SAP S/4HANA Cloud is a modular cloud ERP. Embedded with AI and analytics, it helps business run anywhere, in real time. SAP S/4HANA Cloud can be deployed either on premise, in the cloud, or in a hybrid combination.
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Wave Accounting
Score 7.8 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
SAP S/4HANA Cloud
Wave Accounting
Editions & Modules
SAP S/4HANA Cloud
Custom Pricing
per month FUE users*
Starter
$0
Pro
$16
per month
Pro - billed annually
$170
per year
Offerings
Pricing Offerings
SAP S/4HANA Cloud
Wave Accounting
Free Trial
Yes
No
Free/Freemium Version
No
Yes
Premium Consulting/Integration Services
Yes
No
Entry-level Setup Fee
Required
No setup fee
Additional Details
* FUE = Full user equivalent, which allows flexible customer choice among: 1 Advanced user, 3 Core-users, or 30 self-service users per FUE. Minimum purchase is 35 FUEs.
SAP S/4HANA provides Real-Time financial insights and performs automation for routine tasks. It reduced dependency on spreadsheets, resulting in fewer data losses, errors, and manual tasks. SAP S/4HANA may be less suitable for companies with highly specialized or higher financial requirements that require extensive customization, as the cloud version has certain limitations.
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.
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.
The cost of SAP as an ERP is quite high and the switching costs associated with ERP systems are even higher. That being said moving from one ERP to another only happens once in a great while for large organizations. Those switching costs include retraining, IT hardware requirements, outside consultants and more
Day to day data insight is more accurate for manufacturing industry to procure as per forecasted from supplier. Supply and fulfillment cycle becomes more easier. I would say more about performance as we are using this new server so we can see clear difference between SAP S/4HANA Cloud and ECC. Also it has customized business extensions for rapid development.
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.
The technical support received by the ITT design teams and OS implementation team has been very useful in ensuring that the SAP ERP is well-tailored to our company's specific needs and operations. This coupled with the training materials, business process maps, and concept demos (sand-box demos) makes adoption easy on end-users.
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
SAP requires a lot of internal and external resources to complete its successful implementation. The cloud version requires a deeper understanding of the different capabilities of the local systems (hardware) and the connection towards your local IT team. We found several problems on our systems that we couldn't foresee before the implementation and roll out.
The platform utilizes advanced predictive analytics to anticipate operational bottlenecks and put them out of commission before the problems become larger. We can proactively develop effective strategies that help keep service quality in the face of unexpected changes in the market, or external disruptions, by continuously analyzing historical performance data as well as elements of the current market
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
SAP is as stable as an ERP can get, so there an mandays lost on recovering from problems, etc.
As as big and stable system, there are quite a few master data tables that need to be maintained on a constant base, so this does cost some extra time, but one gets to have fine tuned processes in return. So this is well invested time.
SAP is an expensive system in general, but it is as they say. You get what you pay for and SAP is just the best ERP you can get, so...
