Accounting by Wave was founded in 2010, is headquartered in Toronto, Canada, and has raised $35 million in funding.
The product is free, cloud-based software for small businesses (fewer than 10 employees). The product supports double-entry bookkeeping, A/R and A/P reporting, invoicing and expense management. Other functionalities are available for a fee, such as payroll and payments. The company monetizes the free software through advertising.
|Best Fit For:||Sole proprietors; very small businesses; service-based businesses|
|Most Compared To:||QuickBooks Premier|
|Customers:||1m+ (all products)|
|Employees:||65 (on LinkedIn)|
|Rating Attribute||Accounting by Wave Rating||# of Reviewers Contributing to Rating Average||Accounting Software Average Rating|
|Likelihood to recommend||8.7||24||8.1|
|Likelihood to renew||9.0||2||8.5|
|Accounting by Wave Pros||Accounting by Wave Cons|
|Automatic download of bank and credit card transactions
Users can connect credit card and bank accounts to Wave, eliminating the need for manual data entry; transactions are automatically recorded, and users can quickly categorize them.
|Not recommended for inventory / manufacturing
Users say the product is not designed for manufacturing businesses or those with inventory tracking needs.
|Invoicing and payment processing
Wave allows users to create, send and track invoices, accept credit card payments, and run recurring billing.
A few users said the application can be slow at times.
|Free / low cost
The core application is free. Some additional modules, such as Payroll and Payments, require a subscription, but users say they are economical.
Some users would like to see a greater ecosystem of third-party applications and available integrations.
Users like the Payroll module, which allows business owners to handle basic payroll needs without becoming an expert. (However, users don't recommend the Payroll module for businesses with more complex payroll needs, such as varying pay schedules or structures.)
Users would like to see a bit more flexibility in the software, such as the ability to create a template for general journal entries, or the ability to group items by category in the P&L reports.
The support team is responsive and knowledgeable.
|Separation of personal and business accounting
The app helps users handle and keep separate personal and corporate transactions, even if accounts are co-mingled.
Smartphone apps allow for invoicing, saving receipts, and accepting payments on the go. However, these functionalities are available through three separate apps; users would like to see one that performs all functions.
Users like the dashboard, which provides a quick financial snapshot of your business. The software provides standard accounting reports such as balance sheet and profit & loss. However, many users would like more flexibility or customization of reporting – for example, the ability to choose cash or accrual for sales tax reporting, the ability to do period-over-period comparisons, and the ability to do “last month” or “last quarter” reports, versus manually selecting dates.
Thanks for the feedback. Reviews like yours help us make Wave better for small business owners every day.
We're committed to the principle that small business owners want simplicity and efficiency. Feedback from nearly 1.5 million customers tells us that unnecessary complexity is intimidating, and causes small business owners to abandon software and resort to shoebox accounting.
So we've built Wave to be the best fit for most freelancers, consultants, contractors, and small- and micro-business owners — streamlined, accurate, and easy to use. At the same time, we've ensured that Wave has true double entry accounting and functionality like Journal Transactions. This combination is the best way to serve our customers and their advisors.
Of course, we do continuously release improvements to Wave, adding more features without losing our focus, and as we grow we are able to serve an expanding set of needs.
Because of the rapid growth of our user base, we have had moments recently where the application took a long time to load for customers who have a lot of accounting data. We are constantly optimizing site performance and load times, and look forward to improvements in this area.