Traditional accounting is like an unreasonable boss: Never wanting to admit you have a personal life.
Most accounting software doesn’t let you integrate personal finances and business finances in the same space. At Wave we have a different way of seeing things. We’ve included features that allow you to keep track of your personal finances alongside your business finances.
So if accounting teachers say you need to put up a wall between business and personal finances, why are we departing from the norm? Because we think it makes more sense to shape Wave to your reality, instead of asking you to change your reality to fit an accounting application. For a lot of small business owners, personal and business finances are the same thing. Business owners need to know where they stand from a business and personal position so that they can properly plan their financial future.
We also realize that sometimes you pay for personal expenses out of your business account or you need to pay for business expenses from your personal credit card. These things happen. For some people, they happen a lot. It's not always easy for business owners to keep everything separate.
That's why when you open a Wave account, you automatically get a business side and a personal side. We also make it easy for you to move transactions between your business and personal finances. Wave does all of the work behind the scenes to keep your financial information accurate.
Max Out your CreditsHere’s a big reason why you want to have your personal finances in front of you when you’re doing your business accounting: If you’re running your own business, there are lots of personal spending items that can legitimately be claimed as credits on your business tax return. Your goal should be to max those credits out.
So imagine the power of inviting your accountant into Wave to finish your year end, and letting him or her run through your personal spending, with the goal of finding every deduction and credit. An accountant who has your year’s expenditures at his or her fingertips has the best chance of preparing the most advantageous tax return for you.