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Accounting

Online Accounting System Adds Bank Reconciliation

Wave (waveapps.com) has released a new bank reconciliation feature to its entire user base. The bank reconciliation feature had already been available to select users who participate in the Wave Labs beta program, as well as to accounting professionals in the Wave Pro Network. Both groups provided invaluable feedback in the feature’s development.

Isaac M. O'Bannon

Feb. 11, 2014

Online accounting software maker Wave has released a new bank reconciliation feature to its entire user base. The free bank reconciliation feature had already been available to select users who participate in the Wave Labs beta program, as well as to accounting professionals in the Wave Pro Network. Both groups provided feedback during development of the feature.

The bank reconciliation tool piggybacks on work that users already do as part of day-to-day book­keeping, making Wave’s bank reconciliation familiar to those already using the integrated cloud accounting system. Wave is designed for entrepreneurs to better manage their business processes, and through the Wave Pro network, accounting professionals can manage the books and business processes of multiple client businesses.

A video overview of the new reconciliation system is available at http://youtu.be/L5dUqAOeNyY.

“We have some brilliant, forward-thinking accountants in the Wave Pro Network, and we share a common goal: To reinvent the way small business owners manage the money side of their business” said Scott Zandbergen, VP Pro Network. “Our Wave Pros are an invaluable resource, and the bank rec feature shows the results of this collaboration.”

Customers and Pros alike had requested a bank reconciliation tool. The Wave engineering team developed the feature carefully to make sure it fit with Wave’s approach to small business software: simplifying tasks that traditionally cause small business owners anxiety, while satisfying the rigorous requirements of accounting professionals.

  • Bank reconciliation allows business owners to confirm that all the necessary transactions in a given bank account are represented in their accounting.
  • Wave’s bank rec debuted to Wave Labs users, and Wave Pro Network accountants, in December 2013. Their feedback was invaluable in shaping this feature.
  • Wave Labs is an opt-in opportunity for Wave customers to preview features in their early stages.
  • The Wave Pro Network is a community of accounting professionals in private practice, serving small business owners.
  • A million and a half people around the world use Wave, which includes accounting (free), invoicing (free), payroll, payments/credit card processing, receipt scanning (free) and personal finance (free).

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