What users are saying about

Accounting by Wave

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Top Rated
102 Ratings

Accounting by Wave

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Top Rated
102 Ratings
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Score 9.1 out of 101

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Likelihood to Recommend

Accounting by Wave

Wave is free to use, and they have some premium features you can pay for. For someone just starting out as a small business, freelancer or independent contractor, this is a Godsend. You can look professional, have something easy to manage, and yet also have excellent records come the end of the year. You won't spend a bunch of time having to learn the program, it's very intuitive and you get a host of great features that will make getting paid easy.
J.P. VanderLinden profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Pay calculation
Accounting by Wave
8.3
Benefit plan administration
Accounting by Wave
7.5
Direct deposit files
Accounting by Wave
8.0
Salary revision and increment management
Accounting by Wave
7.7
Reimbursement management
Accounting by Wave
8.0

Customization

Accounting by Wave
9.0
API for custom integration
Accounting by Wave
8.9
Plug-ins
Accounting by Wave
9.1

Security

Accounting by Wave
8.6
Single sign-on capability
Accounting by Wave
9.1
Role-based user permissions
Accounting by Wave
8.1

Reporting & Analytics

Accounting by Wave
8.4
Dashboards
Accounting by Wave
8.4
Standard reports
Accounting by Wave
8.3
Custom reports
Accounting by Wave
8.6

General Ledger and Configurable Accounting

Accounting by Wave
8.2
Accounts payable
Accounting by Wave
8.6
Accounts receivable
Accounting by Wave
9.2
Cash management
Accounting by Wave
8.0
Bank reconciliation
Accounting by Wave
7.8
Expense management
Accounting by Wave
8.5
Time tracking
Accounting by Wave
7.3
Fixed asset management
Accounting by Wave
6.3
Multi-currency support
Accounting by Wave
8.5
Multi-division support
Accounting by Wave
7.5
Regulations compliance
Accounting by Wave
7.3
Electronic tax filing
Accounting by Wave
6.0
Self-service portal
Accounting by Wave
9.0
Global Financial Support
Accounting by Wave
9.0
Primary and Secondary Ledgers
Accounting by Wave
9.3
Intercompany Accounting
Accounting by Wave
8.7
Localizations
Accounting by Wave
9.5
Journals and Reconciliations
Accounting by Wave
8.1
Enterprise Accounting
Accounting by Wave
8.7
Configurable Accounting
Accounting by Wave
8.5
Centralized Rules Framework
Accounting by Wave
9.0
Standardized Processes
Accounting by Wave
8.0

Inventory Management

Accounting by Wave
8.9
Inventory tracking
Accounting by Wave
9.5
Automatic reordering
Accounting by Wave
8.0
Location management
Accounting by Wave
9.0
Manufacturing module
Accounting by Wave
9.0

Order Management

Accounting by Wave
7.9
Pricing
Accounting by Wave
8.3
Order entry
Accounting by Wave
8.3
Credit card processing
Accounting by Wave
9.1
Cost of goods sold
Accounting by Wave
8.8
Order Orchestration
Accounting by Wave
8.0
End-to-end order visibility
Accounting by Wave
4.8
Order exception Resolution
Accounting by Wave
8.0

Accounting Firm BPO Features

Accounting by Wave
8.0
Branded client dashboards
Accounting by Wave
8.0
Client data roll-up capabilities
Accounting by Wave
8.0
Client data consolidation for benchmarking
Accounting by Wave
7.5
Configurable alerts
Accounting by Wave
8.0
Billing bypass
Accounting by Wave
8.0
Client template cloning
Accounting by Wave
8.0
Single sign-on
Accounting by Wave
9.0
Configurable client onboarding questions
Accounting by Wave
8.0
Cross-client workflow management
Accounting by Wave
8.0
Industry-specific versioning
Accounting by Wave
8.0
Legacy system data migration
Accounting by Wave
8.0

Pros

  • tracks and categorizes financial transactions with a direct link to bank accounts and credit cards - helpful since there is no manual input outside of verifying that a category is correct
  • easily creates invoices without the need to input customer information more than once. you can also send directly from the platform and toggle the option to accept credit card and ACH payments
  • creates financial reports with ease
Kristy Nittskoff profile photo

Cons

  • There are no preset date options for reports. It would be nice if you could select a quick option when running a report like "this month", "this quarter", "last month", "last quarter". It can bee a little cumbersome to manually enter the dates for a report especially when looking for previous years.
  • As a Wave Pro, I have clients who use Wave for Payroll. Under my "collaborator" access I cannot assist them with running payroll or view any payroll reports I have to use their personal login to access payroll. It would be nice to have an option to grant a collaborator more access including Payroll.
  • It would be really great to add a credit memo option. That way you could show that a client has a positive balance on their account. I know there are some funky work-arounds for this, but it's not worth the work to use them.
  • Bank reconciliation technically exists, but it's not intuitive for someone who is used to reconciling in a desktop software such as Quickbooks.
Melissa Whaley profile photo

Likelihood to Renew

Accounting by Wave7.8
Based on 3 answers
Easy to use for clients with no accounting background and the price is right.
Jeanne Harris profile photo

Usability

Accounting by Wave5.3
Based on 4 answers
I am a professional bookkeeper and I have no problems using Wave and all of it's features. I can see that certain individuals who have no accounting knowledge might struggle with a few different features and entries, but that is why Wave has an emphasis in connecting users to Wave Pro's who will walk them through things
Melissa Whaley profile photo

Reliability and Availability

Accounting by Wave6.7
Based on 4 answers
WAVE is always available when we need it ! Peter
Peter Cullen profile photo

Performance

Accounting by Wave2.9
Based on 2 answers
Wave does tend to slow down when filtering your transactions screen especially by date. This is more of an issue when trying to trouble shoot certain transactions or clean-up a set of books.
Melissa Whaley profile photo

Support

Accounting by Wave9.0
Based on 1 answer
If they had live chat service then I'd rate this a 10.
Matthew Gehrman profile photo

Online Training

Accounting by Wave4.7
Based on 3 answers
easy to use and east to train on ! Our WAVE clients enjoy the ease of use
Peter Cullen profile photo

Alternatives Considered

Wave's biggest selling point is by far it's price, because their base product for free. Most people sign-up because of that advantage. But here are my opinions of Wave Vs these three other programs I've worked in.Wave vs Freshbooks
-Freshbooks wins for invoicing because it gives you multiple options for payment processing integration and it gives you an audit trail on invoices to show when a client has viewed as well as paid. It also has a project time tracking option that you can then invoice time entries.-Wave wins the accounting side because it actually tracks assets and liabilities, not just income and expenses. -As far as user friendly and accounting knowledge necessary to use, Freshbooks is slightly easier for those with no accounting knowledge.-Wave allows bookkeepers to use their own account access through the collaborator feature, Freshbooks has "accountant" access but you can only view reports and export journal entries. If someone wants help editing transactions they have to share their login info.
Wave vs Quickbooks Online
-Quickbooks Online wins for customization and range of features especially custom reports, sub-accounts in the chart of accounts, and traditional bank reconciliation.-Wave is better in ease of use -Wave Payroll offers a Tax service that automates payroll tax filing, Quickbooks Payroll does not do that you still have to hit send
Wave vs Less Accounting
- Overall I found LessAccounting and Wave very comparable products, but LessAccounting is a paid product and Wave's base product is free w/ advertising on the sidebar.-In the range of features, Wave has more integrated options such as Payroll and Payment Processing.-LessAccounting has a strong emphasis on education and tries to educate the user on basic bookkeeping processes within the software-LessAccounting has a slightly better bank reconciliation feature, but only slightly better because you enter the starting and ending statement balances. Neither product are strong on true bank statement reconciliation.
Melissa Whaley profile photo

Rating for Public Practice CPAs

Accounting by Wave8.0
Based on 8 answers
I rated the software an 7 due to its ease of use. It would be rated higher, but I consider this to be a niche product instead of a go to product for all clients. This is the software to use if you want an inexpensive entry level software for an owner managed business.
Randy O'Malley profile photo

Scalability

Accounting by Wave3.0
Based on 2 answers
Once they out grow what is ability to move up to a more robust system?
Penny Breslin profile photo

Return on Investment

  • Increased staff efficiencies
  • Increased customer service
Randy O'Malley profile photo

Pricing Details

Accounting by Wave

General
Free Trial
Free/Freemium Version
Premium Consulting/Integration Services
Entry-level set up fee?
No
Additional Pricing Details