What users are saying about

Accounting by Wave

<a href='https://www.trustradius.com/static/about-trustradius-scoring#question3' target='_blank' rel='nofollow'>Customer Verified: Read more.</a>
Top Rated
104 Ratings
17 Ratings

Accounting by Wave

<a href='https://www.trustradius.com/static/about-trustradius-scoring#question3' target='_blank' rel='nofollow'>Customer Verified: Read more.</a>
Top Rated
104 Ratings
<a href='https://www.trustradius.com/static/about-trustradius-scoring' target='_blank' rel='nofollow'>trScore algorithm: Learn more.</a>
Score 9.1 out of 101
17 Ratings
<a href='https://www.trustradius.com/static/about-trustradius-scoring' target='_blank' rel='nofollow'>trScore algorithm: Learn more.</a>
Score 9.4 out of 101

Add comparison

Likelihood to Recommend

Accounting by Wave

I have recommended it to many small businesses because first off, it works. Setup and daily use it is easy. There is no cost outside of any payment transaction processing fees. You can probably find lower fees, but they are not out of line with other services.
No photo available

AvidXchange

AvidXchange is well suited for companies with multiple locations where approvals may be hard to get directly. A user can log on when they have time basically from anywhere to review, code and approve invoices. This would allow for processing of invoices centrally more efficiently then with appear invoices being moved from one place to another to be processed
Brian Murphy profile photo

Feature Rating Comparison

Payroll Management

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

Customization

Accounting by Wave
8.9
AvidXchange
API for custom integration
Accounting by Wave
8.8
AvidXchange
Plug-ins
Accounting by Wave
8.9
AvidXchange

Security

Accounting by Wave
8.5
AvidXchange
Single sign-on capability
Accounting by Wave
9.1
AvidXchange
Role-based user permissions
Accounting by Wave
8.0
AvidXchange

Reporting & Analytics

Accounting by Wave
8.5
AvidXchange
Dashboards
Accounting by Wave
8.4
AvidXchange
Standard reports
Accounting by Wave
8.3
AvidXchange
Custom reports
Accounting by Wave
8.6
AvidXchange

General Ledger and Configurable Accounting

Accounting by Wave
8.3
AvidXchange
Accounts payable
Accounting by Wave
8.6
AvidXchange
Accounts receivable
Accounting by Wave
9.2
AvidXchange
Cash management
Accounting by Wave
8.1
AvidXchange
Bank reconciliation
Accounting by Wave
7.9
AvidXchange
Expense management
Accounting by Wave
8.5
AvidXchange
Time tracking
Accounting by Wave
7.5
AvidXchange
Fixed asset management
Accounting by Wave
6.6
AvidXchange
Multi-currency support
Accounting by Wave
8.3
AvidXchange
Multi-division support
Accounting by Wave
7.4
AvidXchange
Regulations compliance
Accounting by Wave
7.3
AvidXchange
Electronic tax filing
Accounting by Wave
6.0
AvidXchange
Self-service portal
Accounting by Wave
9.0
AvidXchange
Global Financial Support
Accounting by Wave
9.0
AvidXchange
Primary and Secondary Ledgers
Accounting by Wave
9.3
AvidXchange
Intercompany Accounting
Accounting by Wave
8.6
AvidXchange
Localizations
Accounting by Wave
9.5
AvidXchange
Journals and Reconciliations
Accounting by Wave
8.2
AvidXchange
Enterprise Accounting
Accounting by Wave
8.7
AvidXchange
Configurable Accounting
Accounting by Wave
8.7
AvidXchange
Centralized Rules Framework
Accounting by Wave
9.0
AvidXchange
Standardized Processes
Accounting by Wave
8.0
AvidXchange

Inventory Management

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

Order Management

Accounting by Wave
8.0
AvidXchange
Pricing
Accounting by Wave
8.3
AvidXchange
Order entry
Accounting by Wave
8.4
AvidXchange
Credit card processing
Accounting by Wave
9.1
AvidXchange
Cost of goods sold
Accounting by Wave
8.8
AvidXchange
Order Orchestration
Accounting by Wave
8.0
AvidXchange
End-to-end order visibility
Accounting by Wave
5.2
AvidXchange
Order exception Resolution
Accounting by Wave
8.0
AvidXchange

Accounting Firm BPO Features

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

Pros

  • The dashboard provides instant views of month-by month income & expenses for the past 12-24 months, a breakdown of current year expense by category, and net income for the past year and year-to-date.
  • Invoicing has easy templated set up has lots of per invoice options such as single/recurring payment options, due dates.
  • Year end reports are easy to generate in either pdf or csv format.
No photo available
  • Automation: Every part of Avid's process is automated through the use of workflows established by the AvidXchange administrator. This allows all vested entities to review and approve the payment of an invoice in a timely manner.
  • Transparency: As an invoice goes through the review and approval process, every step is documented and available for review. This ensures all parties are appropriately vested in ensuring the timely approval of invoices for payment
  • Accuracy: Automating the AP process has helped to minimize the risk for errors that occur through manual invoice entry and approval.
Suzanne Crockett profile photo

Cons

  • My biggest request is that they add a way to link invoice payments with the bank deposits . When a payment is made through Wave, they show the income and it is marked with the invoice number, but when they transfer the money into the bank, the credit is not tied to the invoice(s). You have to figure out by hand and delete the transaction from the bank to prevent getting double credit on it
  • It would be good to have a field for CC email on each customer. Currently you have to add any CC when sending.
  • On the Transactions view, a few more search options would be helpful.
No photo available
  • AvidXchange is too aggressive after payments are sent to vendors in their approach to getting the vendors to sign up for a virtual credit card payment. Some of our vendors have complained at how frequently or diligently they were were pursued by AvidXchange.
  • When an invoice approver is to become unavailable temporarily due to vacation, illness, etc., they should be able to auto-assign a covering party for a determined length of time or through a particular date like our previous system did. There is no good way for this to be handled by AvidXchange.
Richard Maritt, CMCA, AMS 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
AvidXchange8.2
Based on 5 answers
At the moment we have a contract for another year, we are hoping there is improvement with the company to decide if we stay with them or change.
No photo available

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
AvidXchange8.2
Based on 1 answer
Except the one difficult/cumbersome point I made, it is a strong, solid, easy-to-use system.
Richard Maritt, CMCA, AMS 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
AvidXchange9.0
Based on 1 answer
No answer on this topic is available.

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
AvidXchange8.0
Based on 1 answer
No answer on this topic is available.

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
AvidXchange8.2
Based on 2 answers
Except for occasional escalations needed to Level 2 support, they are efficient and quick with nearly all requests.
Richard Maritt, CMCA, AMS 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
No score
No answers yet
No answers on this topic

Alternatives Considered

Across the board Wave takes the cake on price at $0/mo aside from payroll fees and credit card processing. That aside I'd say most accounting systems are fairly similar, however what I like about Wave is just how simple the interface is and the outstanding customer support from both the community and the company.
Matthew Gehrman profile photo
I have not used any other program to compare with AvidXchange.
No photo available

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
No score
No answers yet
No answers on this topic

Return on Investment

  • Wave is free. As a small business owner, it's difficult for me to commit to using too many different software because costs add up. Wave is a very competitive application with many features. I don't think I can go elsewhere at this point. It's far too attractive.
  • Wave does have paid features relating to payroll and bank account transfers. I prefer to handle incoming payments through checks manually so I don't worry about bank transfers. For some, this might be a concern, but you are likely paying for this no matter what you use.
  • Wave has saved me a considerable amount of time going back and forth between my bank's website and excel sheets. This is immeasurable to me. Keeping invoices in one place is also a big deal. I really love this software.
Chris Hecox profile photo
  • Increased employee efficiency
  • High level view of invoices in the pipeline for approval. Allows for better cash flow management.
No photo available

Pricing Details

Accounting by Wave

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

AvidXchange

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