Dext Prepare (with Receipt Bank) vs. Wave Accounting

Overview
ProductRatingMost Used ByProduct SummaryStarting Price
Dext Prepare (with Receipt Bank)
Score 9.1 out of 10
N/A
London based Receipt Bank offers Practice Platform, an application supporting SMBs and accounting firms with tracking receipts and expenses and logging them with minimal or no paperwork and data entry in an environment that integrates with popular accounting software (e.g. Quickbooks).N/A
Wave Accounting
Score 6.0 out of 10
N/A
Wave Accounting is a free, cloud-based accounting platform exclusively for small businesses. It supports double-entry bookkeeping and permits unlimited user access, invoicing, and expense management. Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll apps.N/A
Pricing
Dext Prepare (with Receipt Bank)Wave Accounting
Editions & Modules
No answers on this topic
No answers on this topic
Offerings
Pricing Offerings
Dext Prepare (with Receipt Bank)Wave Accounting
Free Trial
YesNo
Free/Freemium Version
NoNo
Premium Consulting/Integration Services
NoNo
Entry-level Setup FeeNo setup feeNo setup fee
Additional Details
More Pricing Information
Community Pulse
Dext Prepare (with Receipt Bank)Wave Accounting
Considered Both Products
Dext Prepare (with Receipt Bank)
Chose Dext Prepare (with Receipt Bank)
Receipt Bank is superior to Wave in terms of its accuracy of reporting and allocating expenses. Even though there is a fee for Receipt Bank and Wave is free, the monthly fee for Receipt Bank is well worth the money, given the benefits
Wave Accounting

No answer on this topic

Top Pros
Top Cons
Features
Dext Prepare (with Receipt Bank)Wave Accounting
Security
Comparison of Security features of Product A and Product B
Dext Prepare (with Receipt Bank)
2.8
4 Ratings
95% below category average
Wave Accounting
9.5
43 Ratings
19% above category average
Single sign-on capability1.22 Ratings9.730 Ratings
Role-based user permissions4.44 Ratings9.334 Ratings
Reporting & Analytics
Comparison of Reporting & Analytics features of Product A and Product B
Dext Prepare (with Receipt Bank)
7.4
5 Ratings
3% below category average
Wave Accounting
8.2
70 Ratings
8% above category average
Dashboards6.85 Ratings9.368 Ratings
Standard reports8.04 Ratings9.467 Ratings
Custom reports00 Ratings5.734 Ratings
General Ledger and Configurable Accounting
Comparison of General Ledger and Configurable Accounting features of Product A and Product B
Dext Prepare (with Receipt Bank)
3.6
5 Ratings
69% below category average
Wave Accounting
6.8
73 Ratings
9% below category average
Accounts receivable7.34 Ratings9.567 Ratings
Bank reconciliation1.83 Ratings9.563 Ratings
Expense management6.95 Ratings9.561 Ratings
Multi-currency support1.83 Ratings10.019 Ratings
Multi-division support1.22 Ratings7.19 Ratings
Regulations compliance6.53 Ratings6.815 Ratings
Self-service portal1.83 Ratings1.739 Ratings
Global Financial Support1.22 Ratings9.02 Ratings
Intercompany Accounting6.53 Ratings4.05 Ratings
Localizations1.22 Ratings5.23 Ratings
Accounts payable00 Ratings9.356 Ratings
Cash management00 Ratings9.359 Ratings
Time tracking00 Ratings9.411 Ratings
Fixed asset management00 Ratings9.412 Ratings
Electronic tax filing00 Ratings5.914 Ratings
Primary and Secondary Ledgers00 Ratings7.04 Ratings
Journals and Reconciliations00 Ratings6.228 Ratings
Enterprise Accounting00 Ratings4.07 Ratings
Configurable Accounting00 Ratings5.516 Ratings
Centralized Rules Framework00 Ratings1.03 Ratings
Standardized Processes00 Ratings4.317 Ratings
Customization
Comparison of Customization features of Product A and Product B
Dext Prepare (with Receipt Bank)
1.7
3 Ratings
122% below category average
Wave Accounting
8.5
13 Ratings
19% above category average
Plug-ins1.73 Ratings7.011 Ratings
API for custom integration00 Ratings9.99 Ratings
Payroll Management
Comparison of Payroll Management features of Product A and Product B
Dext Prepare (with Receipt Bank)
-
Ratings
Wave Accounting
6.2
24 Ratings
19% below category average
Pay calculation00 Ratings7.123 Ratings
Benefit plan administration00 Ratings7.54 Ratings
Direct deposit files00 Ratings1.220 Ratings
Salary revision and increment management00 Ratings7.712 Ratings
Reimbursement management00 Ratings7.48 Ratings
Inventory Management
Comparison of Inventory Management features of Product A and Product B
Dext Prepare (with Receipt Bank)
-
Ratings
Wave Accounting
8.1
11 Ratings
14% above category average
Inventory tracking00 Ratings5.68 Ratings
Automatic reordering00 Ratings9.95 Ratings
Location management00 Ratings8.12 Ratings
Manufacturing module00 Ratings9.01 Ratings
Order Management
Comparison of Order Management features of Product A and Product B
Dext Prepare (with Receipt Bank)
-
Ratings
Wave Accounting
7.6
52 Ratings
2% above category average
Pricing00 Ratings9.926 Ratings
Order entry00 Ratings10.018 Ratings
Credit card processing00 Ratings2.345 Ratings
Cost of goods sold00 Ratings10.033 Ratings
Order Orchestration00 Ratings5.85 Ratings
End-to-end order visibility00 Ratings8.24 Ratings
Order exception Resolution00 Ratings7.02 Ratings
Best Alternatives
Dext Prepare (with Receipt Bank)Wave Accounting
Small Businesses
Patriot Software
Patriot Software
Score 9.0 out of 10
Dext Prepare (with Receipt Bank)
Dext Prepare (with Receipt Bank)
Score 9.1 out of 10
Medium-sized Companies
Accounting Seed
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Score 8.3 out of 10
Accounting Seed
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Score 8.3 out of 10
Enterprises
Oracle Fusion Cloud ERP
Oracle Fusion Cloud ERP
Score 8.2 out of 10
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Score 8.2 out of 10
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User Ratings
Dext Prepare (with Receipt Bank)Wave Accounting
Likelihood to Recommend
7.7
(10 ratings)
3.6
(79 ratings)
Likelihood to Renew
8.2
(1 ratings)
7.8
(3 ratings)
Usability
6.3
(6 ratings)
6.2
(15 ratings)
Availability
-
(0 ratings)
6.7
(4 ratings)
Performance
-
(0 ratings)
2.9
(2 ratings)
Support Rating
3.8
(7 ratings)
2.5
(12 ratings)
Online Training
-
(0 ratings)
4.7
(3 ratings)
Product Scalability
-
(0 ratings)
3.0
(2 ratings)
User Testimonials
Dext Prepare (with Receipt Bank)Wave Accounting
Likelihood to Recommend
Receipt Bank
It is great for accounting firms. Easy to add and administer client accounts. Easy to integrate with QuickBooks Online. Easy for clients to capture and submit receipts on the go. It is hard to use for manual data entry, and if your clients frequently have very long receipts the Dext Mobile app does not work well as it compresses the image to the point where it is completely illegible. It does not seem to be designed for business owners to use directly rather than using it through their accounting firm.
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Wave
Wave Accounting was used for a small practice without a lot of the accounting considerations a large company would have. For the price, you really can't beat what Wave offers out of the box. All of the basic tools for things like invoicing and expenses are all easy to use. End of year accounting is easy with exports of data.
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Pros
Receipt Bank
  • Receipt Bank does a stellar job of extracting information from photos of receipts and bills. I'd say 95% of the time the information pulled is correct, so very rarely do I have to correct an amount or date.
  • One feature I really enjoy is not only the syncing with Quickbooks Online, but the fact that it also pushes the image to Quickbooks Online as an attachment! This means that for every expense/bill processed through Receipt Bank, an image of it is available inside of the transaction inside of Quickbooks Online. This makes researching a breeze.
  • Receipt Bank makes it very simple for users to add documents to the platform. Each company receives a dedicated Receipt Bank email address, which they can email to and upload documents, or users can use the phone apps (which are really easy to use), or they can upload documents from their computer. Training our clients to use it really can't be any easier!
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Wave
  • Reconciliation is very difficult with multiple Wave transactions that need to be deleted or merged before it can be matched to a bank transaction.
  • Payroll worked fine for us but took several days to get it set up. We have switched to another bookkeeping system and another payroll system. Canceling with Wave took several days and they charge $6 for something even though the month was paid for in advance.
  • Credit card processing is nice and worked fine for us.
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Cons
Receipt Bank
  • Receipt Bank Practice Platform has many great features. As they develop the platform I would like to see a rigorous review of all features so as not to add too many and overwhelm my team.
  • Having the flexibility to pick and choose from a suite of features and implement the ones that best suit my practice. A tailor made Receipt Bank Practice Platform. this would allow my practice to grow into the features rather than be overwhelmed by too many.
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Wave
  • I know that credit card processing is a way for Wave to make money, but I really wish they offered ACH payment on Invoices.
  • I do cash-based accounting, which means I have to make little journal entries at the start and end of each year to get my books to balance because Wave wants to do everything differently. This should just be a setting to flip, whether you want cash-based or accrual-based.
  • They use Yodlee for bank connection, which doesn't play nice with 2FA. Pretty much every time I log in I have to re-enter credentials, get a code sent to me, reauthenticate, and know that I'm going to have to do it again next week. Not really on Wave, but wish they could get it together nonetheless.
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Likelihood to Renew
Receipt Bank
Dext is the best way for us to manage our business expenses. Physical and PDF receipts/invoices will be around for a while, but the move to eInvoicing is very good and we look forward to Dext adding this feature
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Wave
Easy to use for clients with no accounting background and the price is right.
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Usability
Receipt Bank
Dext Prepare's usability is great, it has lots of functions and you can scan any type of document, including hard copy handwritten documents. It is not very accurate but it is handwritten!! Apart from it, you can use multiple functions like one page at a time, multiple, in bulk. You can send emails with multiple attachments and one of the greatest function is the mobile application capabilities.
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Wave
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
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Reliability and Availability
Receipt Bank
No answers on this topic
Wave
WAVE is always available when we need it ! Peter
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Performance
Receipt Bank
No answers on this topic
Wave
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.
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Support Rating
Receipt Bank
Never used the support function. I guess that means it’s easy to use and works well because I never had an issue in 3 years. Not sure if the support team is helpful.
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Wave
I never had to call Wave Support as we barely experienced any support-related problems on our side. However, I do know a few people that complained about Wave support. It would be nice as well, though if they could have more in your face tutorials for new users or how-to videos should we struggle to do something
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Online Training
Receipt Bank
No answers on this topic
Wave
easy to use and east to train on ! Our WAVE clients enjoy the ease of use
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Alternatives Considered
Receipt Bank
Receipt Bank is superior to Wave in terms of its accuracy of reporting and allocating expenses. Even though there is a fee for Receipt Bank and Wave is free, the monthly fee for Receipt Bank is well worth the money, given the benefits
Read full review
Wave
Wave is FREE for most functions. Payment processing costs no matter where you go (as does payroll or taxes). Wave rises above tools like QuickBooks Online because they know that for our small firm, being nimble is the name of the game. We don't need exhaustive reporting and management like QB offers and we certainly don't want to pay for it
Read full review
Scalability
Receipt Bank
No answers on this topic
Wave
Once they out grow what is ability to move up to a more robust system?
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Return on Investment
Receipt Bank
  • Helps to keep data consistent and accurate
  • Saves time in processing invoices and receipts
  • Saves time in reconciliation in our accounting package
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Wave
  • Wave has been ROI positive for our company. With not having to pay for the service we can use our money for growing our business.
  • The fees on credit card transactions for invoices are reasonable especially as we don't pay a monthly subscription.
  • The invoicing feature has made our lives easier for us and our customers. The invoicing piece and AR tracking has been ROI positive as well.
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ScreenShots

Dext Prepare (with Receipt Bank) Screenshots

Screenshot of Dext Prepare Inbox & Mobile app