What users are saying about

Accounting by Wave

Top Rated
97 Ratings

QuickBooks Online

Top Rated
566 Ratings

Accounting by Wave

Top Rated
97 Ratings
Score 9 out of 101

QuickBooks Online

Top Rated
566 Ratings
Score 7.9 out of 101

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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

QuickBooks Online

Good to manage foreign currencies. Not the best to manage multiple companies, mother and sub (interco agreement). The different components are not integrated.
Benjamin Jaboeuf profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
QuickBooks Online
7.9
Pay calculation
Accounting by Wave
8.4
QuickBooks Online
8.2
Benefit plan administration
Accounting by Wave
7.5
QuickBooks Online
8.0
Direct deposit files
Accounting by Wave
8.0
QuickBooks Online
9.2
Salary revision and increment management
Accounting by Wave
7.7
QuickBooks Online
7.0
Reimbursement management
Accounting by Wave
8.0
QuickBooks Online
7.4

Customization

Accounting by Wave
9.1
QuickBooks Online
8.4
API for custom integration
Accounting by Wave
8.9
QuickBooks Online
8.7
Plug-ins
Accounting by Wave
9.2
QuickBooks Online
8.0

Security

Accounting by Wave
8.6
QuickBooks Online
8.9
Single sign-on capability
Accounting by Wave
9.0
QuickBooks Online
8.9
Role-based user permissions
Accounting by Wave
8.2
QuickBooks Online
8.8

Reporting & Analytics

Accounting by Wave
8.5
QuickBooks Online
8.6
Dashboards
Accounting by Wave
8.4
QuickBooks Online
9.0
Standard reports
Accounting by Wave
8.3
QuickBooks Online
9.0
Custom reports
Accounting by Wave
8.6
QuickBooks Online
7.7

General Ledger and Configurable Accounting

Accounting by Wave
8.2
QuickBooks Online
7.8
Accounts payable
Accounting by Wave
8.4
QuickBooks Online
8.5
Accounts receivable
Accounting by Wave
9.1
QuickBooks Online
8.6
Cash management
Accounting by Wave
8.1
QuickBooks Online
8.5
Bank reconciliation
Accounting by Wave
7.8
QuickBooks Online
7.8
Expense management
Accounting by Wave
8.5
QuickBooks Online
8.0
Time tracking
Accounting by Wave
7.3
QuickBooks Online
5.8
Fixed asset management
Accounting by Wave
5.2
QuickBooks Online
7.3
Multi-currency support
Accounting by Wave
8.6
QuickBooks Online
7.9
Multi-division support
Accounting by Wave
7.4
QuickBooks Online
7.0
Regulations compliance
Accounting by Wave
7.3
QuickBooks Online
7.4
Electronic tax filing
Accounting by Wave
6.0
QuickBooks Online
8.0
Self-service portal
Accounting by Wave
9.1
QuickBooks Online
7.0
Global Financial Support
Accounting by Wave
9.0
QuickBooks Online
7.7
Primary and Secondary Ledgers
Accounting by Wave
9.3
QuickBooks Online
8.8
Intercompany Accounting
Accounting by Wave
8.7
QuickBooks Online
7.2
Localizations
Accounting by Wave
9.5
QuickBooks Online
7.4
Journals and Reconciliations
Accounting by Wave
8.4
QuickBooks Online
9.1
Enterprise Accounting
Accounting by Wave
8.7
QuickBooks Online
7.0
Configurable Accounting
Accounting by Wave
8.7
QuickBooks Online
7.5
Centralized Rules Framework
Accounting by Wave
9.0
QuickBooks Online
9.0
Standardized Processes
Accounting by Wave
7.9
QuickBooks Online
9.0

Inventory Management

Accounting by Wave
8.9
QuickBooks Online
8.3
Inventory tracking
Accounting by Wave
9.5
QuickBooks Online
7.7
Automatic reordering
Accounting by Wave
8.0
QuickBooks Online
8.5
Location management
Accounting by Wave
9.0
QuickBooks Online
7.9
Manufacturing module
Accounting by Wave
9.0
QuickBooks Online
9.0

Order Management

Accounting by Wave
7.8
QuickBooks Online
7.8
Pricing
Accounting by Wave
8.1
QuickBooks Online
8.2
Order entry
Accounting by Wave
8.0
QuickBooks Online
8.5
Credit card processing
Accounting by Wave
9.1
QuickBooks Online
7.7
Cost of goods sold
Accounting by Wave
8.8
QuickBooks Online
8.2
Order Orchestration
Accounting by Wave
8.0
QuickBooks Online
7.6
End-to-end order visibility
Accounting by Wave
4.7
QuickBooks Online
7.6
Order exception Resolution
Accounting by Wave
8.0
QuickBooks Online
7.1

Accounting Firm BPO Features

Accounting by Wave
8.0
QuickBooks Online
8.4
Branded client dashboards
Accounting by Wave
8.0
QuickBooks Online
9.3
Client data roll-up capabilities
Accounting by Wave
8.0
QuickBooks Online
9.0
Client data consolidation for benchmarking
Accounting by Wave
7.5
QuickBooks Online
6.7
Configurable alerts
Accounting by Wave
8.0
QuickBooks Online
8.4
Billing bypass
Accounting by Wave
8.0
QuickBooks Online
7.8
Client template cloning
Accounting by Wave
8.0
QuickBooks Online
9.0
Single sign-on
Accounting by Wave
9.0
QuickBooks Online
8.5
Configurable client onboarding questions
Accounting by Wave
8.0
QuickBooks Online
7.4
Cross-client workflow management
Accounting by Wave
8.0
QuickBooks Online
9.0
Industry-specific versioning
Accounting by Wave
8.0
QuickBooks Online
8.7
Legacy system data migration
Accounting by Wave
8.0
QuickBooks Online
8.7

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
  • Information is updated instantaneously.
  • The reports like P&L, collections, and AR aging are very useful on a day-to-day basis.
  • Neat to share info with investors and the board.
Benjamin Jaboeuf profile photo

Cons

  • The only disappointment I've had with using Wave so far is how delayed transactions can be with the bank connection. This is likely because of how slow the turnaround can be for check deposits and other transactions to register in the bank (24 hours or more) but it means I need to reference my bank account's website instead of Wave if I have checks arriving on payroll day.
Chris Hecox profile photo
  • User interface seems to change every few months, altering where commonly used features are located. Can be very confusing.
  • Connecting the bank accounts sometimes results in employees doubling up on entries or doesn't always find the correct match.
Lindsay Foucht 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
QuickBooks Online9.0
Based on 15 answers
It works well for our purposes and for those of our clients who use it - it is a good fit. We believe that the features that are offered will continue to expand.
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
QuickBooks Online8.0
Based on 9 answers
The product performs in the areas of basic bookkeeping and accounting, but to fully use the product for a small business with a few "quirks" additional upgrades will be needed (from QBO Basic to QBO Plus), payroll, and add-ons will be to have all the bells and whistles needed to perform some basic functions offered in other products
No photo 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
QuickBooks Online5.6
Based on 3 answers
We have rarely had outages in the last 10 years. I can only recall 2 times in the last 10 years where we were not able to access our client files.
No photo available

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
QuickBooks Online7.9
Based on 2 answers
There are tab issues. When I tab the field doesn't highlight and I have to backspace or delete what is in the field. Happens on the memo field and sometimes other fields. Very time consuming.
Colleen Walker 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
QuickBooks Online5.0
Based on 4 answers
Customer Support helped me set up our international accounts (in GBP and EUR).
Marianne Markt 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
QuickBooks Online5.2
Based on 3 answers
I'm frustrated. Wound up with two companies, have to keep switching back and forth. This is unsatisfactory!
Robin M. Robboy, CPA profile photo

Alternatives Considered

Wave was more affordable and we were already using it for accounting. The services offered are comparable and quite reliable.
Geri Lynn Peak profile photo
Only used QBO because our office had their desktop version and I wanted an on-line service. That was the only reason I used QBO. Wish I went to ADP.
No photo available

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
QuickBooks Online7.4
Based on 18 answers
Ability for CPAs to access their client's books and make changes sooner so clients are able to make business decisions faster than with a desktop version
No photo available

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

  • Helps keep boring cash accounting more orderly and professional. I could use spreadsheets, but why?
  • Saves money over other options, with a nice UI.
Geri Lynn Peak profile photo
  • Ability to stay on top of business financials quicker
  • Increase employee efficiency
  • Decreased downtime spent getting books up to date
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

QuickBooks Online

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