What users are saying about

Accounting by Wave

Top Rated
97 Ratings

Financial Edge

19 Ratings

Accounting by Wave

Top Rated
97 Ratings
Score 9 out of 101

Financial Edge

19 Ratings
Score 7.8 out of 101

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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.
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Financial Edge

We would like to eventually have an all-in-one solution for billing/AR. We are a membership organization and currently have to host an additional database for billing, then post those transactions to FE. For this reason, we do not feel Financial Edge is best-suited for our accounts receivable needs; as we still have to incur costs associated with hosting another database to do what we need to do. On-the-other-hand, Accounts Payable module works well for our business needs. We primarily process check payments and bank drafts and this module makes it easy to manage payments and correcting errors (i.e. deleting invoices or reprinting a check that did not print properly) is fairly simple.
Sunny Reed profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Financial Edge
Pay calculation
Accounting by Wave
8.4
Financial Edge
Benefit plan administration
Accounting by Wave
7.5
Financial Edge
Direct deposit files
Accounting by Wave
8.0
Financial Edge
Salary revision and increment management
Accounting by Wave
7.7
Financial Edge
Reimbursement management
Accounting by Wave
8.0
Financial Edge

Customization

Accounting by Wave
9.1
Financial Edge
6.0
API for custom integration
Accounting by Wave
8.9
Financial Edge
Plug-ins
Accounting by Wave
9.2
Financial Edge
6.0

Security

Accounting by Wave
8.6
Financial Edge
9.2
Single sign-on capability
Accounting by Wave
9.0
Financial Edge
10.0
Role-based user permissions
Accounting by Wave
8.2
Financial Edge
8.5

Reporting & Analytics

Accounting by Wave
8.5
Financial Edge
6.3
Dashboards
Accounting by Wave
8.4
Financial Edge
6.1
Standard reports
Accounting by Wave
8.3
Financial Edge
5.4
Custom reports
Accounting by Wave
8.6
Financial Edge
7.4

General Ledger and Configurable Accounting

Accounting by Wave
8.2
Financial Edge
7.3
Accounts payable
Accounting by Wave
8.4
Financial Edge
7.9
Accounts receivable
Accounting by Wave
9.1
Financial Edge
8.0
Cash management
Accounting by Wave
8.1
Financial Edge
8.0
Bank reconciliation
Accounting by Wave
7.8
Financial Edge
8.7
Expense management
Accounting by Wave
8.5
Financial Edge
7.3
Time tracking
Accounting by Wave
7.3
Financial Edge
7.0
Fixed asset management
Accounting by Wave
5.2
Financial Edge
7.0
Multi-currency support
Accounting by Wave
8.6
Financial Edge
Multi-division support
Accounting by Wave
7.4
Financial Edge
Regulations compliance
Accounting by Wave
7.3
Financial Edge
6.0
Electronic tax filing
Accounting by Wave
6.0
Financial Edge
Self-service portal
Accounting by Wave
9.1
Financial Edge
10.0
Global Financial Support
Accounting by Wave
9.0
Financial Edge
8.0
Primary and Secondary Ledgers
Accounting by Wave
9.3
Financial Edge
6.0
Intercompany Accounting
Accounting by Wave
8.7
Financial Edge
6.0
Localizations
Accounting by Wave
9.5
Financial Edge
Journals and Reconciliations
Accounting by Wave
8.4
Financial Edge
9.0
Enterprise Accounting
Accounting by Wave
8.7
Financial Edge
Configurable Accounting
Accounting by Wave
8.7
Financial Edge
3.0
Centralized Rules Framework
Accounting by Wave
9.0
Financial Edge
Standardized Processes
Accounting by Wave
7.9
Financial Edge
8.0

Inventory Management

Accounting by Wave
8.9
Financial Edge
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
Manufacturing module
Accounting by Wave
9.0
Financial Edge

Order Management

Accounting by Wave
7.8
Financial Edge
Pricing
Accounting by Wave
8.1
Financial Edge
Order entry
Accounting by Wave
8.0
Financial Edge
Credit card processing
Accounting by Wave
9.1
Financial Edge
Cost of goods sold
Accounting by Wave
8.8
Financial Edge
Order Orchestration
Accounting by Wave
8.0
Financial Edge
End-to-end order visibility
Accounting by Wave
4.7
Financial Edge
Order exception Resolution
Accounting by Wave
8.0
Financial Edge

Accounting Firm BPO Features

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

Pros

  • Crisp, clean invoices, and I particularly like the ability to customize the invoice to fit our needs.
  • Custom reporting tools so we can slice & dice our data as needed.
  • Overall interface is incredibly easy to navigate through and you don't have to be a professional accountant or book keeper to make sense of everything.
  • Offering a recurring payment option, credit card processing, and ACH payment options with customer online payment options as well has made our life much easier with the repeat accounts we manage.
  • Adding customers profiles is simple and can be done right in the new invoice tool
  • Setting up vendors is quick and easy to associate to various payable/receivable accounts is simple.
Matthew Gehrman profile photo
  • F-9 Reporting is a great tool. We are able to build custom financials for our Finance Committees and Board of Directors and choose how we want to present information to these parties.
  • The AP Module is easy to use and has a "common sense" format.
  • The ability to reference various dates/periods in one journal entry is awesome!
Sunny Reed profile photo

Cons

  • Not too much to complain about with Wave although I do wish they kept an audit trail of all invoice reminders sent, changes in the invoice, and have the ability to pull reports with this data. This functionality would be great to review clients as a whole to determine profitability and time spent with these clients.
  • 9% processing fees for all cards which is a bit higher than some of the competitors like Blue Pay. The pro to this though is there's no monthly commitment or monthly service fees.
Matthew Gehrman profile photo
  • In the list view of Journal Entries, it would be great if we could see the post date in addition to the date added.
  • Fixed Asset module is not set up for some unique scenarios (removing a previously "acquired asset" that was not necessarily disposed of, but place in FA in error).
  • Reporting within the FE application is not so great, so F-9 saves the day with respect to reporting.
Sunny Reed 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

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
There is no comparison. Fundware was such a dated application and I couldn't believe we were using it as long as we were. Financial Edge allows us to post entries to multiple dates in a single entry and edit the post date as we go. When we used Fundware, we had to edit the business date prior to creating the entry and if we needed to post to multiple periods, we had to repeat these steps and create a new entry for each period. This alone has saved us so much time.
Sunny Reed 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

  • Being as it's free software to use I'd say implementing wave has been a positive return for the business.
  • Providing us the ability to process credit cards over the phone has increased our turn time to receive payments thus saving time overall which equates to $1,000's a year
Matthew Gehrman profile photo
  • Financial Edge has enabled us to save time with respect to monthly reporting.
  • Financial Edge has helped us streamline some larger entries that were once a pain to enter in Fundware.
  • The F-9 plug allows us to report information in our desired format as opposed to using the reports within the FE application.
  • Overall, I would say that Financial Edge definitely saves us time on closing each month which frees us up for other projects within our department.
Sunny Reed 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