion entrepreneur, you can use Wave for everything that pertains to bookkeeping in your business. Everything you need to manage your finances is provided in Wave and you can use it to prepare your tax, create, track, and send invoices, scan and input receipts, make payments, and pay your staff.
Since Wave has excellent invoicing and transaction management features, you do not have to worry about not knowing where your money is coming from or where it is going to. If you are dedicated to putting in all the information needed by the app to make managing finances easier for you as at when due, you do not have to worry about not being on top of your finances.
Wave Requirements
Wave is free and has a web-based version and mobile versions on both iOS and Android. With the web-based version, everything is in one place, but the mobile version breaks down the different Wave products into different apps.
So, if you choose to go with the mobile version of Wave, you are going to have to download their products, like Wave Invoicing and Wave Receipts, separately. Also, even though most of their services are free, you will have to pay to use Wave payments and payroll.
Owing to its user-friendly interface and good navigation tools, Wave can be used by any fashion entrepreneur without the need for prior training.
Wave Limitations
The mobile app is not as comprehensive – does not have as many features and products – as the web version does, and this proves to be a high limitation. If you have to sort out your payroll or prepare your tax report, you are going to have to use the web version.
Also, although available on iOS, Receipts By Wave is not available on Android, so this leaves Andriod users with the Wave Invoicing option alone. Also, complex tasks cannot be performed with Wave as it has simplistic record templates.
Wave User Reviews
Most users of Wave find it to be a highly useful tool that is perfect for their small businesses, however, some users on the Google play store complain of having the app crash and freeze before they use it.
Competitors and Alternatives to Wave
Top competitors and alternatives to Wave are FreshBooks, Intuit QuickBooks, Sage, Xero, Zoho Books, GoDaddy, and Sunrise.
Overall, Wave gets an 8 out of 10 based on its uses and limitations.
For small business owners and freelance fashion entrepreneurs in Nigeria that find bookkeeping tiring, I recommend Wave. It proves to be a good and highly affordable platform that takes the stress of managing finances off of fashion entrepreneurs, so they can focus on what they love to do.
