Software company Wave Financial plans to roll out a bookkeeping and banking package for small businesses called Wave Money this summer. The company said Thursday (June 11) that the “solution” won’t have banking fees or account minimums and will offer “instant access to funds” and come with bookkeeping software.
Wave Co-founder and CEO Kirk Simpson said in a statement that “Wave Money is made specifically for the entrepreneur who loves their work, not bookkeeping. It’s free and makes managing small business finances easy, even for those with little finance and accounting knowledge.”
According to Wave, the solution offers “real-time bookkeeping” that lets companies supervise their income and expenses in a single location, create records ready for tax time and sort expenditures into different categories — so businesses can monitor them without much past experience or expertise.
The company said that Wave Money will include a debit card, business bank account and mobile app. With those features, owners of companies can deposit funds, make purchases using the debit card and supervise all of their activities in the system’s mobile app.
Additionally, business owners can send payments to contractors as well as vendors through e-mail as well as make and receive automated clearing house (ACH) transfers. The company also noted that deposits are FDIC insured for a maximum of $250,000.
H&R Block had purchased Wave Financial through an arrangement announced last June in a deal that was struck for just over $400 million in cash. At the time, H&R Block said the deal would bolster its small business market standing and bring about new ways for the company to expand.
In 2019, it was noted that H&R Block foresees that the takeover will bring in up to $45 million in fiscal year 2020 revenue. Wave was to keep running as an independent body inside of H&R Block per news at the time.