What users are saying about

Accounting by Wave

Top Rated
97 Ratings

AvidXchange

15 Ratings

Accounting by Wave

Top Rated
97 Ratings
Score 9.1 out of 101

AvidXchange

15 Ratings
Score 8.5 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 the best payable system out there for any multi-unit owner, or a management company. I've been using it since 2010 and cannot imagine my accounting life without it. It is online, has an approval process, has transparency; a complete time saver and organizer between all your businesses.
Shawna Guajardo-Vickers profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
AvidXchange
Pay calculation
Accounting by Wave
8.4
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
9.1
AvidXchange
API for custom integration
Accounting by Wave
8.9
AvidXchange
Plug-ins
Accounting by Wave
9.2
AvidXchange

Security

Accounting by Wave
8.6
AvidXchange
Single sign-on capability
Accounting by Wave
9.0
AvidXchange
Role-based user permissions
Accounting by Wave
8.2
AvidXchange

Reporting & Analytics

Accounting by Wave
8.5
AvidXchange
Dashboards
Accounting by Wave
8.5
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
8.5
AvidXchange
Accounts receivable
Accounting by Wave
9.2
AvidXchange
Cash management
Accounting by Wave
8.2
AvidXchange
Bank reconciliation
Accounting by Wave
7.8
AvidXchange
Expense management
Accounting by Wave
8.6
AvidXchange
Time tracking
Accounting by Wave
7.3
AvidXchange
Fixed asset management
Accounting by Wave
6.2
AvidXchange
Multi-currency support
Accounting by Wave
8.6
AvidXchange
Multi-division support
Accounting by Wave
7.6
AvidXchange
Regulations compliance
Accounting by Wave
7.3
AvidXchange
Electronic tax filing
Accounting by Wave
6.0
AvidXchange
Self-service portal
Accounting by Wave
9.1
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
8.4
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
7.9
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
8.9
AvidXchange
Order Orchestration
Accounting by Wave
8.0
AvidXchange
End-to-end order visibility
Accounting by Wave
4.7
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

  • Wave is a wonderful integrated solution offering invoicing, bookkeeping, and cash flow analysis along with bank integration that auto updates.
  • Wave is a payment solution provider with an industry standard rate of 2.9ish% for credit card transactions and provides a good analysis for me as to when I typically get paid.
  • Wave pulls common data for me in building a customized branded invoice, allowing me to make the invoice process faster by adding repeat customers and listing my graphic design services.
Carl Grivakis profile photo
  • You can pull reports by specific general ledger codes. This comes in handy at year end when you are trying to make sure that you have all invoices in for the year.
  • Everything is electronic. You do not have to worry about digging through paper files if you have a tenant that decides to audit you.
  • It takes no time to approve invoices. You have all of them in your queue. You are able to see what is waiting to be approved and go right down the line.
Lori Babaz profile photo

Cons

  • I've not run into anything as of yet I'd like to see improved or added
Torrey Holman profile photo
  • Allow high level validation checks when batching into third party software.
No photo available

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
Has met all of my needs. Very satisfied.
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 Wave3.0
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 Wave4.8
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

Wave is ideal for the small business owner. It is free (can't beat that) and easy to use. I use a variety of solutions, but pair Wave with clients (such as realtors) to keep them away from shoeboxes! I don't do anything fancy with the program, but it really shines at separating business and personal.
Jeff Borschowa 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
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
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

  • It has kept my overhead low, as it is free of cost
  • It has helped me manage my finances by giving me an easy to access snapshot of income vs/ expense
  • It has helped me organize all the information needed for tax filing
No photo available
  • 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