What users are saying about
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Top Rated
105 Ratings
21 Ratings

Accounting by Wave

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Top Rated
105 Ratings
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Score 9.1 out of 101
21 Ratings
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Score 7.8 out of 101

Likelihood to Recommend

Accounting by Wave

Wave is free to use, and they have some premium features you can pay for. For someone just starting out as a small business, freelancer or independent contractor, this is a Godsend. You can look professional, have something easy to manage, and yet also have excellent records come the end of the year. You won't spend a bunch of time having to learn the program, it's very intuitive and you get a host of great features that will make getting paid easy.
J.P. VanderLinden profile photo

Financial Edge

Financial edge is great for tracking revenue and expenses for specific donor-designated gifts. It is easy to create projects for each designation that allows for tracking and reporting. I would like to see some expansion in reporting based on projects. We currently have built custom reports for reporting to our end-users and donors on project balances.
Stephanie Ulmer profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Financial Edge
8.1
Pay calculation
Accounting by Wave
8.2
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
8.8
Financial Edge
8.0
API for custom integration
Accounting by Wave
8.7
Financial Edge
9.0
Plug-ins
Accounting by Wave
8.8
Financial Edge
7.0

Security

Accounting by Wave
8.5
Financial Edge
8.8
Single sign-on capability
Accounting by Wave
9.1
Financial Edge
8.6
Role-based user permissions
Accounting by Wave
7.9
Financial Edge
8.9

Reporting & Analytics

Accounting by Wave
8.5
Financial Edge
7.8
Dashboards
Accounting by Wave
8.5
Financial Edge
7.7
Standard reports
Accounting by Wave
8.3
Financial Edge
7.3
Custom reports
Accounting by Wave
8.6
Financial Edge
8.4

General Ledger and Configurable Accounting

Accounting by Wave
8.3
Financial Edge
7.5
Accounts payable
Accounting by Wave
8.6
Financial Edge
8.4
Accounts receivable
Accounting by Wave
9.2
Financial Edge
7.7
Cash management
Accounting by Wave
8.1
Financial Edge
7.8
Bank reconciliation
Accounting by Wave
7.9
Financial Edge
8.1
Expense management
Accounting by Wave
8.6
Financial Edge
7.5
Time tracking
Accounting by Wave
7.5
Financial Edge
5.9
Fixed asset management
Accounting by Wave
6.9
Financial Edge
7.9
Multi-currency support
Accounting by Wave
8.3
Financial Edge
7.7
Multi-division support
Accounting by Wave
7.4
Financial Edge
8.0
Regulations compliance
Accounting by Wave
7.3
Financial Edge
7.6
Electronic tax filing
Accounting by Wave
6.0
Financial Edge
7.0
Self-service portal
Accounting by Wave
8.9
Financial Edge
6.4
Global Financial Support
Accounting by Wave
9.0
Financial Edge
7.2
Primary and Secondary Ledgers
Accounting by Wave
9.3
Financial Edge
7.3
Intercompany Accounting
Accounting by Wave
8.6
Financial Edge
7.6
Localizations
Accounting by Wave
9.5
Financial Edge
8.0
Journals and Reconciliations
Accounting by Wave
8.2
Financial Edge
8.2
Enterprise Accounting
Accounting by Wave
8.7
Financial Edge
7.7
Configurable Accounting
Accounting by Wave
8.7
Financial Edge
6.6
Centralized Rules Framework
Accounting by Wave
9.0
Financial Edge
7.7
Standardized Processes
Accounting by Wave
8.1
Financial Edge
7.7

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
8.0
Financial Edge
8.0
Pricing
Accounting by Wave
8.3
Financial Edge
8.0
Order entry
Accounting by Wave
8.4
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
5.5
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

Accounting by Wave

  • Quoting and Invoicing - This feature is huge to be able to manage customers and automate the process of sending invoices as well as reminding outstanding balance holders about their obligations.
  • Payment Processing - Once you get the invoicing down, the ability to process credit card and ACH payments in a single package is great. The fees are competitive and the turn-around time to money in the bank is quick.
  • Bank Integrations - I mean, this ought to be a standard thing these days, but Wave makes it super simple. There is no need to use esoteric APIs or ugly interfaces - everything is in the same Wave wrapper and the functionality is truly seamless.
No photo available

Financial Edge

  • Financial edge is able to be customized in a way that fits our organization.
  • Financial edge is able to provide reports to our end-users on budget versus actual account balances.
  • Financial edge is able to handle a large volume of transactions with ease, having built-in capabilities for batching and balancing.
Stephanie Ulmer profile photo

Cons

Accounting by Wave

  • connection to bank sometimes lags - you can refresh the connection but it takes a minute or two to update
  • sometimes invoices are categorized as sales versus consulting income - you really have to look and change it to the appropriate income account. once an invoice is recorded as paid, you can change the income account
  • Wave has a tendency of not accepting a saved password, forcing users to reset a password that is knowingly valid. Using Single Sign On eliminates this but it's still annoying.
Kristy Nittskoff profile photo

Financial Edge

  • While the program is highly customizable, it would be helpful if there was more direction on best practices of how to set everything up.
  • Expand on reporting.
  • Ability to report on "open" years.
Stephanie Ulmer profile photo

Likelihood to Renew

Accounting by Wave

Accounting by Wave 7.8
Based on 3 answers
Easy to use for clients with no accounting background and the price is right.
Jeanne Harris profile photo

Financial Edge

No score
No answers yet
No answers on this topic

Usability

Accounting by Wave

Accounting by Wave 5.3
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

Financial Edge

No score
No answers yet
No answers on this topic

Reliability and Availability

Accounting by Wave

Accounting by Wave 6.7
Based on 4 answers
WAVE is always available when we need it ! Peter
Peter Cullen profile photo

Financial Edge

No score
No answers yet
No answers on this topic

Performance

Accounting by Wave

Accounting by Wave 2.9
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

Financial Edge

No score
No answers yet
No answers on this topic

Support

Accounting by Wave

Accounting by Wave 9.0
Based on 1 answer
If they had live chat service then I'd rate this a 10.
Matthew Gehrman profile photo

Financial Edge

No score
No answers yet
No answers on this topic

Online Training

Accounting by Wave

Accounting by Wave 4.7
Based on 3 answers
easy to use and east to train on ! Our WAVE clients enjoy the ease of use
Peter Cullen profile photo

Financial Edge

No score
No answers yet
No answers on this topic

Alternatives Considered

Accounting by Wave

Wave is better in being my one place to go for collecting payments. PayPal is nice if you're on the road collecting payments through their app and using PayPal Here, but if you would like to keep invoicing in the same place as your bookkeeping, I think Wave is a better-integrated solution.
Carl Grivakis profile photo

Financial Edge

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

Scalability

Accounting by Wave

Accounting by Wave 3.0
Based on 2 answers
Once they out grow what is ability to move up to a more robust system?
Penny Breslin profile photo

Financial Edge

No score
No answers yet
No answers on this topic

Return on Investment

Accounting by Wave

  • Wave has removed several of the stresses of running my own business and helped me collect payment from a variety of local and national clients in one easy space.
  • Wave has helped give me eyes in on how my money has been allocated, and how the business expenses have been tracked.
  • Wave is a good self-service tool, that can do much of the work Quickbooks does for others, but as a free solution provider.
Carl Grivakis profile photo

Financial Edge

  • That is difficult to answer, as the organization has used Financial Edge for a very long time. I would say the ability to add a project ID to any transaction in the GL makes it much easier to report on all revenue and expenses belonging to a single project, without having to create project-specific accounts.
Petra Hall 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

Add comparison