What users are saying about

Accounting by Wave

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Top Rated
104 Ratings
6 Ratings

Accounting by Wave

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Top Rated
104 Ratings
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Score 9.1 out of 101
6 Ratings
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Score 9.2 out of 101

Add comparison

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

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).
No photo available

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
LivePlan
Pay calculation
Accounting by Wave
8.3
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
8.9
LivePlan
API for custom integration
Accounting by Wave
8.8
LivePlan
Plug-ins
Accounting by Wave
8.9
LivePlan

Security

Accounting by Wave
8.5
LivePlan
10.0
Single sign-on capability
Accounting by Wave
9.1
LivePlan
Role-based user permissions
Accounting by Wave
8.0
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
8.3
LivePlan
9.6
Accounts payable
Accounting by Wave
8.6
LivePlan
Accounts receivable
Accounting by Wave
9.2
LivePlan
Cash management
Accounting by Wave
8.1
LivePlan
Bank reconciliation
Accounting by Wave
7.9
LivePlan
Expense management
Accounting by Wave
8.5
LivePlan
8.0
Time tracking
Accounting by Wave
7.5
LivePlan
Fixed asset management
Accounting by Wave
6.6
LivePlan
Multi-currency support
Accounting by Wave
8.3
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
9.0
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
8.6
LivePlan
Localizations
Accounting by Wave
9.5
LivePlan
Journals and Reconciliations
Accounting by Wave
8.2
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
8.0
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
8.0
LivePlan
8.0
Pricing
Accounting by Wave
8.3
LivePlan
Order entry
Accounting by Wave
8.4
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
5.2
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

  • Crisp, clean invoices, and I particularly like the ability to customize the invoice to fit our needs.
  • Custom reporting tools so we can slice & dice our data as needed.
  • Overall interface is incredibly easy to navigate through and you don't have to be a professional accountant or book keeper to make sense of everything.
  • Offering a recurring payment option, credit card processing, and ACH payment options with customer online payment options as well has made our life much easier with the repeat accounts we manage.
  • Adding customers profiles is simple and can be done right in the new invoice tool
  • Setting up vendors is quick and easy to associate to various payable/receivable accounts is simple.
Matthew Gehrman profile photo
  • 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

  • I've not run into anything as of yet I'd like to see improved or added
Torrey Holman 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

Each one of these cloud-based or desktop accounting services offer different pros and cons. It really comes down to the individual owner's wants and needs. While Wave is not going to be my first choice for a large, complex organization, it really shines when handling a one person shop who wants to keep track of their home and business finances in one place without all the complexity of traditional bookkeeping software. It's far less expensive than its competitors and has made constant strides to improve itself since day one. It also has a very friendly support staff who have a very fast response time.
Eric Matthews 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

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

  • Faster bookkeeping
  • Better accounting records
  • Cheaper accountants fees
Paul Colman FCA 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