What users are saying about

Accounting by Wave

Top Rated
97 Ratings
Score 9 out of 101

FinancialForce Accounting

7 Ratings
Score 5.1 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
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FinancialForce Accounting

For accounting systems, users and/or evaluators often want to see some type of matrix or "heads up" comparisons of specific features and functionality of a system in key areas such as:1) General Ledger2) Order to Cash cycle3) Purchase to Pay cycle4) Cash management5) Inventory and/or Cost Accounting (Projects/Jobs, etc)6) Revenue Recognition7) Fixed Assets management8) Budgets9) Tax10) Reports and AnalysisIt would be great if this kind of matrix existed to be filled in by reviewers so that others could benefit from their perspectives about the applications and how they address or handle the specific features/functionality.With respect to FinancialForce, the company has found that nearly all the key features it needed were available from the application.
Lynne Taylor profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
FinancialForce Accounting
8.4
Pay calculation
Accounting by Wave
8.4
FinancialForce Accounting
8.5
Benefit plan administration
Accounting by Wave
7.5
FinancialForce Accounting
8.0
Direct deposit files
Accounting by Wave
8.0
FinancialForce Accounting
9.0
Salary revision and increment management
Accounting by Wave
7.7
FinancialForce Accounting
8.5
Reimbursement management
Accounting by Wave
8.0
FinancialForce Accounting
8.0

Customization

Accounting by Wave
9.1
FinancialForce Accounting
7.0
API for custom integration
Accounting by Wave
8.9
FinancialForce Accounting
7.0
Plug-ins
Accounting by Wave
9.2
FinancialForce Accounting
7.0

Security

Accounting by Wave
8.6
FinancialForce Accounting
9.0
Single sign-on capability
Accounting by Wave
9.0
FinancialForce Accounting
9.0
Role-based user permissions
Accounting by Wave
8.2
FinancialForce Accounting
9.0

Reporting & Analytics

Accounting by Wave
8.5
FinancialForce Accounting
6.3
Dashboards
Accounting by Wave
8.4
FinancialForce Accounting
8.5
Standard reports
Accounting by Wave
8.3
FinancialForce Accounting
6.0
Custom reports
Accounting by Wave
8.6
FinancialForce Accounting
4.5

General Ledger and Configurable Accounting

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

Inventory Management

Accounting by Wave
8.9
FinancialForce Accounting
7.8
Inventory tracking
Accounting by Wave
9.5
FinancialForce Accounting
8.0
Automatic reordering
Accounting by Wave
8.0
FinancialForce Accounting
7.5
Location management
Accounting by Wave
9.0
FinancialForce Accounting
8.5
Manufacturing module
Accounting by Wave
9.0
FinancialForce Accounting
7.0

Order Management

Accounting by Wave
7.8
FinancialForce Accounting
8.1
Pricing
Accounting by Wave
8.1
FinancialForce Accounting
8.0
Order entry
Accounting by Wave
8.0
FinancialForce Accounting
8.0
Credit card processing
Accounting by Wave
9.1
FinancialForce Accounting
8.5
Cost of goods sold
Accounting by Wave
8.8
FinancialForce Accounting
8.0
Order Orchestration
Accounting by Wave
8.0
FinancialForce Accounting
End-to-end order visibility
Accounting by Wave
4.7
FinancialForce Accounting
Order exception Resolution
Accounting by Wave
8.0
FinancialForce Accounting

Accounting Firm BPO Features

Accounting by Wave
8.0
FinancialForce Accounting
8.5
Branded client dashboards
Accounting by Wave
8.0
FinancialForce Accounting
8.5
Client data roll-up capabilities
Accounting by Wave
8.0
FinancialForce Accounting
8.5
Client data consolidation for benchmarking
Accounting by Wave
7.5
FinancialForce Accounting
8.5
Configurable alerts
Accounting by Wave
8.0
FinancialForce Accounting
9.0
Billing bypass
Accounting by Wave
8.0
FinancialForce Accounting
8.0
Client template cloning
Accounting by Wave
8.0
FinancialForce Accounting
9.0
Single sign-on
Accounting by Wave
9.0
FinancialForce Accounting
9.0
Configurable client onboarding questions
Accounting by Wave
8.0
FinancialForce Accounting
8.5
Cross-client workflow management
Accounting by Wave
8.0
FinancialForce Accounting
8.5
Industry-specific versioning
Accounting by Wave
8.0
FinancialForce Accounting
8.0
Legacy system data migration
Accounting by Wave
8.0
FinancialForce Accounting
8.5

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
  • For Salesforce Enterprise Edition users, FinancialForce extends the CRM and any custom objects or applications built or installed for operations/manufacturing/services to create a complete end-to-end solution on the force.com platform.
  • Turning a sales quote or order into an invoice is seamless and intuitive, allowing sales and accounting to work together to share information and decrease time to bill. Credit processing when necessary follows a similarly seamless path.
  • Cash matching and bank reconciliation processing is streamlined with bank uploads and ability to easily match transactions with intuitive interface that checks and validates balances, increasing cash handling and accuracy.
  • Financial reporting using native Salesforce report capabilities is drag-and-drop, and ability to build custom reports using multiple data objects is flexible and easy to learn.
  • FinancialForce has a great support team and the ability to log a support case and manage the case through resolution and close has increased user adoption and satisfaction.
  • Multicurrency capability is particularly important for the company and FinancialForce handles this well with home and dual currency, easy to set up and ability to provide visibility and reporting for operations regarding impact of currency fluctuations has provided better decision making for management.
  • Intercompany transaction processing is easy to set up and use.
Lynne Taylor profile photo

Cons

  • The only disappointment I've had with using Wave so far is how delayed transactions can be with the bank connection. This is likely because of how slow the turnaround can be for check deposits and other transactions to register in the bank (24 hours or more) but it means I need to reference my bank account's website instead of Wave if I have checks arriving on payroll day.
Chris Hecox profile photo
  • While FinancialForce does provide a robust reporting engine application for free (in addition to the large number of out-of-the-box standard Salesforce reports that come with the app), the reporting engine can be overwhelming for the average user to configure and learn. This is improving with each new release but is not out yet.
  • While the company doesn't use purchase orders, there may be a need at some point in the future to do procurement of non-operations goods and services. This functionality isn't currently supported by FinancialForce, although there is the ability to create custom purchase objects in Salesforce and integrate them with payable invoices object.
  • The company would also find a simple, straightforward expense reporting and reimbursement app that integrated with payable invoices or journals useful, in order to get away from expense report management by spreadsheet. There is no current application offered or supported by FinancialForce for this, but companies can opt to install (and pay for licenses) to use other, third party applications that handle this functionality.
Lynne Taylor 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
FinancialForce Accounting10.0
Based on 1 answer
The company has now converted its legacy, "home grown" operations system and built it on the force.com platform, and the integration between it and FinancialForce is deeply entrenched. No other application would be able to replicate this functionality, and the company will be able to scale and leverage the force.com platform as it grows.
Lynne Taylor 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
FinancialForce Accounting10.0
Based on 1 answer
Change management is always an issue, but the evidence of the application's usability is that both long-time employees (used to the legacy systems for many years) and newer employees have been able to learn the system and improve their business processes.
Lynne Taylor 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
FinancialForce Accounting10.0
Based on 1 answer
Unless the internet is completely unavailable - which has not happened yet - the application is always accessible. Since FinancialForce is built on the force.com platform, it's uptime is tied to Salesforce security and system performance standards
Lynne Taylor profile photo

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
FinancialForce Accounting9.0
Based on 1 answer
If Visualforce pages are enabled, they sometimes slow down the load time.
Lynne Taylor profile photo

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
FinancialForce Accounting10.0
Based on 1 answer
The response time for FinancialForce is exemplary. Immediate acknowledgement of the support request by automatically logging a case/ticket on the provider side, then less than 24-hour follow up by a support team member with specific questions, information or resolution for the issue.
Lynne Taylor 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
FinancialForce Accounting10.0
Based on 1 answer
Through its Xtra login website available to its customers, FinancialForce offers a complete set of online, video tutorials, training and documentation. Each tutorial is "bite-sized", meaning it imparts instructional, step-by-step information in 2-3 minute narrated videos. For a particular cycle or process, like invoices to payments for example, each tutorial builds on the last so that the user can get a complete picture of the steps and process in less than 10 minutes.
Lynne Taylor profile photo

Implementation

No score
No answers yet
No answers on this topic
FinancialForce Accounting10.0
Based on 1 answer
The company decided to run parallel for three months in order to soften the impact of the change from the legacy "system" - which users had been interfacing with for over a decade - to FinancialForce. While not recommended, this did provide time for the in-house "super user" team of 2 people to become completely familiar with the application, and thus provide hands-on training and be a resource for the users who would be processing the daily accounting transactions.
Lynne Taylor 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
Compared to other accounting software FinancialForce Accounting has its good and bad aspects but overall it is a good option. Reporting directly from FinancialForce Accounting can be difficult to do, but standard accounting tasks are straightforward and not time-consuming to complete in FinacialForce Accounting. In addition, it has a few very useful tools and capabilities, such as the multi-currency multi-location capabilities, that are difficult to match
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

  • Increased staff efficiencies
  • Increased customer service
Randy O'Malley profile photo
  • Almost eliminated manual data entry
  • Understanding of costs associated with our entire sales cycle
  • Tools for multi-currency
No photo available

Pricing Details

Accounting by Wave

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

FinancialForce Accounting

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