Wave Accounting vs. Workday Financial Management

Overview
ProductRatingMost Used ByProduct SummaryStarting Price
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
Workday Financial Management
Score 8.2 out of 10
N/A
Workday Financial Management is built on a global foundation that provides organizations with the core financial management capabilities expected from a modern cloud solution. It goes well beyond just managing financial processes to achieve greater insight, improve financial consolidation and reduce time to close, instill internal control and auditability, and achieve consistency across global operations. By using an in-memory architecture and object data model,…N/A
Pricing
Wave AccountingWorkday Financial Management
Editions & Modules
No answers on this topic
No answers on this topic
Offerings
Pricing Offerings
Wave AccountingWorkday Financial Management
Free Trial
NoNo
Free/Freemium Version
NoNo
Premium Consulting/Integration Services
NoNo
Entry-level Setup FeeNo setup feeNo setup fee
Additional Details
More Pricing Information
Community Pulse
Wave AccountingWorkday Financial Management
Top Pros
Top Cons
Features
Wave AccountingWorkday Financial Management
Payroll Management
Comparison of Payroll Management features of Product A and Product B
Wave Accounting
6.2
24 Ratings
19% below category average
Workday Financial Management
8.2
17 Ratings
13% above category average
Pay calculation7.123 Ratings8.317 Ratings
Benefit plan administration7.54 Ratings8.515 Ratings
Direct deposit files1.220 Ratings8.215 Ratings
Salary revision and increment management7.712 Ratings00 Ratings
Reimbursement management7.48 Ratings00 Ratings
Customization
Comparison of Customization features of Product A and Product B
Wave Accounting
8.5
13 Ratings
19% above category average
Workday Financial Management
8.1
15 Ratings
11% above category average
API for custom integration9.99 Ratings8.113 Ratings
Plug-ins7.011 Ratings8.014 Ratings
Security
Comparison of Security features of Product A and Product B
Wave Accounting
9.5
43 Ratings
19% above category average
Workday Financial Management
8.7
19 Ratings
7% above category average
Single sign-on capability9.730 Ratings8.619 Ratings
Role-based user permissions9.334 Ratings8.717 Ratings
Reporting & Analytics
Comparison of Reporting & Analytics features of Product A and Product B
Wave Accounting
8.2
70 Ratings
8% above category average
Workday Financial Management
8.4
22 Ratings
19% above category average
Dashboards9.368 Ratings8.322 Ratings
Standard reports9.467 Ratings8.819 Ratings
Custom reports5.734 Ratings8.217 Ratings
General Ledger and Configurable Accounting
Comparison of General Ledger and Configurable Accounting features of Product A and Product B
Wave Accounting
6.8
73 Ratings
9% below category average
Workday Financial Management
8.4
18 Ratings
10% above category average
Accounts payable9.356 Ratings8.914 Ratings
Accounts receivable9.567 Ratings9.014 Ratings
Cash management9.359 Ratings00 Ratings
Bank reconciliation9.563 Ratings00 Ratings
Expense management9.561 Ratings00 Ratings
Time tracking9.411 Ratings00 Ratings
Fixed asset management9.412 Ratings00 Ratings
Multi-currency support10.019 Ratings00 Ratings
Multi-division support7.19 Ratings00 Ratings
Regulations compliance6.815 Ratings00 Ratings
Electronic tax filing5.914 Ratings00 Ratings
Self-service portal1.739 Ratings00 Ratings
Global Financial Support9.02 Ratings8.315 Ratings
Primary and Secondary Ledgers7.04 Ratings8.615 Ratings
Intercompany Accounting4.05 Ratings00 Ratings
Localizations5.23 Ratings00 Ratings
Journals and Reconciliations6.228 Ratings8.712 Ratings
Enterprise Accounting4.07 Ratings00 Ratings
Configurable Accounting5.516 Ratings8.215 Ratings
Centralized Rules Framework1.03 Ratings00 Ratings
Standardized Processes4.317 Ratings8.815 Ratings
Inventory Management
Comparison of Inventory Management features of Product A and Product B
Wave Accounting
8.1
11 Ratings
14% above category average
Workday Financial Management
8.5
8 Ratings
8% above category average
Inventory tracking5.68 Ratings8.98 Ratings
Automatic reordering9.95 Ratings8.48 Ratings
Location management8.12 Ratings8.37 Ratings
Manufacturing module9.01 Ratings00 Ratings
Order Management
Comparison of Order Management features of Product A and Product B
Wave Accounting
7.6
52 Ratings
2% above category average
Workday Financial Management
9.0
9 Ratings
15% above category average
Pricing9.926 Ratings00 Ratings
Order entry10.018 Ratings00 Ratings
Credit card processing2.345 Ratings9.09 Ratings
Cost of goods sold10.033 Ratings00 Ratings
Order Orchestration5.85 Ratings00 Ratings
End-to-end order visibility8.24 Ratings00 Ratings
Order exception Resolution7.02 Ratings00 Ratings
Best Alternatives
Wave AccountingWorkday Financial Management
Small Businesses
Dext Prepare (with Receipt Bank)
Dext Prepare (with Receipt Bank)
Score 9.1 out of 10
Acumatica
Acumatica
Score 8.7 out of 10
Medium-sized Companies
Accounting Seed
Accounting Seed
Score 8.3 out of 10
Infor VISUAL
Infor VISUAL
Score 7.4 out of 10
Enterprises
Oracle Fusion Cloud ERP
Oracle Fusion Cloud ERP
Score 8.2 out of 10
SAP Business ByDesign
SAP Business ByDesign
Score 7.5 out of 10
All AlternativesView all alternativesView all alternatives
User Ratings
Wave AccountingWorkday Financial Management
Likelihood to Recommend
3.6
(79 ratings)
8.5
(22 ratings)
Likelihood to Renew
7.8
(3 ratings)
9.0
(1 ratings)
Usability
6.2
(15 ratings)
9.4
(5 ratings)
Availability
6.7
(4 ratings)
-
(0 ratings)
Performance
2.9
(2 ratings)
-
(0 ratings)
Support Rating
2.5
(12 ratings)
9.6
(5 ratings)
Online Training
4.7
(3 ratings)
-
(0 ratings)
Product Scalability
3.0
(2 ratings)
-
(0 ratings)
User Testimonials
Wave AccountingWorkday Financial Management
Likelihood to Recommend
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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Workday
Workday is well suited for managing employees throughout their full life cycle. It excels at housing employee data from the start of their time with the company through their departure. Workday is less suited to payroll functions, which could be more robust.
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Pros
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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Workday
  • The flexibility of going beyond handling the accounts, where we can handle cash, assets, and accounting simultaneously for the customer.
  • The single platform offers grants management where you can organize the lifecycle of the grants and synchronize it with any criteria of grant closing out scheme.
  • I personally liked Project billing with the essence of evaluating project revenue and nice reporting templates that can be shared with the customer at any stage of the project while having the flexibility of auditing the reported cost.
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Cons
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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Workday
  • Some of the Workday updates last till like 10 in the morning which prevents employees to clock in and check their times and some cases their schedules
  • Workday can work on opening documents quicker instead of taking couple of minutes or notifying the user when they are ready to download
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Likelihood to Renew
Wave
Easy to use for clients with no accounting background and the price is right.
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Workday
No answers on this topic
Usability
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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Workday
Workday is easy enough navigate, as long as it is properly set up. With that said, it can be put together in a modular fashion as well, allowing for a very high degree of flexibility in terms of design and process delegation. Finally, it makes consolidation achievable in times previously unthinkable.
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Reliability and Availability
Wave
WAVE is always available when we need it ! Peter
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Workday
No answers on this topic
Performance
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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Workday
No answers on this topic
Support Rating
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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Workday
Our support team has been awesome. They are extremely knowledgeable and have been able to guide us through all of the challenges we have faced. Workday's community online is also extremely helpful with many trainings and help topics that can be reviewed at your convenience.
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Online Training
Wave
easy to use and east to train on ! Our WAVE clients enjoy the ease of use
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Workday
No answers on this topic
Alternatives Considered
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
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Workday
Workday Financial Management provides additional capabilities like real time financial analytics creation, easy tracking of multiple projects expense and management of all project financial data from one platform. CRM features are also impressive, billing tools and the online invoicing using Workday Financial Management and fraund detection is effective and even on distribution management this product is the master.
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Scalability
Wave
Once they out grow what is ability to move up to a more robust system?
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Workday
No answers on this topic
Return on Investment
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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Workday
  • We were able to combine 4 different HR modules into one system.
  • We reduced data breach incidents by 95% after shifting to Workday. One of our legacy softwares had vulnerabilities.
  • The initial learning curve was higher than projected. We spent about a week to 10 days extra time deploying it, which affected the profit center that year.
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