What users are saying about

Accounting by Wave

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Top Rated
102 Ratings

Prophix

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Top Rated
119 Ratings

Accounting by Wave

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Top Rated
102 Ratings
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Score 9.1 out of 101

Prophix

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Top Rated
119 Ratings
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Score 8.9 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

Prophix

Prophix gives you a great ability to use your current financial data and forecast future revenues and expenses. This, by itself, is a great selling point alone. The additional level of data analysis ability pushes it over the edge. If the data is in your ERP and you want to know something about it, Prophix gives you a way to get that answer.
Andrew Commons profile photo

Feature Rating Comparison

Payroll Management

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

Customization

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

Security

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

Reporting & Analytics

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

General Ledger and Configurable Accounting

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

Inventory Management

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

Order Management

Accounting by Wave
7.9
Prophix
Pricing
Accounting by Wave
8.3
Prophix
Order entry
Accounting by Wave
8.3
Prophix
Credit card processing
Accounting by Wave
9.1
Prophix
Cost of goods sold
Accounting by Wave
8.9
Prophix
Order Orchestration
Accounting by Wave
8.0
Prophix
End-to-end order visibility
Accounting by Wave
4.8
Prophix
Order exception Resolution
Accounting by Wave
8.0
Prophix

Accounting Firm BPO Features

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

Budgeting, Planning, and Forecasting

Accounting by Wave
Prophix
7.9
Long-term financial planning
Accounting by Wave
Prophix
7.8
Financial budgeting
Accounting by Wave
Prophix
8.5
Forecasting
Accounting by Wave
Prophix
7.9
Scenario modeling
Accounting by Wave
Prophix
7.4
Management reporting
Accounting by Wave
Prophix
8.1

Consolidation and Close

Accounting by Wave
Prophix
8.1
Financial data consolidation
Accounting by Wave
Prophix
8.3
Journal entries and reports
Accounting by Wave
Prophix
7.6
Multi-currency management
Accounting by Wave
Prophix
8.4
Intercompany Eliminations
Accounting by Wave
Prophix
8.3
Minority Ownership
Accounting by Wave
Prophix
8.4
Local and consolidated reporting
Accounting by Wave
Prophix
8.4
Detailed Audit Trails
Accounting by Wave
Prophix
7.2

FInancial Reporting and Compliance

Accounting by Wave
Prophix
7.8
Financial Statement Reporting
Accounting by Wave
Prophix
8.4
Management Reporting
Accounting by Wave
Prophix
8.2
Excel-based Reporting
Accounting by Wave
Prophix
7.9
Automated board and financial reporting
Accounting by Wave
Prophix
7.7
XBRL support for regulatory filing
Accounting by Wave
Prophix
6.7

Analytics

Accounting by Wave
Prophix
7.7
Personalized dashboards
Accounting by Wave
Prophix
7.3
Color-coded scorecards
Accounting by Wave
Prophix
7.4
KPIs
Accounting by Wave
Prophix
7.7
Cost and profitability analysis
Accounting by Wave
Prophix
7.8
Key Performance Indicator setting
Accounting by Wave
Prophix
7.8
Benchmarking with external data
Accounting by Wave
Prophix
8.2

Integration

Accounting by Wave
Prophix
8.2
Flat file integration
Accounting by Wave
Prophix
8.4
Excel data integration
Accounting by Wave
Prophix
8.2
Direct links to 3rd-party data sources
Accounting by Wave
Prophix
8.0

Pros

  • The invoicing is easily personalized and works well with both online delivery and with downloaded .pdf files for those who prefer to have direct invoicing from our firm.
  • The billing system makes it easy to track payments to contractors by project, however, it would be great to have a full 1099 solution. The payroll system worked well for us for several years, however, there were some bumps and learning curves. I am not using it at this time.
  • We have a few clients who use the direct payment options and while that costs us a few percentage points (and on the size of our contracts it seems to be a hefty slice), it's still worth it for the piece of mind to get the funds in rapidly. The rates are fairly competitive compared to what we usually.
  • It's useful to be able to assign access to team members or collaborators.
Geri Lynn Peak profile photo
  • Prophix provides us a place to drive specific data out of our ERP into a format where it can be analyzed in many different ways (across time, across departments, across accounts, etc.).
  • Prophix gives us multiple ways to analyze the data that we have chosen. Along with data entry points for items in our goals or budgets, there are also ways to use formulas of different types to project future costs or revenues based upon assumptions that you program into the system. The "What If" can be built and then switched on or off to see the changes.
  • Prophix doesn't limit the types or volume of data you want to analyze. If you have multiple years of data, it doesn't slow down because you have to keep using the same formulas over and over to churn out results. The formulas are separate from the data which allows the results to flow much faster than spreadsheets.
Andrew Commons profile photo

Cons

  • I've not run into anything as of yet I'd like to see improved or added
Torrey Holman profile photo
  • prophix needs to have a better interface with Excel for downloading, uploading, and analysis of data.
  • Report writing with smart client has a long learning curve, web client may be better but we are just getting started with web client.
  • Due to its complexity and flexibility Prophix requires dedicated training and use of consultants for implementation.
William Van Hulzen 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
Prophix10.0
Based on 16 answers
  • Ease of use
  • Dimension hierarchy flexibility
  • Responsive and personalized customer support
  • Ad Hoc ability
Carl Evans 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
Prophix8.4
Based on 13 answers
Easy to use and very flexible finance owned application. Great price too.
David Whiteman, CPA 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
Prophix8.5
Based on 6 answers
We rarely encounter application errors or outages
Rob Strothkamp profile photo

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
Prophix7.7
Based on 6 answers
To date, we have not had any issues with Prophix performance
Rob Strothkamp profile photo

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
Prophix8.0
Based on 58 answers
The support function has been good, but it would be nice to have a dedicated consultant we could call on if we needed immediate help. Often times the ticket process they have implemented is too time-consuming for our budget/forecast process here.
Jillian Walsh 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
Prophix7.3
Based on 2 answers
Online training not company specific
Rob Strothkamp profile photo

Implementation

No score
No answers yet
No answers on this topic
Prophix8.8
Based on 8 answers
Implementation was very succesful
Rob Strothkamp profile photo

Alternatives Considered

Accounting by Wave has a similar target market to FreshBooks, however Accounting by Wave is a full GL solution whereas FreshBooks provides cash flow and receivables tracking. I would definitely recommend Accounting by Wave over FreshBooks for that reason. Also FreshBooks isn't free to use if you have more than one customer.Accounting by Wave is similar to QuickBooks Online however QBO does offer a full bank reconciliation module and the ability to track different business processes (if you use the higher version). They are continually adding functionality and appear to be aiming for a full service solution to replace their very popular desktop version. Accounting by Wave, on the other hand, offers a great solution for owners who mix business and personal funds including personal expense tracking if desired.
Michele Craig CPA,CMA profile photo
I brought Prophix to Spacesaver from my former employer, where I was part of the selection team, and led implementation. There were two main factors in our decision:
  • Prophix was significantly cheaper than TM1 in all ways, the cost for each user license, cost of implementation, and overall software costs
  • Prophix doesn't rely on an IT department to program reports within the system. That is a significant benefit to keep control in accounting, and to reduce the burden on other departments.
Prophix sits on top of any ERP system, so if you are considering upgrading your ERP, you can port any reporting over to the new system
Steve Anderson 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
Prophix8.0
Based on 4 answers
We are a medium sized company, but the structure of Prophix would seemingly adapt to whatever sized organization you have. It also can be applied in any area of an enterprise that needs performance management, whether it involves financial data or not. The potential for application within the enterprise is really only limited by you imagination.
Kevin Warnick profile photo

Return on Investment

  • Faster billing as you have the ability to invoice directly from a smartphone (iPhone or Android)
Michele Craig CPA,CMA profile photo
  • One version of the truth.
  • Closing month-end within days.
  • Death of Excel.
  • More in-depth analysis on variances.
Paul Vickers 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

Accounting by Wave More Information

Prophix

General
Free Trial
Free/Freemium Version
Premium Consulting/Integration Services
Yes
Entry-level set up fee?
Optional
Additional Pricing Details

Prophix More Information