Small business owners across the world depend a great deal on financial services and software available online. Wave Financial is one such company that gained quite a bit of popularity with its end-to-end accounting software that is user-friendly and easy-to-use.
However, in November, the company announced that it was discontinuing its services in other countries except the US and Canada. As per the company’s statement, the move was triggered by the changes in global financial legislations, the complexity of the new requirements, and the limitations imposed on data aggregators. All these things made it difficult for Wave to continue providing the same kind of service and experience to small business owners outside North America. They realized that they would not be able to sustain the level of service they have provided so far to their customers in other parts of the world.
Impact of Wave Financial’s Discontinuation On Small Business Owners
Now what does this mean for small business owners in who were using Wave’s software? As per the company’s intimation dated November 30, 2020 business owners outside US and Canada will not be able to create new sign-ups. The existing Wave accounts will remain active post November 30, 2020. However, they will not be able to receive email support.
The company also revealed that Wave’s Stripe connection will end on June 30,2021 for users outside of US and Canada impacting the invoicing.
The existing Wave customers will be able to add transactions manually to Wave’s accounting software. They will continue to receive full access to all the features of the accounting software. They will also be able to import transactions in bulk using the statement upload tool. They can also manage bulk transaction import using Wave Connect – a Google Sheets integration.
Wave has also partnered with Zoho Books to help their customers outside US and Canada switch to a new accounting software. However, switching to a new accounting software can involve challenges that were not conceived earlier. You may also need to invest a lot of time in ensuring a seamless transition to the new software which can be frustrating.
Data Migration Help for Small Business Owners
While small business owners will be able to use their account, the question worth asking here is should they continue using Wave or move to another similar service.
There are business owners who feel that it is time to migrate to another service in very near future instead of waiting till June 2021. The company has made it clear in its statement that they would continue to invest their resources and efforts in the North American region.
In such a scenario, many business owners might want to migrate their accounting to another service where they can have access to a full suite of applications and features. The alternative service would also be providing them proper support (email and/or call) which is crucial for the small business owners.
If you are someone who is considering migrating to an alternative service provider then BeJo Solutions can offer your end-to-end data migration support. Our services would include:
- Data Extraction: First and foremost, we would extract all the accounting data that your business has with Wave. This would include your existing year’s financial data as well as the historical data (to the extent Wave allows).
- Data Conversion: Data stored in two different accounting software can be different at the structural level. We will convert the data from Wave Financial into the format accepted in your new software and then migrate it. We ensure that the data format conversion is done without compromising the authenticity and integrity of the data itself.
- Data Management Support: If you are somebody who needs additional support with managing your business accounting data in the new software, then we are here for you. We work with our clients to help them manage their accounting data in the new software till they get a hang of it. We help them with data import, data export, data cleansing, making new entries, reconciling the records, managing invoices, etc. In addition to the data structure, we also assist with accounting procedures and processes.
Support in Data Migration
We know how hard it can be for any business owner to make a decision to migrate their financial data. Therefore we have bespoke data migration support available. Being source agnostic, we can migrate data from any accounting software.
Data migration can also be an intensive job. It calls for a lot of your focus and attention throughout the process. Our team can take care of data migration so that you can focus more on your routine business tasks.
Talk to Our Team for Data Migration
Data migration from Wave Financial to any other accounting software can be tricky. The size of your business and the new accounting software that you choose to migrate to will determine how the data migration would work. We recommend you talk to our team to help you deconstruct the data migration process.
You can ask them questions and talk about the challenges you foresee in data migration. Our team can take over entire data migration process for you to take away your headaches and hiccups and you can concentrate on your core business.
Contact us today for your data migration needs https://bit.ly/3pketrl
