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
2 Ratings
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Score 8.7 out of 101

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Likelihood to Recommend

Accounting by Wave

Wave is free to use, and they have some premium features you can pay for. For someone just starting out as a small business, freelancer or independent contractor, this is a Godsend. You can look professional, have something easy to manage, and yet also have excellent records come the end of the year. You won't spend a bunch of time having to learn the program, it's very intuitive and you get a host of great features that will make getting paid easy.
J.P. VanderLinden profile photo

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
8.3
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
9.0
Unit4 Financials
API for custom integration
Accounting by Wave
8.9
Unit4 Financials
Plug-ins
Accounting by Wave
9.1
Unit4 Financials

Security

Accounting by Wave
8.6
Unit4 Financials
9.0
Single sign-on capability
Accounting by Wave
9.1
Unit4 Financials
9.0
Role-based user permissions
Accounting by Wave
8.1
Unit4 Financials
9.0

Reporting & Analytics

Accounting by Wave
8.4
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
8.6
Unit4 Financials
9.0
Accounts receivable
Accounting by Wave
9.2
Unit4 Financials
9.0
Cash management
Accounting by Wave
8.0
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
6.3
Unit4 Financials
Multi-currency support
Accounting by Wave
8.5
Unit4 Financials
Multi-division support
Accounting by Wave
7.5
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
9.0
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
8.1
Unit4 Financials
8.0
Enterprise Accounting
Accounting by Wave
8.7
Unit4 Financials
Configurable Accounting
Accounting by Wave
8.5
Unit4 Financials
Centralized Rules Framework
Accounting by Wave
9.0
Unit4 Financials
Standardized Processes
Accounting by Wave
8.0
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
7.9
Unit4 Financials
Pricing
Accounting by Wave
8.3
Unit4 Financials
Order entry
Accounting by Wave
8.3
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
4.8
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

  • 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
  • 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

  • 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
  • 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
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
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 think this is a good product; however it does fall short of its competitors in several areas.
Andrew Wall, CPA, CMA 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

  • Being as it's free software to use I'd say implementing wave has been a positive return for the business.
  • Providing us the ability to process credit cards over the phone has increased our turn time to receive payments thus saving time overall which equates to $1,000's a year
Matthew Gehrman 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