What users are saying about

Accounting by Wave

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Top Rated
102 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 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

Paychex Accounting Online

I think Paychex Online payroll can be an asset for nearly any employer, especially if there have been improvements to allow employee access and data storage. Many employees prefer to be paperless and would rather access paystubs, W-2s, etc. online and/or via email. It'd also be great for employees to be able to make healthcare, 401k, etc., selections online and/or review selections made previously or in a different venue.
Teresa McLaughlin profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Paychex Accounting Online
7.8
Pay calculation
Accounting by Wave
8.3
Paychex Accounting Online
8.0
Benefit plan administration
Accounting by Wave
7.5
Paychex Accounting Online
8.0
Direct deposit files
Accounting by Wave
8.0
Paychex Accounting Online
8.0
Salary revision and increment management
Accounting by Wave
7.7
Paychex Accounting Online
7.0
Reimbursement management
Accounting by Wave
8.0
Paychex Accounting Online
8.0

Customization

Accounting by Wave
9.0
Paychex Accounting Online
9.0
API for custom integration
Accounting by Wave
8.9
Paychex Accounting Online
9.0
Plug-ins
Accounting by Wave
9.1
Paychex Accounting Online
9.0

Security

Accounting by Wave
8.6
Paychex Accounting Online
7.5
Single sign-on capability
Accounting by Wave
9.1
Paychex Accounting Online
7.0
Role-based user permissions
Accounting by Wave
8.1
Paychex Accounting Online
8.0

Reporting & Analytics

Accounting by Wave
8.4
Paychex Accounting Online
7.3
Dashboards
Accounting by Wave
8.4
Paychex Accounting Online
6.0
Standard reports
Accounting by Wave
8.3
Paychex Accounting Online
8.0
Custom reports
Accounting by Wave
8.6
Paychex Accounting Online
8.0

General Ledger and Configurable Accounting

Accounting by Wave
8.2
Paychex Accounting Online
7.4
Accounts payable
Accounting by Wave
8.6
Paychex Accounting Online
7.0
Accounts receivable
Accounting by Wave
9.2
Paychex Accounting Online
7.0
Cash management
Accounting by Wave
8.0
Paychex Accounting Online
8.0
Bank reconciliation
Accounting by Wave
7.8
Paychex Accounting Online
8.0
Expense management
Accounting by Wave
8.5
Paychex Accounting Online
8.0
Time tracking
Accounting by Wave
7.3
Paychex Accounting Online
6.2
Fixed asset management
Accounting by Wave
6.3
Paychex Accounting Online
8.0
Multi-currency support
Accounting by Wave
8.5
Paychex Accounting Online
8.0
Multi-division support
Accounting by Wave
7.5
Paychex Accounting Online
4.4
Regulations compliance
Accounting by Wave
7.3
Paychex Accounting Online
8.0
Electronic tax filing
Accounting by Wave
6.0
Paychex Accounting Online
8.0
Self-service portal
Accounting by Wave
9.0
Paychex Accounting Online
8.0
Global Financial Support
Accounting by Wave
9.0
Paychex Accounting Online
Primary and Secondary Ledgers
Accounting by Wave
9.3
Paychex Accounting Online
Intercompany Accounting
Accounting by Wave
8.7
Paychex Accounting Online
Localizations
Accounting by Wave
9.5
Paychex Accounting Online
Journals and Reconciliations
Accounting by Wave
8.1
Paychex Accounting Online
Enterprise Accounting
Accounting by Wave
8.7
Paychex Accounting Online
Configurable Accounting
Accounting by Wave
8.5
Paychex Accounting Online
Centralized Rules Framework
Accounting by Wave
9.0
Paychex Accounting Online
Standardized Processes
Accounting by Wave
8.0
Paychex Accounting Online

Inventory Management

Accounting by Wave
8.9
Paychex Accounting Online
Inventory tracking
Accounting by Wave
9.5
Paychex Accounting Online
Automatic reordering
Accounting by Wave
8.0
Paychex Accounting Online
Location management
Accounting by Wave
9.0
Paychex Accounting Online
Manufacturing module
Accounting by Wave
9.0
Paychex Accounting Online

Order Management

Accounting by Wave
7.9
Paychex Accounting Online
Pricing
Accounting by Wave
8.3
Paychex Accounting Online
Order entry
Accounting by Wave
8.3
Paychex Accounting Online
Credit card processing
Accounting by Wave
9.1
Paychex Accounting Online
Cost of goods sold
Accounting by Wave
8.8
Paychex Accounting Online
Order Orchestration
Accounting by Wave
8.0
Paychex Accounting Online
End-to-end order visibility
Accounting by Wave
4.8
Paychex Accounting Online
Order exception Resolution
Accounting by Wave
8.0
Paychex Accounting Online

Accounting Firm BPO Features

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

Pros

  • Wave can create invoices, send invoices to clients, and notify me once an invoice has been received. It also tracks when invoices are due and allows me to check paid invoices off my list. It's extremely helpful when my previous methods of tracking invoices was updating an excel sheet. A simple feature included with invoicing is the software keeping track of what number invoice I'm currently on, so it's quick to reference different invoices.
  • Bookkeeping with Wave is fairly intuitive. You can connect any of your desired bank accounts to Wave and import your list of transactions. Wave keeps a database of clients, and though it means creating entries for each client (specifically recurring ones) you can tag clients onto income in the bank account. You can also create specific line items for budgets and tag transactions under whatever budget item you wish. There are many ways to use bookkeeping and budgeting with Wave and I've been very pleased to keep everything categorized under one software rather than using multiple applications.
  • Other features I've not used extensively yet that Wave includes are: estimates, cash flow reports, payroll, tax charts, etc. I'll be using estimates and reporting later this year, but I'm still impressed with how much versatility the software allows for.
Chris Hecox profile photo
  • Interactive
  • Easy
  • Good Customer Service
Zain Quaid profile photo

Cons

  • The only disappointment I've had with using Wave so far is how delayed transactions can be with the bank connection. This is likely because of how slow the turnaround can be for check deposits and other transactions to register in the bank (24 hours or more) but it means I need to reference my bank account's website instead of Wave if I have checks arriving on payroll day.
Chris Hecox profile photo
  • Can't assign invoices to categories like salesperson, division, or location, nor can your customers return a payment via credit card (there's no support for merchant accounts).
Ginelle Cross, CPP 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
Paychex Accounting Online10.0
Based on 1 answer
Had the company I worked for not gone out of business, it is likely they would have continued using this service.
Teresa McLaughlin 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
Paychex Accounting Online10.0
Based on 1 answer
The software was very user friendly. Menus were intuitive so that even with minimal training I found what I was looking for with minimal effort
Teresa McLaughlin 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
Paychex Accounting Online9.5
Based on 2 answers
The system was very intuitive and user friendly so there wasn't a lot of need to call support, but when necessary, the representatives were knowledgeable and able to help quickly.
Teresa McLaughlin 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

Implementation

No score
No answers yet
No answers on this topic
Paychex Accounting Online10.0
Based on 1 answer
Implementation was very smooth. The most cumbersome task was entering the current employees into the system during initial set up, but Paychex staff handled most of that and verified against prior system reports as well as internal reports provided to ensure 100% accuracy.
Teresa McLaughlin profile photo

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
I don't think Paychex compares. I didn't select it as it was already implemented when I started there.
John Peth profile photo

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
No score
No answers yet
No answers on this topic

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
  • Increased employee efficiency
Blanca Rosado profile photo

Screenshots

Accounting by Wave

Pricing Details

Accounting by Wave

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

Paychex Accounting Online

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