What users are saying about
67 Ratings
162 Ratings
67 Ratings
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Score 6.2 out of 100
162 Ratings
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Score 7 out of 100

Feature Set Ratings

  • MYOB ranks higher in 1 feature set: Payroll Management
  • Wave Accounting ranks higher in 6 feature sets: Customization, Security, Reporting & Analytics, General Ledger and Configurable Accounting, Inventory Management, Order Management

Payroll Management

6.6

MYOB

66%
6.3

Wave Accounting

63%
Wave Accounting ranks higher in 4/5 features

Pay calculation

7.1
71%
11 Ratings
7.1
71%
23 Ratings

Benefit plan administration

6.5
65%
7 Ratings
7.5
75%
4 Ratings

Direct deposit files

6.9
69%
9 Ratings
1.8
18%
20 Ratings

Salary revision and increment management

6.5
65%
7 Ratings
7.7
77%
12 Ratings

Reimbursement management

6.2
62%
7 Ratings
7.4
74%
8 Ratings

Customization

5.5

MYOB

55%
8.5

Wave Accounting

85%
Wave Accounting ranks higher in 2/2 features

API for custom integration

5.4
54%
6 Ratings
9.9
99%
9 Ratings

Plug-ins

5.5
55%
5 Ratings
7.0
70%
11 Ratings

Security

6.8

MYOB

68%
7.4

Wave Accounting

74%
MYOB ranks higher in 1/2 features

Single sign-on capability

6.6
66%
10 Ratings
8.2
82%
30 Ratings

Role-based user permissions

7.1
71%
11 Ratings
6.5
65%
34 Ratings

Reporting & Analytics

6.0

MYOB

60%
6.7

Wave Accounting

67%
Wave Accounting ranks higher in 3/3 features

Dashboards

6.2
62%
10 Ratings
6.3
63%
68 Ratings

Standard reports

6.4
64%
11 Ratings
6.4
64%
67 Ratings

Custom reports

5.5
55%
10 Ratings
7.5
75%
34 Ratings

General Ledger and Configurable Accounting

5.3

MYOB

53%
5.9

Wave Accounting

59%
Wave Accounting ranks higher in 13/21 features

Accounts payable

6.4
64%
15 Ratings
6.2
62%
56 Ratings

Accounts receivable

6.4
64%
15 Ratings
6.5
65%
67 Ratings

Cash management

5.8
58%
14 Ratings
6.2
62%
59 Ratings

Bank reconciliation

6.4
64%
15 Ratings
6.2
62%
63 Ratings

Expense management

6.5
65%
11 Ratings
7.3
73%
61 Ratings

Time tracking

5.6
56%
6 Ratings
6.3
63%
11 Ratings

Fixed asset management

5.0
50%
8 Ratings
6.2
62%
12 Ratings

Multi-currency support

3.3
33%
7 Ratings
10.0
100%
19 Ratings

Multi-division support

3.8
38%
6 Ratings
7.1
71%
9 Ratings

Regulations compliance

4.9
49%
8 Ratings
6.8
68%
15 Ratings

Electronic tax filing

5.9
59%
9 Ratings
5.9
59%
14 Ratings

Self-service portal

5.4
54%
7 Ratings
2.7
27%
39 Ratings

Global Financial Support

5.9
59%
5 Ratings
9.0
90%
2 Ratings

Primary and Secondary Ledgers

5.6
56%
7 Ratings
7.0
70%
4 Ratings

Intercompany Accounting

3.9
39%
5 Ratings
4.0
40%
5 Ratings

Localizations

5.9
59%
5 Ratings
5.2
52%
3 Ratings

Journals and Reconciliations

5.8
58%
11 Ratings
5.6
56%
28 Ratings

Enterprise Accounting

4.8
48%
4 Ratings
4.0
40%
7 Ratings

Configurable Accounting

5.4
54%
8 Ratings
5.5
55%
16 Ratings

Centralized Rules Framework

3.9
39%
3 Ratings
1.0
10%
3 Ratings

Standardized Processes

5.6
56%
7 Ratings
4.3
43%
17 Ratings

Inventory Management

5.1

MYOB

51%
8.1

Wave Accounting

81%
Wave Accounting ranks higher in 3/4 features

Inventory tracking

6.6
66%
8 Ratings
5.6
56%
8 Ratings

Automatic reordering

4.8
48%
5 Ratings
9.9
99%
5 Ratings

Location management

4.5
45%
5 Ratings
8.1
81%
2 Ratings

Manufacturing module

4.3
43%
5 Ratings
9.0
90%
1 Rating

Order Management

5.5

MYOB

55%
7.7

Wave Accounting

77%
Wave Accounting ranks higher in 6/7 features

Pricing

5.5
55%
6 Ratings
9.8
98%
26 Ratings

Order entry

5.5
55%
6 Ratings
9.9
99%
18 Ratings

Credit card processing

5.5
55%
5 Ratings
3.9
39%
45 Ratings

Cost of goods sold

5.5
55%
6 Ratings
9.3
93%
33 Ratings

Order Orchestration

5.5
55%
4 Ratings
5.8
58%
5 Ratings

End-to-end order visibility

5.5
55%
4 Ratings
8.2
82%
4 Ratings

Order exception Resolution

5.5
55%
4 Ratings
7.0
70%
2 Ratings

Attribute Ratings

  • MYOB is rated higher in 3 areas: Likelihood to Recommend, Likelihood to Renew, Support Rating
  • Wave Accounting is rated higher in 1 area: Usability

Likelihood to Recommend

5.4

MYOB

54%
17 Ratings
5.3

Wave Accounting

53%
77 Ratings

Likelihood to Renew

9.5

MYOB

95%
2 Ratings
7.8

Wave Accounting

78%
3 Ratings

Usability

5.7

MYOB

57%
13 Ratings
6.7

Wave Accounting

67%
14 Ratings

Availability

MYOB

N/A
0 Ratings
6.3

Wave Accounting

63%
8 Ratings

Performance

MYOB

N/A
0 Ratings
2.9

Wave Accounting

29%
4 Ratings

Support Rating

5.4

MYOB

54%
14 Ratings
4.3

Wave Accounting

43%
12 Ratings

Online Training

MYOB

N/A
0 Ratings
4.7

Wave Accounting

47%
3 Ratings

Implementation Rating

5.0

MYOB

50%
2 Ratings

Wave Accounting

N/A
0 Ratings

Ease of integration

1.0

MYOB

10%
1 Rating

Wave Accounting

N/A
0 Ratings

Product Scalability

MYOB

N/A
0 Ratings
3.0

Wave Accounting

30%
2 Ratings

Likelihood to Recommend

MYOB

MYOB is suitable for any business. I have two different businesses and both use MYOB effectively. I use MYOB to pay wages every fortnight for both businesses. This enables me to track exactly what is happening with everyone's different sick leave and holiday entitlements easily. I'm also able to keep track of expenditure and balance and reconcile the accounts against bank statements.
Read full review

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.
Read full review

Pros

MYOB

  • MYOB is very easy to navigate and find the correct information.
  • The Help section was very straight forward and very easy to learn.
  • MYOB was a great accounting tool for our business as it provided the accountant, sales, etc all of the information they need all in one place.
Read full review

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.
Read full review

Cons

MYOB

  • [In my opinion,] horrible interface to import data
  • [In my opinion,] user interface stuck in 1995
  • Needs improvement to usability
  • Contestant price increases
  • [In my opinion,] new in-app advertising is annoying
  • Countless different windows to do simple tasks like onboard an employee
  • [In my experience,] too slow
Read full review

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.
Read full review

Pricing Details

MYOB

Starting Price

Editions & Modules

MYOB editions and modules pricing
EditionModules

Footnotes

    Offerings

    Free Trial
    Free/Freemium Version
    Premium Consulting/Integration Services

    Entry-level set up fee?

    No setup fee

    Additional Details

    Wave Accounting

    Starting Price

    Editions & Modules

    Wave Accounting editions and modules pricing
    EditionModules

    Footnotes

      Offerings

      Free Trial
      Free/Freemium Version
      Premium Consulting/Integration Services

      Entry-level set up fee?

      No setup fee

      Additional Details

      Likelihood to Renew

      MYOB

      Our clients seems hesitant to change softwares so I don't see why we wouldn't be renewing with MYOB
      Read full review

      Wave

      Easy to use for clients with no accounting background and the price is right.
      Read full review

      Usability

      MYOB

      All of the MYOB products are easy to use. Most of our clients use MYOB ACE payroll and Essentials but some of the customers who are proper accounts use a range of products like Account Right MYOB AE/AO, Practice manager, TAX manager, etc. I have never heard of any complaints and the support contacts are always approachable.
      Read full review

      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
      Read full review

      Reliability and Availability

      MYOB

      No answers on this topic

      Wave

      WAVE is always available when we need it ! Peter
      Read full review

      Performance

      MYOB

      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.
      Read full review

      Support Rating

      MYOB

      MYOB accounting software basically works but looks and functions like 1998. Unfortunately their Antipiracy licensing system is absolutely TERRIBLE and verging on nearly criminal, scam! You must CONFIRM each and every data file and when it doesnt work you have to PAY THEM to fix their own file protection issues. If you dont pay them, they hold your data hostage as your company accounting information file becomes READ ONLY. Permantly, unless you pay them. This is a total extortion SCAM. I cannot believe a company can operate this way. With a lot of better product available... i dont imagine MYOB is going to survive much longer.
      Read full review

      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
      Read full review

      Online Training

      MYOB

      No answers on this topic

      Wave

      easy to use and east to train on ! Our WAVE clients enjoy the ease of use
      Read full review

      Alternatives Considered

      MYOB

      Not even close. Though I will say MYOB had a budget module where Zoho Books doesn't which is one thing severely lacking in Zoho Books. On the other hand, Zoho Books allows for payment processing integration without trying to get a cut from the process whereas MYOB allowed for payment processing but you had to go through their service only and it wasn't cheap.
      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

      MYOB

      No answers on this topic

      Wave

      Once they out grow what is ability to move up to a more robust system?
      Read full review

      Return on Investment

      MYOB

      • It was great when we first started using it but there was a time when MYOB stopped supporting payroll tax tables for Apple computers and so we made the switch.
      • While we were using it staying on top of all of the pesky accounting details was a breeze.
      • We were very detail oriented to begin with and had a thorough understanding of basic accounting principles but anyone without even basic knowledge can quickly set up MYOB and get running fairly quickly and provide detailed reports to their CPA or CFO consultant for a deeper analysis of their business.
      Read full review

      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.
      Read full review

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