What users are saying about

Accounting by Wave

Top Rated
96 Ratings

Vena Solutions

21 Ratings

Accounting by Wave

Top Rated
96 Ratings
Score 9 out of 101

Vena Solutions

21 Ratings
Score 8.9 out of 101

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Likelihood to Recommend

Accounting by Wave

Well suited for those with just one, or several clients, pay rates, tasks or projects. The software is perfect for those who work for themselves and I can't think of any situation that it would not be suitable for. Freelancers in particular though would be able to put Wave to the best use.
Torrey Holman profile photo

Vena Solutions

Vena has use across several business scenarios. We originally started with some basic planning solution to meet our needs and have significantly expanded the scope of our use of the tool into more sophisticated planning and forecasting and into consolidation based on the experience we've had with the tool. We are considering expanding the use of the tool as we see its ability expand beyond what we are currently using it for.
Matthew Blickley profile photo

Feature Rating Comparison

Payroll Management

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

Customization

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

Security

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

Reporting & Analytics

Accounting by Wave
8.5
Vena Solutions
Dashboards
Accounting by Wave
8.4
Vena Solutions
Standard reports
Accounting by Wave
8.3
Vena Solutions
Custom reports
Accounting by Wave
8.6
Vena Solutions

General Ledger and Configurable Accounting

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

Inventory Management

Accounting by Wave
8.9
Vena Solutions
Inventory tracking
Accounting by Wave
9.5
Vena Solutions
Automatic reordering
Accounting by Wave
8.0
Vena Solutions
Location management
Accounting by Wave
9.0
Vena Solutions
Manufacturing module
Accounting by Wave
9.0
Vena Solutions

Order Management

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

Accounting Firm BPO Features

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

Budgeting, Planning, and Forecasting

Accounting by Wave
Vena Solutions
8.6
Long-term financial planning
Accounting by Wave
Vena Solutions
8.6
Financial budgeting
Accounting by Wave
Vena Solutions
8.8
Forecasting
Accounting by Wave
Vena Solutions
8.3
Scenario modeling
Accounting by Wave
Vena Solutions
8.4
Management reporting
Accounting by Wave
Vena Solutions
8.6

Consolidation and Close

Accounting by Wave
Vena Solutions
8.6
Financial data consolidation
Accounting by Wave
Vena Solutions
8.8
Journal entries and reports
Accounting by Wave
Vena Solutions
8.3
Multi-currency management
Accounting by Wave
Vena Solutions
8.5
Intercompany Eliminations
Accounting by Wave
Vena Solutions
8.6
Minority Ownership
Accounting by Wave
Vena Solutions
9.1
Local and consolidated reporting
Accounting by Wave
Vena Solutions
8.8
Detailed Audit Trails
Accounting by Wave
Vena Solutions
8.2

FInancial Reporting and Compliance

Accounting by Wave
Vena Solutions
8.6
Financial Statement Reporting
Accounting by Wave
Vena Solutions
8.8
Management Reporting
Accounting by Wave
Vena Solutions
8.2
Excel-based Reporting
Accounting by Wave
Vena Solutions
8.8
Automated board and financial reporting
Accounting by Wave
Vena Solutions
8.6

Analytics

Accounting by Wave
Vena Solutions
8.9
Personalized dashboards
Accounting by Wave
Vena Solutions
8.4
Color-coded scorecards
Accounting by Wave
Vena Solutions
8.7
KPIs
Accounting by Wave
Vena Solutions
9.1
Cost and profitability analysis
Accounting by Wave
Vena Solutions
8.8
Key Performance Indicator setting
Accounting by Wave
Vena Solutions
9.1
Benchmarking with external data
Accounting by Wave
Vena Solutions
9.1

Integration

Accounting by Wave
Vena Solutions
8.2
Flat file integration
Accounting by Wave
Vena Solutions
8.2
Excel data integration
Accounting by Wave
Vena Solutions
8.4
Direct links to 3rd-party data sources
Accounting by Wave
Vena Solutions
8.0

Pros

  • For starters, it's free! And every new business needs to be cost-conscious in order to successfully navigate the start-up phase and get into the Revenue Phase.
  • The bank and credit card feeds are tremendously helpful to the non-accountant. Data entry in the bookkeeping industry is being replaced by these automatic transaction feeds. This helps a great deal in ensuring both accuracy and completeness of the bookkeeping records.
  • Wave stays with you to help you grow. They offer a (paid) payroll module which allows the business owner to handle basic payroll needs without becoming an expert. Of course, we always recommend consulting a professional to confirm compliance - both legal and regulatory.
Jennifer Bauldic profile photo
  • Vena's strength is allowing the use of all features and functionality in Excel while also providing workflow and approval processes that can be managed on a department by department basis.
  • Having the database with saved data behind the Excel interface allow for consolidation of data and reporting at multiple organizational levels, along with providing the flexibility needed to build reports exactly as needed for each financial process.
  • Intuitive and powerful workflow functionality allows us to pre-determine our distribution cycle for spreadsheets including managing the review process, which also captures full auditing. As administrators, we can view the status of each department's work and the point at which each is in the workflow using the easily navigated management tools.
  • Version and change control of spreadsheets allows us to track changes made to spreadsheets from one year to the next as new requirements surface.
  • End users who have been accustomed to using Excel for budgeting and other processes required very little training, and we were able to enhance our previous blank Excel templates with pre-filled data for actuals, prior year budgets and personnel budgets. This allows department managers to focus on creating an accurate budget rather than spending time doing data entry and off-system analysis (which they often don't do). Users commented that implementing Vena was the best implementation we've had.
  • Customer support is great and very responsive! The training consultants are also very knowledgeable in Excel functions and provide ways to enhance templates and reporting by providing a combination of Vena and Excel solutions.
  • Vena Solutions provides users with extended Excel functionality and flexibility, especially for spreadsheet-driven processes. Vena can store a wide variety of data, allowing us to use Vena for financial processes, reporting, operations planning and human resource planning.
Lori Lambert profile photo

Cons

  • Wave is very simple and it meets the needs of clients that it was designed for. If you use the right tool for the right job, it can be a great thing. However, the program is not yet at a stage where I would recommend it to larger entities.
Jeff Borschowa profile photo
  • When first learning to use Vena, it may seem that reports can't be created as easily as in other solutions - there's no drag and drop from a selection of fields. However, once the Vena tool is learned, reporting becomes much easier.
  • The flexibility of Vena may also be a downside for some administrators. A vision for what a template or report should look like and do is needed as building a template or report starts with a blank Excel workbook.
  • Vena isn't the flashiest budgeting tool available, but we believe the flexible functionality outweighs the looks of other software.
Lori Lambert 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
Vena Solutions9.1
Based on 1 answer
We have been extremely satisfied with the Vena Solutions product and have been able to become more efficient in our budgeting, forecasting and salary planning processes, as well as adding functionality and accuracy that was not possible in the past. Administrators no longer have to keep track manually of each department's budgeted net, but can use a report created in Vena to report this information, as well as see which departments have not yet submitted information. Customer service has always been very responsive as well
Lori Lambert profile photo

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
Vena Solutions9.1
Based on 1 answer
One is only limited by their knowledge of Excel functions and basic understanding of database management. One does not need to know VBA, VB, C++ or even SQL.
Megan Bladen-Blinkoff profile photo

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
Vena Solutions8.2
Based on 1 answer
Customer support has been very prompt for both bug fixes and data loading. Enhancement requests have taken a bit longer to implement, but are within what we would consider a normal time frame compared to other software we use. I rarely have to wait long for an issue to be resolved
Lori Lambert 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
Vena Solutions9.1
Based on 1 answer
The Vena consultant had great knowledge of both the Vena solution and Excel and Excel functions. He was able to help suggest ways to build our templates that met our requirements using Excel functions we had not previously considered using. And we have been able to use the Excel information he provided in other ways outside of Vena. He was very patient and flexible as we learned the Vena tool and created templates
Lori Lambert profile photo

Alternatives Considered

Wave is ideal for the small business owner. It is free (can't beat that) and easy to use. I use a variety of solutions, but pair Wave with clients (such as realtors) to keep them away from shoeboxes! I don't do anything fancy with the program, but it really shines at separating business and personal.
Jeff Borschowa profile photo
All of the products we reviewed essentially re-create an Excel template in a browser, but without all the functionality that Excel provides. The solutions we reviewed require formula syntax to be learned as the syntax is different than Excel formulas. Some of the solutions didn't have enough depth to the data model to accommodate our chart of accounts. Vena provides more flexibility in creating data collection templates, and we believe had greater end user acceptance than other solutions would have had. We use IBM Cognos for financial reporting, but the learning curve on creating reports and powerfully using this tool is significantly higher than with Vena
Lori Lambert profile photo

Rating for Public Practice CPAs

Accounting by Wave8.0
Based on 8 answers
we have worked with all Cloud software ( XERO, QBO, FreshBooks, Wave, and others ) so we have a strong basis point for comparison
Peter Cullen 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

  • Vastly improved customer service
  • Fast turnaround
  • Reduced paper piles in office
Jeff Borschowa profile photo
  • Positive impact is felt in reducing manual distribution and collection of Excel spreadsheets, as well as manual aggregation of data. Human time and effort was reduced significantly thereby reducing human error and which ultimately results in more accurate reporting data.
Jeff Deane 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

Vena Solutions

General
Free Trial
Free/Freemium Version
Premium Consulting/Integration Services
Yes
Entry-level set up fee?
Required
$0*
1.  per user
Additional Pricing Details