What users are saying about

Accounting by Wave

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Top Rated
102 Ratings

Accounting by Wave

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Top Rated
102 Ratings
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Score 9.1 out of 101
22 Ratings
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Score 8.2 out of 101

Add comparison

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 Self-Employed

QuickBooks Self-Employed is a very detailed software to keep track of your finances and tax obligations. I'm reviewing the online version here and honestly, if you are into QuickBooks, it might be worth looking into the stand-alone software version. Ideally, if you work remotely, in various places and on more than one computer (desktop or laptop) then QuickBooks online is a good idea. But the slow interface is troubling to me and I spend a lot of time going through and correcting entries QuickBooks imports from my bank account. In fact, I've gone back to my stand-alone version of Quicken.
Tim Vahsholtz profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
QuickBooks Self-Employed
10.0
Pay calculation
Accounting by Wave
8.3
QuickBooks Self-Employed
10.0
Benefit plan administration
Accounting by Wave
7.5
QuickBooks Self-Employed
10.0
Direct deposit files
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0
Salary revision and increment management
Accounting by Wave
7.7
QuickBooks Self-Employed
10.0
Reimbursement management
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0

Customization

Accounting by Wave
9.0
QuickBooks Self-Employed
10.0
API for custom integration
Accounting by Wave
8.9
QuickBooks Self-Employed
10.0
Plug-ins
Accounting by Wave
9.1
QuickBooks Self-Employed
10.0

Security

Accounting by Wave
8.6
QuickBooks Self-Employed
10.0
Single sign-on capability
Accounting by Wave
9.1
QuickBooks Self-Employed
9.9
Role-based user permissions
Accounting by Wave
8.1
QuickBooks Self-Employed
10.0

Reporting & Analytics

Accounting by Wave
8.4
QuickBooks Self-Employed
7.9
Dashboards
Accounting by Wave
8.4
QuickBooks Self-Employed
8.0
Standard reports
Accounting by Wave
8.3
QuickBooks Self-Employed
7.9
Custom reports
Accounting by Wave
8.6
QuickBooks Self-Employed
7.7

General Ledger and Configurable Accounting

Accounting by Wave
8.2
QuickBooks Self-Employed
9.0
Accounts payable
Accounting by Wave
8.6
QuickBooks Self-Employed
9.8
Accounts receivable
Accounting by Wave
9.2
QuickBooks Self-Employed
9.8
Cash management
Accounting by Wave
8.0
QuickBooks Self-Employed
7.9
Bank reconciliation
Accounting by Wave
7.8
QuickBooks Self-Employed
9.4
Expense management
Accounting by Wave
8.5
QuickBooks Self-Employed
8.2
Time tracking
Accounting by Wave
7.3
QuickBooks Self-Employed
7.2
Fixed asset management
Accounting by Wave
6.3
QuickBooks Self-Employed
10.0
Multi-currency support
Accounting by Wave
8.5
QuickBooks Self-Employed
10.0
Multi-division support
Accounting by Wave
7.5
QuickBooks Self-Employed
10.0
Regulations compliance
Accounting by Wave
7.3
QuickBooks Self-Employed
10.0
Electronic tax filing
Accounting by Wave
6.0
QuickBooks Self-Employed
7.7
Self-service portal
Accounting by Wave
9.0
QuickBooks Self-Employed
9.6
Global Financial Support
Accounting by Wave
9.0
QuickBooks Self-Employed
10.0
Primary and Secondary Ledgers
Accounting by Wave
9.3
QuickBooks Self-Employed
10.0
Intercompany Accounting
Accounting by Wave
8.7
QuickBooks Self-Employed
10.0
Localizations
Accounting by Wave
9.5
QuickBooks Self-Employed
10.0
Journals and Reconciliations
Accounting by Wave
8.1
QuickBooks Self-Employed
3.6
Enterprise Accounting
Accounting by Wave
8.7
QuickBooks Self-Employed
10.0
Configurable Accounting
Accounting by Wave
8.5
QuickBooks Self-Employed
10.0
Centralized Rules Framework
Accounting by Wave
9.0
QuickBooks Self-Employed
10.0
Standardized Processes
Accounting by Wave
8.0
QuickBooks Self-Employed
5.1

Inventory Management

Accounting by Wave
8.9
QuickBooks Self-Employed
10.0
Inventory tracking
Accounting by Wave
9.5
QuickBooks Self-Employed
10.0
Automatic reordering
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0
Location management
Accounting by Wave
9.0
QuickBooks Self-Employed
10.0
Manufacturing module
Accounting by Wave
9.0
QuickBooks Self-Employed
10.0

Order Management

Accounting by Wave
7.9
QuickBooks Self-Employed
10.0
Pricing
Accounting by Wave
8.3
QuickBooks Self-Employed
10.0
Order entry
Accounting by Wave
8.3
QuickBooks Self-Employed
10.0
Credit card processing
Accounting by Wave
9.1
QuickBooks Self-Employed
10.0
Cost of goods sold
Accounting by Wave
8.8
QuickBooks Self-Employed
10.0
Order Orchestration
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0
End-to-end order visibility
Accounting by Wave
4.8
QuickBooks Self-Employed
10.0
Order exception Resolution
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0

Accounting Firm BPO Features

Accounting by Wave
8.0
QuickBooks Self-Employed
10.0
Branded client dashboards
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0
Client data roll-up capabilities
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0
Client data consolidation for benchmarking
Accounting by Wave
7.5
QuickBooks Self-Employed
10.0
Configurable alerts
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0
Billing bypass
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0
Client template cloning
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0
Single sign-on
Accounting by Wave
9.0
QuickBooks Self-Employed
10.0
Configurable client onboarding questions
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0
Cross-client workflow management
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0
Industry-specific versioning
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0
Legacy system data migration
Accounting by Wave
8.0
QuickBooks Self-Employed
10.0

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
  • Tracking expenses is as simple as swiping left and right, it couldn't be easier.
  • Running invoices through QuickBooks is simple and effective.
  • Allowing clients to pay by card or check allows you to get paid faster and give the clients multiple ways of paying invoices, which helps everyone.
  • Automatically tracking estimated quarterly taxes is very helpful and it keeps it top-of mind for each month.
Aaron Metzger profile photo

Cons

  • connection to bank sometimes lags - you can refresh the connection but it takes a minute or two to update
  • sometimes invoices are categorized as sales versus consulting income - you really have to look and change it to the appropriate income account. once an invoice is recorded as paid, you can change the income account
  • Wave has a tendency of not accepting a saved password, forcing users to reset a password that is knowingly valid. Using Single Sign On eliminates this but it's still annoying.
Kristy Nittskoff profile photo
  • Automatic mileage tracking used to work a lot better than it currently does. I got a new phone, and now I have to manually input call tracking, because it just doesn't work anymore.
  • When creating invoices, there should be a way to import data into an invoices from Excel, which would make the invoicing a lot faster. Additionally, being able to press ENTER to save a line item on an invoice would be nice. Currently it doesn't work that way.
  • Editing invoices shouldn't require sending a reminder.
Aaron Metzger 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 Self-Employed10.0
Based on 1 answer
No answer on this topic is 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
No score
No answers yet
No answers on this topic

Reliability and Availability

Accounting by Wave6.7
Based on 4 answers
WAVE is always available when we need it ! Peter
Peter Cullen profile photo
No score
No answers yet
No answers on this topic

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
No score
No answers yet
No answers on this topic

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
No score
No answers yet
No answers on this topic

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

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 just trust QuickBooks more than CloudBooks because it's been on the market longer and it's not a net-based service.
Nathanial Holt 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
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
  • Its has made it easier to concentrate on growing our business as opposed to spending a lot of time trying to manage our financials.
  • Saves us money on having to hire an accountant.
Nathanial Holt 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

QuickBooks Self-Employed

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