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Tag: online accounting software

Year-end: Step 3, filing your taxes

Sara Rosenfeld posted this in Small business accounting on Wednesday, December 14th, 2011.

Appearing as part of our 2011 fiscal year end and tax preparation resources for small businesses.

get ready for small business tax season

Get ready to celebrate, you’re almost done!

Now that your information is in Wave and categorized, you’re ready to file your 2011 taxes! From here, you have two options:

Option A: Bring in a guest collaborator like an accountant who can file your taxes for you

1. If you need an accountant, and would prefer one who is already familiar with Wave, we can help! Contact us for a listing of small business accounting pros in your area. Once you’ve touched base with your accountant, follow the steps below to invite them to be a guest collaborator in your Wave account. If you have an accountant who would prefer not to collaborate online, you can email them your Balance Sheet, Income Statement, and Sales Tax Report from the Reports screen.

2. To invite a Guest Collaborator, go to Settings and select Guest Collaborators.

3. Click Add Collaborator. Fill out your accountant’s information, and select their access type (View Only or View and Edit), depending on your preferences. You may want to contact your accountant to let them know you’ve given them access.

(Note: Let your collaborator do what’s needed, but remember that you’re still ultimately responsible for the accuracy and timeliness of your tax filing.)

fiscal year end 2011 wave accounting guest collaborator

Option B: File your taxes yourself

4. If you will be filing your taxes yourself, there are three key reports you will be using: the Balance Sheet, the Income Statement, and the Sales Tax Report. You can access these by signing in to Wave and going to Reports. You may find it easier to print a copy of these reports, or you can work from your screen.
fiscal year end 2011-wave accounting reports screen

5. You’ll now be inputting information from these three reports into your tax software or tax forms. Wave doesn’t currently integrate with tax software, so you’ll be entering your totals into these forms manually. Make sure to double check accuracy, as well as local tax laws for your jurisdiction. Remember: You are responsible for the accuracy of your tax filings, so if you have any doubts, check with a tax professional before submitting your return.

6. Congratulations! You’re all done.

Need more help?
If you want more assistance, or if you prefer to let someone else do the work, we can put you in touch with accountants and bookkeepers from the Wave Pro Network. Find a Wave Pro.

For more information about small business tax preparation and fiscal year end, see our Year-end Survival Guide. This post originally appeared in our FAQs.

Make your next tax year as pain-free as possible: Sign up for free online accounting for small businesses, by Wave.

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Wave brings in $5 million with Series A financing

Kirk Simpson posted this in Inside Wave, Wave features and news on Friday, October 14th, 2011.

Looks like the word is out, and it’s my pleasure to officially announce that Wave has raised $5 million in series A financing, led by Charles River Ventures (CRV), with the participation of OMERS Ventures.

Here in the office, we’re all pretty ecstatic about what this means for Wave (and in extension for your small business). In the immediate future, this funding will be used to help support an even faster rate of ongoing application development and improvement.  It also means the launch of a highly anticipated and very exciting new complementary application later this year (stay tuned to find out the specifics, this app is worth the wait).

CRV and OMERS will provide more than just capital,  they’ll provide valuable expertise and insights as Wave continues to grow.  Charles River Ventures is dedicated to helping exceptional entrepreneurs turn their ideas into category leaders in high-growth technology and media ventures, and for the past ten years their funds have been ranked among the industries top performers.  OMERS Ventures is the new $180 million venture capital arm of the Ontario Municipal Employees Retirement System (OMERS) pension fund, and it focuses on early-stage companies with the intention of remaining on with successful companies as a life-cycle investor.

Speaking of growth, we’re already moving quickly down that path, with almost 75,000 small business signups in over 198 countries, all in under one year (by the way, I’d like to extend a warm welcome to our newest country, Greenland).  Now, with the strength of CRV and OMERS Ventures behind us, we’re more confident than ever that Wave’s constant growth, development,  and innovation won’t be slowing down any time soon.

For full details, download the press release.

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Recent enhancements, July 19

James Lochrie posted this in Wave features and news on Monday, July 18th, 2011.

Here are four words that I’m very happy to say:

Wave just got faster!

As part of our regular development process, we released Wave version 1.9 last night, and speed is the keyword.

  • On the Imported Transactions screen, it’s now faster to load the page, categorize transactions, and navigate between pages of transactions.
  • In the Reports section, it also takes less time to generate reports based on the time period you specify.

We’ve been working on speed improvements for some time, and the progress in this release has made the biggest difference so far. We’ll continue to work on even more speed improvements, along with other feature development, in upcoming releases.

Here’s a full breakdown of the progress in release 1.9:

Browser support

  • We no longer support Internet Explorer version 7 (IE7). Users who access Wave using that browser will get a warning. We did this because of performance and security issues that occur with this browser. Users can still use IE7 if they wish, but future features may not work, and the support team will not be able to help them.

Bug fixes

  • We fixed the bug that allowed people to approve transactions even if they were not autocategorized.
  • Some customers were able to select a transaction on the Imported Transactions screen, only to have it “unselect” itself after a second. That’s fixed now.
  • Still on the Imported Transaction screen, there was a bug that mis-counted the number of transactions in the system. That gave the impression that Wave was not showing all the transactions in your account. This no longer occurs.
  • On the Sales Tax Report, we made a small change: When calculating the gross amount of foreign transactions, they’ll now be shown in the default currency.
  • There was a problem when a customer with multiple businesses would view transactions on the Personal side, and tried to switch to Business. That’s also resolved.

Technical details on speed improvements:

  • On the imported transactions screen we now grab the transactions for the next page so that when the user presses “next” they do not have to wait for the transactions to be pulled from the database. (That gave us a significant speed increase.)
  • Deleting, archiving and categorizing multiple transactions are done in a batch function rather than one at a time in order to speed up that functionality. (More speed increases!)
  • We changed our Javascript to be more efficient for displaying tool tips; that had been causing a slow down when loading the page.

Other stuff:

  • We now display the user’s email address on the My Account page.
  • We tweaked the email template to correct bracket size.
  • We changed our error messaging on invoices to provide better guidance if there is a user error.
  • On the business info screen (when registering or creating a business) the Business Type drop-down menu is now a two-step process, to improve browser compatibility and ease of use.

Geek stuff:

  • We did a bunch of Javascript and CSS compression, to improve the performance and load times of our pages.
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Customer profile: Kate Whitmore takes the shot

Rob Maurin posted this in Customer profiles, Photographer's Month on Wednesday, June 22nd, 2011.

This profile appeared earlier on the Wave blog. We’re reposting it as part of Photographer’s Month since, well, Kate’s a photographer, and we think she’s awesome.

Wave customer of the week:
Kate Whitmore, Lifestyle Photographer

Accounting for photographers: Kate Whitmore uses WaveIt starts with a dream. “I am going to take pictures for a living.”

Kate Whitmore is busy building that dream, shooting weddings and portraits outside Columbus, Georgia, and spending quality time with Brett, her husband of exactly two years today. (Happy anniversary!)

Not long after the wedding, Whitmore launched her own photography business. And on the strength of photos she describes as “fresh, real and lively” (including those on this page), Whitmore plans to grow to a multi-photographer shop within five years, while building a business that gives her the flexibility to also shoot projects she’s really interested in.

Our goal at Wave is to help her get there.

Before & after

“I was spending way too much time — hours — entering this information manually.”

Most entrepreneurs avoid accounting if they can. Before Wave, Whitmore was no exception.

“Frankly, it was atrocious!” she says. “I would attempt to set aside time weekly to collect my receipts and record them manually in ledgers that I had created. Usually I missed that time that I set aside and several weeks would go by before I had recorded my expenses and income. At that point, it was too difficult to truly catch up.”

Now, by connecting her bank accounts and using Wave’s other time-saving tools, she’s finally ahead of the game. “It was such an easy set-up, and it amazes me that it organizes your expenses into categories all on its own (and correctly!).”

“Every week or two, I can log in to categorize/match my expenses. At the end of the month, I make sure it’s all together and then print off records such as the Income Statement. It gives me such a great view of what my company made in that particular month, and I’m so thankful that I don’t have to use my ledgers and add them all up anymore! It’s taking me about an hour PER MONTH now to organize my income and expenses. I just make sure I keep all of my receipts in a safe place, and Wave does the rest!”

Even in a light month, Whitmore guesses she’s saving at least 10 hours by using Wave. “I have more time to shoot, edit and correspond with clients.” She also estimates having saved $175 in software costs.

But best of all, she says, “I now actually have time to lounge on the couch watching TV with my husband! :) ”

Company info

Kate Whitmore Photography
katewhitmore.com
hello@katewhitmore.com
Skype: whitmore.kate
http://Twitter.com/katewhitmore
http://facebook.com/katewhitmorephotography

Be a Wave featured customer

What’s your story? If you’d like to have your company profiled in Wave, please contact us at info@waveaccounting.com.

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