Wave App Invoicing SOP
1. Wave Platform Configuration
Wave is designed for generic small businesses. To use it for high-ticket architecture consulting, you must override its default settings.
What to Turn ON
- Invoice Customization: Change the default title from “Estimate” to Statement of Work.
- Payments: Turn ON both Credit Cards and Bank Payments (ACH). You want zero friction for corporate clients.
What to IGNORE
- Checkouts: Ignore. You do not sell low-ticket self-serve items.
- Customer Statements: Ignore. You will be sending single, massive milestone invoices.
- Purchases & Receipts: Ignore. You are selling intellectual property, not tracking cost-of-goods.
- Payroll: Ignore. You do not have W-2 employees.
- Recurring Invoices: Ignore for now. You will only use this during the Tier 3 SaaS/licensing phase.
2. Master SOW Template (Phase 0)
Because you must manually generate the contract for each client, create an “Estimate” in Wave and save it as a Draft to act as your Master Template.
Project Name (Estimate Title): [Client Name] - Phase 0: Data Audit & Feasibility Assessment
Summary / Description: Comprehensive diagnostic of [Client Name]'s existing clinical data infrastructure to determine feasibility and structuring for Longitudinal Linear Mixed Model (LLMM) architecture.
Line Item Structure: * Name: Phase 0: Longitudinal Data Audit & Sanitization * Amount: $20,000
3. Required Terms & Conditions
Copy and paste this exact block into the “Notes” or “Terms” section at the bottom of the Wave SOW. This legally isolates Phase 0 and protects your scope.
Terms of Engagement: 1. Scope: This Statement of Work covers Phase 0 (Data Audit & Feasibility Assessment) exclusively. Upon successful completion of Phase 0, a separate SOW will be provided for the development of the predictive architecture (Phase 1), with an estimated build cost between $85,000 and $165,000, depending on the complexity uncovered during the audit. The client is under no obligation to proceed to Phase 1. 2. Milestone Payments: This SOW requires a 50% deposit ($10,000) prior to the commencement of the data audit. The remaining 50% ($10,000) will be invoiced upon the delivery of the final feasibility report and data sanitization protocol. 3. Approval: By approving this document, the client agrees to the scope and payment schedule strictly for Phase 0.
4. The Execution Sequence (Banking & Tax Optimization)
To avoid triggering the $800 California FTB minimum franchise tax before revenue is secured, follow this exact operational sequence:
- Send the SOW: Send the drafted SOW through Wave to the prospect. You do not need a business bank account or EIN to do this.
- Wait for the Lock: The client reviews the SOW and clicks “Approve.”
- Trigger the Business Setup: The minute the SOW is approved, revenue is guaranteed. Immediately secure your EIN and open your business checking account (e.g., Novo, Mercury, or a local credit union).
- Link and Invoice: Link your new checking account to Wave. Open the approved SOW, click “Convert to Invoice”, and send the official bill to collect the $10,000 deposit.