What users are saying about

Accounting by Wave

Top Rated
96 Ratings
Score 9 out of 101

Workday Financial Management

18 Ratings
Score 8 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

Workday Financial Management

I thought this was a great tool for putting together and tracking our department's actuals. Kind of like a Google Doc, people could edit it in real-time and comment. Which is great as I work on projects with coworkers where the events and projects are using different budgets. It helps to sort through what items should hit each budget.
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Feature Rating Comparison

Payroll Management

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

Customization

Accounting by Wave
9.1
Workday Financial Management
API for custom integration
Accounting by Wave
8.9
Workday Financial Management
Plug-ins
Accounting by Wave
9.2
Workday Financial Management

Security

Accounting by Wave
8.6
Workday Financial Management
Single sign-on capability
Accounting by Wave
9.0
Workday Financial Management
Role-based user permissions
Accounting by Wave
8.2
Workday Financial Management

Reporting & Analytics

Accounting by Wave
8.5
Workday Financial Management
7.7
Dashboards
Accounting by Wave
8.4
Workday Financial Management
7.0
Standard reports
Accounting by Wave
8.3
Workday Financial Management
8.0
Custom reports
Accounting by Wave
8.6
Workday Financial Management
8.0

General Ledger and Configurable Accounting

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

Inventory Management

Accounting by Wave
8.9
Workday Financial Management
Inventory tracking
Accounting by Wave
9.5
Workday Financial Management
Automatic reordering
Accounting by Wave
8.0
Workday Financial Management
Location management
Accounting by Wave
9.0
Workday Financial Management
Manufacturing module
Accounting by Wave
9.0
Workday Financial Management

Order Management

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

Accounting Firm BPO Features

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

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
  • I really liked being able to put together reports for my supervisor by using the financial planning tools. I was able to show our actuals which then allowed my boss to talk more easily with our accounting department to plan future budgets.
No photo available

Cons

  • Wave is owned by ADP and integrates well, but I'm less of a fan of ADP these days, so I'll need to work out how it'll work out with alternate payroll providers.
  • The app for Wave has some great functions, but the website has much more complete integration, where you can 'skip' sending an invoice if you're just using it to track invoices for retainer-based clients.
  • The receipt tracking app is separate from the accounting app, and could possibly be integrated better.
Carl Grivakis profile photo
  • We only used this system for a short time before switching over to new software, but nothing from my experience. There are a lot of great tools with Workday Financial Management, I'm sure our other departments could have made great use out of features like inventory, expenses, or procurement.
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

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
I miss using Workday Financial Managment, and if I moved departments or took on more responsibilities with the financials I would definitely recommend it!
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

  • Keeps me up to date for taxing purposes
Torrey Holman profile photo
  • From my experience with it, it had a positive impact on our business by helping make smoother financial reports.
  • Easy to collaborate with others on building actual reports.
  • Made life easier for supervisors by allowing them to quickly and easily look over actual information, to move forward wth planning future budgets.
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

Workday Financial Management

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