Receipts by Wave and the other financial tools can be used as mobile apps or on a computer. The company estimates that the automation features have relieved small business owners of roughly 11 million minutes of manual data entry. Wave’s small business apps have nearly 600,000 user accounts around the world, and has been used by these small businesses on more than 33 million transactions to track $57 billion in income and spending. For instance, if the user frequents Starbucks or a certain office supply store, they may receive offers from that company or their competitors. The company does not sell personal identifying information to any third parties, but does use basic information to run offer marketing specials to their business users. Wave’s free accounting and invoicing apps are ad-supported. All receipts are a little different, but if the user has been to a particular restaurant or store before, or used the same contractor, Wave can look at past history and know where the transaction should be posted and to which expense accounts. The interconnectedness of the Wave Suite also allows the system’s Learning Engine to make the system program each time it is used. Original concept- great to connect with users bank and bring in transactions – a lot of small biz owners are still in spreadsheets and shoeboxes- manual entry is a painful component- new automated way of bringing in transactions – whether from paper receipt- computer email- or upload. Small businesses are changing the world economy, and with the right tools there’s no limit to what they can do. “With Receipts by Wave, we’re removing that roadblock. “Those little things like piles of receipts that need to be taken care of ‘later’ just add stress for small business owners,” says Simpson. This end-to-end integration of tools is totally unique to Wave. The original image is also stored in the system and attached to the transaction, so it can be pulled up at any point in the future. That information is then streamed into Wave’s ecosystem of small business tools, where it creates an accounting record that is categorized and matched against existing transactions. Using the OCR feature, information is automatically pulled from the image of the receipt. To handle a receipt on the spot, Wave users simply snap a photo of a receipt with a mobile device, upload a receipt from a computer or forward an emailed receipt. That information is maintained by a third-party vendor that handles security for many of the world’s largest financial institutions. The suite of small business apps and online tools that Wave offers, which also includes free invoicing, accounting and personal finance, as well as low-cost payroll and credit/debit card processing, can also integrate with online bank and credit card accounts, which lets the system automatically balance (reconcile) accounts by comparing receipt charges with financial transactions.Īll data is housed on servers with bank-level security, and the company does not store any user IDs or passwords. The information can be captured and categorized in your accounting records while you’re waiting for your coffee order, or before you leave a restaurant table.” There are no future to-dos when it comes to that receipt. “Not only does Receipts by Wave solve this pain by immediately getting the clutter out of the way, but it goes one step further and actually files the information right into the Wave customer’s integrated accounting and financial tools. “Receipt clutter and the work that it creates has always been a huge pain for small business owners,” said Wave CEO Kirk Simpson. When the user verifies that the information is correct, the transaction is automatically posted. Even better, after uploading the now-digital receipt, the system uses optical character recognition (OCR) to read the receipt, pulling expense data and other information and automatically preparing transactions in the accounting system.
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