What users are saying about

Accounting by Wave

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Top Rated
104 Ratings
25 Ratings

Accounting by Wave

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Top Rated
104 Ratings
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Score 9.1 out of 101
25 Ratings
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Score 6.4 out of 101

Add comparison

Likelihood to Recommend

Accounting by Wave

Wave is free to use, and they have some premium features you can pay for. For someone just starting out as a small business, freelancer or independent contractor, this is a Godsend. You can look professional, have something easy to manage, and yet also have excellent records come the end of the year. You won't spend a bunch of time having to learn the program, it's very intuitive and you get a host of great features that will make getting paid easy.
J.P. VanderLinden profile photo

MYOB

For a smaller business who isn't interested in having more than one user I think MYOB can serve them well. But if they want multiple users or are using virtual assistants there are better cloud based apps that are much more affordable and have far greater enhancements as well as integrations
Stephen Lalla profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
MYOB
1.4
Pay calculation
Accounting by Wave
8.3
MYOB
2.0
Benefit plan administration
Accounting by Wave
7.5
MYOB
1.0
Direct deposit files
Accounting by Wave
8.0
MYOB
1.0
Salary revision and increment management
Accounting by Wave
7.7
MYOB
1.0
Reimbursement management
Accounting by Wave
8.0
MYOB
2.0

Customization

Accounting by Wave
8.9
MYOB
4.5
API for custom integration
Accounting by Wave
8.8
MYOB
4.0
Plug-ins
Accounting by Wave
8.9
MYOB
5.0

Security

Accounting by Wave
8.5
MYOB
6.1
Single sign-on capability
Accounting by Wave
9.1
MYOB
6.4
Role-based user permissions
Accounting by Wave
8.0
MYOB
5.8

Reporting & Analytics

Accounting by Wave
8.5
MYOB
5.6
Dashboards
Accounting by Wave
8.4
MYOB
3.3
Standard reports
Accounting by Wave
8.3
MYOB
7.1
Custom reports
Accounting by Wave
8.6
MYOB
6.5

General Ledger and Configurable Accounting

Accounting by Wave
8.3
MYOB
4.5
Accounts payable
Accounting by Wave
8.6
MYOB
5.4
Accounts receivable
Accounting by Wave
9.2
MYOB
6.4
Cash management
Accounting by Wave
8.1
MYOB
5.4
Bank reconciliation
Accounting by Wave
7.9
MYOB
7.0
Expense management
Accounting by Wave
8.5
MYOB
7.4
Time tracking
Accounting by Wave
7.5
MYOB
1.0
Fixed asset management
Accounting by Wave
6.7
MYOB
5.5
Multi-currency support
Accounting by Wave
8.3
MYOB
1.0
Multi-division support
Accounting by Wave
7.4
MYOB
1.0
Regulations compliance
Accounting by Wave
7.3
MYOB
5.0
Electronic tax filing
Accounting by Wave
6.0
MYOB
5.0
Self-service portal
Accounting by Wave
9.0
MYOB
4.0
Global Financial Support
Accounting by Wave
9.0
MYOB
Primary and Secondary Ledgers
Accounting by Wave
9.3
MYOB
Intercompany Accounting
Accounting by Wave
8.6
MYOB
Localizations
Accounting by Wave
9.5
MYOB
Journals and Reconciliations
Accounting by Wave
8.2
MYOB
Enterprise Accounting
Accounting by Wave
8.7
MYOB
Configurable Accounting
Accounting by Wave
8.7
MYOB
Centralized Rules Framework
Accounting by Wave
9.0
MYOB
Standardized Processes
Accounting by Wave
8.1
MYOB

Inventory Management

Accounting by Wave
8.9
MYOB
1.5
Inventory tracking
Accounting by Wave
9.5
MYOB
3.0
Automatic reordering
Accounting by Wave
8.0
MYOB
1.0
Location management
Accounting by Wave
9.0
MYOB
1.0
Manufacturing module
Accounting by Wave
9.0
MYOB
1.0

Order Management

Accounting by Wave
8.0
MYOB
4.9
Pricing
Accounting by Wave
8.3
MYOB
6.1
Order entry
Accounting by Wave
8.4
MYOB
6.5
Credit card processing
Accounting by Wave
9.1
MYOB
1.0
Cost of goods sold
Accounting by Wave
8.8
MYOB
6.0
Order Orchestration
Accounting by Wave
8.0
MYOB
End-to-end order visibility
Accounting by Wave
5.2
MYOB
Order exception Resolution
Accounting by Wave
8.0
MYOB

Accounting Firm BPO Features

Accounting by Wave
8.0
MYOB
3.5
Branded client dashboards
Accounting by Wave
8.0
MYOB
4.8
Client data roll-up capabilities
Accounting by Wave
8.0
MYOB
1.0
Client data consolidation for benchmarking
Accounting by Wave
7.5
MYOB
2.0
Configurable alerts
Accounting by Wave
8.0
MYOB
6.5
Billing bypass
Accounting by Wave
8.0
MYOB
3.0
Client template cloning
Accounting by Wave
8.0
MYOB
4.0
Single sign-on
Accounting by Wave
9.0
MYOB
6.1
Configurable client onboarding questions
Accounting by Wave
8.0
MYOB
4.0
Cross-client workflow management
Accounting by Wave
8.0
MYOB
3.0
Industry-specific versioning
Accounting by Wave
8.0
MYOB
3.0
Legacy system data migration
Accounting by Wave
8.0
MYOB
1.6

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
  • Expense tracking
  • Payables Tracking
  • Receivables Tracking
  • Aging
Stephen Lalla profile photo

Cons

  • connection to bank sometimes lags - you can refresh the connection but it takes a minute or two to update
  • sometimes invoices are categorized as sales versus consulting income - you really have to look and change it to the appropriate income account. once an invoice is recorded as paid, you can change the income account
  • Wave has a tendency of not accepting a saved password, forcing users to reset a password that is knowingly valid. Using Single Sign On eliminates this but it's still annoying.
Kristy Nittskoff profile photo
  • At the time there wasn't a cloud based option and it had to be hosted locally.
  • Some of the templates were harder to alter than they should have been.
  • I found the updates to be rather expensive as at times there didn't seem to be much enhancements.
  • Support was tricky and not always as responsive as I would have preferred.
Stephen Lalla 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
MYOB9.5
Based on 2 answers
Our clients seems hesitant to change softwares so I don't see why we wouldn't be renewing with MYOB
Kati Hesley 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
MYOB10.0
Based on 1 answer
It is easy to use - I just don't agree with restrictions and functionality
Kati Hesley 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
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
MYOB1.0
Based on 1 answer
They aren't willing to help at all unless you pay
Kati Hesley profile photo

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
Not even close. Though I will say MYOB had a budget module where Zoho Books doesn't which is one thing severely lacking in Zoho Books. On the other hand, Zoho Books allows for payment processing integration without trying to get a cut from the process whereas MYOB allowed for payment processing but you had to go through their service only and it wasn't cheap.
Stephen Lalla 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

  • 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
  • It was great when we first started using it but there was a time when MYOB stopped supporting payroll tax tables for Apple computers and so we made the switch.
  • While we were using it staying on top of all of the pesky accounting details was a breeze.
  • We were very detail oriented to begin with and had a thorough understanding of basic accounting principles but anyone without even basic knowledge can quickly set up MYOB and get running fairly quickly and provide detailed reports to their CPA or CFO consultant for a deeper analysis of their business.
Stephen Lalla 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

MYOB

General
Free Trial
Free/Freemium Version
Premium Consulting/Integration Services
Entry-level set up fee?
Additional Pricing Details