What users are saying about

Accounting by Wave

Top Rated
97 Ratings

LivePlan

6 Ratings

Accounting by Wave

Top Rated
97 Ratings
Score 9 out of 101

LivePlan

6 Ratings
Score 9.2 out of 101

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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

LivePlan

It is great for startups and people that are still developing ideas. Once you are in the market it does not really have much of a use within an organization, at that stage it just becomes the reference to what core your business is. Tracking business growth is great, but again only for first 1-3 years in the market (depending on growth).
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Feature Rating Comparison

Payroll Management

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

Customization

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

Security

Accounting by Wave
8.6
LivePlan
10.0
Single sign-on capability
Accounting by Wave
9.0
LivePlan
Role-based user permissions
Accounting by Wave
8.2
LivePlan
10.0

Reporting & Analytics

Accounting by Wave
8.5
LivePlan
10.0
Dashboards
Accounting by Wave
8.4
LivePlan
10.0
Standard reports
Accounting by Wave
8.3
LivePlan
10.0
Custom reports
Accounting by Wave
8.6
LivePlan
10.0

General Ledger and Configurable Accounting

Accounting by Wave
8.2
LivePlan
9.6
Accounts payable
Accounting by Wave
8.4
LivePlan
Accounts receivable
Accounting by Wave
9.1
LivePlan
Cash management
Accounting by Wave
8.1
LivePlan
Bank reconciliation
Accounting by Wave
7.8
LivePlan
Expense management
Accounting by Wave
8.5
LivePlan
8.0
Time tracking
Accounting by Wave
7.3
LivePlan
Fixed asset management
Accounting by Wave
5.2
LivePlan
Multi-currency support
Accounting by Wave
8.6
LivePlan
10.0
Multi-division support
Accounting by Wave
7.4
LivePlan
10.0
Regulations compliance
Accounting by Wave
7.3
LivePlan
10.0
Electronic tax filing
Accounting by Wave
6.0
LivePlan
Self-service portal
Accounting by Wave
9.1
LivePlan
10.0
Global Financial Support
Accounting by Wave
9.0
LivePlan
Primary and Secondary Ledgers
Accounting by Wave
9.3
LivePlan
Intercompany Accounting
Accounting by Wave
8.7
LivePlan
Localizations
Accounting by Wave
9.5
LivePlan
Journals and Reconciliations
Accounting by Wave
8.4
LivePlan
Enterprise Accounting
Accounting by Wave
8.7
LivePlan
Configurable Accounting
Accounting by Wave
8.7
LivePlan
Centralized Rules Framework
Accounting by Wave
9.0
LivePlan
Standardized Processes
Accounting by Wave
7.9
LivePlan

Inventory Management

Accounting by Wave
8.9
LivePlan
10.0
Inventory tracking
Accounting by Wave
9.5
LivePlan
10.0
Automatic reordering
Accounting by Wave
8.0
LivePlan
Location management
Accounting by Wave
9.0
LivePlan
Manufacturing module
Accounting by Wave
9.0
LivePlan

Order Management

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

Accounting Firm BPO Features

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

Pros

  • 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
  • Great for startups that are still working on their idea.
  • Preparing for pitching and presenting.
  • People don't need business knowledge in order to write a professional business plan, everything is explained in details.
  • Simplicity.
No photo available

Cons

  • Transaction coding could be smoother and offer better search options.
  • Flagging payments before transactions have been uploaded means you have to delete the old notice in order to connect the transaction to an invoice and the billing (expenses) system is always a few steps behind invoices (sales)
  • 1099 tracking and submission would be much appreciated!
Geri Lynn Peak profile photo
  • It is software on its own and there are no abilities to connect to any other software so you have to input data constantly.
  • If you start within this software most likely over time this will be just your reference for the definition of your business, once you start growing there is not much to use here, better solutions are out there.
  • It is not a management tool as they advertise it.
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
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
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 was more affordable and we were already using it for accounting. The services offered are comparable and quite reliable.
Geri Lynn Peak profile photo
We did not really find a similar solution. All other solutions are focused on project management, [there's] nothing on generating a business plan. There is nothing on this level that helps people without any business experience write the plan. They have samples, instructions what to write where, how to prepare for pitching, and generate dashboards. Nothing in this market gets anywhere close to this solution.
No photo available

Rating for Public Practice CPAs

Accounting by Wave8.0
Based on 8 answers
we have worked with all Cloud software ( XERO, QBO, FreshBooks, Wave, and others ) so we have a strong basis point for comparison
Peter Cullen 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
  • Cheap software solution
  • Helped us collaborate on ideas during the initial stage in details
  • Helped us prepare for investors and pitching
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

LivePlan

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