What users are saying about

Accounting by Wave

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Top Rated
102 Ratings
1 Ratings

Accounting by Wave

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Top Rated
102 Ratings
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Score 9.1 out of 101
1 Ratings
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Score 9 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

PlanGuru

I suggest becoming fully familiar with the program before first time use as it can become costly and a charge off to a client would not be practical.
No photo available

Feature Rating Comparison

Payroll Management

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

Customization

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

Security

Accounting by Wave
8.6
PlanGuru
Single sign-on capability
Accounting by Wave
9.1
PlanGuru
Role-based user permissions
Accounting by Wave
8.1
PlanGuru

Reporting & Analytics

Accounting by Wave
8.4
PlanGuru
Dashboards
Accounting by Wave
8.4
PlanGuru
Standard reports
Accounting by Wave
8.3
PlanGuru
Custom reports
Accounting by Wave
8.6
PlanGuru

General Ledger and Configurable Accounting

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

Inventory Management

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

Order Management

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

Accounting Firm BPO Features

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

Pros

  • The dashboard provides instant views of month-by month income & expenses for the past 12-24 months, a breakdown of current year expense by category, and net income for the past year and year-to-date.
  • Invoicing has easy templated set up has lots of per invoice options such as single/recurring payment options, due dates.
  • Year end reports are easy to generate in either pdf or csv format.
No photo available
  • Allows for several different scenarios for the same company
  • Modification in specifications alterable
  • Allows for changes at any level with several criteria.
No photo available

Cons

  • There are no preset date options for reports. It would be nice if you could select a quick option when running a report like "this month", "this quarter", "last month", "last quarter". It can bee a little cumbersome to manually enter the dates for a report especially when looking for previous years.
  • As a Wave Pro, I have clients who use Wave for Payroll. Under my "collaborator" access I cannot assist them with running payroll or view any payroll reports I have to use their personal login to access payroll. It would be nice to have an option to grant a collaborator more access including Payroll.
  • It would be really great to add a credit memo option. That way you could show that a client has a positive balance on their account. I know there are some funky work-arounds for this, but it's not worth the work to use them.
  • Bank reconciliation technically exists, but it's not intuitive for someone who is used to reconciling in a desktop software such as Quickbooks.
Melissa Whaley profile photo
  • Can be a bit complicated for new users.
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
PlanGuru7.0
Based on 1 answer
It hasn't really been a viable program for our office.
No photo available

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
PlanGuru8.0
Based on 1 answer
No answer on this topic is available.

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
No score
No answers yet
No answers on this topic

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
PlanGuru9.0
Based on 1 answer
Great tool for projections and forecasting.
No photo available

Alternatives Considered

Jennifer Bauldic profile photo
We contacted PlanGuru for a low-cost module initially for use on a particular client. It has been used several times since by my department for projections. It's fairly adaptable with our QuickBooks business clients.
No photo available

Rating for Public Practice CPAs

Accounting by Wave8.0
Based on 8 answers
we have worked with all Cloud software ( XERO, QBO, FreshBooks, Wave, and others ) so we have a strong basis point for comparison
Peter Cullen 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

  • Faster bookkeeping
  • Better accounting records
  • Cheaper accountants fees
Paul Colman FCA profile photo
  • There hasn't really been much use of this product for some time.
No photo available

Pricing Details

Accounting by Wave

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

PlanGuru

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