What users are saying about

Accounting by Wave

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Top Rated
102 Ratings
20 Ratings

Accounting by Wave

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Top Rated
102 Ratings
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Score 9.1 out of 101
20 Ratings
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Score 7.9 out of 101

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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

Financial Edge

Financial Edge is ideal for the $1m to $10m budget organization. Those who are smaller or larger (or more complex) may want to consider another system
Wendy Johnson profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Financial Edge
8.1
Pay calculation
Accounting by Wave
8.3
Financial Edge
9.0
Benefit plan administration
Accounting by Wave
7.5
Financial Edge
7.0
Direct deposit files
Accounting by Wave
8.0
Financial Edge
8.0
Salary revision and increment management
Accounting by Wave
7.7
Financial Edge
7.5
Reimbursement management
Accounting by Wave
8.0
Financial Edge
9.0

Customization

Accounting by Wave
9.0
Financial Edge
8.0
API for custom integration
Accounting by Wave
8.9
Financial Edge
9.0
Plug-ins
Accounting by Wave
9.1
Financial Edge
6.9

Security

Accounting by Wave
8.6
Financial Edge
8.9
Single sign-on capability
Accounting by Wave
9.1
Financial Edge
8.9
Role-based user permissions
Accounting by Wave
8.1
Financial Edge
9.0

Reporting & Analytics

Accounting by Wave
8.4
Financial Edge
7.6
Dashboards
Accounting by Wave
8.4
Financial Edge
7.5
Standard reports
Accounting by Wave
8.3
Financial Edge
7.2
Custom reports
Accounting by Wave
8.6
Financial Edge
8.2

General Ledger and Configurable Accounting

Accounting by Wave
8.2
Financial Edge
8.4
Accounts payable
Accounting by Wave
8.6
Financial Edge
8.5
Accounts receivable
Accounting by Wave
9.2
Financial Edge
8.7
Cash management
Accounting by Wave
8.0
Financial Edge
8.5
Bank reconciliation
Accounting by Wave
7.8
Financial Edge
8.9
Expense management
Accounting by Wave
8.5
Financial Edge
8.3
Time tracking
Accounting by Wave
7.3
Financial Edge
7.0
Fixed asset management
Accounting by Wave
6.3
Financial Edge
8.5
Multi-currency support
Accounting by Wave
8.5
Financial Edge
9.0
Multi-division support
Accounting by Wave
7.5
Financial Edge
9.0
Regulations compliance
Accounting by Wave
7.3
Financial Edge
8.7
Electronic tax filing
Accounting by Wave
6.0
Financial Edge
8.0
Self-service portal
Accounting by Wave
9.0
Financial Edge
6.8
Global Financial Support
Accounting by Wave
9.0
Financial Edge
8.0
Primary and Secondary Ledgers
Accounting by Wave
9.3
Financial Edge
8.0
Intercompany Accounting
Accounting by Wave
8.7
Financial Edge
8.0
Localizations
Accounting by Wave
9.5
Financial Edge
9.0
Journals and Reconciliations
Accounting by Wave
8.1
Financial Edge
9.0
Enterprise Accounting
Accounting by Wave
8.7
Financial Edge
9.0
Configurable Accounting
Accounting by Wave
8.5
Financial Edge
7.1
Centralized Rules Framework
Accounting by Wave
9.0
Financial Edge
9.0
Standardized Processes
Accounting by Wave
8.0
Financial Edge
8.7

Inventory Management

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

Order Management

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

Accounting Firm BPO Features

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

Pros

  • The ease of use with Wave makes it a great tool. Someone without much accounting experience can jump in and use the software.
  • The reports features in Wave make looking at financial statements a breeze. In addition you can quickly drill down into expense categories to see all transactions of a certain type.
  • It is very easy to generate a sales invoice and see the average period for our company to get paid.
  • I love the Wave Invoice app where we can track invoices on the go and verify payment history.
Lukas Sundahl, MBA profile photo
  • Grant Management - nothing is more harrowing than grant reporting, and FE does it best. It allows for layered budgets and limitless division of expenses among grants, overhead, or other projects/programs.
  • Reporting - Most financial software tries to adapt for-profit accounting into a non-profit mode without addressing the unique needs of a nonprofit for reporting and auditing.
  • Multiple projects and/or cost centers within a budget and system - nothing is more challenging than trying to manage expenses over several cost centers and FE is a champ at allowing that complexity.
Wendy Johnson profile photo

Cons

  • I would love to see a separate transaction feed for CAD and USD accounts. It is tricky right now to properly post transfers and payments between currencies as well as from bank accounts to credit card accounts.
  • Adding an invoice number field to the Verify Screen would eliminate the need to post the bill first and then record the payment second.
Jennifer Bauldic profile photo
  • Not for "out of the box" users - Financial Edge is a great system, but implementation requires support or even an consultant. You want to make sure you have set it up correctly - not duplicating what you have always done, but in a way that makes the robust reporting in FE work for you.
  • Better exported reports - Reports exported to Excel always seem to have too many lines and columns as well as at least one column that is off one cell to the right. Not a huge issue, but it takes a little time to reformat.
Wendy Johnson 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
No score
No answers yet
No answers on this topic

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
No score
No answers yet
No answers on this topic

Reliability and Availability

Accounting by Wave6.7
Based on 4 answers
WAVE is always available when we need it ! Peter
Peter Cullen profile photo
No score
No answers yet
No answers on this topic

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
No score
No answers yet
No answers on this topic

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
No score
No answers yet
No answers on this topic

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

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
Most FE installations I have participated in were from QuickBooks Pro. QuickBooks, if set up well, is a great alternative for the smaller association or nonprofit, but it has challenges handling some of the unique aspects of nonprofit accounting. Recent editions of QuickBooks Pro have included a new nonprofit component, but it can be difficult to use.
Wendy Johnson 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

  • Vastly improved customer service
  • Fast turnaround
  • Reduced paper piles in office
Jeff Borschowa profile photo
  • Like any enterprise software, there are costs/investments ahead of return. It isn't something you would implement without support.
  • During the significant financial downturn, we were able to use FE to forecast trends and make budget adjustments easily. It transformed communication about forecasting and cuts with assurance.
Wendy Johnson 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

Financial Edge

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