What users are saying about

Accounting by Wave

Top Rated
97 Ratings

Financial Edge NXT

Top Rated
88 Ratings

Accounting by Wave

Top Rated
97 Ratings
Score 9 out of 101

Financial Edge NXT

Top Rated
88 Ratings
Score 8 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

Financial Edge NXT

Financial Edge NXT is very well suited for the school environment.
Pamela Wittmayer profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Financial Edge NXT
5.5
Pay calculation
Accounting by Wave
8.4
Financial Edge NXT
5.4
Benefit plan administration
Accounting by Wave
7.5
Financial Edge NXT
Direct deposit files
Accounting by Wave
8.0
Financial Edge NXT
5.5
Salary revision and increment management
Accounting by Wave
7.7
Financial Edge NXT
4.8
Reimbursement management
Accounting by Wave
8.0
Financial Edge NXT
6.4

Customization

Accounting by Wave
9.1
Financial Edge NXT
6.8
API for custom integration
Accounting by Wave
8.9
Financial Edge NXT
7.9
Plug-ins
Accounting by Wave
9.2
Financial Edge NXT
5.7

Security

Accounting by Wave
8.6
Financial Edge NXT
7.1
Single sign-on capability
Accounting by Wave
9.0
Financial Edge NXT
7.1
Role-based user permissions
Accounting by Wave
8.2
Financial Edge NXT
7.0

Reporting & Analytics

Accounting by Wave
8.5
Financial Edge NXT
6.7
Dashboards
Accounting by Wave
8.4
Financial Edge NXT
6.9
Standard reports
Accounting by Wave
8.3
Financial Edge NXT
6.7
Custom reports
Accounting by Wave
8.6
Financial Edge NXT
6.5

General Ledger and Configurable Accounting

Accounting by Wave
8.2
Financial Edge NXT
7.0
Accounts payable
Accounting by Wave
8.4
Financial Edge NXT
7.0
Accounts receivable
Accounting by Wave
9.1
Financial Edge NXT
6.3
Cash management
Accounting by Wave
8.1
Financial Edge NXT
6.8
Bank reconciliation
Accounting by Wave
7.8
Financial Edge NXT
7.0
Expense management
Accounting by Wave
8.5
Financial Edge NXT
7.5
Time tracking
Accounting by Wave
7.3
Financial Edge NXT
6.5
Fixed asset management
Accounting by Wave
5.2
Financial Edge NXT
7.0
Multi-currency support
Accounting by Wave
8.6
Financial Edge NXT
7.7
Multi-division support
Accounting by Wave
7.4
Financial Edge NXT
7.0
Regulations compliance
Accounting by Wave
7.3
Financial Edge NXT
7.6
Electronic tax filing
Accounting by Wave
6.0
Financial Edge NXT
5.8
Self-service portal
Accounting by Wave
9.1
Financial Edge NXT
7.9
Global Financial Support
Accounting by Wave
9.0
Financial Edge NXT
Primary and Secondary Ledgers
Accounting by Wave
9.3
Financial Edge NXT
Intercompany Accounting
Accounting by Wave
8.7
Financial Edge NXT
Localizations
Accounting by Wave
9.5
Financial Edge NXT
Journals and Reconciliations
Accounting by Wave
8.4
Financial Edge NXT
Enterprise Accounting
Accounting by Wave
8.7
Financial Edge NXT
Configurable Accounting
Accounting by Wave
8.7
Financial Edge NXT
Centralized Rules Framework
Accounting by Wave
9.0
Financial Edge NXT
Standardized Processes
Accounting by Wave
7.9
Financial Edge NXT

Inventory Management

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

Order Management

Accounting by Wave
7.8
Financial Edge NXT
5.3
Pricing
Accounting by Wave
8.1
Financial Edge NXT
5.7
Order entry
Accounting by Wave
8.0
Financial Edge NXT
Credit card processing
Accounting by Wave
9.1
Financial Edge NXT
6.7
Cost of goods sold
Accounting by Wave
8.8
Financial Edge NXT
3.4
Order Orchestration
Accounting by Wave
8.0
Financial Edge NXT
End-to-end order visibility
Accounting by Wave
4.7
Financial Edge NXT
Order exception Resolution
Accounting by Wave
8.0
Financial Edge NXT

Accounting Firm BPO Features

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

Pros

  • The invoicing is easily personalized and works well with both online delivery and with downloaded .pdf files for those who prefer to have direct invoicing from our firm.
  • The billing system makes it easy to track payments to contractors by project, however, it would be great to have a full 1099 solution. The payroll system worked well for us for several years, however, there were some bumps and learning curves. I am not using it at this time.
  • We have a few clients who use the direct payment options and while that costs us a few percentage points (and on the size of our contracts it seems to be a hefty slice), it's still worth it for the piece of mind to get the funds in rapidly. The rates are fairly competitive compared to what we usually.
  • It's useful to be able to assign access to team members or collaborators.
Geri Lynn Peak profile photo
  • GL configuration. We like the Fund-Account setup, with Project being a separate field not directly tied to the GL string. It provides more flexibility both with data entry rules/requirements, balancing requirements, and reporting.
  • Bank feed. It is good to be able to download transactions and match them to the Accounts Payable bank register.
  • Visual Chart Organizer. It provides extremely flexible and customizable report formatting, whatever GL configuration you have.
No photo available

Cons

  • I've not run into anything as of yet I'd like to see improved or added
Torrey Holman profile photo
  • "Allocation Management" feature
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
Financial Edge NXT8.1
Based on 3 answers
There aren't too many non-profit specific financial/accounting software solutions available. Even so, Financial Edge NXT meets the needs of our staff and allows us to operate efficiently.
Gregory Seay, CMA, CPA profile photo

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
Financial Edge NXT5.5
Based on 1 answer
Still needs development to match the old client server version
Michael Downs 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
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
Financial Edge NXT8.2
Based on 2 answers
Quick, responsive. Keep us in the loop on where the case stands. Chat feature.
Michael Downs 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

Implementation

No score
No answers yet
No answers on this topic
Financial Edge NXT6.4
Based on 1 answer
From an IT perspective, read up on the user setup integrated with the DB View
Michael Downs profile photo

Alternatives Considered

I was never able to figure out Gnu cash so I had to mostly use excel, until I found Wave
Torrey Holman profile photo
We did not evaluate other comparable products, we were hosted with FE 9, so beginning to explore the features and uses of Financial Edge NXT was a logical next step.
No photo available

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

  • 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
  • We have not done a cost analysis but it makes our office more efficient. It has business rules that help us accomplish our internal control and security needs.
Mecia Neverdon profile photo

Screenshots

Accounting by Wave

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 NXT

General
Free Trial
Free/Freemium Version
Premium Consulting/Integration Services
Yes
Entry-level set up fee?
Required
Additional Pricing Details