What users are saying about

Accounting by Wave

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Top Rated
102 Ratings

Accounting by Wave

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Top Rated
102 Ratings
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Score 9.1 out of 101
3 Ratings
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Score 9.5 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

LessAccounting

If you are an entrepreneur and you want to focus on building your business, start with Less Accounting. It's a full-blown accounting system that has a simple implementation and it can connect to your financial accounts to automate many parts of the business. Our 1st four years of business, we worked without a bookkeeper at all due to the level of automation.
It is not limited in any regard and is not simply for invoicing or tracking hours, it more or less does everything. Perhaps one area that it wouldn't be ideal is for firms that need to have more rigid accounting, with charts of accounts etc for industries that are audited or highly regulated.
Shirin Elkoshairi profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
LessAccounting
9.5
Pay calculation
Accounting by Wave
8.3
LessAccounting
9.0
Benefit plan administration
Accounting by Wave
7.5
LessAccounting
Direct deposit files
Accounting by Wave
8.0
LessAccounting
10.0
Salary revision and increment management
Accounting by Wave
7.7
LessAccounting
Reimbursement management
Accounting by Wave
8.0
LessAccounting

Customization

Accounting by Wave
9.0
LessAccounting
8.3
API for custom integration
Accounting by Wave
8.9
LessAccounting
9.5
Plug-ins
Accounting by Wave
9.1
LessAccounting
7.0

Security

Accounting by Wave
8.6
LessAccounting
10.0
Single sign-on capability
Accounting by Wave
9.1
LessAccounting
10.0
Role-based user permissions
Accounting by Wave
8.1
LessAccounting
10.0

Reporting & Analytics

Accounting by Wave
8.4
LessAccounting
9.7
Dashboards
Accounting by Wave
8.4
LessAccounting
9.5
Standard reports
Accounting by Wave
8.3
LessAccounting
9.5
Custom reports
Accounting by Wave
8.6
LessAccounting
10.0

General Ledger and Configurable Accounting

Accounting by Wave
8.2
LessAccounting
9.4
Accounts payable
Accounting by Wave
8.6
LessAccounting
10.0
Accounts receivable
Accounting by Wave
9.2
LessAccounting
8.0
Cash management
Accounting by Wave
8.0
LessAccounting
8.5
Bank reconciliation
Accounting by Wave
7.8
LessAccounting
10.0
Expense management
Accounting by Wave
8.5
LessAccounting
9.0
Time tracking
Accounting by Wave
7.3
LessAccounting
Fixed asset management
Accounting by Wave
6.3
LessAccounting
10.0
Multi-currency support
Accounting by Wave
8.5
LessAccounting
Multi-division support
Accounting by Wave
7.5
LessAccounting
Regulations compliance
Accounting by Wave
7.3
LessAccounting
Electronic tax filing
Accounting by Wave
6.0
LessAccounting
8.0
Self-service portal
Accounting by Wave
9.0
LessAccounting
9.5
Global Financial Support
Accounting by Wave
9.0
LessAccounting
Primary and Secondary Ledgers
Accounting by Wave
9.3
LessAccounting
Intercompany Accounting
Accounting by Wave
8.7
LessAccounting
9.5
Localizations
Accounting by Wave
9.5
LessAccounting
Journals and Reconciliations
Accounting by Wave
8.1
LessAccounting
10.0
Enterprise Accounting
Accounting by Wave
8.7
LessAccounting
Configurable Accounting
Accounting by Wave
8.5
LessAccounting
10.0
Centralized Rules Framework
Accounting by Wave
9.0
LessAccounting
10.0
Standardized Processes
Accounting by Wave
8.0
LessAccounting
10.0

Inventory Management

Accounting by Wave
8.9
LessAccounting
Inventory tracking
Accounting by Wave
9.5
LessAccounting
Automatic reordering
Accounting by Wave
8.0
LessAccounting
Location management
Accounting by Wave
9.0
LessAccounting
Manufacturing module
Accounting by Wave
9.0
LessAccounting

Order Management

Accounting by Wave
7.9
LessAccounting
8.0
Pricing
Accounting by Wave
8.3
LessAccounting
8.0
Order entry
Accounting by Wave
8.3
LessAccounting
8.0
Credit card processing
Accounting by Wave
9.1
LessAccounting
Cost of goods sold
Accounting by Wave
8.8
LessAccounting
Order Orchestration
Accounting by Wave
8.0
LessAccounting
End-to-end order visibility
Accounting by Wave
4.8
LessAccounting
Order exception Resolution
Accounting by Wave
8.0
LessAccounting

Accounting Firm BPO Features

Accounting by Wave
8.0
LessAccounting
9.5
Branded client dashboards
Accounting by Wave
8.0
LessAccounting
Client data roll-up capabilities
Accounting by Wave
8.0
LessAccounting
Client data consolidation for benchmarking
Accounting by Wave
7.5
LessAccounting
Configurable alerts
Accounting by Wave
8.0
LessAccounting
9.0
Billing bypass
Accounting by Wave
8.0
LessAccounting
Client template cloning
Accounting by Wave
8.0
LessAccounting
10.0
Single sign-on
Accounting by Wave
9.0
LessAccounting
Configurable client onboarding questions
Accounting by Wave
8.0
LessAccounting
Cross-client workflow management
Accounting by Wave
8.0
LessAccounting
Industry-specific versioning
Accounting by Wave
8.0
LessAccounting
Legacy system data migration
Accounting by Wave
8.0
LessAccounting

Pros

  • The payroll module is fantastic. The entire process is automated and saves considerable time throughout the process.
  • The automatic download of bank and credit card transactions into the general ledger saves a considerable amount of time with data entry.
  • Allowing customers to pay invoices by credit card directly through Wave allows for faster collection of receivables.
Randy O'Malley profile photo
  • Less Accounting integrates with our business bank account as well as our corporate credit cards. All transactions are automatically pulled into the system and classified by the types of expenses. There's a lot of automation and the manual entry of data rarely occurs.
  • The System is streamlined and easy to learn. There is no need to understand monthly and annual closing of the books and the system is visually easy to follow. Online chat and email support have allowed us to make use of features we didn't know how to implement.
  • LessAccounting is highly accessible. Since this is cloud-based, my business partner and I always have our own access, our bookkeeper has access and so does our CPA for doing monthly sanity checks and for completing our taxes annually.
  • Reliability, there hasn't been a single outage or issue that I've experienced with application availability since day 1.
Shirin Elkoshairi profile photo

Cons

  • The reporting features could be more robust as the number of reports are limited and not a flexible as I would like to see them.
  • I have run into issues when trying to export general ledger items. There are inconsistencies with the date formats and as a result the information does not export easily.
Randy O'Malley profile photo
  • With the flexibility comes room for folks not adhering to specific accounts. There is no numeric chart of accounts so at times you will see 2 line items for a single item. We tend to overcome this limitation with extensive tagging.
  • Invoices and sales orders don't have an obvious way to assign credit to specific salespeople or consultants. We reached out to LA and they have shown us a different way to do this which we'll try soon.
  • The visual interface can use some sprucing up. It's easy to navigate but I believe the navigation can be slightly improved. I do find myself hitting the back button to get into other parts of the app.
Shirin Elkoshairi 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
LessAccounting10.0
Based on 1 answer
It works, it keeps our historical data and is easy to use
Shirin Elkoshairi 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
No score
No answers yet
No answers on this topic

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
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

Wave accounting does not have as many features as Quickbooks or Sage 50 but it holds it's own with the market it serves. I use Wave primarily for the payroll functionality and i have recommended that clients who use Sage 50 or Quickbooks use Wave for it's payroll. The importing of the bank transactions is also a great feature but the other competitors have caught up to Wave on this feature. Overall it is a great tool, but only for the right type of client.
Randy O'Malley profile photo
Quickbooks was a bit too complicated for us, FreshBooks didn't seem to offer a complete accounting system but was powerful for invoicing and Accounting by Wave was similar to Quickbooks in complexity. Since we've been with LessAccounting for over 5 years, new contenders have entered the market which we didn't evaluate such as Xero accounting and others.
Shirin Elkoshairi profile photo

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

  • It has kept my overhead low, as it is free of cost
  • It has helped me manage my finances by giving me an easy to access snapshot of income vs/ expense
  • It has helped me organize all the information needed for tax filing
No photo available
  • The simplicity yet full-featured accounting capabilities of LessAccounting have allowed us to develop a solid process around bookkeeping, invoicing, collections and cash flow management without detriment to the sales and marketing efforts of the firm. For the 1st five years of business, our entire bookkeeping could be completed in less than 4 hours per month.
  • So long as your financial institutions are integrated into LessAccounting, it's almost impossible to have bad balances or unreported income or expense. We've used LessAccounting to catch errors made by our financial institutions with it's really powerful, yet simple reconciliation system.
Shirin Elkoshairi 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

LessAccounting

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