What users are saying about

Accounting by Wave

Top Rated
97 Ratings

Prophix

Top Rated
116 Ratings

Accounting by Wave

Top Rated
97 Ratings
Score 9 out of 101

Prophix

Top Rated
116 Ratings
Score 8.8 out of 101

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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

Prophix

I can speak for a mid-sized company, once prophix is implemented and users are trained (requires consultants and dedicated effort by users) it can be a very useful tool to eliminate the use of excel spreadsheets and standardize reporting, planning and forecasting. It is flexible enough for "super" users to take it into areas of analysis and reporting that may not be possible for many such products, such as human resources, capex, fixed assets, commissions, accrual analysis, etc.
William Van Hulzen profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Prophix
Pay calculation
Accounting by Wave
8.4
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
9.1
Prophix
API for custom integration
Accounting by Wave
8.9
Prophix
Plug-ins
Accounting by Wave
9.2
Prophix

Security

Accounting by Wave
8.6
Prophix
Single sign-on capability
Accounting by Wave
9.0
Prophix
Role-based user permissions
Accounting by Wave
8.2
Prophix

Reporting & Analytics

Accounting by Wave
8.5
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
8.4
Prophix
Accounts receivable
Accounting by Wave
9.1
Prophix
Cash management
Accounting by Wave
8.1
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
5.2
Prophix
Multi-currency support
Accounting by Wave
8.6
Prophix
Multi-division support
Accounting by Wave
7.4
Prophix
Regulations compliance
Accounting by Wave
7.3
Prophix
Electronic tax filing
Accounting by Wave
6.0
Prophix
Self-service portal
Accounting by Wave
9.1
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
8.4
Prophix
Enterprise Accounting
Accounting by Wave
8.7
Prophix
Configurable Accounting
Accounting by Wave
8.7
Prophix
Centralized Rules Framework
Accounting by Wave
9.0
Prophix
Standardized Processes
Accounting by Wave
7.9
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
7.8
Prophix
Pricing
Accounting by Wave
8.1
Prophix
Order entry
Accounting by Wave
8.0
Prophix
Credit card processing
Accounting by Wave
9.1
Prophix
Cost of goods sold
Accounting by Wave
8.8
Prophix
Order Orchestration
Accounting by Wave
8.0
Prophix
End-to-end order visibility
Accounting by Wave
4.7
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
7.6
Financial budgeting
Accounting by Wave
Prophix
8.4
Forecasting
Accounting by Wave
Prophix
7.8
Scenario modeling
Accounting by Wave
Prophix
7.4
Management reporting
Accounting by Wave
Prophix
8.1

Consolidation and Close

Accounting by Wave
Prophix
8.0
Financial data consolidation
Accounting by Wave
Prophix
8.2
Journal entries and reports
Accounting by Wave
Prophix
7.5
Multi-currency management
Accounting by Wave
Prophix
8.1
Intercompany Eliminations
Accounting by Wave
Prophix
8.3
Minority Ownership
Accounting by Wave
Prophix
8.4
Local and consolidated reporting
Accounting by Wave
Prophix
8.3
Detailed Audit Trails
Accounting by Wave
Prophix
7.4

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
7.8
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
7.6
Personalized dashboards
Accounting by Wave
Prophix
7.3
Color-coded scorecards
Accounting by Wave
Prophix
7.3
KPIs
Accounting by Wave
Prophix
7.6
Cost and profitability analysis
Accounting by Wave
Prophix
7.5
Key Performance Indicator setting
Accounting by Wave
Prophix
7.6
Benchmarking with external data
Accounting by Wave
Prophix
8.0

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
7.9

Pros

  • Wave is a wonderful integrated solution offering invoicing, bookkeeping, and cash flow analysis along with bank integration that auto updates.
  • Wave is a payment solution provider with an industry standard rate of 2.9ish% for credit card transactions and provides a good analysis for me as to when I typically get paid.
  • Wave pulls common data for me in building a customized branded invoice, allowing me to make the invoice process faster by adding repeat customers and listing my graphic design services.
Carl Grivakis profile photo
  • Prophix is 100% controlled by the accounting department, the only time we need IT involvement is when we need to setup a new data source to bring into Prophix, or when we need to upgrade versions. All of the reporting, data maintenance and data manipulation are completed by Accounting.
  • Prophix's cube based system emulates a pivot table, and allows for easy and straightforward report creation. The use of dynamic members and named sets allows for us to roll forward months in one step for all reports, and change underlying hierarchies without having to update reports.
  • Prophix's ad-hoc reporting functionality allows for quick access to our financial data, and can be tailored to whatever quick reporting needs to be created.
  • Prophix's process manager allows for mass manipulation of data, which is very handy when moving data from one model to another.
  • Prophix is based on Microsoft platform functionality, so my users can become proficient relatively quickly.
  • Prophix takes customer feedback seriously with their customer feedback portal. I am able to go online and submit specific areas for improvement - if enough other users agree with the request, Prophix will build the request into future updates. This is in stark contrast to our ERP, which sends us a listing of 500 potential improvements that we get to vote on.
  • Prophix has a built-in Microsoft interface, so we can distribute our financial statements into excel, word or powerpoint. We can also distribute in .pdf format or can post directly to sharepoint.
Steve Anderson profile photo

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
  • While no software is bug free, it can take Prophix a few upgrade releases to address identified bugs.
  • At times their customer support is great, and at other times they seem to be stretched thin, but they will address critical issues ASAP.
  • The audit log is not as robust as some systems. After years of using the system, this has become less and less of an issue, as we rarely if ever need a very detailed audit log outlining when any number was adjusted in a budget/forecast, and by whom.
Tim McCarthy 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
The system works well for us, and meets all of our needs. All of our future plans can and will be achieved within Prophix, so there is no need to pursue another product. Prophix has continuously proven to improve their product over the years, which provides an even higher level of confidence in this tool, and future developments
Tim McCarthy 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 learn the basic functionality including reporting and hierarchy maintenance.
Rob Strothkamp 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
Prophix7.9
Based on 54 answers
Support is responsive and can typically help to resolve issues.
Kendra Graves 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

I'd say Wave is more user friendly and has more functionality than Sage One. It has less functionality than Kashflow and QuickBooks, but it's easier to use. Xero is probably better all round, but that's the most expensive. Wave was originally selected by us, and still used by us and our clients because it's free and works great for our needs.
Paul Colman FCA profile photo
Ggreat Plains Forecaster - We look at but didn't choose. We used Cognos for 10 years for our budgeting and before that just Excel. Prophix has more flexibility than we were looking for and ability to far more than just budgeting. Like printing financial statement, Ad Hoc for quick analysis of issues more timely. Better and easier for our end users. Along with better capital planning ability.
John Stubbs profile photo

Rating for Public Practice CPAs

Accounting by Wave8.0
Based on 8 answers
It's easy and quick to setup. It's user friendly and doesn't use too much jargon so my clients understand it and use it properly. It allows me to switch between different clients quickly so I can respond to any queries by looking at the same data.
Paul Colman FCA 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

  • For our clients, better visibility into their business is one of the biggest impacts
  • Mobile access to records, especially as an advisor working with the client remotely is huge
  • For our clients, being able to track receipts and accept payment from a mobile phone while on-site with the client is big.
Tory Norman, CPA profile photo
  • When using it regularly, the eventual time-saving is 5x to 10x over other manual reporting or modeling.
  • For me, the learning curve is too long.
  • When my staff used it regularly, it saved 50% in time to report end of month financials.
Danny Jordan 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