Wave Accounting in Singapore
Wave Accounting Software is one of the most popular free Accounting Software in Singapore. It has a very simple user interface which caters more for non-accountants (i.e. for small business start-up which does not require much accounting or book-keeping knowledge).
Dashboard of Wave Accounting Software
On the top right hand side of the dashboard, you will see a bar chart giving you a good overview of the Income and Expense for each month. Below this bar chart, it lists down the debtor’s and creditors’ aging as well as the Net Income for current and previous financial year. There is also a pie or ring chart indicating the breakdown of the current year’s expenses.
On the left side of the dashboard, you will see the overdue invoices. There is bank button for extraction of information directly from the bank. In December 2017 when this article was written, the direct bank information function to Wave Accounting Software is still not applicable to Singapore banks. We look forward to the connection and greater ease of matching bank transactions with the Accounts.
Wave Accounting Software provides you with a few templates for invoicing. You can customize certain parts of the invoices like company’s logo, the colour scheme and standard footnote. The invoice number runs sequentially when you issue a new invoice. You can also duplicate another invoice with similar details if you are issuing another similar invoice to your client or schedule for recurring invoices. You can send as many invoices as you want with this free accounting software solution and can even issue an invoice on the go with their mobile apps.
The bank reconciliation process in Wave Accounting Software is actually quite similar to Quickbooks. However, the presentation of the bank reconciliation in Wave Accounting makes it look rather complicated.
Receipts Upload and Optical Character Recognition (OCR) for expenses
If you have images of receipts saved in your computer, you can upload all the images of your receipts to generate transactions. You can also take photos of the receipt with your mobile phone to upload the receipts. Another way is to email the receipts directly into Wave Accounting Software. The images will be saved in the Software. Thereafter, the software will auto categorize if it can recognize the details or prompt you for manual categorization. Please watch this video to understand more about Wave Accounting OCR.
Integration with Bank
As at 31 December 2017, there is no integration with bank in Singapore. That means you cannot feed bank transactions directly into Wave Accounting.
Need Us to Set Up Wave Accounting?
We understand how important it is for you to get your accounts structure ready. As such, we provide training on and setting up of Wave Accounting at an affordable fee.
Auditing Financial Reports
To give investors, creditors and other stakeholders more assurance, financial audit is performed. Statutory financial audit is compulsory for some companies and voluntary for others.
Wave Accounting Software provides a platform to trace and verify financial transactions. For more Accounting Software with more comprehensive functions like audit log, you may wish to explore Xero Accounting Software and Quickbooks Online Accounting Software.