What users are saying about

Accounting by Wave

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Top Rated
102 Ratings
25 Ratings

Accounting by Wave

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

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
9.0
MYOB
4.5
API for custom integration
Accounting by Wave
8.9
MYOB
4.0
Plug-ins
Accounting by Wave
9.1
MYOB
5.0

Security

Accounting by Wave
8.6
MYOB
6.1
Single sign-on capability
Accounting by Wave
9.1
MYOB
6.4
Role-based user permissions
Accounting by Wave
8.1
MYOB
5.8

Reporting & Analytics

Accounting by Wave
8.4
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
8.2
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
8.0
MYOB
5.4
Bank reconciliation
Accounting by Wave
7.8
MYOB
7.0
Expense management
Accounting by Wave
8.5
MYOB
7.4
Time tracking
Accounting by Wave
7.3
MYOB
1.0
Fixed asset management
Accounting by Wave
6.3
MYOB
5.5
Multi-currency support
Accounting by Wave
8.5
MYOB
1.0
Multi-division support
Accounting by Wave
7.5
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
8.7
MYOB
Localizations
Accounting by Wave
9.5
MYOB
Journals and Reconciliations
Accounting by Wave
8.1
MYOB
Enterprise Accounting
Accounting by Wave
8.7
MYOB
Configurable Accounting
Accounting by Wave
8.5
MYOB
Centralized Rules Framework
Accounting by Wave
9.0
MYOB
Standardized Processes
Accounting by Wave
8.0
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
7.9
MYOB
4.9
Pricing
Accounting by Wave
8.3
MYOB
6.1
Order entry
Accounting by Wave
8.3
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
4.8
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

  • 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
  • Invoices
  • Purchase Orders
No photo available

Cons

  • Wave is owned by ADP and integrates well, but I'm less of a fan of ADP these days, so I'll need to work out how it'll work out with alternate payroll providers.
  • The app for Wave has some great functions, but the website has much more complete integration, where you can 'skip' sending an invoice if you're just using it to track invoices for retainer-based clients.
  • The receipt tracking app is separate from the accounting app, and could possibly be integrated better.
Carl Grivakis profile photo
  • Is far too slow for business use, takes far too long to open and process inputs.
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
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

No other products tried or sampled. I have extensive experience with (installed) accounting products. They are costly and not efficient for an online business environment. I can focus on data modification - report generation and financial analysis. This allows me to maximize my efficiency and improves my billing potential.Wave allows me to be an accountant and not a bookkeeper.
Bruce Collie    CPA, CGA 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

Rating for Public Practice CPAs

Accounting by Wave8.0
Based on 8 answers
Wave is very easy for the small business owner to use but it has enough features to keep accountants happy.
Elaine Orr Morgan 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

  • 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
  • A software doesn't have any impact on ROI
Kati Hesley 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