What users are saying about

Accounting by Wave

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Top Rated
102 Ratings
16 Ratings

Accounting by Wave

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Top Rated
102 Ratings
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Score 9.1 out of 101
16 Ratings
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Score 8.7 out of 101

Add comparison

Likelihood to Recommend

Accounting by Wave

Wave is great at small business accounting where fairly simple quotes and invoices can be set up and payments can be received online or as mailed checks. Other or more complicated situations are not well suited to the platform. Any business that takes in Bitcoin or other alternative currencies will struggle to link the account types together
No photo available

AvidXchange

AvidXchange is certainly well suited for our commercial real estate business. When deciding on an accounts payable software, it is important to you ask how easily it integrates with your current accounting system. How many steps are required to export a data file? Are there any restrictions with your G/L codes?
Christina Honthy-Little 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
9.0
AvidXchange
API for custom integration
Accounting by Wave
8.9
AvidXchange
Plug-ins
Accounting by Wave
9.1
AvidXchange

Security

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

Reporting & Analytics

Accounting by Wave
8.4
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
8.2
AvidXchange
Accounts payable
Accounting by Wave
8.6
AvidXchange
Accounts receivable
Accounting by Wave
9.2
AvidXchange
Cash management
Accounting by Wave
8.0
AvidXchange
Bank reconciliation
Accounting by Wave
7.8
AvidXchange
Expense management
Accounting by Wave
8.5
AvidXchange
Time tracking
Accounting by Wave
7.3
AvidXchange
Fixed asset management
Accounting by Wave
6.3
AvidXchange
Multi-currency support
Accounting by Wave
8.5
AvidXchange
Multi-division support
Accounting by Wave
7.5
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
8.7
AvidXchange
Localizations
Accounting by Wave
9.5
AvidXchange
Journals and Reconciliations
Accounting by Wave
8.1
AvidXchange
Enterprise Accounting
Accounting by Wave
8.7
AvidXchange
Configurable Accounting
Accounting by Wave
8.5
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
7.9
AvidXchange
Pricing
Accounting by Wave
8.3
AvidXchange
Order entry
Accounting by Wave
8.3
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
4.8
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

  • Separates tasks by name for billing
  • Reminders of invoices coming due and notices of any overdue
  • Calculates payment amount due depending on the information you previously set up
  • Saves time
  • Makes freelancing financials painless
Torrey Holman profile photo
  • Great organizational tool.
  • Able to pay invoices right from the site.
  • Has a wide variety of reports that can be utilized.
John Dunn profile photo

Cons

  • The reports need some work. I would like to see some options for how the data is sorted (either by account number or name).
  • The payroll service is a bit limited if you have staff that have varied pay structures or are paid on different schedules.
Eric Matthews profile photo
  • Setting up users and new entities.
  • A training on reports and which are the best to use.
John Dunn 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

Each one of these cloud-based or desktop accounting services offer different pros and cons. It really comes down to the individual owner's wants and needs. While Wave is not going to be my first choice for a large, complex organization, it really shines when handling a one person shop who wants to keep track of their home and business finances in one place without all the complexity of traditional bookkeeping software. It's far less expensive than its competitors and has made constant strides to improve itself since day one. It also has a very friendly support staff who have a very fast response time.
Eric Matthews profile photo
No comparison. Our national company recommends a small selection of A/P modules that integrate with our MRI accounting software. When the decision was made, it was a no-brainer to select AvidXchange, due to my prior knowledge and experience.
Christina Honthy-Little profile photo

Rating for Public Practice CPAs

Accounting by Wave8.0
Based on 8 answers
Wave is very easy for the small business owner to use but it has enough features to keep accountants happy.
Elaine Orr Morgan profile photo
No score
No answers yet
No answers on this topic

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

  • Automatic bank transaction downloads really speeds up income and expense capture, as well as bank reconciliations.
  • Having a low cost (or in this case free) product encourages clients to use all of the features available without fear of being overcharged
  • The ability for the client to see their data online in real time whenever they want really makes the bookkeeping process much more efficient and transparent.
Eric Matthews profile photo
  • The implementation of AvidXchange has minimized error ratios within the accounting department, which has reduced employee time and effort for error corrections
  • The implementation of AvidXchange has enabled us to tighten up the time frame for invoice processing and payment, resulting in the reduction of late fee payments to vendors.
  • The implementation of AvidXchange has increased the time our AP accountant invests in AP processing, resulting in less time for other duties.
Suzanne Crockett 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

AvidXchange

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