What users are saying about

Accounting by Wave

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Top Rated
104 Ratings

Accounting by Wave

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Top Rated
104 Ratings
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Score 9.1 out of 101
26 Ratings
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Score 5.8 out of 101

Add comparison

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

Paychex Accounting Online

I would recommend Paychex. I have worked on it for 4 years and I feel comfortable with it. The good thing about Paychex is that you can use it from anywhere. All you need is a computer and an internet connection
Zain Quaid 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
8.9
Paychex Accounting Online
9.0
API for custom integration
Accounting by Wave
8.8
Paychex Accounting Online
9.0
Plug-ins
Accounting by Wave
8.9
Paychex Accounting Online
9.0

Security

Accounting by Wave
8.5
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
8.0
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
8.3
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
8.1
Paychex Accounting Online
8.0
Bank reconciliation
Accounting by Wave
7.9
Paychex Accounting Online
8.0
Expense management
Accounting by Wave
8.5
Paychex Accounting Online
8.0
Time tracking
Accounting by Wave
7.5
Paychex Accounting Online
6.2
Fixed asset management
Accounting by Wave
6.7
Paychex Accounting Online
8.0
Multi-currency support
Accounting by Wave
8.3
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
9.0
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
8.6
Paychex Accounting Online
Localizations
Accounting by Wave
9.5
Paychex Accounting Online
Journals and Reconciliations
Accounting by Wave
8.2
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
8.1
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
8.0
Paychex Accounting Online
Pricing
Accounting by Wave
8.3
Paychex Accounting Online
Order entry
Accounting by Wave
8.4
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
5.2
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

  • 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
  • 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

  • The mobile experience leaves a lot to be desired. While I can use the receipt app to capture expenses, we live in a mobile digital world where I need to be able to create quotes and invoices on the spot and not back at my desk.
  • There are a few accounting and account related tools that could use some sharpening. For example, there isn't a good way to merge transactions - so when I snap a picture of a receipt and add it there is trouble reconciling against the bank. This shows up as two discrete transactions that cannot be merged - so one has to be manually deleted. It kind of defeats the purpose of scanning the receipts in entirely.
  • We've struggled with integrating debt accounts. For example, a shareholder may pay for something to get us by one day - how to we capture that as a debt owed? There isn't a way. The "shareholder debt" account doesn't talk to the rest of the system.
No photo available
  • One thing I can think of is when you need to run a report that has to include more than two years of payroll information (year to date salaries, etc.) you are unable to do so BUT if you contact your rep they can do it for you. I am sure they will come up with a solution for this problem sometime in the near future.
Yvetta Clark 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

Wave is FREE for most functions. Payment processing costs no matter where you go (as does payroll or taxes). Wave rises above tools like QuickBooks Online because they know that for our small firm, being nimble is the name of the game. We don't need exhaustive reporting and management like QB offers and we certainly don't want to pay for it
No photo available
I like most reports that Paychex has but the Register Prior to Processing is a good tool to use to check the payroll before you transmit your payroll to Paychex. I also like the Employee Check Listing to use to make sure all New Hires and any Employees Updates are entered correctly.Oh, I really, really like that Paychex does not have Batches like other outsourced Payrolls have. It cuts your payroll entries by half the time it take when you have Batches.
Yvetta Clark 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 has enabled our accounts payable to maintain a 99% closure rate by leveraging auto reminders through the email system.
  • Our quote to invoice process is a single click, saving time and effort. Even minor changes during that transition occur simply and easily.
  • Aside from payments, Wave has been free for our usage. Our bottom line is better because we're not investing in software but instead embracing an entire ecosystem.
No photo available
  • The most positive impact Paychex has is their Customer Service. I LOVE Paychex Customer Service. Enough said.
  • Paychex's IT Department is on point.
Yvetta Clark 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