Helpful Accounting Apps for College Business Students
For college business students in the UK, having accounting software is one way to automate labor-intensive tasks by streamlining the process. With plenty of options to choose from, it is difficult to decide which accounting app ticks all the boxes. If Wave accounting software is one of the options you are considering exploring, it is good to know its features and benefits.
Since it is free accounting software, users often worry about their personal data’s safety. So, is Wave accounting safe?
Wave Accounting: An Overview
Wave is an immensely popular app with more than 3.5 million users. Though it is a free software, it has a lot of features to make accounting quick and easy. It allows you to process payment, add payroll and perform bookkeeping tasks. Wave also continues to roll out updates to ensure smooth and uninterrupted use of service.
The most recent update gives users the ability to automate expense tracking and perform cash-basis accounting. While there are still a few areas that need improvement, Wave has been a go-to app for many users.
Wave Accounting software offers a free plan, With free plan, you can enjoy the following features:
- Accounts payable
- Contact management
- Basic inventory
- Unlimited estimates
- Unlimited invoicing
- Expense tracking
If you want to maximise the benefits of using Wave, you can purchase the software’s extras.
- Workers Compensation: With this feature, it will be easier for you to integrate worker’s compensation into full-service payroll.
- Wave Advisors: Formerly known as Wave Plus, Wave Advisors assists you in bookkeeping, taxes and accounting coaching. This feature is ideal for college students who are new to accounting.
- Payments By Wave: The feature accepts payments from your customers. Transactions have a two-day processing time. The processing fee also depends on the card used. AmEx for instance, costs $0.30 + 2.9%.
- Payroll: Wave gives users two options: Self-service payroll or Tax service payroll. With a self-service payroll, Wave will calculate your payroll, but you need to take care of the tax filing aspect. The tax service payroll, on the other hand, calculates all aspects of accounting including filing of taxes.
Wave Software: System Requirements
The best thing about Wave software is that it is cloud-based so you no longer have to install or download it. So long as you have internet connection and you have an up-to-date browser version, you can access Wave anytime, anywhere.
Wave is specifically designed for small business owners and if you are a business student, using Wave is not intimidating at all. It also offers both accrual and cash basis accounting. Its user-friendly interface makes the software suitable for beginners.
Is Wave Accounting Safe: Wave vs Other Free Accounting Packages
GnuCash, unlike Wave, is not a cloud-based system. It is open-source software that you have to install on your device. Anyone can access the code so if developers need to fix errors or add functionalities, this software allows them to make such changes. The platform is also flexible and does not have any hidden charges.
You can use it for as long as you like without worrying about fees. GnuCash is also known as a no-frills accounting software. It can handle credit notes, invoicing, accounts receivable and payable and other essential payroll features.
FreeAgent can generate VAT Returns and fill out the tax return form for users. If you want to know more about your income, expenses and the time spent on each project, this software will do it all for you so you will have an idea whether or not you are making a profit or losing money. The software generates reports in real time.
The features have been recognised as the Small Business Accounting Software of the Year. Unfortunately, you will need to give FreeAgent full access to your data and by doing this, you allow them to know what is happening with your personal or business accounts.
Many students, freelancers and small business owners like this cloud-based accounting software because of its versatility. It can connect to 50 banks in the UK so you can make important transactions. It also provides you with more than 300 web services. The software can upload receipts, file VAT returns and support multi-currency.
Quickfile is available for download as free and paid software. If you want to use free service, your entries need to be under 1000 per year. The free service comes with ads that pop up every once in a while while you are using the app.
4. VT Cashbook
For users who want no-fuss accounting software, VT Cashbook is the way to go. It is also a desktop software so you have to install it. VT Cashbook is not available offline so you need an internet connection when using it. If you choose the free version, you will only have access to basic functionality such as recording daily transactions, preparing balance sheets and profit and loss statements.
When you upgrade to VT’s paid version, you can have access to premium features that allow you to file VAT returns.
5. Money Manager Ex
Like GnuCash, Money Manager Ex is also an open source software. With its stand out features and professional design, it can rival paid accounting software. You do not have to be accounting savvy to use the software. It has a user-friendly interface and also accessible offline.
The software operates on a USB drive making it a convenient option for students.
6. NCH Express Invoice
This invoicing software is another helpful tool for students because of its impressive features. It lets you automate invoices, generate reports and create invoices. The software is not cloud-based so you cannot expect any advanced features.
7. Adminsoft Accounts
This popular software gives users full access to stock control, accounting system, order processing and even HR functions. However, like other free software, Adminsoft is not ad-free and it is only compatible with Windows.
Is Wave Accounting safe? While most free accounting apps offer a number of benefits, it is still important to be very careful when using them especially when it comes to enabling permissions. Of course as a business student, no one can replace your level of expertise. The software will only assist you in reducing the amount of work, but the end result will solely depend on you.
You may have other questions such as how to create paystubs, how to link software live to real-life transactions and the best way to keep track of monthly expenditure. Well, keep your eyes peeled as we will be covering these topics soon.