Odoo, from the Belgium-headquartered multinational company of the same name, is a suite of business applications for managing the sales pipeline. It also comprises a PoS and inventory management modules, scaling to a warehouse or retail management solution.
$24.90
per month per user
Wave Accounting
Score 6.1 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
Odoo
Wave Accounting
Editions & Modules
No answers on this topic
No answers on this topic
Offerings
Pricing Offerings
Odoo
Wave Accounting
Free Trial
Yes
No
Free/Freemium Version
Yes
No
Premium Consulting/Integration Services
Yes
No
Entry-level Setup Fee
Optional
No setup fee
Additional Details
New customers get a discount on the initial number of users purchased. ($20.00 USD instead of $24.00 USD).
The software is really good for managing inputs and inventory as well as maintaining traceability. The "track picking moves" functionality lets you look into a specific lot or serial numbers and view all the product moves that occurred with that lot. However, some navigation is not intuitive. For example, if I click on an item in the BoM of an assembly, then click the back button to go back to the assembly, the site goes all the way back to the home screen. Some of these quirks mean that there is a learning curve for the software, but overall the tracking is very good.
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.
Community version is sometimes hard to maintain, needs some on-premise knowledge (IT) or having business with an Odoo partner that is sometimes expensive and unreliable.
Enterprise version is as expensive as other ERP in the market.
Reporting is horrible, not a lot of possibility to integrate seamlessly with a third party BI platform.
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.
I would give it an average rating despite being easy to use, but the user interface is very poor and not intuitive at all which makes the whole experience not that good. Also, the system is not mobile friendly at all which is annoying if you want to check something on the go.
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
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.
Easy - there is NO SUPPORT (like in ABSOLUTELY NOTHING!!!!!!!). Even for legally mandatory requirements where the system MUST work, they will gladly take a month to get back to you with a NON-answer. We couldn't even get our bank statements correctly into Odoo for 2 months - leading to no reconciliation and the company accounts were a mess (still are!!) as a result - Completely irresponsible. Have not EVEN had an apology from Odoo - they couldn't care less !!
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 selected Odoo because it is all in the cloud online and it is very easy to conect from everywhere, but then it did nos suit what we wanted in other fields and the service was poor,so we deceided to cancel the contract, but never get our money back since november 2020.
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
