What users are saying about
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Top Rated
105 Ratings

Accounting by Wave

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Top Rated
105 Ratings
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Score 9.1 out of 101
89 Ratings
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Score 8.4 out of 101

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 NXT

NXT is so easy to use and navigate. However it needs to be able to export all queries to Excel. It also is not 100% complete with all of the capability of the database version.
Cindy Sheeks profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Financial Edge NXT
5.2
Pay calculation
Accounting by Wave
8.2
Financial Edge NXT
5.0
Benefit plan administration
Accounting by Wave
7.5
Financial Edge NXT
Direct deposit files
Accounting by Wave
8.0
Financial Edge NXT
5.2
Salary revision and increment management
Accounting by Wave
7.7
Financial Edge NXT
4.4
Reimbursement management
Accounting by Wave
8.0
Financial Edge NXT
6.2

Customization

Accounting by Wave
8.8
Financial Edge NXT
6.7
API for custom integration
Accounting by Wave
8.7
Financial Edge NXT
7.9
Plug-ins
Accounting by Wave
8.8
Financial Edge NXT
5.5

Security

Accounting by Wave
8.5
Financial Edge NXT
6.9
Single sign-on capability
Accounting by Wave
9.1
Financial Edge NXT
7.2
Role-based user permissions
Accounting by Wave
7.9
Financial Edge NXT
6.6

Reporting & Analytics

Accounting by Wave
8.5
Financial Edge NXT
6.7
Dashboards
Accounting by Wave
8.5
Financial Edge NXT
6.8
Standard reports
Accounting by Wave
8.3
Financial Edge NXT
6.7
Custom reports
Accounting by Wave
8.6
Financial Edge NXT
6.6

General Ledger and Configurable Accounting

Accounting by Wave
8.3
Financial Edge NXT
7.0
Accounts payable
Accounting by Wave
8.6
Financial Edge NXT
7.2
Accounts receivable
Accounting by Wave
9.2
Financial Edge NXT
6.2
Cash management
Accounting by Wave
8.1
Financial Edge NXT
6.9
Bank reconciliation
Accounting by Wave
7.9
Financial Edge NXT
7.0
Expense management
Accounting by Wave
8.5
Financial Edge NXT
7.3
Time tracking
Accounting by Wave
7.5
Financial Edge NXT
6.4
Fixed asset management
Accounting by Wave
6.8
Financial Edge NXT
7.0
Multi-currency support
Accounting by Wave
8.3
Financial Edge NXT
7.9
Multi-division support
Accounting by Wave
7.4
Financial Edge NXT
6.9
Regulations compliance
Accounting by Wave
7.3
Financial Edge NXT
7.7
Electronic tax filing
Accounting by Wave
6.0
Financial Edge NXT
5.6
Self-service portal
Accounting by Wave
8.9
Financial Edge NXT
8.1
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
8.6
Financial Edge NXT
Localizations
Accounting by Wave
9.5
Financial Edge NXT
Journals and Reconciliations
Accounting by Wave
8.2
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
8.1
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
8.0
Financial Edge NXT
4.5
Pricing
Accounting by Wave
8.3
Financial Edge NXT
5.7
Order entry
Accounting by Wave
8.4
Financial Edge NXT
Credit card processing
Accounting by Wave
9.1
Financial Edge NXT
6.1
Cost of goods sold
Accounting by Wave
8.8
Financial Edge NXT
1.9
Order Orchestration
Accounting by Wave
8.0
Financial Edge NXT
End-to-end order visibility
Accounting by Wave
5.4
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

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 NXT

  • Click on a report to drill into detail
  • Fast searching capabilities
  • It has a lots of potential
No photo available

Cons

Accounting by Wave

  • The mobile experience leaves a lot to be desired. While I can use the receipt app to capture expenses, we live in a mobile digital world where I need to be able to create quotes and invoices on the spot and not back at my desk.
  • There are a few accounting and account related tools that could use some sharpening. For example, there isn't a good way to merge transactions - so when I snap a picture of a receipt and add it there is trouble reconciling against the bank. This shows up as two discrete transactions that cannot be merged - so one has to be manually deleted. It kind of defeats the purpose of scanning the receipts in entirely.
  • We've struggled with integrating debt accounts. For example, a shareholder may pay for something to get us by one day - how to we capture that as a debt owed? There isn't a way. The "shareholder debt" account doesn't talk to the rest of the system.
No photo available

Financial Edge NXT

  • Doing a journal entry in FENXT is not user-friendly and not easy on the eye. It's much better in the database view.
  • Needs more information on the drop downs when making selections.
  • I can't wait for the budget module.
No photo available

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 NXT

Financial Edge NXT 8.0
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 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 NXT

Financial Edge NXT 5.5
Based on 1 answer
Still needs development to match the old client server version
Michael Downs profile photo

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 NXT

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 NXT

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 NXT

Financial Edge NXT 8.2
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 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 NXT

No score
No answers yet
No answers on this topic

Implementation

Accounting by Wave

No score
No answers yet
No answers on this topic

Financial Edge NXT

Financial Edge NXT 6.4
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

Accounting by Wave

Wave is FREE for most functions. Payment processing costs no matter where you go (as does payroll or taxes). Wave rises above tools like QuickBooks Online because they know that for our small firm, being nimble is the name of the game. We don't need exhaustive reporting and management like QB offers and we certainly don't want to pay for it
No photo available

Financial Edge NXT

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

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 NXT

No score
No answers yet
No answers on this topic

Return on Investment

Accounting by Wave

  • Wave has enabled our accounts payable to maintain a 99% closure rate by leveraging auto reminders through the email system.
  • Our quote to invoice process is a single click, saving time and effort. Even minor changes during that transition occur simply and easily.
  • Aside from payments, Wave has been free for our usage. Our bottom line is better because we're not investing in software but instead embracing an entire ecosystem.
No photo available

Financial Edge NXT

  • signed a multi-year agreement in Oct 2016... As of Dec 2017, FE NXT conversion has not yet happened...
Marie Roake 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

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