What users are saying about

Accounting by Wave

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Top Rated
102 Ratings

QuickBooks Online

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Top Rated
600 Ratings

Accounting by Wave

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Top Rated
102 Ratings
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Score 9.1 out of 101

QuickBooks Online

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Top Rated
600 Ratings
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Score 7.9 out of 101

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Likelihood to Recommend

Accounting by Wave

Wave is great at small business accounting where fairly simple quotes and invoices can be set up and payments can be received online or as mailed checks. Other or more complicated situations are not well suited to the platform. Any business that takes in Bitcoin or other alternative currencies will struggle to link the account types together
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
7.5
Pay calculation
Accounting by Wave
8.3
QuickBooks Online
8.1
Benefit plan administration
Accounting by Wave
7.5
QuickBooks Online
7.0
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
7.3

Customization

Accounting by Wave
9.0
QuickBooks Online
7.7
API for custom integration
Accounting by Wave
8.9
QuickBooks Online
8.1
Plug-ins
Accounting by Wave
9.1
QuickBooks Online
7.2

Security

Accounting by Wave
8.6
QuickBooks Online
8.7
Single sign-on capability
Accounting by Wave
9.1
QuickBooks Online
9.1
Role-based user permissions
Accounting by Wave
8.1
QuickBooks Online
8.2

Reporting & Analytics

Accounting by Wave
8.4
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
8.2
QuickBooks Online
8.0
Accounts payable
Accounting by Wave
8.6
QuickBooks Online
8.6
Accounts receivable
Accounting by Wave
9.2
QuickBooks Online
8.3
Cash management
Accounting by Wave
8.0
QuickBooks Online
8.1
Bank reconciliation
Accounting by Wave
7.8
QuickBooks Online
8.2
Expense management
Accounting by Wave
8.5
QuickBooks Online
8.0
Time tracking
Accounting by Wave
7.3
QuickBooks Online
6.1
Fixed asset management
Accounting by Wave
6.3
QuickBooks Online
7.2
Multi-currency support
Accounting by Wave
8.5
QuickBooks Online
7.9
Multi-division support
Accounting by Wave
7.5
QuickBooks Online
8.0
Regulations compliance
Accounting by Wave
7.3
QuickBooks Online
7.9
Electronic tax filing
Accounting by Wave
6.0
QuickBooks Online
8.3
Self-service portal
Accounting by Wave
9.0
QuickBooks Online
8.0
Global Financial Support
Accounting by Wave
9.0
QuickBooks Online
7.5
Primary and Secondary Ledgers
Accounting by Wave
9.3
QuickBooks Online
9.5
Intercompany Accounting
Accounting by Wave
8.7
QuickBooks Online
8.3
Localizations
Accounting by Wave
9.5
QuickBooks Online
7.5
Journals and Reconciliations
Accounting by Wave
8.1
QuickBooks Online
8.6
Enterprise Accounting
Accounting by Wave
8.7
QuickBooks Online
8.2
Configurable Accounting
Accounting by Wave
8.5
QuickBooks Online
7.9
Centralized Rules Framework
Accounting by Wave
9.0
QuickBooks Online
8.6
Standardized Processes
Accounting by Wave
8.0
QuickBooks Online
7.8

Inventory Management

Accounting by Wave
8.9
QuickBooks Online
8.0
Inventory tracking
Accounting by Wave
9.5
QuickBooks Online
6.2
Automatic reordering
Accounting by Wave
8.0
QuickBooks Online
8.5
Location management
Accounting by Wave
9.0
QuickBooks Online
7.3
Manufacturing module
Accounting by Wave
9.0
QuickBooks Online
10.0

Order Management

Accounting by Wave
7.9
QuickBooks Online
7.5
Pricing
Accounting by Wave
8.3
QuickBooks Online
7.1
Order entry
Accounting by Wave
8.3
QuickBooks Online
7.9
Credit card processing
Accounting by Wave
9.1
QuickBooks Online
7.7
Cost of goods sold
Accounting by Wave
8.8
QuickBooks Online
7.8
Order Orchestration
Accounting by Wave
8.0
QuickBooks Online
7.5
End-to-end order visibility
Accounting by Wave
4.8
QuickBooks Online
7.5
Order exception Resolution
Accounting by Wave
8.0
QuickBooks Online
7.1

Accounting Firm BPO Features

Accounting by Wave
8.0
QuickBooks Online
8.0
Branded client dashboards
Accounting by Wave
8.0
QuickBooks Online
9.0
Client data roll-up capabilities
Accounting by Wave
8.0
QuickBooks Online
8.3
Client data consolidation for benchmarking
Accounting by Wave
7.5
QuickBooks Online
6.5
Configurable alerts
Accounting by Wave
8.0
QuickBooks Online
8.0
Billing bypass
Accounting by Wave
8.0
QuickBooks Online
7.8
Client template cloning
Accounting by Wave
8.0
QuickBooks Online
8.3
Single sign-on
Accounting by Wave
9.0
QuickBooks Online
9.0
Configurable client onboarding questions
Accounting by Wave
8.0
QuickBooks Online
6.7
Cross-client workflow management
Accounting by Wave
8.0
QuickBooks Online
8.3
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

  • 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
  • Chart of Accounts - recommended CoA is easy to follow
  • Automatic interface with bank - minimizes entry time
  • Access to more than one user - admin rights/preferences are easy to manage
No photo available

Cons

  • Not too much to complain about with Wave although I do wish they kept an audit trail of all invoice reminders sent, changes in the invoice, and have the ability to pull reports with this data. This functionality would be great to review clients as a whole to determine profitability and time spent with these clients.
  • 9% processing fees for all cards which is a bit higher than some of the competitors like Blue Pay. The pro to this though is there's no monthly commitment or monthly service fees.
Matthew Gehrman 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 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
It's easy to download, install and login for access. This is especially true for people who work in various places such as a home office, client's site and on a business trip. The data is stored online which sounds like a more safe environment as compared to a hardware which may break down, got lost or stolen.
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

Across the board Wave takes the cake on price at $0/mo aside from payroll fees and credit card processing. That aside I'd say most accounting systems are fairly similar, however what I like about Wave is just how simple the interface is and the outstanding customer support from both the community and the company.
Matthew Gehrman profile photo
We have clients who have used Sage/Peachtree and Quicken. QuickBooks Online seems a little more user-friendly for the average user, as well as offering a better interface. There seems to be more training and help available for the common person with QuickBooks than with other softwares, so it's easier to send along helpful articles to clients who are having issues with a particular task.
Lindsay Foucht 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
QuickBooks Online7.4
Based on 18 answers
The ability to view transactions more frequently usually daily in case we have questions for the client. Communication with the client about a transaction is attached to the transaction with an audit trail. It is allowing us to move from a recorded version of transactions into more of a consultative role.
John H. Adair CPA profile photo

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

  • Wave has removed several of the stresses of running my own business and helped me collect payment from a variety of local and national clients in one easy space.
  • Wave has helped give me eyes in on how my money has been allocated, and how the business expenses have been tracked.
  • Wave is a good self-service tool, that can do much of the work Quickbooks does for others, but as a free solution provider.
Carl Grivakis 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