Does anyone use Wave accounting?

[megaphone]

As in the tittle, does anyone use Wave software? How do you get on with it? I like the fact that it is 'free' however does that limit it's functionality, they say no hidden charges, is that the case?

My business is simple, sole trader, VAT registered, about 10 invoices a month. Will be paid via bacs, no credit cards.

Noticed it is not totally MTD compliant, but can produce a VAT return to be submitted.

https://www.waveapps.com

[Mr Pointy]

Do you actually need an accounts package to run that amount of business? You could easily do it in Excel.

[chml]

For the sake of £10-£15 per month for a fully MTD (and future legislation) compliant product is it worth going with a free option that is already limited? You'll probably spend more time (and money) migrating to a different accounting package in due course.

[megaphone]

chml said:

For the sake of £10-£15 per month for a fully MTD (and future legislation) compliant product is it worth going with a free option that is already limited? You'll probably spend more time (and money) migrating to a different accounting package in due course.

In what way is it limited?

[megaphone]

Mr Pointy said:

Do you actually need an accounts package to run that amount of business? You could easily do it in Excel.

I currently use Quickbooks software which is a little out of date and over complicated. I could do it manually however I would like to simplify my accounts and vat returns, just press a button and it's all done for me.


ETA. Also I'm rubbish at Excel.

Edited by megaphone on Wednesday 9th October 11:54

[Mr Pointy]

megaphone said:

Mr Pointy said:

Do you actually need an accounts package to run that amount of business? You could easily do it in Excel.

I currently use Quickbooks software which is a little out of date and over complicated. I could do it manually however I would like to simplify my accounts and vat returns, just press a button and it's all done for me.

ETA. Also I'm rubbish at Excel.

Oh well. One question I would ask of any package you plan to use is can you extract & backup all of your data so it's still accessible should the vendor go tits up or decide to pivot the company into kitten farming or the like & dump all the old customers.

[chml]

megaphone said:

chml said:

For the sake of £10-£15 per month for a fully MTD (and future legislation) compliant product is it worth going with a free option that is already limited? You'll probably spend more time (and money) migrating to a different accounting package in due course.

In what way is it limited?

The main one is the lack of MTD compliance directly from within the software. MTD will, ultimately, impact on every form of taxation. Also, the reporting capabilities within Wave aren't great. Given that it's FOC, where is the impetus from the developers to put new features in there, or as alluded to below simply sell out to another software provider and potentially leave you high and dry.