Which software is used for accounting in Canada?
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- Updated On:14-Sep-2023
- Replies:1
Short Answer
Accounting software are an essential part of any business. Wave Financial is the most widely used accounting software in Canada. Read about its features offered, pricing and other relevant information below.
Detailed Answer
Wave Financial is a Toronto, Canada-based company that provides facility of accounting software to different businesses.
Majorly, the platform is built for small business owners and freelancers, promoting the ease of sharing professional invoices with customers.
It also provides free accounting tools to track your business expenses and process salaries and employment expenses.
Features offered by Wave Financial are:
Wave offers several features to serve the different needs of business owners. Some of the major features offered by Wave are discussed as follows.
Payroll Processing:
It also allows you to be your employees by offering of full full-fledged payroll processing system through which you can easily calculate monthly payments of your workforce.
Simplifying Payments:
- Through Wave, you can ease the process of receiving and making payments. You can accept payments with a wide number of options including credit cards, debit cards, direct bank transfers and even Apple Pay.
- They offer faster payment release in a short span of 1 to 2 days along with industry-standard commission rates of approximately 1%. Their payment platform offers convenience to customers by offering an intuitive and easy-to-use platform.
Invoicing and Receipts:
Wave Financial offers the basic services of invoicing and accounting at zero cost, simplifying the documentation of your transactions.
Pricing:
The platform offers basic features such as invoicing and accounting at zero cost. However, Wave charges for some of their services. The different charges in using Wave are:
Charges on Accepting Payments through Credit Cards:
- 2.9% + $0.60 USD per transaction
- 3.4% + $0.60 USD per AMEX transaction
Sending Mobile Receipts to buyers:
This service costs $8 when the subscription is billed monthly and makes up to $96 per year or $72 when billed annually and costs USD 6 per month.
Payroll Processing:
This service costs $40 on a monthly fee basis. Additionally, it adds USD 6 per active employee as well as USD 6 per independent contractor.
Book-keeping Advisory:
The platform also provides expert bookkeeping support at a $149 monthly expense.
Some Alternative Accounting Software in Canada:
Some accounting software other than the one discussed above are:
- FreshBooks,
- QuickBooks Online,
- Sage 50cloud Accounting and
- Xero
Which accounting software do you use? Do share your feedback.
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