What users are saying about

Accounting by Wave

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Top Rated
104 Ratings

QuickBooks Online

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Top Rated
628 Ratings

Accounting by Wave

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Top Rated
104 Ratings
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Score 9.1 out of 101

QuickBooks Online

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Top Rated
628 Ratings
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Score 7.9 out of 101

Add comparison

Likelihood to Recommend

Accounting by Wave

Wave is an excellent option for small start-up businesses since it's a free application, comparable to others like Xero & Quikbooks, and integrates with most major banks. Where I would see considering to move platforms is when you have more than 10 employees and multiple accounts to balance which at that point may be a good time to consult a book keeper and consider switching software if needed. Side note Wave offers a list of local bookkeeping professionals that work with Wave software in your area so you wouldn't have to change systems.
Matthew Gehrman profile photo

QuickBooks Online

Small businesses or medium-sized companies could definitely use QuickBooks Online, especially if they are not currently using any accounting software or are transitioning from a free or low-cost product alternative. I would also recommend the online version for non-profits if they can go in with the knowledge that they'll have to categorize income more similarly to a for-profit organization.
Dylan DeClerck profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
QuickBooks Online
7.5
Pay calculation
Accounting by Wave
8.3
QuickBooks Online
8.1
Benefit plan administration
Accounting by Wave
7.5
QuickBooks Online
6.9
Direct deposit files
Accounting by Wave
8.0
QuickBooks Online
8.8
Salary revision and increment management
Accounting by Wave
7.7
QuickBooks Online
6.3
Reimbursement management
Accounting by Wave
8.0
QuickBooks Online
7.4

Customization

Accounting by Wave
8.9
QuickBooks Online
7.6
API for custom integration
Accounting by Wave
8.8
QuickBooks Online
8.1
Plug-ins
Accounting by Wave
8.9
QuickBooks Online
7.2

Security

Accounting by Wave
8.5
QuickBooks Online
8.7
Single sign-on capability
Accounting by Wave
9.1
QuickBooks Online
9.1
Role-based user permissions
Accounting by Wave
8.0
QuickBooks Online
8.2

Reporting & Analytics

Accounting by Wave
8.5
QuickBooks Online
8.4
Dashboards
Accounting by Wave
8.4
QuickBooks Online
8.6
Standard reports
Accounting by Wave
8.3
QuickBooks Online
8.7
Custom reports
Accounting by Wave
8.6
QuickBooks Online
7.8

General Ledger and Configurable Accounting

Accounting by Wave
8.3
QuickBooks Online
8.1
Accounts payable
Accounting by Wave
8.6
QuickBooks Online
8.7
Accounts receivable
Accounting by Wave
9.2
QuickBooks Online
8.3
Cash management
Accounting by Wave
8.1
QuickBooks Online
8.1
Bank reconciliation
Accounting by Wave
7.9
QuickBooks Online
8.2
Expense management
Accounting by Wave
8.5
QuickBooks Online
8.1
Time tracking
Accounting by Wave
7.5
QuickBooks Online
6.3
Fixed asset management
Accounting by Wave
6.6
QuickBooks Online
7.4
Multi-currency support
Accounting by Wave
8.3
QuickBooks Online
7.9
Multi-division support
Accounting by Wave
7.4
QuickBooks Online
8.4
Regulations compliance
Accounting by Wave
7.3
QuickBooks Online
8.3
Electronic tax filing
Accounting by Wave
6.0
QuickBooks Online
8.3
Self-service portal
Accounting by Wave
9.0
QuickBooks Online
8.2
Global Financial Support
Accounting by Wave
9.0
QuickBooks Online
7.6
Primary and Secondary Ledgers
Accounting by Wave
9.3
QuickBooks Online
9.6
Intercompany Accounting
Accounting by Wave
8.6
QuickBooks Online
8.5
Localizations
Accounting by Wave
9.5
QuickBooks Online
7.7
Journals and Reconciliations
Accounting by Wave
8.2
QuickBooks Online
8.6
Enterprise Accounting
Accounting by Wave
8.7
QuickBooks Online
8.3
Configurable Accounting
Accounting by Wave
8.7
QuickBooks Online
8.0
Centralized Rules Framework
Accounting by Wave
9.0
QuickBooks Online
8.5
Standardized Processes
Accounting by Wave
8.0
QuickBooks Online
7.7

Inventory Management

Accounting by Wave
8.9
QuickBooks Online
8.0
Inventory tracking
Accounting by Wave
9.5
QuickBooks Online
6.1
Automatic reordering
Accounting by Wave
8.0
QuickBooks Online
8.5
Location management
Accounting by Wave
9.0
QuickBooks Online
7.5
Manufacturing module
Accounting by Wave
9.0
QuickBooks Online
10.0

Order Management

Accounting by Wave
8.0
QuickBooks Online
7.6
Pricing
Accounting by Wave
8.3
QuickBooks Online
7.0
Order entry
Accounting by Wave
8.4
QuickBooks Online
7.9
Credit card processing
Accounting by Wave
9.1
QuickBooks Online
7.8
Cost of goods sold
Accounting by Wave
8.8
QuickBooks Online
7.9
Order Orchestration
Accounting by Wave
8.0
QuickBooks Online
7.8
End-to-end order visibility
Accounting by Wave
5.2
QuickBooks Online
7.8
Order exception Resolution
Accounting by Wave
8.0
QuickBooks Online
7.3

Accounting Firm BPO Features

Accounting by Wave
8.0
QuickBooks Online
8.0
Branded client dashboards
Accounting by Wave
8.0
QuickBooks Online
8.9
Client data roll-up capabilities
Accounting by Wave
8.0
QuickBooks Online
8.2
Client data consolidation for benchmarking
Accounting by Wave
7.5
QuickBooks Online
6.6
Configurable alerts
Accounting by Wave
8.0
QuickBooks Online
8.1
Billing bypass
Accounting by Wave
8.0
QuickBooks Online
7.8
Client template cloning
Accounting by Wave
8.0
QuickBooks Online
8.2
Single sign-on
Accounting by Wave
9.0
QuickBooks Online
9.0
Configurable client onboarding questions
Accounting by Wave
8.0
QuickBooks Online
6.8
Cross-client workflow management
Accounting by Wave
8.0
QuickBooks Online
8.2
Industry-specific versioning
Accounting by Wave
8.0
QuickBooks Online
8.3
Legacy system data migration
Accounting by Wave
8.0
QuickBooks Online
7.6

Pros

  • It has a very easy to learn interface.
  • They have a great support team that is quick to answer any questions you might have along the way.
  • The core of the service is completely free, so it's a great way to track your finances on a limited budget.
  • It has an optional payroll service built-in, which most other competitors don't offer.
Eric Matthews 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 reports need some work. I would like to see some options for how the data is sorted (either by account number or name).
  • The payroll service is a bit limited if you have staff that have varied pay structures or are paid on different schedules.
Eric Matthews profile photo
  • Billing: lack of automation, it's still very manual.
  • Payment gateway: it exists but it's very limited (no storage of CC or ACH for automatic payment online).
  • Payment recognition is very inefficient.
  • SaaS KPI are missing (MRR, Churn, LTV, CAC, ARPA, etc.)! I'm actually thinking of using other providers to solve these issues (like Zuora, Stripes, Kissmetrics, etc.)
Benjamin Jaboeuf 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 Online7.8
Based on 19 answers
QuickBooks Online is a great product and there's no need for us to switch. It does everything we need and does it without hiccups.
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 10 answers
Quickbooks is a more than adequate solution that solves many complex problems. Is it the easiest tool to use? - No. Is it totally learnable to anyone who is accustom to performing these responsibilities either manually or with other competitor tools? - Absolutely.
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
While there is an app, which makes it accessible, all the features are not available.
Tya Bolton 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
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
My calls are answered quickly and my issues resolved usually immediately.
John H. Adair CPA 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's biggest selling point is by far it's price, because their base product for free. Most people sign-up because of that advantage. But here are my opinions of Wave Vs these three other programs I've worked in.Wave vs Freshbooks
-Freshbooks wins for invoicing because it gives you multiple options for payment processing integration and it gives you an audit trail on invoices to show when a client has viewed as well as paid. It also has a project time tracking option that you can then invoice time entries.-Wave wins the accounting side because it actually tracks assets and liabilities, not just income and expenses. -As far as user friendly and accounting knowledge necessary to use, Freshbooks is slightly easier for those with no accounting knowledge.-Wave allows bookkeepers to use their own account access through the collaborator feature, Freshbooks has "accountant" access but you can only view reports and export journal entries. If someone wants help editing transactions they have to share their login info.
Wave vs Quickbooks Online
-Quickbooks Online wins for customization and range of features especially custom reports, sub-accounts in the chart of accounts, and traditional bank reconciliation.-Wave is better in ease of use -Wave Payroll offers a Tax service that automates payroll tax filing, Quickbooks Payroll does not do that you still have to hit send
Wave vs Less Accounting
- Overall I found LessAccounting and Wave very comparable products, but LessAccounting is a paid product and Wave's base product is free w/ advertising on the sidebar.-In the range of features, Wave has more integrated options such as Payroll and Payment Processing.-LessAccounting has a strong emphasis on education and tries to educate the user on basic bookkeeping processes within the software-LessAccounting has a slightly better bank reconciliation feature, but only slightly better because you enter the starting and ending statement balances. Neither product are strong on true bank statement reconciliation.
Melissa Whaley profile photo
QBO is much more robust than the other free programs. There is so much more you can do with it compared to the other programs. I had zero accounting experience and I'd say the other programs were a bit easier to learn, but overall QuickBooks has more features and capabilities and gives me a good picture of how the business is doing. You can create custom reports; their reports are some of the best and easiest to run I've seen.
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

  • Faster bookkeeping
  • Better accounting records
  • Cheaper accountants fees
Paul Colman FCA profile photo
  • Given us an easy way to manage and keep track of our money
  • Helped us know what smart expenses we could make and what we can afford to spend on
  • Given us clear objectives and paths to growing financially
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