What users are saying about

Accounting by Wave

Top Rated
96 Ratings

Accounting by Wave

Top Rated
96 Ratings
Score 9 out of 101

Microsoft Dynamics SL

49 Ratings
Score 6.9 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

Microsoft Dynamics SL

In the service series, there is a weakness in applying revenue recognition concepts which are a strong point of the project series. It is difficult to get a period sensitive WIP that could be recreated at any time for a point in time (fiscal period).
John K. Hodge, CPA profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Microsoft Dynamics SL
8.5
Pay calculation
Accounting by Wave
8.4
Microsoft Dynamics SL
9.6
Benefit plan administration
Accounting by Wave
7.5
Microsoft Dynamics SL
Direct deposit files
Accounting by Wave
8.0
Microsoft Dynamics SL
9.0
Salary revision and increment management
Accounting by Wave
7.7
Microsoft Dynamics SL
Reimbursement management
Accounting by Wave
8.0
Microsoft Dynamics SL
7.0

Customization

Accounting by Wave
9.1
Microsoft Dynamics SL
7.3
API for custom integration
Accounting by Wave
8.9
Microsoft Dynamics SL
6.0
Plug-ins
Accounting by Wave
9.2
Microsoft Dynamics SL
8.6

Security

Accounting by Wave
8.6
Microsoft Dynamics SL
7.0
Single sign-on capability
Accounting by Wave
9.0
Microsoft Dynamics SL
6.0
Role-based user permissions
Accounting by Wave
8.2
Microsoft Dynamics SL
8.0

Reporting & Analytics

Accounting by Wave
8.5
Microsoft Dynamics SL
5.9
Dashboards
Accounting by Wave
8.4
Microsoft Dynamics SL
6.8
Standard reports
Accounting by Wave
8.3
Microsoft Dynamics SL
6.0
Custom reports
Accounting by Wave
8.6
Microsoft Dynamics SL
5.0

General Ledger and Configurable Accounting

Accounting by Wave
8.2
Microsoft Dynamics SL
7.6
Accounts payable
Accounting by Wave
8.4
Microsoft Dynamics SL
8.0
Accounts receivable
Accounting by Wave
9.1
Microsoft Dynamics SL
6.0
Cash management
Accounting by Wave
8.1
Microsoft Dynamics SL
Bank reconciliation
Accounting by Wave
7.8
Microsoft Dynamics SL
Expense management
Accounting by Wave
8.5
Microsoft Dynamics SL
Time tracking
Accounting by Wave
7.3
Microsoft Dynamics SL
Fixed asset management
Accounting by Wave
5.2
Microsoft Dynamics SL
Multi-currency support
Accounting by Wave
8.6
Microsoft Dynamics SL
Multi-division support
Accounting by Wave
7.4
Microsoft Dynamics SL
Regulations compliance
Accounting by Wave
7.3
Microsoft Dynamics SL
Electronic tax filing
Accounting by Wave
6.0
Microsoft Dynamics SL
Self-service portal
Accounting by Wave
9.1
Microsoft Dynamics SL
Global Financial Support
Accounting by Wave
9.0
Microsoft Dynamics SL
6.0
Primary and Secondary Ledgers
Accounting by Wave
9.3
Microsoft Dynamics SL
8.0
Intercompany Accounting
Accounting by Wave
8.7
Microsoft Dynamics SL
7.0
Localizations
Accounting by Wave
9.5
Microsoft Dynamics SL
5.0
Journals and Reconciliations
Accounting by Wave
8.4
Microsoft Dynamics SL
7.0
Enterprise Accounting
Accounting by Wave
8.7
Microsoft Dynamics SL
7.0
Configurable Accounting
Accounting by Wave
8.7
Microsoft Dynamics SL
6.0
Centralized Rules Framework
Accounting by Wave
9.0
Microsoft Dynamics SL
Standardized Processes
Accounting by Wave
7.9
Microsoft Dynamics SL

Inventory Management

Accounting by Wave
8.9
Microsoft Dynamics SL
4.3
Inventory tracking
Accounting by Wave
9.5
Microsoft Dynamics SL
6.0
Automatic reordering
Accounting by Wave
8.0
Microsoft Dynamics SL
Location management
Accounting by Wave
9.0
Microsoft Dynamics SL
1.0
Manufacturing module
Accounting by Wave
9.0
Microsoft Dynamics SL
6.0

Order Management

Accounting by Wave
7.8
Microsoft Dynamics SL
6.7
Pricing
Accounting by Wave
8.1
Microsoft Dynamics SL
6.0
Order entry
Accounting by Wave
8.0
Microsoft Dynamics SL
6.0
Credit card processing
Accounting by Wave
9.1
Microsoft Dynamics SL
7.0
Cost of goods sold
Accounting by Wave
8.8
Microsoft Dynamics SL
7.0
Order Orchestration
Accounting by Wave
8.0
Microsoft Dynamics SL
End-to-end order visibility
Accounting by Wave
4.7
Microsoft Dynamics SL
8.0
Order exception Resolution
Accounting by Wave
8.0
Microsoft Dynamics SL
6.0

Accounting Firm BPO Features

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

Subledger and Financial Process

Accounting by Wave
Microsoft Dynamics SL
6.0
Automated Invoice Processing
Accounting by Wave
Microsoft Dynamics SL
6.0
Shared Services Payments
Accounting by Wave
Microsoft Dynamics SL
6.0
Billings Management
Accounting by Wave
Microsoft Dynamics SL
6.0
Customer Receipt Applications
Accounting by Wave
Microsoft Dynamics SL
5.0
Customer Collections
Accounting by Wave
Microsoft Dynamics SL
6.0
Revenue Recognition
Accounting by Wave
Microsoft Dynamics SL
6.0
Cash Management
Accounting by Wave
Microsoft Dynamics SL
5.0
Asset Management
Accounting by Wave
Microsoft Dynamics SL
7.0
Travel & Expense Management
Accounting by Wave
Microsoft Dynamics SL
5.0
Period Close
Accounting by Wave
Microsoft Dynamics SL
6.0
Transactions Tax
Accounting by Wave
Microsoft Dynamics SL
7.0
Subledger Reconciliations
Accounting by Wave
Microsoft Dynamics SL
7.0

Project Financial Management

Accounting by Wave
Microsoft Dynamics SL
5.7
Budgeting and Forecasting
Accounting by Wave
Microsoft Dynamics SL
6.0
Project Costing
Accounting by Wave
Microsoft Dynamics SL
6.0
Cost Capture
Accounting by Wave
Microsoft Dynamics SL
6.0
Customer Invoicing
Accounting by Wave
Microsoft Dynamics SL
5.0
Project Financial Performance Analysis
Accounting by Wave
Microsoft Dynamics SL
6.0
Real-time Financial Reporting
Accounting by Wave
Microsoft Dynamics SL
5.0

Grants Management

Accounting by Wave
Microsoft Dynamics SL
6.3
Award Lifecycle Management
Accounting by Wave
Microsoft Dynamics SL
6.0
Spending Control
Accounting by Wave
Microsoft Dynamics SL
6.0
Billing
Accounting by Wave
Microsoft Dynamics SL
7.0

Manufacturing

Accounting by Wave
Microsoft Dynamics SL
6.0
Production Management
Accounting by Wave
Microsoft Dynamics SL
6.0

Supply Chain

Accounting by Wave
Microsoft Dynamics SL
6.0
Inventory Planning
Accounting by Wave
Microsoft Dynamics SL
6.0

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
  • AP, AR and GL processing is straight forward and quite efficient. Period posting is a great control of operations.
  • Project setup is quite easy for users, as is review and analysis. We manage by budget for each project and have never had an issue or need for additional information
  • Time and Expense capturing by employees is painless and efficient. This is highly important to a project centric organization. It meets our needs and users are content.
Jeffrey Morin profile photo

Cons

  • Not too much to complain about with Wave although I do wish they kept an audit trail of all invoice reminders sent, changes in the invoice, and have the ability to pull reports with this data. This functionality would be great to review clients as a whole to determine profitability and time spent with these clients.
  • 9% processing fees for all cards which is a bit higher than some of the competitors like Blue Pay. The pro to this though is there's no monthly commitment or monthly service fees.
Matthew Gehrman profile photo
  • Built-in functionality for workflow/reviews/approvals could be improved.
  • Better documentation of controls and reporting of the audit trail (think SOX).
  • Better remote office, work from home capabilities (such as cloud bases SAAS) would help resolve security and speed/performance constraints.
Jerry McLellan, CPA 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
Microsoft Dynamics SL5.4
Based on 8 answers
We couldn't run our business without it and it's a great fit. Plus we are a Dynamics SL partner with over 200 customers using SL. It's our comfort zone.
Bill Aiton 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
Microsoft Dynamics SL1.8
Based on 6 answers
I rate it a 10 because we have removed the fields we don't need so users can really crank the data into the system. The software was designed for the professional services firm in mind but does a tremendous job for construction firms and "blended" companies that are both distribution firms but project centric as well. Perhaps they drop ship inventory to a project where their employees or subs need to work on a project for example.
Jack Boyer, MCP, CPA (Inactive) 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
Microsoft Dynamics SL9.9
Based on 2 answers
We have had only one unplanned outage for 2 hours in the last 30 months. We shut down for 30 min to 1 hour once a month, but that is for Microsoft OS updates to the servers. Being a 24/7 world wide operation, the reliability is really important. We do get an 8 hour window on the weekend that we can be down for a short period to install Microsoft Dynamics SL updates, but we do not have many of those. On our last version upgrade, we shut the users out at 9:30 am and were fully operational in less than 6 hours. The upgrade was New SQL server, New SL server and 2 new Citrix servers.
Mark Schrier 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
Microsoft Dynamics SL1.0
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
Microsoft Dynamics SL9.5
Based on 4 answers
They give you the answers to your questions quickly. Extremely supportive support team.
No photo available

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
Microsoft Dynamics SL1.0
Based on 1 answer
No answer on this topic is available.

Implementation

No score
No answers yet
No answers on this topic
Microsoft Dynamics SL9.0
Based on 4 answers
Just to let it take its course. The implementation for me once I became a part of my former organization was pretty seamless. Just get to know the basics and call the support team to ask questions if you need help on an issue, should they arise. They are ready, willing, and able to help!
No photo available

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
They were both pretty easy to use, but I started using Microsoft Dynamics SL so it was a matter of knowing and becoming familiar with this program first. I became very accustomed to the modules and how to navigate the program.
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
Microsoft Dynamics SL1.4
Based on 2 answers
Since the backbone of the database is MS SQLServer, the database can be easily scaled.
Mark Schrier profile photo

Return on Investment

  • Wave has removed several of the stresses of running my own business and helped me collect payment from a variety of local and national clients in one easy space.
  • Wave has helped give me eyes in on how my money has been allocated, and how the business expenses have been tracked.
  • Wave is a good self-service tool, that can do much of the work Quickbooks does for others, but as a free solution provider.
Carl Grivakis profile photo
  • Faster Closing Cycle
  • Improved Reconciliation Tools
  • Accurate and Timely Revenue Recognition
John K. Hodge, CPA 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

Microsoft Dynamics SL

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