What users are saying about

Accounting by Wave

Top Rated
97 Ratings

Accounting by Wave

Top Rated
97 Ratings
Score 9 out of 101

Unit4 Financials

2 Ratings
Score 8.7 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

Unit4 Financials

This would work well for the back side of accounting...meaning after the invoice was created. If you need software to create invoices, this may not be the software for you (or at least you would have to do additional research on its capability). Other than that, it takes care of the majority of our needs.
No photo available

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Unit4 Financials
Pay calculation
Accounting by Wave
8.4
Unit4 Financials
Benefit plan administration
Accounting by Wave
7.5
Unit4 Financials
Direct deposit files
Accounting by Wave
8.0
Unit4 Financials
Salary revision and increment management
Accounting by Wave
7.7
Unit4 Financials
Reimbursement management
Accounting by Wave
8.0
Unit4 Financials

Customization

Accounting by Wave
9.1
Unit4 Financials
API for custom integration
Accounting by Wave
8.9
Unit4 Financials
Plug-ins
Accounting by Wave
9.2
Unit4 Financials

Security

Accounting by Wave
8.6
Unit4 Financials
9.0
Single sign-on capability
Accounting by Wave
9.0
Unit4 Financials
9.0
Role-based user permissions
Accounting by Wave
8.2
Unit4 Financials
9.0

Reporting & Analytics

Accounting by Wave
8.5
Unit4 Financials
5.3
Dashboards
Accounting by Wave
8.4
Unit4 Financials
1.0
Standard reports
Accounting by Wave
8.3
Unit4 Financials
7.0
Custom reports
Accounting by Wave
8.6
Unit4 Financials
8.0

General Ledger and Configurable Accounting

Accounting by Wave
8.2
Unit4 Financials
8.1
Accounts payable
Accounting by Wave
8.4
Unit4 Financials
9.0
Accounts receivable
Accounting by Wave
9.1
Unit4 Financials
9.0
Cash management
Accounting by Wave
8.1
Unit4 Financials
8.0
Bank reconciliation
Accounting by Wave
7.8
Unit4 Financials
Expense management
Accounting by Wave
8.5
Unit4 Financials
8.0
Time tracking
Accounting by Wave
7.3
Unit4 Financials
Fixed asset management
Accounting by Wave
5.2
Unit4 Financials
Multi-currency support
Accounting by Wave
8.6
Unit4 Financials
Multi-division support
Accounting by Wave
7.4
Unit4 Financials
8.0
Regulations compliance
Accounting by Wave
7.3
Unit4 Financials
Electronic tax filing
Accounting by Wave
6.0
Unit4 Financials
Self-service portal
Accounting by Wave
9.1
Unit4 Financials
Global Financial Support
Accounting by Wave
9.0
Unit4 Financials
Primary and Secondary Ledgers
Accounting by Wave
9.3
Unit4 Financials
Intercompany Accounting
Accounting by Wave
8.7
Unit4 Financials
7.0
Localizations
Accounting by Wave
9.5
Unit4 Financials
Journals and Reconciliations
Accounting by Wave
8.4
Unit4 Financials
8.0
Enterprise Accounting
Accounting by Wave
8.7
Unit4 Financials
Configurable Accounting
Accounting by Wave
8.7
Unit4 Financials
Centralized Rules Framework
Accounting by Wave
9.0
Unit4 Financials
Standardized Processes
Accounting by Wave
7.9
Unit4 Financials
8.0

Inventory Management

Accounting by Wave
8.9
Unit4 Financials
8.0
Inventory tracking
Accounting by Wave
9.5
Unit4 Financials
8.0
Automatic reordering
Accounting by Wave
8.0
Unit4 Financials
Location management
Accounting by Wave
9.0
Unit4 Financials
Manufacturing module
Accounting by Wave
9.0
Unit4 Financials

Order Management

Accounting by Wave
7.8
Unit4 Financials
Pricing
Accounting by Wave
8.1
Unit4 Financials
Order entry
Accounting by Wave
8.0
Unit4 Financials
Credit card processing
Accounting by Wave
9.1
Unit4 Financials
Cost of goods sold
Accounting by Wave
8.8
Unit4 Financials
Order Orchestration
Accounting by Wave
8.0
Unit4 Financials
End-to-end order visibility
Accounting by Wave
4.7
Unit4 Financials
Order exception Resolution
Accounting by Wave
8.0
Unit4 Financials

Accounting Firm BPO Features

Accounting by Wave
8.0
Unit4 Financials
Branded client dashboards
Accounting by Wave
8.0
Unit4 Financials
Client data roll-up capabilities
Accounting by Wave
8.0
Unit4 Financials
Client data consolidation for benchmarking
Accounting by Wave
7.5
Unit4 Financials
Configurable alerts
Accounting by Wave
8.0
Unit4 Financials
Billing bypass
Accounting by Wave
8.0
Unit4 Financials
Client template cloning
Accounting by Wave
8.0
Unit4 Financials
Single sign-on
Accounting by Wave
9.0
Unit4 Financials
Configurable client onboarding questions
Accounting by Wave
8.0
Unit4 Financials
Cross-client workflow management
Accounting by Wave
8.0
Unit4 Financials
Industry-specific versioning
Accounting by Wave
8.0
Unit4 Financials
Legacy system data migration
Accounting by Wave
8.0
Unit4 Financials

Pros

  • Crisp, clean invoices, and I particularly like the ability to customize the invoice to fit our needs.
  • Custom reporting tools so we can slice & dice our data as needed.
  • Overall interface is incredibly easy to navigate through and you don't have to be a professional accountant or book keeper to make sense of everything.
  • Offering a recurring payment option, credit card processing, and ACH payment options with customer online payment options as well has made our life much easier with the repeat accounts we manage.
  • Adding customers profiles is simple and can be done right in the new invoice tool
  • Setting up vendors is quick and easy to associate to various payable/receivable accounts is simple.
Matthew Gehrman profile photo
  • It is easy to move around in if set up properly.
  • You can changes background colors to your choice.
  • It is customizable (you can create home pages specific to the user).
No photo available

Cons

  • Transaction coding could be smoother and offer better search options.
  • Flagging payments before transactions have been uploaded means you have to delete the old notice in order to connect the transaction to an invoice and the billing (expenses) system is always a few steps behind invoices (sales)
  • 1099 tracking and submission would be much appreciated!
Geri Lynn Peak profile photo
  • There is a lot of "building" when first starting up with the software.
  • Some of the data you cannot pull unless you have sequel knowledge, although capabilities are getting better.
  • There is not a good operating statement report option.
No photo available

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
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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
Unit4 Financials is definitely much more robust than Peachtree or other software. I've also used SAP in the past and this seems to have many more capabilities.
No photo available

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

  • Adding Wave to our roster of supported products has introduced us to a new group of business owners that are motivated to manage and grow their businesses.
  • Wave has improved employee engagement as my staff feel more involved in helping our customers achieve their goals. Their work is more meaningful now and less data entry driven.
Jennifer Bauldic profile photo
  • Because of the lack of operating statement reports, we've had to spend additional funds to use another system.
  • It does show data in real time, so no waiting for batches to update overnight.
  • You can do a lot of customizing to meet your own needs.
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

Unit4 Financials

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