Overview
What is Wave Accounting?
Wave Accounting is a free, cloud-based accounting platform exclusively for small businesses. It supports double-entry bookkeeping and permits unlimited user access, invoicing, and expense management. Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll apps.
Disappointed in Wave Accounting
Wave Accounting has become unreliable
Wave has all you need for basic acounting
Awesome and easy-to-use software that unfortunately you can't use if you hire a good bookkeeper
Good Accounting Software for SME's
Wave accounting FRAUD and malicious practices.
Wave Accounting Review
Wave was a great option for my marketing consulting business.
Wave is user friendly - easy to use!
Wave Accounting Software
I will never use this free software -they just cancel features!!!
Avoid Waveapps if you are a non-profit
Wave Accounting - great for micro businesses
Awful Software and Support
We were looking …
Wave Accounting: Perfect for the small business and aspiring entrepreneur!
Awards
Products that are considered exceptional by their customers based on a variety of criteria win TrustRadius awards. Learn more about the types of TrustRadius awards to make the best purchase decision. More about TrustRadius Awards
Popular Features
- Bank reconciliation (63)9.696%
- Accounts receivable (67)9.696%
- Standard reports (67)9.696%
- Dashboards (68)9.595%
Reviewer Pros & Cons
Pricing
What is Wave Accounting?
Wave Accounting is a free, cloud-based accounting platform exclusively for small businesses. It supports double-entry bookkeeping and permits unlimited user access, invoicing, and expense management. Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll…
Entry-level set up fee?
- No setup fee
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
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Alternatives Pricing
What is Xero?
Xero is an online accounting software product for small businesses and personal finance. Its features beyond general ledger and double-bookkeeping include quotable invoicing, bank reconciliation, purchase order and expense management, and tax management. Third party apps can extend its features…
What is QuickBooks Online?
QuickBooks Online is a SaaS version of the QuickBooks product. It contains all of the features found in the local version. Higher-priced plans include greater automation, payment management, inventory and time tracking, and analytics features.
Product Demos
How To Use Wave Accounting App | Get a hold of your Money! | Ibukun Awosika
Wave Accounting Demo
Features
Payroll Management
Provides for pay calculation and benefit plan administration, in addition to managing direct deposit, salary revisions and payroll tracking.
- 7.1Pay calculation(23) Ratings
Pay calculation provides for computation of employee pay with state and federal deductions.
- 7.5Benefit plan administration(4) Ratings
Benefit plan administration is administration of health insurance plans and 401k plans, and other benefits.
- 1.2Direct deposit files(20) Ratings
Direct deposit is the ability to electronically transfer pay to an employee’s personal bank account.
- 7.7Salary revision and increment management(12) Ratings
Salary revision is the ability to modify individual employee pay.
- 7.4Reimbursement management(8) Ratings
Reimbursement management provides cash reimbursement for employee expenses related to business travel or other.
Customization
This addresses a company’s ability to configure the software to fit its specific use case and workflow.
- 9.9API for custom integration(9) Ratings
An API (application programming interface) provides a standard programming interface for connecting third-party systems to the software for data creation, access, updating and/or deletion.
- 7Plug-ins(11) Ratings
A number of third-party plug-ins are available to expand the core functionality of the software.
Security
This component helps a company minimize the security risks by controlling access to the software and its data, and encouraging best practices among users.
- 9.8Single sign-on capability(30) Ratings
The software system supports a centralized authentication mechanism allowing the user to access multiple systems with a single, centrally managed password.
- 9.4Role-based user permissions(34) Ratings
Permissions to perform actions or access or modify data are assigned to roles, which are then assigned to users, reducing complexity of administration.
Reporting & Analytics
Users can report on and analyze usage, performance, ROI, and/or other metrics of success.
- 9.5Dashboards(68) Ratings
Users can create, customize and share dashboards, which provide an overview of the most important metrics.
- 9.6Standard reports(67) Ratings
The software offers pre-built reports with metrics standard to the category.
- 5.7Custom reports(34) Ratings
Users can create custom reports.
General Ledger and Configurable Accounting
Financial management solution, including capabilities for general ledger and configurable accounting
- 9.5Accounts payable(56) Ratings
This includes the automation and tracking of payment to vendors and suppliers, with features such as payment scheduling, check printing, open purchase order alerts, document management, direct ACH bill payment, and vendor records.
- 9.6Accounts receivable(67) Ratings
This includes the management and automation of invoices and collections, with features like statements, invoices, receipts, payment reminders, customer records, auto billing, and refund checks.
- 9.5Cash management(59) Ratings
The software provides a complete picture of a company’s cash flows, streamlines payment processing, and includes cash forecasting.
- 9.6Bank reconciliation(63) Ratings
The software connects to a company’s financial institutions in order to reconcile accounting records with checking, savings and credit card accounts. Often month and year closing capabilities are included.
- 9.7Expense management(61) Ratings
The software can log and track business expenses and reimbursements, including travel-related expenses, with the ability to tie them to particular projects.
- 9.6Time tracking(11) Ratings
The software can track billable and non-billable employee time by project.
- 9.6Fixed asset management(12) Ratings
This includes the ability to track fixed assets (e.g., laptops), including location, check-in and check-out, maintenance scheduling, audit history, specialized property tax period reports, cost and depreciation.
- 10Multi-currency support(19) Ratings
The software supports transactions across multiple currencies.
- 7.1Multi-division support(9) Ratings
The software is flexible and supports bookkeeping practices along multiple dimensions such as locations, branches or products.
- 6.8Regulations compliance(15) Ratings
The software helps users adhere to typical accounting standards and regulations such as IFRS, GASB, or GAAP.
- 5.9Electronic tax filing(14) Ratings
The software provides a full electronic interface for the filing of repeatable taxes, such as payroll or sales tax.
- 1.7Self-service portal(39) Ratings
The software provides online portals for certain stakeholders to find information relevant to them, such as employees, vendors and customers.
- 9Global Financial Support(2) Ratings
Account using multiple ledgers, multiple currencies, and multiple entities
- 7Primary and Secondary Ledgers(4) Ratings
Record and report across multiple currencies and accounting standards with primary and secondary ledgers
- 4Intercompany Accounting(5) Ratings
Automatically balance and reconcile GL for intercompany transactions
- 5.2Localizations(3) Ratings
Meet reporting requirements with country-specific localizations
- 6.2Journals and Reconciliations(28) Ratings
Automate and synchronize ledgers and processes
- 4Enterprise Accounting(7) Ratings
Create accounting for disconnected ERP and non-accounting source systems
- 5.5Configurable Accounting(16) Ratings
Configure accounting rules and segments for each chart of accounts
- 1Centralized Rules Framework(3) Ratings
Integrate disparate ERP and transactional systems into single ERP instance
- 4.3Standardized Processes(17) Ratings
Centralize financial management to facilitate standardized financial processes
Inventory Management
The ability to track and manage the flow of goods or materials into and out of an inventory.
- 5.6Inventory tracking(8) Ratings
The software syncs orders and stock to maintain a real-time picture of inventory and supports multiple methods such as LIFO and FIFO.
- 9.9Automatic reordering(5) Ratings
The software can be set up to automatically reorder a good when it falls below a certain threshold.
- 8.1Location management(2) Ratings
The software can track multiple goods across multiple locations.
- 9Manufacturing module(1) Ratings
The software helps track and manage raw materials, work-in-progress items, and finished goods.
Order Management
The ability to process orders, and track them from quote to cash.
- 9.9Pricing(26) Ratings
Users can set up complex and unique pricing requirements.
- 10Order entry(18) Ratings
Users can enter an order once, and the data flows to all the necessary units such as fulfillment and billing.
- 2.3Credit card processing(45) Ratings
The software facilitates credit card processing.
- 10Cost of goods sold(33) Ratings
The software calculates the direct costs attributable to a finished product, such as materials and labor, and includes roll-up pricing.
- 5.8Order Orchestration(5) Ratings
Define and execute order fulfillment processes for products as well as services on the same order.
- 8.2End-to-end order visibility(4) Ratings
Get updates on orders, inventory, shipments, planned supply, and invoices, and improve the quality of decisions through in-context analytics
- 7Order exception Resolution(2) Ratings
Monitor fulfillment tasks and resolve issues, view and evaluate varios options via what-if analysis and define and enforce change order rules
Product Details
- About
- Competitors
- Tech Details
- FAQs
What is Wave Accounting?
Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll apps, into one relatively comprehensive package. However, the automated payments and payroll functionality must be purchased; the payments addition bills per transaction, and the payroll feature bills by number of employees over a flat rate. To support the free platform, Wave integrates advertisements from business partners. Thus these are a necessary facet of the service.
Wave Accounting Competitors
Wave Accounting Technical Details
Operating Systems | Unspecified |
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Mobile Application | No |
Frequently Asked Questions
Comparisons
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Reviews and Ratings
(173)Community Insights
- Business Problems Solved
- Pros
- Cons
Wave Accounting is a reliable tool for staying up to date with accounting tasks such as creating invoices, tracking payments, and managing financial obligations. Users appreciate how Wave Accounting simplifies these processes, eliminating the need for manual tracking. The software offers an intuitive interface and essential accounting features that make it a popular choice for small businesses. It has been commended for its ability to quickly generate professional estimates and invoices, as well as provide performance insights through flow graphs and profit and loss graphs. Although some users have experienced drawbacks such as limited customer support and lengthy credit card acceptance processes, overall, Wave Accounting has been highly recommended by users who find it valuable for organizing their businesses. It is particularly useful for tracking inventory purchases, sales, expenses, managing independent contractor businesses, and is considered an affordable and powerful solution by accounting professionals in service-based industries.
Comprehensive and Versatile Software: Users have found Wave Accounting to be a comprehensive and versatile solution for bookkeeping and budgeting. It has been praised for its ability to effortlessly track and categorize financial transactions, streamline invoice creation without redundant data entry, as well as generate various financial reports.
Cloud-based Accessibility: The cloud-based nature of Wave Accounting is highly appreciated by users, providing them with easy accessibility from any computer while eliminating concerns about computer glitches or server problems. This feature has been mentioned by numerous reviewers.
Powerful Invoicing Feature: Users have lauded the invoicing feature in Wave Accounting for its power and user-friendliness. They can easily create and send invoices, keep track of due dates, and mark off paid invoices. The software also provides automatic invoice numbering, facilitating quick reference to different invoices.
Horrible Reconciliation Process: Users have expressed frustration with the reconciliation process in Wave, describing it as horrible. They find it difficult to match transactions and suggest a simpler method for reconciliation.
Lack of Customer Support Options: Many users complain about the lack of customer support options in Wave. They mention the absence of phone or chat lines and express frustration with the frequent response to read documentation. Users desire more personalized assistance and quicker ways to resolve their issues.
Limited Reporting Features: Users feel that the reporting features in Wave could be more robust and flexible. They report issues with exporting general ledger items and mention the need for improvements in sorting options for reports. Some users desire preset date options for reports and request further development of this aspect in Wave.
Attribute Ratings
Reviews
(1-25 of 76)Wave Accounting has become unreliable
- UNABLE TO COMPLETE MY BILLING
- Creating cash flow problems
Wave has all you need for basic acounting
- saves time and money on bookeeping and accounting
Awesome and easy-to-use software that unfortunately you can't use if you hire a good bookkeeper
- Free - you can't beat the price
- Negative impacts were screwed up books because only sub-par bookkeepers want to use anything but Quickbooks
Good Accounting Software for SME's
- Improved our invoicing
- Payment process easier
- Streamlined our processes
Wave accounting FRAUD and malicious practices.
- Completely bankrupt my company
Wave Accounting Review
- There was no outward investment. But [I feel] they've negatively impacted my cash flow since around the fourth month of being paid through them.
- I've been paid with them for over a year and a half. I was going to get Wave Debit but [I was concerned about payment timelines] so I told them I wouldn't be submitting the additional IRS docs. The next (current) month I'm [waiting] the maximum estimated days for payment. They still claim "there's nothing they can do" it's the bank system.
- You never know what your payout day will be. And [I feel] their support is not open when you REALLY need support.
- Wave made tracking payable and receivable accounts easy.
- Wave is easy to use for non-accountants, so you don't have to pay a bookkeeper/account to manage things you can track with the software.
Wave is user friendly - easy to use!
- Wave makes it easy to connect electronically with my customers through invoicing and payments.
- Wave makes it simple to track my expenses and run end of year reports for my accountant.
Wave Accounting Software
- It has positively impacted my business objectives, because I am able to view my financials at a glance, or create reports. Both enable me to make necessary adjustments to spending, etc. After the first year of using it, my spending decreased by 50%, and my revenues increased, resulting in increased net profits.
- I am glad I trusted Wave at the onset of my business.
- Negative impact! Now I have to export my transactions into another program!
Avoid Waveapps if you are a non-profit
- Many hours spent trying to reconcile. After the advisor had issues, we found another product to use.
- I like the ability to create products and have a custom URL for credit card payments.
- Didn't understand their internal way of dealing with transactions and that is critical to reconcile bank statements.
Wave Accounting - great for micro businesses
- None.
Awful Software and Support
- Horrible - caused days and days or reworking transactions and understanding reporting
- Free is the very best ROI one can get.
- The software was super simple to implement, so not much time taken--another ROI plus.
Very Affordable Accounting Software
- Very affordable software!
- Completely based online so it doesn't take up any space.
A great, cheap option for small organizations!
- I like being able to give clients options outside of QuickBooks.
- I like being able to save clients money.
Robust, Easy Accounting Software - And It's Free!
- It has helped me to see the profit I have made over the past year, and what I should profit more in.
- Calculating my estimated chargeable Income for my country is easy.
Great tool for small business, non profits and entrepreneurs
- Free and easy to use, has saved time and money.
- Easy access by our accountant/board as it's online which saves time.
- Many tutorials so on-boarding team members is easy
- I looked more professional since I have nicely put together bids.
- Was able to take payments when a client couldn't do cash or check and the processing fee was nominal/market rate.
- I could send reminders of outstanding invoices easily.
Easy to use for someone without accounting or business experience
- Time saving
- Easy to learn and use
- Easier to use after my credit union was added as a linking option
Wave has helped me grow my business by saving me time and helping my invoices get paid
- Wave helps me easily run my business.
- I wouldn't have been able to grow my business in the way I have without Wave.
Riding the Wave (Accounting)
- It's been a positive ROI, considering I don't spend any money to use this app.
Free Wave Accounting hits the spot for small businesses
- Wave Accounting eliminated the reliance on spreadsheet accounting. Allowing us to eliminate lots of spreadsheet time which has provided a good return on our investment into Wave. We were paying a staff person to work in our spreadsheet accounting which didn't allow for the person to be billable. Now the staff person has moved into the billable hours area with less work in the accounting area.
- Wave Accounting allows us to provide a much quicker invoicing system with easy to use payment features for our customers. The positive impact on our cash flow has been very helpful to our business. We are no longer waiting 30 to 45 days for payments. On average, our customers are paying 5 to 7 days after receiving an invoice.
A Simple Invoicing Software for Freelancers
- Wave has made it easy for me to collect payment and not send emails back and forth.
- Reminders that are automatically sent help me collect on time.
- Invoices look very professional and provide a secure place for clients to enter in their credit card information.
- Being able to set a reminder for invoice payments ensures I get paid on time and that I don't have to hassle my client for anything.
- Their income/expenses chart helps me easily see if I'm over budget for spending or over the goal of income for the month so I can adjust next month accordingly.