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
21 Ratings
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Score 8.3 out of 101

Add comparison

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

Workday Financial Management

It was suited for our brand new operation; we 'opened the box' and implemented it from scratch and did not have to sunset older systems and replace with Workday Financial Management. This was well-suited for this. The cloud functionality was a core requirement for the organization, we did not need a Cadillac with all of the trimmings, we moved relatively quickly and installed.
No photo available

Feature Rating Comparison

Payroll Management

Accounting by Wave
7.9
Workday Financial Management
7.0
Pay calculation
Accounting by Wave
8.3
Workday Financial Management
7.0
Benefit plan administration
Accounting by Wave
7.5
Workday Financial Management
7.0
Direct deposit files
Accounting by Wave
8.0
Workday Financial Management
7.0
Salary revision and increment management
Accounting by Wave
7.7
Workday Financial Management
7.0
Reimbursement management
Accounting by Wave
8.0
Workday Financial Management
7.0

Customization

Accounting by Wave
9.0
Workday Financial Management
8.0
API for custom integration
Accounting by Wave
8.9
Workday Financial Management
8.0
Plug-ins
Accounting by Wave
9.1
Workday Financial Management
8.0

Security

Accounting by Wave
8.6
Workday Financial Management
9.0
Single sign-on capability
Accounting by Wave
9.1
Workday Financial Management
9.0
Role-based user permissions
Accounting by Wave
8.1
Workday Financial Management
9.0

Reporting & Analytics

Accounting by Wave
8.4
Workday Financial Management
7.4
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
7.2

General Ledger and Configurable Accounting

Accounting by Wave
8.2
Workday Financial Management
7.9
Accounts payable
Accounting by Wave
8.6
Workday Financial Management
8.0
Accounts receivable
Accounting by Wave
9.2
Workday Financial Management
8.0
Cash management
Accounting by Wave
8.0
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
6.3
Workday Financial Management
Multi-currency support
Accounting by Wave
8.5
Workday Financial Management
Multi-division support
Accounting by Wave
7.5
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
9.0
Workday Financial Management
Global Financial Support
Accounting by Wave
9.0
Workday Financial Management
7.0
Primary and Secondary Ledgers
Accounting by Wave
9.3
Workday Financial Management
8.0
Intercompany Accounting
Accounting by Wave
8.7
Workday Financial Management
8.0
Localizations
Accounting by Wave
9.5
Workday Financial Management
8.0
Journals and Reconciliations
Accounting by Wave
8.1
Workday Financial Management
8.0
Enterprise Accounting
Accounting by Wave
8.7
Workday Financial Management
Configurable Accounting
Accounting by Wave
8.5
Workday Financial Management
8.0
Centralized Rules Framework
Accounting by Wave
9.0
Workday Financial Management
8.0
Standardized Processes
Accounting by Wave
8.0
Workday Financial Management
8.0

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
7.9
Workday Financial Management
Pricing
Accounting by Wave
8.3
Workday Financial Management
Order entry
Accounting by Wave
8.3
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
4.8
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

  • Invoices are so easy to execute. Whether they are one-off or recurring, fixed or variable, single item or multiple line entries, they come out looking professional, polished and they get sent without any fuss. Put your client's info on them, add your logo, describe the services, add notes, set due dates, etc. all without cracking an abacus.
  • It's a little thing but I love how the estimates feature integrates with Invoices. You start by making an estimate for a client, with a defined expiry date. Once they accept, you can convert that estimate immediately into an Invoice and set it up to send.
  • Built-in payment processing is great. I don't have to worry about Paypal or Stripe or anything, Wave just handles my client's credit cards so I don't have to do a thing. They even have recurring billing for my retainer clients!
J.P. VanderLinden profile photo
  • We specically wanted a cloud financial management system that we could use in China and communicate reports to the headquarters organization and roll-up reporting. It performs well.
  • It was reasonably priced since we are not a for-profit company and need the Workday flexibility for finance and accounting operations. Most of our requirements are met with this one system.
  • The system worked efficiently with the additional security we built on to keep confidential. Many reports are ready off-the-shelf or easy to develop, which is a strength.
No photo available

Cons

  • The only disappointment I've had with using Wave so far is how delayed transactions can be with the bank connection. This is likely because of how slow the turnaround can be for check deposits and other transactions to register in the bank (24 hours or more) but it means I need to reference my bank account's website instead of Wave if I have checks arriving on payroll day.
Chris Hecox profile photo
  • We were surprised by the lack of user guides and supporting information for day-to-day users. Granted, we could find this, but our users like guides.
  • The system could improve with contact help and chat functions if you need the answers quickly. We figured this would all have been built in.
  • Quite surprised by the lack of treasury management functionality. SAP and Oracle have it, although their modules are not that comprehensive or user friendly.
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
Stacking up it was a faster and more inexpensive implementation. Granted it was still early in the system development years, but the results and the five years of using it speak for themselves. Cloud we wanted, comprehensive financials was a core functional requirement and this was met - it would have taken much longer to implement Workday's competitor systems and we did not have that flexibility. Adding new functionality was relatively painless.
No photo available

Rating for Public Practice CPAs

Accounting by Wave8.0
Based on 8 answers
It's easy and quick to setup. It's user friendly and doesn't use too much jargon so my clients understand it and use it properly. It allows me to switch between different clients quickly so I can respond to any queries by looking at the same data.
Paul Colman FCA 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

  • Wave has removed several of the stresses of running my own business and helped me collect payment from a variety of local and national clients in one easy space.
  • Wave has helped give me eyes in on how my money has been allocated, and how the business expenses have been tracked.
  • Wave is a good self-service tool, that can do much of the work Quickbooks does for others, but as a free solution provider.
Carl Grivakis profile photo
  • As a new starup affiliate five years ago, we did not have a huge budget. The ROI was met relatively quickly, no surprises here.
  • With minimal consulting assistance, this made the implementation cost reasonable, if any software implementation could be considered reasonable.
  • It was a risk to implement Workday Financial Management in one country but we did leverage it with HCM in the states.
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