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Software development invoice example for Sport organisations

wave is a free award-winning accounting software designed for all types of small businesses wave enables you to simply track transactions accounts manage invoices and bills and online payments and more all within a streamlined and user-friendly accounting platform hey team stuart here thanks for joining me now today i'm going to gently take your hand and walk you through this wave accounting tutorial from the perspective of a fellow small business operator and help you get up and running with wave so that you can better manage your businesses day-to-day financial and accounting activities okay now before we dive into this wave accounting tutorial consider subscribing if you haven't done so already or if you're new to this channel and that way you'll stay updated with actionable videos and tutorials designed to equip you with the skills knowledge and tools to grow your small business online and with that happy note let's go ahead and jump into my computer and get started with wave accounting [Music] okay so let's go ahead and jump into wave first to arrive at this website we need to head over to waveapps.com or feel free to click the link in the description below this video and that's going to take you directly to their website and then to get started for free simply add your email and password and then come down and click create your free account or you can sign up for free with google we're going to go ahead and click create your free account and then come down and add your first name last name your business name what your business does and then the country that your business operates from and then come down and select your business currency and then next now it's important to note that wave is built for us and canadian businesses so if you're not based in these countries i suggest you look at alternative tools for us we tend to recommend xero for our australian and new zealand clients but there's many other tools that you can look at depending on the country that you operate in but what we'll do is leave a beginner's tutorial up above that will help you get started with xero now go ahead and click next if you're ready to move on with wave and then navigate over here and select a starting point for us we're just going to select manage your accounting then simply answer these questions by selecting from the drop down then simply answer these questions by selecting from the drop down how do you manage your accounting do you work with a bookkeeper or accountant do you run payroll so go ahead and answer those questions and then once you have selected the appropriate answers click one last step then go ahead and select how long you've been running your business for what type of business do you have go ahead and select from the list we're going to go ahead and select limited liability company what type of llc we're going to select single member and then come down and select from the answers do you have a business bank account we're going to select yes and then come down how do you usually pay your business expenses we're going to come down and select one of these options and then click continue to accounting and congratulations just like that we've arrived at our wave dashboard this is where the magic happens what we're going to do first is navigate through the dashboard and cover some important elements that you'll spend a lot of your time on and then we're going to navigate through the left hand sidebar to show you all the important features that you can engage in within wave so first things first we have your dashboard this is a snapshot of your accounts for example over here you can see your cash flow cash coming in and going out of your business and down here you can see the visual representation of your cash flow over the last 12 months you can also select last 24 months and view an entire report next to that we have connect your bank account now this is for reconciling this is for managing your transactions that occur when you purchase or when you receive payments so you can go ahead and click connect my account to connect your bank accounts with wave it's a simple step-by-step process that wave guides you through and we're going to talk more about your bank accounts when we navigate through the left-hand sidebar and select banking and talk about connected accounts so we'll leave that for now then if we scroll down we have things you can do we have add customer add a vendor customize your invoices invite a guest collaborator accept credit cards to get paid faster basically these are shortcuts to different activities that you can do on wave then again if we scroll back up we can go ahead and quickly create a new and if we select here we can create a new transaction an estimate which is a quote an invoice for our customers reoccurring invoices so you can basically set up reoccurring invoices for your customers then we have bills so these are the bills you need to pay you can set those up this is where you can find all your customers your vendors and then your products or services so again this is a shortcut to all the activities that you can find on the left hand side and then again if we scroll down you can see a profit and loss snapshot so income and expenses only includes unpaid invoices and bills again you have the same options over here as you do with cash flow below that we have payable and owing these are categorized by date so most recent coming due coming due invoices payable to you and then the bills that you owe below this we have net income and you can see basic financial figures for income expenses and net income between this year and last year and then down below we have our expense breakdown a visual representation of our expenses okay so that is a brief overview of your wave dashboard now what we want to do is navigate over to the left hand side and under dashboard we want to select sales and then come down to estimates this is where you can manage and create your estimate so remember an estimate is a quote that you want to send to a customer you can go ahead and click create an estimate to create a quote to send to your customers and then again you can manage all your estimates here then if we navigate down past estimates we have invoices if we click here that's going to take us to invoices if we come down we can skip this section and basically under invoices this is where you can manage create and send all your invoices to your customers again it's a very simple step-by-step process to create an invoice so what you want to do is take the time to get your head around how to create invoices within wave again it's very straightforward it just takes a bit of practice to get your head around the layout and the structure of invoices then you can navigate up to save and continue once you've created the invoice or you can click the drop down and then come down and click save and send if you're ready to send your invoice to your customer now down here you can see we don't currently have a customer selected we don't have any customers within our account so we're going to navigate through that shortly and show you how to add customers now if we navigate over to the left hand side under invoices we have reoccurring invoices if we click here then navigate over to create a reoccurring invoice this is where you can create scheduled invoices so for example if you have a customer on a subscription plan or you're on some kind of contract that requires you to create reoccurring invoices rather than separately creating invoices every month every week depending when you have reoccurring invoices for particular customers so once you've created this invoice you'll be able to set up a reoccurring time where that invoice is sent it could be a monthly basis quarterly basis annually whatever that reoccurring basis is you can set that up with reoccurring invoices then if we navigate over to checkouts and this is where wave allows you to accept payments directly from your website this is a game changer this helps you streamline your ecommerce streamline your payment gateways making it a lot easier to manage those transactions happening on your website then if we navigate over to payments under checkouts and this is where you can actually go ahead and turn on payments allowing you to receive payments directly through wave from your customers this means outside of bank transfers you can accept payments from these providers via wave the whole idea is to simply manage and streamline dynamic transactions all in one place that being your wave account then if we navigate over under payments we have customer statements these are simply statements that you can create and send it to your customers to inform them about specific details surrounding their account with you then below customer statements we have customers this is where you can go ahead and manage all your customers simply click add a customer to add a customer and then you can go ahead and manage all your customers in one place below customers we have products and services these are your products or services that you offer within your business to add a product or service simply navigate up to add a product or service and then go ahead and add your product or service i'm going to quickly go ahead fill this in and add a consulting service so as you can see i've quickly added the name of our consulting service a description the price we are selling this the income account so this is the account that the transaction will show in consulting income and then i've left these two empty and then click save and under your products and services dashboard this is where you can go ahead and manage your products and services you can simply manage each product or service delete or you can add an additional product or service now what we want to do is navigate down to purchases under purchases if we select bills and then under bills this is similar to the invoice page where we can go ahead and create a bill now with invoices what we're doing is creating an invoice for our customers creating a bill is for our suppliers these are bills we need to pay then under bills we have our vendors if we select vendors this is where we can simply add and manage our vendors and suppliers so go ahead and click add a vendor if you want to add a supplier vendor to your account and this is where you can essentially manage those vendors then below vendors we have products and services now this is similar to the products and services under sales however sales was cash coming in so those are services that we are providing under products and services under purchases these are purchases that we make products and services that we're purchasing for our business and you can go ahead and add a product or service and simply manage all your products and services that you need to purchase to operate your business you can do that here then below products and services we want to move on to accounting if we click on accounting and then navigate down to transactions and this is where you can manage all your transactions now you can either connect a bank upload a bank statement or add manual transactions it's recommended that you connect your bank so you can automatically update your transactions within wave and then you can go ahead and reconcile those transactions so the best method is to connect your bank account and like i mentioned it's a very straightforward process to connect your bank account then below transactions we have reconciliation and this is where you can reconcile your accounts now depending on how many accounts you have connected via your bank to waive you can see those transactions happening in here and you can reconcile those transactions at the moment because this is a fresh account we have zero transactions now to get your head around the reconciliation process what you can do is watch the videos that wave provides okay so if we navigate down under reconciliation we have chart of accounts this is important for your bookkeeper your accountant this is where you can manage your chart of accounts you can also go ahead and add a new account then below chart of accounts we have hire a bookkeeper basically what wave does is allows you to connect with a wave advisor to help you manage your accounts and of course this is a paid service something to think about if you need extra help in managing your accounts then if we navigate under accounting we have banking within banking we have connected accounts if we click connected accounts we're currently not going to see any accounts because we haven't gone through the process of connecting accounts and like i mentioned before the preferred method to manage your transactions is to connect your bank account so go ahead and find your bank and follow the step-by-step process to connect your bank with wave and then below connected accounts we have payouts this is where you can see the transactions that are occurring within wave when you set up payments then below that we have insurance if you need business insurance you can go ahead and look at the options and get a quote through insurance under this section then below insurance we have payroll if we click on payroll this is basically where you can go ahead and manage your payrolls if we click run payroll and this is where you can go ahead and simply set up and manage your payroll now below run payroll we have employees timesheets payroll transactions taxes and tax forms these are not available until you set up the payroll now below payroll we have reports if we click on reports and this is where you can simply manage all your financial and accounting reports within wave then below reports we've talked about wave advisors we also have tax filing if we select here and this is where you can file your taxes directly through wave now when getting started with wave it is important it is recommended that you do have an accountant a bookkeeper to help you get the most out of wave each business has a unique structure systems and process and will need a level of guidance from a professional to help you get the most out of wave and then below tax filing we have integrations which are integrations with other tools and then we have settings these are your business settings now you don't just have access to the web version of wave what you can do is download the app for your phone or tablet to essentially get more out of wave however that is a brief overview of how you can get started with wave in 2021 and there we have it that is it for this wave accounting tutorial for beginners i hope this gave you a clear insight into navigating and using wave accounting now if you have any questions about wave make sure to pop them down in the comments below and with that said thank you so much for watching this video all the way through to the end if you got value from this tutorial make sure you leave a like subscribe to this channel and that way i'll see you next time thank you guys