Toronto-based Wave Accounting has just released a new iPhone app called Invoice by Wave, designed specifically around mobile invoicing.
The move signifies a larger focus on mobile for the company. With two million users representing a total of $5 billion worth of invoicing done in the product in the last four years, it’s no wonder that Wave is attacking the invoicing space.
Built to be simple, smooth and as modern as possible using lots of nice gestures, Wave says that the app will allow you to create beautiful invoices with complete credit card processing on the go. The best news about it? It’s free.
Here a snippet of what you can expect with the app:
1. Invoicing on the go
The main feature of the app is its ability to create professional invoices on the go. The app is dead simple to use and has one main screen where you populate information such as customer name, invoice date, due date, products/services being sold and the proper income account. New customers, products/services and various other things can be added directly from the app as well. Anything with regards to invoicing can be handled directly through the app which works well for those who are mobile. Once all is complete, simply tap the send button and your invoice is on the way to your customer’s inbox in a matter of seconds.
2. Credit card processing
Once all the invoice data is entered, there is a option to allow customers to pay you by credit card before sending out the invoice. Once the invoice is sent out, the customer will receive an email notification where they can view and pay for the invoice directly on screen. The goal here is to speed up collections. The credit card processing is powered by Stripe with the usual fees; 2.9% + 30 cents per transactions with the funds being deposited seven days later.
By swiping horizontally from the left side of the app, a bunch of different options appear. One of those options is the notifications tab. The notifications tab shows you three different types of notifications (paid, viewed or overdue) based on the status of the invoice. Based on the invoice status, you can take certain actions from directly within the app. For example, for an overdue invoice, you would be able to see additional actions that could be taken, such as sending a reminder email, calling the customer (if you have them in your address book), viewing the invoice or adding a payment.
4. Synchronization with all other Wave apps
Invoice by Wave is fully integrated with all other Wave apps to allow for an efficient and accurate workflow. Any and all changes made in the app will sync to their web app.
Wave designed a section of the app to give business owners valuable data when on the go. It’s a sort of reporting section which shows some key stats. Some of the stats that they show include revenue generated, invoices coming due in the next six weeks as well as your average days of collection.
The Pulse section is designed for those who are mobile to get more insight into the health of their business.
Wave has put together a very nice app which answers the needs of many mobile small businesses owners who are constantly on the move. Invoice by Wave will allow those who need to invoice on the go and collect payments efficiently and effectively through a slick new app.
This guest article was written by Ryan Lazanis of Xen Accounting.