NetSuite is a suite of ERP and accounting modules which is sold in various editions aimed at different size customers. The multi-country, multi-currency version is an additional module called OneWorld. Netsuite is a SaaS system and is not offered in an on-premise edition.
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Wave Accounting
Score 7.5 out of 10
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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.
$16
per month
Pricing
NetSuite ERP
Wave Accounting
Editions & Modules
No answers on this topic
Starter
$0
Pro
$16
per month
Pro - billed annually
$170
per year
Offerings
Pricing Offerings
NetSuite ERP
Wave Accounting
Free Trial
No
No
Free/Freemium Version
No
Yes
Premium Consulting/Integration Services
No
No
Entry-level Setup Fee
No setup fee
No setup fee
Additional Details
Users subscribe to NetSuite for an annual license fee. The license is made up of three main components: core platform, optional modules and the number of users. There is also a one-time implementation fee for initial setup. New modules and users and can be added as a business grows.
Best suited for mid-market to lower scale enterprises (under 2,000 employees) especially if migrating from Quickbooks or another fragmented small business system. Also, multi-entity and global operational businesses are very well suited as there is robust functionality around multi-subsidiary, multi-currency and multi-tax controls. Finally, businesses with inventory & supply chain heavy businesses would find the functionality very useful as the system allows warehouse management, lot/batch tracking, fulfillment, etc. Not well suited for startups (a lot of functionality not needed) or very small businesses (under $3mm in revenues). Overkill in complexity and cost and implementation leg-work is necessary relative to the underlying operations of the business. Also, companies with a heavy manufacturing business (shop floor execution) lacks depth with true manufacturing ERPs like Epicor, Infor, etc. and companies expecting consumer grade UX feels like the interface isn't modern or very intuitive right out of the box.
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.
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.
The area for the largest improvement needed is the implementation process. Especially when it comes down to an accounting based ERP setup rather than a CRM model. The experts should have accounting backgrounds in addition to the system knowledge for implementation.
There should be more training focused on the Dashboards and the maneuverability of the data focused for each graph or report within the dashboards.
The AP system is a little problematic with more complex company hierarchy. Due to the AP Invoice headers being driven by "main line" but the expense distribution being driven by journal entries - the AP aging is hard to verify the accuracy and can be distorted by different types of transactions.
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.
NetSuite is able to cover all of our needs, spanning multiple departments and managerial levels. We use it daily for a multitude of functions, including creating promotions, estimating inventory, pulling historical reports, forecasting sales, and more. Overall, we're very satisfied with NetSuite as an ERP solution and recommend it to medium to large businesses.
NetSuite is a cloud tool, and is easy to implement for mid-sized organizations. It comes with standard forms/ printing layouts, and financial reporting (both summary and detailed), which are very handy for business users. In addition to these, with 99.99% service availability, NetSuite makes it one of the most reliable ERP tools available on the market.
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
It has been very reliable. I can only think of 1-2 times in 4.5 years that we have had issues getting in, and in each case were able to get back in within 1 hour. There has not been a major downtime
Most of the time the performance is very good. Pages load in a few seconds; financial reports take less than 5 seconds; basic searches take a few seconds. But performance can be sporadic throughout the day and cause the run time to triple.
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.
I would like to give 8 rating for NetSuite support and reason for that is below: Whenever we faced any technical or functional issues we tried to reach out to NEtSuite support but response was not immediate. We told them about the urgency of the issue but still we were not getting response on time. Then, we have to reach out to AE to get things resolved.
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
I had in person training for a day when first got the software. The training was good. The challenge was that there was a large gap between training and when we went live so we forgot quite a lot
I felt NetSuite Professional Services did an excellent job of guiding us in the implementation. I also felt our internal teams were a little resistant to the change and engagement of new software. Had we performed better engaging and buying into the new software, I would be able to rate the implementation better. Therefore, the lower number should not be viewed as a deficiency with the software or the professional services teams, but as an reminder of how important complete buy-in from the local users is.
QuickBooks Online is, by far, a better and easier-to-use product for smaller companies. Only switch to Netsuite if you have to. We switched to NetSuite because we have numerous subsidiaries, and QuickBooks would not be able to handle the complexity.
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
We have been able to scale our business 25X without any major overhaul with Netsuite. Its dashboard setup makes onboarding new employees very easy and allows data to be shared across multiple offices. Its cloud setup does not put any pressure on IT to scale servers or other infrastructure. We have been able to become much more efficient in all aspects of the business.
