Wave is a free cloud-based app for accounting and is ideally suited for the creative entrepreneur. The desktop app beautifully integrates to your existing bank account (read-only ala Mint), is simple to use, powerful in its features, and hits a home run with its mobile apps.
If you didn’t already flee at seeing the word accounting, hang in there because what that word really means is getting paid for your work and keeping a bit more of that in your pocket. I know lots of artists don’t want to care about money. But the age of the wealthy patron or the impoverished artist/genius are over and we live instead in the age of the marketplace.
To get paid faster you first need to invoice your client. To create an invoice in Wave just go to http://www.waveapps.com, choose sign-up, and enter your name, e-mail, and password. You can create your invoice in less than 2 minutes in three easy steps.
Step 1: Click on Create Invoice. Since it is your first invoice you will be prompted to upload a company logo, enter your business address, and click Save.
Step 2: In the next screen enter your client information. Enter your product, description, units, price, tax (if any). Any clients and products you create here will be available when you create your next invoice. Click Save and View.
Step 3: Review your invoice in this screen and then click Send to e-mail or print your invoice.
Easy right? Well here is where it gets really good. Instead of booting up your laptop you can do all of this with Wave’s mobile invoice app (available for iOS and Android devices). This is great for when you are on the go. Just finished a recording session? Send your invoice. Just finished a shoot? Send your invoice. Client claims they never go it? Resend your invoice. The sooner you send it the faster you will get paid.
Step 4: Install the app on your smartphone or tablet and open the app. The first screenshot is the invoice we just created. Click on it to show/edit details of the invoice. You can also create a new invoice on your mobile device just as easily as you did on your desktop.
Step 5: Follow up on your invoices by choosing to set a reminder when creating or editing an invoice. You can set it for a specific date or for 7 or 14 days after the due date. You can also enable Notifications in the mobile app to see which invoices have been viewed, paid, or are overdue and take action. Using both of these methods allows you to follow up on past due items with your client and get paid faster.
Just to review: we signed up for Wave, created an invoice, sent it to our client, viewed/edited it on our smartphone, and got notifications on all our invoices. And you thought accounting was hard! Next week we will examine the next step in getting paid faster with Wave Payments.