Imagine, your a disable veteran small business owner. You have monthly automatic invoices that go out every month to your clients. Most of them make automatic credit card payments. You have been using the same free accounting software for three years. Then on any particular Friday evening you receive an email stating “The services you provide fall under the list of business activities we are prohibited from supporting as a payments processor.” This is what happened to me. So I have decided to do an accounting transfer, from wave apps to something else.
At Synthetic Television we do live streaming for Broadcast Television, such as ski races or holiday boat parades. Our main source of income is web site, AI and app development. We also do contract camera, DIT, editing and graphics for television and film. Live broadcast streaming is not our primary source of income. It is in fact less than 2% of our yearly income. However wave apps says “The decision to deactivate payment processing is final.” I responded with this information and they said I should make another account for everything else. The issue is that they now charge for linking your banking and credit card accounts. This was included in my free plan when I first signed up. “hmmm”.
So, How to transfer to another accounting software.
I have decided to move over to QuickBooks. Moving all your accounting is a daunting task. I am sure there is a learning curve on any new software. I am having to do this on a Monday morning quickly because I have clients that want to make payments. This usually happens automatically. I have multiple years worth of payments, bills and equipment purchases that I need to transfer over.
I have setup my new QuickBooks account. It was relatively painless. When you sign up the actually schedule a person to help you. My recommendation is to wait until that meeting to do anything else. Mine was that day. I attached my credit card and my bank account first but I should have brought in my old info first to keep from making duplicates. I was able to fix everything and I also created my first invoice. QuickBooks automatically setup a person to go over the main functions.
When starting a new business look at what others are using.
Since I am a small business and I don’t have thousands of automatic invoices I just recreated the invoices and deleted them off of wave. My recommendation is to start with something like QuickBooks. It’s Widely regarded as the top accounting software for small businesses. Almost all of the companies I have worked for use it. I understand why now. It’s tried and true and it has a lot of people developing external integrations for it. Even if you have external payments processing you can integrate it easily. The more people you have working to make it better the better it will get.
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