Cloud Accounting Small Business

The Next Iteration of Wave: Small Business Financial Software


Wave has partnered with OnDeck to provide business loans. The service is currently available only in the US and Canada right now. I suspect that’s where most of Wave’s customers are located, so I think this should be quite alright.

Even though it doesn’t tell you what you need to be eligible in app, if you go to the website page, you’ll see that you need to be in business 9+ months and have $75,000 plus in annual revenue (although, going directly to the OnDeck’s website it states $100,000 is the minimum). So, not for the smallest of small businesses, but hey, I don’t think the banks would give a small business any non-personally guaranteed loans without more revenues and history than that either.

If you do decide to apply, it apparently can take only 5 minutes to apply and you’ll know the answer in another few. And if approved, you could be accessing the money in as little as 24 hours.

I unfortunately don’t have a business that takes in more than $100,000 a year, so I wasn’t eligible šŸ™

But when I said I made over $100,000 a year and had been in business for over 3 years, I was told I was eligible for up to $13,000!

Of course, the big question for me was how much interest I’d need to pay. That’s not so easy to find before you start the application process. I did find this handy discussion on Reddit, though. It’s a couple of years old, so I don’t know if it’s accurate any longer, but the gist of the story is that the interest is more than what you’d pay with your typical credit card.

If you really need financing for your business, a line of credit is probably the most affordable option, followed by a credit card, followed by a product like this. But I totally get it, sometimes you only need some money for a month to get you through a jam, so paying a high % of interest on a temporary loan may be worth more than the lost sales or penalties you may face by not being able to access that high interest money.

Coming Up!

Wave has a lot more in store than what I’ve discussed.

  • Invoicing has undergone quite a transformation. So much so that I’ll devote an entire post just to that. So look out for it soon.
  • Updates to the invoicing apps for Android and iOS are under way.
  • Transactions page isĀ undergoing a major overhaul. This used to be the main page you’d be looking at in Wave. It’s been deemphasized a bit in the current nav redesign
  • Reports. The whole interface will change and be a lot cleaner/easier to use.

As you can see, Wave has been a hotbed of change recently. As a tech reviewer, this greatly excites me, as I get things to write about! And as a small business owner, it’s also quite exciting, as I think a lot of the changes go beyond cosmetics or correcting minor issues. These are significant changes that I do believe make Wave’s offerings much better suited to fit the need of the very small businesses it serves, which I understand are in the 0-9 employees range.

Have you tried Wave recently? Are you a current Wave user? Please let me know what you think!

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About the author

Greg Lam

Greg Lam is a passionate small business guy who loves technology and automation. He holds a BBA from Simon Fraser University, Canada. He's a Certified QuickBooks ProAdvisor, Certified Xero Partner, and Kashoo MVP. His business interests are focused on online accounting and how it can be used to streamline and automate a companyā€™s accounting processes. He currently lives in Tokyo, Japan.

Greg operates the Small Biz Doer website, an "Entrepreneur's Guide to Small Biz Bookkeeping." He is the author of Online Accounting Software: Finding the Right Match, published by The Sleeter Group.

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