A closer look at Wave invoice for Canadian businesses

As a Canadian business, managing your finances and invoicing can be a daunting task. From keeping track of expenses to ensuring timely payments from clients, it can take up a lot of time and effort. This is where Wave Invoice comes in as an efficient and user-friendly invoicing tool for businesses.

In this article, we will explore Wave Invoice and how it can benefit Canadian businesses. Additionally, we will also introduce you to Wise – a financial technology company that offers international money transfer services at lower fees than banks.

In this guide:
Key Features Of The Invoicing Feature With Wave Costs Of Using Wave For Invoicing And Payments Enjoy Free And Automatic Invoicing With The Wise Business Account How To Create Invoices With Your Wise Business Account How To Manage Invoices With Your Wise Business Account Are There Any Fees Or Limits On Receiving Invoice Payments With Wise?

Key features of the invoicing feature with Wave

Before we get into the features, it's important to note that Wave has two different plan options: Wave Starter and Wave Pro. The starter plan suits small businesses with basic invoicing needs, while the pro plan offers more advanced features for growing businesses.

Now let's take a look at some key features of the invoicing tool offered by Wave:

💸 Easy Invoicing: With Wave invoice, creating professional-looking invoices is a breeze. You can customize your invoices with your branding and choose from different templates to suit your business needs.

💳 Recurring Billing: If your business offers subscription-based services, the recurring billing feature in Wave Pro can be a game-changer. You can set up automatic credit card payments and recurring invoices for your clients and save time on manual invoicing every month.

💰 Accounting Services: Wave also offers accounting services that seamlessly integrate with the invoicing feature. This means you can easily keep track of your expenses, payments, and invoices all in one place.

🔍 Customer Information Services: Wave invoice lets you save customer information, making it easier to create recurring invoices and track payments from different clients. This feature especially benefits businesses with regular customers.

🌐 Payment Tracking: With Wave Invoice, you can easily track the status of your invoices and see when clients have viewed or paid them. This helps you stay on top of your finances and follow up with clients if needed.

📱 Free App: Wave has a free mobile app for iOS and Android, making it easy to create and track invoices on the go.

🔝 Instant Notifications: Wave sends instant notifications to your email or phone when an invoice is paid and for other actions, saving you time and keeping you updated on your finances.

💻 Online Payments: Wave invoice allows you to accept online payments from clients, making it more convenient for them and increasing your chances of getting paid on time.

Costs of using Wave for invoicing And payments

Let us take a look at the essential costs for using Wave starter and Wave Pro²

	Wave Starter	Wave Pro
Monthly Fees	$0	$16/month (monthly billing) $170/year (annual billing)
Accepting Online Payments	2.9% + $0.60	2.9% + $0.60 (Visa, Mastercard, Discover) 3.4% + $0.60 (Amex)
Payroll	$20/month+	$20/month+
Bookkeeper Hiring	$149+	$149+
Digitally Capture Unlimited Receipts	$11/month $96/year	$0/included

Enjoy free and automatic invoicing with the Wise Business account

Wave's fees may seem insignificant, but they can quickly add up over time. This is where Wise Business comes in . It offers businesses a smarter way to manage their finances with no hidden fees and a transparent fee structure.

With Wave Invoice, you can easily create and send professional-looking invoices to your clients. However, with Wise Business, this process becomes even more effortless. You can connect your Wave account to your Wise Business account for automatic invoicing – saving you time and effort.

Moreover, unlike Wave, Wise Business charges no fees for creating and sending invoices. This means you can save money on every invoice sent through your Wise account.

Wise Business also offers unlimited invoicing, meaning you can send as many invoices as you need. This is especially beneficial for businesses with a high volume of transactions or clients.

How to create invoices with your Wise Business account

Wise makes invoicing easier than ever with their free invoice generator, which handles most of the hard work for you. If you still need help, here’s how to create an invoice with your Wise Business Account:

1. Enter your company name, contact information, and the date and number of invoices - Make your client's business and contact details easy to see by providing a professional initial impression. It also facilitates the tracking and reconciliation of documents and payments by using sequential invoice numbers.
2. Include line items with descriptions of billable work and agreed rates - Enter all information about the work you're invoicing. Add details of billable work, including a clear description, piece or hourly rate and quantity, line by line.
3. Add the tax and calculate the amount due, specifying the payment terms - Make sure all your information is correct, including other important payment details such as currency and the requested time of payment.
4. You can download the invoice in PDF format - You can download your completed document as a professional-looking PDF, and add password protection when you need it. To speed up the payment, send it to your client by mail.
5. Use your Wise account number to get paid - Add your own local account details to receive no or low-cost bank transfer from customers in the United Kingdom, the euro area, and the United States.. Or you can create links that customers can pay through anywhere in the world by using your Wise account.

You can read more about creating an invoice with Wise here.

How to manage invoices with your Wise Business account

Here are steps you can follow to manage invoices with your Wise Business Account:

1. Login to your Wise Business account and navigate to the Payments tab
2. Select Invoices, where you’ll find a list of all the invoices you’ve created
3. Filter the invoices according to what will help you navigate
4. Select your invoice of choice to manage it

You can manage your invoices by checking on their status, cancelling them, or accessing PDFs and links. Learn more here.

Don't have a Wise business account yet? Get yours in a few clicks!

Are there any fees or limits on receiving invoice payments with Wise?

No, and you can try it for free now!

Managing finances for your business can become costly, especially when you handle international transactions. Wise Business solves this problem by offering international money transfers at the mid-market exchange rate – the real exchange rate that banks use when trading currencies among themselves.

Wise Business charges minimal transfer fees, making it a cost-effective solution for businesses looking to save on international transactions. Plus, with a one-time registration fee of only 42 CAD, you can gain access to account details in 19 different currencies including CAD, JPY, TRY, USD and RON among others.

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Sources:

1. Wave
2. Wave

Sources verified on 20 June 2024