What users are saying about

Accounting by Wave

Top Rated
96 Ratings

Synoptix

13 Ratings

Accounting by Wave

Top Rated
96 Ratings
Score 9 out of 101

Synoptix

13 Ratings
Score 8.9 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
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Synoptix

By supporting our business office and utilizing Synoptix we have been able to reduce our Y/E closing procedures greatly and improve on our campus communication of account activities.
Logan Morris profile photo

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Synoptix
Pay calculation
Accounting by Wave
8.4
Synoptix
Benefit plan administration
Accounting by Wave
7.5
Synoptix
Direct deposit files
Accounting by Wave
8.0
Synoptix
Salary revision and increment management
Accounting by Wave
7.7
Synoptix
Reimbursement management
Accounting by Wave
8.0
Synoptix

Customization

Accounting by Wave
9.1
Synoptix
API for custom integration
Accounting by Wave
8.9
Synoptix
Plug-ins
Accounting by Wave
9.2
Synoptix

Security

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

Reporting & Analytics

Accounting by Wave
8.5
Synoptix
9.1
Dashboards
Accounting by Wave
8.4
Synoptix
8.7
Standard reports
Accounting by Wave
8.3
Synoptix
9.4
Custom reports
Accounting by Wave
8.6
Synoptix
9.4

General Ledger and Configurable Accounting

Accounting by Wave
8.2
Synoptix
8.9
Accounts payable
Accounting by Wave
8.4
Synoptix
9.1
Accounts receivable
Accounting by Wave
9.1
Synoptix
9.1
Cash management
Accounting by Wave
8.1
Synoptix
9.1
Bank reconciliation
Accounting by Wave
7.8
Synoptix
Expense management
Accounting by Wave
8.5
Synoptix
9.5
Time tracking
Accounting by Wave
7.3
Synoptix
6.4
Fixed asset management
Accounting by Wave
5.2
Synoptix
9.3
Multi-currency support
Accounting by Wave
8.6
Synoptix
9.1
Multi-division support
Accounting by Wave
7.4
Synoptix
8.9
Regulations compliance
Accounting by Wave
7.3
Synoptix
9.2
Electronic tax filing
Accounting by Wave
6.0
Synoptix
Self-service portal
Accounting by Wave
9.1
Synoptix
9.6
Global Financial Support
Accounting by Wave
9.0
Synoptix
Primary and Secondary Ledgers
Accounting by Wave
9.3
Synoptix
Intercompany Accounting
Accounting by Wave
8.7
Synoptix
Localizations
Accounting by Wave
9.5
Synoptix
Journals and Reconciliations
Accounting by Wave
8.4
Synoptix
Enterprise Accounting
Accounting by Wave
8.7
Synoptix
Configurable Accounting
Accounting by Wave
8.7
Synoptix
Centralized Rules Framework
Accounting by Wave
9.0
Synoptix
Standardized Processes
Accounting by Wave
7.9
Synoptix

Inventory Management

Accounting by Wave
8.9
Synoptix
9.1
Inventory tracking
Accounting by Wave
9.5
Synoptix
9.1
Automatic reordering
Accounting by Wave
8.0
Synoptix
Location management
Accounting by Wave
9.0
Synoptix
9.1
Manufacturing module
Accounting by Wave
9.0
Synoptix

Order Management

Accounting by Wave
7.8
Synoptix
8.8
Pricing
Accounting by Wave
8.1
Synoptix
Order entry
Accounting by Wave
8.0
Synoptix
Credit card processing
Accounting by Wave
9.1
Synoptix
Cost of goods sold
Accounting by Wave
8.8
Synoptix
8.8
Order Orchestration
Accounting by Wave
8.0
Synoptix
End-to-end order visibility
Accounting by Wave
4.7
Synoptix
Order exception Resolution
Accounting by Wave
8.0
Synoptix

Accounting Firm BPO Features

Accounting by Wave
8.0
Synoptix
8.7
Branded client dashboards
Accounting by Wave
8.0
Synoptix
9.1
Client data roll-up capabilities
Accounting by Wave
8.0
Synoptix
6.7
Client data consolidation for benchmarking
Accounting by Wave
7.5
Synoptix
Configurable alerts
Accounting by Wave
8.0
Synoptix
9.1
Billing bypass
Accounting by Wave
8.0
Synoptix
Client template cloning
Accounting by Wave
8.0
Synoptix
9.1
Single sign-on
Accounting by Wave
9.0
Synoptix
9.1
Configurable client onboarding questions
Accounting by Wave
8.0
Synoptix
Cross-client workflow management
Accounting by Wave
8.0
Synoptix
Industry-specific versioning
Accounting by Wave
8.0
Synoptix
Legacy system data migration
Accounting by Wave
8.0
Synoptix
9.1

Pros

  • Wave can create invoices, send invoices to clients, and notify me once an invoice has been received. It also tracks when invoices are due and allows me to check paid invoices off my list. It's extremely helpful when my previous methods of tracking invoices was updating an excel sheet. A simple feature included with invoicing is the software keeping track of what number invoice I'm currently on, so it's quick to reference different invoices.
  • Bookkeeping with Wave is fairly intuitive. You can connect any of your desired bank accounts to Wave and import your list of transactions. Wave keeps a database of clients, and though it means creating entries for each client (specifically recurring ones) you can tag clients onto income in the bank account. You can also create specific line items for budgets and tag transactions under whatever budget item you wish. There are many ways to use bookkeeping and budgeting with Wave and I've been very pleased to keep everything categorized under one software rather than using multiple applications.
  • Other features I've not used extensively yet that Wave includes are: estimates, cash flow reports, payroll, tax charts, etc. I'll be using estimates and reporting later this year, but I'm still impressed with how much versatility the software allows for.
Chris Hecox profile photo
  • Easy report building interface with an query interface that allows financial users the ability to conduct complex queries without difficulty.
  • The ability to create reporting that allows us to review in-depth financial review by drilling down into accounts to find transnational data easily.
  • Easily maintained and monitored with simple upgrade installations and end point installation.
  • Great knowledge base for review and trouble-shooting.
  • Highly knowledgeable and easy to work with staff.
Logan Morris profile photo

Cons

  • Sales Tax Automation. I don't even know how this would be possible but as an Ontario resident I would love to explore a way I could create parameters based on certain expenses and automatically add the HST.
  • AI for categorizations. Wave does an alright job of taking a guess at the expense categories in the data from our payment accounts. A little more would be a fine addition.
  • Speed. Sometimes I find it can be a little sluggish. Not all the time, but some.
John Galbraith profile photo
  • The scheduler could use improvement (the company is working on a new version)
  • Occasionally there is a bug in running the report
Jesse Harris 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
No score
No answers yet
No answers on this topic

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

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
Synoptix is much simpler for our financial group to create reports and parse data.
Logan Morris 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
No score
No answers yet
No answers on this topic

Return on Investment

  • Increased staff efficiencies
  • Increased customer service
Randy O'Malley profile photo
  • Positive impacts include month/quarter/year end closing processing time cut down with better reports, customizable reports and financial statement analysis.
Jeramy Mackie profile photo

Screenshots

Accounting by Wave

Pricing Details

Accounting by Wave

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

Synoptix

General
Free Trial
Free/Freemium Version
Premium Consulting/Integration Services
Yes
Entry-level set up fee?
Optional
Additional Pricing Details