Brooke: The expense side of Wave is probably the heart of Wave. That is all happening on the Transactions screen. To a small business owner, this can be a little bit scary because this is where the real double entry accounting is going to happen. However, Wave has a really simplified this process for the small business owner. So a couple things that you should know about the transaction page, there are a few different ways that you can bring your data into Wave. The first is to actually manually add income and expense transaction.
Brooke: Second is to connect a bank account and the third is to upload a bank statement. The first and the last are pretty self-explanatory but I would like to walk through connecting a bank account because that is definitely the most efficient way to really eliminate data entry for your business. So it's going to be a huge time saver and it going to allow you to automate all of your real double entry accounting.
Jimmy: Alright. How about we go ahead and connect that?
Brooke: Awesome! If you don't mind I'm just going to switch back to my business that I just created. So this is a brand new Wave account and I'm going to click on the Transactions tab and I'm going to click on add a bank account.
This is our bank connection page and you'll notice some really interesting facts here. Again, at the bottom you'll see our Trustee certification. So I do want to explain that Wave is very secure when connecting to your bank account. All it does is take a read-only scraping of all of that data. We never have access to the bank accounts or anything like that. It's just a way to get that information into Wave and help you streamline your accounting.
Brooke: I'm actually going to connect to a fake bank account today but essentially what you would do is you would look up your bank here on this page. If I were banking with Wells Fargo, you'll see there're so many different options here. Wave actually connects to over 10,000 institutions so hopefully you can find yours on the list. But today I'm going to connect to a fake bank called Dagbank.
Brooke: I'm just going to log in here. Now that I have my online banking credentials put in here and again, this is just a fake bank. You click on connect and you get to watch a little wave pin ponging. And this really shouldn't take too long. It could take a couple minute.
Jimmy: Okay. How do you handle users in foreign countries like outside of North America
Jimmy: What banks can you connect to?
Brooke: What banks? I wouldn’t know off-hand exactly which bank…
Jimmy: Yeah. Let me rephrase.
Brooke: Go on.
Jimmy: Like what options will users outside of North America be able to connect certain banks? Are there some countries where you have more integrations with than others?
Brooke: I think it's pretty good for global use. It just connects to all the main banks and lots of small ones as well. I honestly haven't heard a lot of uproar from other countries about bank connection problems.
Jimmy: That's great news because like you mentioned you're in over I think at 200 countries. If you haven’t had anyone complaining then I'm pretty sure most banks are good to go.
Brooke: Yeah. Of course there's the occasional person who's unable to connect their bank but that is very rare.
Jimmy: Okay. So now, what screen are we looking at?
Brooke: Now my bank has actually made a connection and I can see the accounts that I've chosen to connect. So I have the option to turn on and off any of these accounts. If perhaps you don't want any of your credit card transactions coming into Wave, you could turn those off and you can also select the payment account that you want to use for this transaction. I'm going to click on continue and again, you can connect an unlimited number of banks to Wave. So we really love the unlimited thing at Wave. You can do as much as you need to do. Okay. So it looks like that happened pretty quickly and I got all my transactions here in Wave. The numbers are a little bit funny because it's just fake data that I'm using.
Brooke: But it would be great to show you exactly how the screen functions.