What users are saying about

Accounting by Wave

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Top Rated
102 Ratings
21 Ratings

Accounting by Wave

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Top Rated
102 Ratings
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Score 9.1 out of 101
21 Ratings
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Score 9 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

Vena Solutions

Vena is a good choice if you are a small company who wants to automate your Excel spreadsheets and can benefit from a workflow process. Vena is not a solution if you want to track employee level detail to forecast and budget employee costs.
No photo available

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Vena Solutions
Pay calculation
Accounting by Wave
8.3
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
9.0
Vena Solutions
API for custom integration
Accounting by Wave
8.9
Vena Solutions
Plug-ins
Accounting by Wave
9.1
Vena Solutions

Security

Accounting by Wave
8.6
Vena Solutions
Single sign-on capability
Accounting by Wave
9.1
Vena Solutions
Role-based user permissions
Accounting by Wave
8.1
Vena Solutions

Reporting & Analytics

Accounting by Wave
8.4
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
8.6
Vena Solutions
Accounts receivable
Accounting by Wave
9.2
Vena Solutions
Cash management
Accounting by Wave
8.0
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
6.3
Vena Solutions
Multi-currency support
Accounting by Wave
8.5
Vena Solutions
Multi-division support
Accounting by Wave
7.5
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
9.0
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
8.1
Vena Solutions
Enterprise Accounting
Accounting by Wave
8.7
Vena Solutions
Configurable Accounting
Accounting by Wave
8.5
Vena Solutions
Centralized Rules Framework
Accounting by Wave
9.0
Vena Solutions
Standardized Processes
Accounting by Wave
8.0
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
7.9
Vena Solutions
Pricing
Accounting by Wave
8.3
Vena Solutions
Order entry
Accounting by Wave
8.3
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
4.8
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
8.7
Long-term financial planning
Accounting by Wave
Vena Solutions
8.8
Financial budgeting
Accounting by Wave
Vena Solutions
8.9
Forecasting
Accounting by Wave
Vena Solutions
8.4
Scenario modeling
Accounting by Wave
Vena Solutions
8.5
Management reporting
Accounting by Wave
Vena Solutions
8.8

Consolidation and Close

Accounting by Wave
Vena Solutions
8.7
Financial data consolidation
Accounting by Wave
Vena Solutions
8.9
Journal entries and reports
Accounting by Wave
Vena Solutions
8.4
Multi-currency management
Accounting by Wave
Vena Solutions
8.7
Intercompany Eliminations
Accounting by Wave
Vena Solutions
8.8
Minority Ownership
Accounting by Wave
Vena Solutions
9.1
Local and consolidated reporting
Accounting by Wave
Vena Solutions
8.9
Detailed Audit Trails
Accounting by Wave
Vena Solutions
8.5

FInancial Reporting and Compliance

Accounting by Wave
Vena Solutions
8.7
Financial Statement Reporting
Accounting by Wave
Vena Solutions
8.9
Management Reporting
Accounting by Wave
Vena Solutions
8.3
Excel-based Reporting
Accounting by Wave
Vena Solutions
8.9
Automated board and financial reporting
Accounting by Wave
Vena Solutions
8.8

Analytics

Accounting by Wave
Vena Solutions
8.9
Personalized dashboards
Accounting by Wave
Vena Solutions
8.7
Color-coded scorecards
Accounting by Wave
Vena Solutions
8.8
KPIs
Accounting by Wave
Vena Solutions
9.1
Cost and profitability analysis
Accounting by Wave
Vena Solutions
8.9
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
8.5
Flat file integration
Accounting by Wave
Vena Solutions
8.5
Excel data integration
Accounting by Wave
Vena Solutions
8.6
Direct links to 3rd-party data sources
Accounting by Wave
Vena Solutions
8.4

Pros

  • The dashboard provides instant views of month-by month income & expenses for the past 12-24 months, a breakdown of current year expense by category, and net income for the past year and year-to-date.
  • Invoicing has easy templated set up has lots of per invoice options such as single/recurring payment options, due dates.
  • Year end reports are easy to generate in either pdf or csv format.
No photo available
  • Vena is excellent at tracking the inputs into the 14A. Vena allows for flexible workstreams to track submissions and approvals. It is very easy to see the status of each input and it is very easy to adjust the process as needed.
  • Vena was developed to be a solution for use within finance with minimal IT support required. A finance analyst can create workflows, add or remove approvers, update data architecture, and roll forward quarterly processes. No IT tickets!
  • Vena integrates seamlessly with Excel. The integration and setup is a lot of work at first but once it is done maintenance is easy.
No photo available

Cons

  • Not too much to complain about with Wave although I do wish they kept an audit trail of all invoice reminders sent, changes in the invoice, and have the ability to pull reports with this data. This functionality would be great to review clients as a whole to determine profitability and time spent with these clients.
  • 9% processing fees for all cards which is a bit higher than some of the competitors like Blue Pay. The pro to this though is there's no monthly commitment or monthly service fees.
Matthew Gehrman profile photo
  • Vena is offered (last I heard) as a stand alone product running on a local server or as a cloud based solution. I've used both and the cloud based version is much better! IT Security doesn't like cloud storage of company data however. It would be nice if the locally installed version had the same updates and features as the cloud version.
  • Updates to the cloud based solution are sometimes a surprise. We never had an issue with an update causing a problem but we were always nervous that the day before our submission was due there would be an update with unintended consequences. I wish Vena had a more formal update process, including the ability of customers to beta test before the update.
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
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 better in being my one place to go for collecting payments. PayPal is nice if you're on the road collecting payments through their app and using PayPal Here, but if you would like to keep invoicing in the same place as your bookkeeping, I think Wave is a better-integrated solution.
Carl Grivakis profile photo
They have superior database capacity due to the power of the cloud. Usability and user adoption is quick and immediate due to the direct integration with Excel and ease of use for end users and Vena administrators.
Jeff Deane 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
  • Vena provided a quick and affordable solution to gather inputs and generate the xml required for the FR-14A. Other solutions required much longer lead times to implement, much more IT support, and were much less flexible.
No photo available

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