What users are saying about

Accounting by Wave

Top Rated
97 Ratings

Accounting by Wave

Top Rated
97 Ratings
Score 9 out of 101

Paychex Accounting Online

25 Ratings
Score 6.1 out of 101

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Likelihood to Recommend

Accounting by Wave

Wave is great at small business accounting where fairly simple quotes and invoices can be set up and payments can be received online or as mailed checks. Other or more complicated situations are not well suited to the platform. Any business that takes in Bitcoin or other alternative currencies will struggle to link the account types together
No photo available

Paychex Accounting Online

If you already use Paychex payroll services and want to marry them to very basic double-entry accounting functions, Paychex Accounting Online is certainly worth considering
Ginelle Cross, CPP profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Paychex Accounting Online
7.8
Pay calculation
Accounting by Wave
8.4
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
7.1
Reimbursement management
Accounting by Wave
8.0
Paychex Accounting Online
8.0

Customization

Accounting by Wave
9.1
Paychex Accounting Online
9.0
API for custom integration
Accounting by Wave
8.9
Paychex Accounting Online
9.0
Plug-ins
Accounting by Wave
9.2
Paychex Accounting Online
9.0

Security

Accounting by Wave
8.6
Paychex Accounting Online
7.5
Single sign-on capability
Accounting by Wave
9.0
Paychex Accounting Online
7.0
Role-based user permissions
Accounting by Wave
8.2
Paychex Accounting Online
8.0

Reporting & Analytics

Accounting by Wave
8.5
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
8.4
Paychex Accounting Online
7.0
Accounts receivable
Accounting by Wave
9.1
Paychex Accounting Online
7.0
Cash management
Accounting by Wave
8.1
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
5.2
Paychex Accounting Online
8.0
Multi-currency support
Accounting by Wave
8.6
Paychex Accounting Online
8.0
Multi-division support
Accounting by Wave
7.4
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
9.1
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
8.4
Paychex Accounting Online
Enterprise Accounting
Accounting by Wave
8.7
Paychex Accounting Online
Configurable Accounting
Accounting by Wave
8.7
Paychex Accounting Online
Centralized Rules Framework
Accounting by Wave
9.0
Paychex Accounting Online
Standardized Processes
Accounting by Wave
7.9
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
7.8
Paychex Accounting Online
Pricing
Accounting by Wave
8.1
Paychex Accounting Online
Order entry
Accounting by Wave
8.0
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
4.7
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

  • 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
  • Interactive dashboard
  • Double-entry accounting
  • Customizable Chart of Accounts
  • Standard financial reports: Balance Sheet, Profit and Loss, and Trial Balance
  • You can connect to the financial institutions where you have accounts and download transactions
Ginelle Cross, CPP profile photo

Cons

  • Transaction coding could be smoother and offer better search options.
  • Flagging payments before transactions have been uploaded means you have to delete the old notice in order to connect the transaction to an invoice and the billing (expenses) system is always a few steps behind invoices (sales)
  • 1099 tracking and submission would be much appreciated!
Geri Lynn Peak 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

I was never able to figure out Gnu cash so I had to mostly use excel, until I found Wave
Torrey Holman profile photo
We originally used Paychex because of all its features when employing 500+ employees. It then became costly and we moved to QuickBooks when we downsized the company
Blanca Rosado profile photo

Rating for Public Practice CPAs

Accounting by Wave8.0
Based on 8 answers
I think this is a good product; however it does fall short of its competitors in several areas.
Andrew Wall, CPA, CMA 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

  • Keeps me up to date for taxing purposes
Torrey Holman 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