What users are saying about

Accounting by Wave

Top Rated
96 Ratings

FreeAgent

31 Ratings

Accounting by Wave

Top Rated
96 Ratings
Score 9 out of 101

FreeAgent

31 Ratings
Score 9.1 out of 101

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Likelihood to Recommend

Accounting by Wave

Wave is well suited for small businesses looking to have an accounting service that won't hinder profitability. Wave is a great service for a small business owner just starting out and is flexible enough to meet demands of larger businesses. Wave even offers a paid payroll service if needed for any business owner. The ease of use with Wave makes it perfect for non-accountants, and for accountants they have tools available that they are used to seeing with other accounting software.
Lukas Sundahl, MBA profile photo

FreeAgent

FreeAgent is great for all levels of companies to can manage payroll, quotes, invoicing and time allowance for projects. If you are quite a large company, then I would recommend speaking to them to help you set up the account.
Anthony Stretten profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
FreeAgent
8.6
Pay calculation
Accounting by Wave
8.4
FreeAgent
8.0
Benefit plan administration
Accounting by Wave
7.5
FreeAgent
8.5
Direct deposit files
Accounting by Wave
8.0
FreeAgent
8.9
Salary revision and increment management
Accounting by Wave
7.7
FreeAgent
8.8
Reimbursement management
Accounting by Wave
8.0
FreeAgent
8.7

Customization

Accounting by Wave
9.1
FreeAgent
5.5
API for custom integration
Accounting by Wave
8.9
FreeAgent
4.5
Plug-ins
Accounting by Wave
9.2
FreeAgent
6.4

Security

Accounting by Wave
8.6
FreeAgent
8.5
Single sign-on capability
Accounting by Wave
9.0
FreeAgent
9.0
Role-based user permissions
Accounting by Wave
8.2
FreeAgent
8.0

Reporting & Analytics

Accounting by Wave
8.5
FreeAgent
7.8
Dashboards
Accounting by Wave
8.4
FreeAgent
10.0
Standard reports
Accounting by Wave
8.3
FreeAgent
9.0
Custom reports
Accounting by Wave
8.6
FreeAgent
4.5

General Ledger and Configurable Accounting

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

Inventory Management

Accounting by Wave
8.9
FreeAgent
7.4
Inventory tracking
Accounting by Wave
9.5
FreeAgent
7.7
Automatic reordering
Accounting by Wave
8.0
FreeAgent
8.2
Location management
Accounting by Wave
9.0
FreeAgent
4.5
Manufacturing module
Accounting by Wave
9.0
FreeAgent
9.1

Order Management

Accounting by Wave
7.8
FreeAgent
8.0
Pricing
Accounting by Wave
8.1
FreeAgent
8.1
Order entry
Accounting by Wave
8.0
FreeAgent
6.8
Credit card processing
Accounting by Wave
9.1
FreeAgent
8.2
Cost of goods sold
Accounting by Wave
8.8
FreeAgent
9.1
Order Orchestration
Accounting by Wave
8.0
FreeAgent
End-to-end order visibility
Accounting by Wave
4.7
FreeAgent
Order exception Resolution
Accounting by Wave
8.0
FreeAgent

Accounting Firm BPO Features

Accounting by Wave
8.0
FreeAgent
8.4
Branded client dashboards
Accounting by Wave
8.0
FreeAgent
9.1
Client data roll-up capabilities
Accounting by Wave
8.0
FreeAgent
8.6
Client data consolidation for benchmarking
Accounting by Wave
7.5
FreeAgent
8.2
Configurable alerts
Accounting by Wave
8.0
FreeAgent
9.1
Billing bypass
Accounting by Wave
8.0
FreeAgent
9.1
Client template cloning
Accounting by Wave
8.0
FreeAgent
8.2
Single sign-on
Accounting by Wave
9.0
FreeAgent
9.1
Configurable client onboarding questions
Accounting by Wave
8.0
FreeAgent
6.4
Cross-client workflow management
Accounting by Wave
8.0
FreeAgent
Industry-specific versioning
Accounting by Wave
8.0
FreeAgent
Legacy system data migration
Accounting by Wave
8.0
FreeAgent
8.2

Pros

  • tracks and categorizes financial transactions with a direct link to bank accounts and credit cards - helpful since there is no manual input outside of verifying that a category is correct
  • easily creates invoices without the need to input customer information more than once. you can also send directly from the platform and toggle the option to accept credit card and ACH payments
  • creates financial reports with ease
Kristy Nittskoff profile photo
  • Live feed from bank accounts
  • Live feed and upload of self assessment tax returns
  • At a glance dashboard of outstanding invoices
Russell Greig MCIArb 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
  • Being able to print out multiple things (like invoices) at once would be ideal
Emma Cossey 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
FreeAgent9.1
Based on 4 answers
Clear user design. Makes accounting for small businesses easy.
No photo available

Reliability and Availability

Accounting by Wave6.7
Based on 4 answers
WAVE is always available when we need it ! Peter
Peter Cullen profile photo
FreeAgent8.9
Based on 5 answers
Based in a cloud and never had any issues with down time. I can access from any device
Gavin Percy 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
FreeAgent9.1
Based on 1 answer
No answer on this topic is available.

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
FreeAgent was really the first product we looked at based on a personal recommendation and since we found it to be almost perfect we didn't look at the alternatives.
Edgar Danielyan profile photo

Rating for Public Practice CPAs

Accounting by Wave8.0
Based on 8 answers
Wave is very easy for the small business owner to use but it has enough features to keep accountants happy.
Elaine Orr Morgan profile photo
FreeAgent9.1
Based on 1 answer
No answer on this topic is available.

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
FreeAgent8.2
Based on 1 answer
No answer on this topic is available.

Return on Investment

  • Wave is free. As a small business owner, it's difficult for me to commit to using too many different software because costs add up. Wave is a very competitive application with many features. I don't think I can go elsewhere at this point. It's far too attractive.
  • Wave does have paid features relating to payroll and bank account transfers. I prefer to handle incoming payments through checks manually so I don't worry about bank transfers. For some, this might be a concern, but you are likely paying for this no matter what you use.
  • Wave has saved me a considerable amount of time going back and forth between my bank's website and excel sheets. This is immeasurable to me. Keeping invoices in one place is also a big deal. I really love this software.
Chris Hecox profile photo
  • Better Customer Service
  • Less time spent managing Accounting
  • Better sense of where the business is at financially
Rob Parkhill 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

FreeAgent

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