TrustRadius Insights
Wave Accounting is a reliable tool for staying up to date with accounting tasks such as creating invoices, tracking payments, and managing …
Overview
What is Wave Accounting?
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.
Recent Reviews
Awards
Products that are considered exceptional by their customers based on a variety of criteria win TrustRadius awards. Learn more about the types of TrustRadius awards to make the best purchase decision. More about TrustRadius Awards
Popular Features
- Bank reconciliation (63)9.595%
- Accounts receivable (67)9.595%
- Standard reports (67)9.595%
- Dashboards (68)9.494%
Reviewer Pros & Cons
Pricing
N/A
Unavailable
What is Wave Accounting?
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…
Entry-level set up fee?
- No setup fee
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
Would you like us to let the vendor know that you want pricing?
25 people also want pricing
Alternatives Pricing
What is Xero?
Xero is an online accounting software product for small businesses and personal finance. Its features beyond general ledger and double-bookkeeping include quotable invoicing, bank reconciliation, purchase order and expense management, and tax management. Third party apps can extend its features…
What is QuickBooks Online?
QuickBooks Online is a SaaS version of the QuickBooks product. It contains all of the features found in the local version. Higher-priced plans include greater automation, payment management, inventory and time tracking, and analytics features.
Product Demos
How To Use Wave Accounting App | Get a hold of your Money! | Ibukun Awosika
YouTube
Wave Accounting Demo
YouTube
Features
Return to navigation
Product Details
- About
- Competitors
- Tech Details
- FAQs
What is Wave Accounting?
Wave Accounting is a fast growing, free, cloud-based accounting platform exclusively for small businesses (less than 9 employees) offered by Wave in Toronto. It supports double-entry bookkeeping and permits unlimited user access to always-available records and reports, as well as unlimited invoicing and expense management. Wave integrates with expense tracking software Shoeboxed. The software is mobile-accessible.
Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll apps, into one relatively comprehensive package. However, the automated payments and payroll functionality must be purchased; the payments addition bills per transaction, and the payroll feature bills by number of employees over a flat rate. To support the free platform, Wave integrates advertisements from business partners. Thus these are a necessary facet of the service.
Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll apps, into one relatively comprehensive package. However, the automated payments and payroll functionality must be purchased; the payments addition bills per transaction, and the payroll feature bills by number of employees over a flat rate. To support the free platform, Wave integrates advertisements from business partners. Thus these are a necessary facet of the service.
Wave Accounting Competitors
Wave Accounting Technical Details
| Operating Systems | Unspecified |
|---|---|
| Mobile Application | No |
Frequently Asked Questions
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.
Reviewers rate Multi-currency support and Order entry and Cost of goods sold highest, with a score of 10.
The most common users of Wave Accounting are from Small Businesses (1-50 employees).
Comparisons
Compare with
Reviews and Ratings
(172)
Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Business Problems Solved
- Pros
- Cons
Wave Accounting is a reliable tool for staying up to date with accounting tasks such as creating invoices, tracking payments, and managing financial obligations. Users appreciate how Wave Accounting simplifies these processes, eliminating the need for manual tracking. The software offers an intuitive interface and essential accounting features that make it a popular choice for small businesses. It has been commended for its ability to quickly generate professional estimates and invoices, as well as provide performance insights through flow graphs and profit and loss graphs. Although some users have experienced drawbacks such as limited customer support and lengthy credit card acceptance processes, overall, Wave Accounting has been highly recommended by users who find it valuable for organizing their businesses. It is particularly useful for tracking inventory purchases, sales, expenses, managing independent contractor businesses, and is considered an affordable and powerful solution by accounting professionals in service-based industries.
Comprehensive and Versatile Software: Users have found Wave Accounting to be a comprehensive and versatile solution for bookkeeping and budgeting. It has been praised for its ability to effortlessly track and categorize financial transactions, streamline invoice creation without redundant data entry, as well as generate various financial reports.
Cloud-based Accessibility: The cloud-based nature of Wave Accounting is highly appreciated by users, providing them with easy accessibility from any computer while eliminating concerns about computer glitches or server problems. This feature has been mentioned by numerous reviewers.
Powerful Invoicing Feature: Users have lauded the invoicing feature in Wave Accounting for its power and user-friendliness. They can easily create and send invoices, keep track of due dates, and mark off paid invoices. The software also provides automatic invoice numbering, facilitating quick reference to different invoices.
Horrible Reconciliation Process: Users have expressed frustration with the reconciliation process in Wave, describing it as horrible. They find it difficult to match transactions and suggest a simpler method for reconciliation.
Lack of Customer Support Options: Many users complain about the lack of customer support options in Wave. They mention the absence of phone or chat lines and express frustration with the frequent response to read documentation. Users desire more personalized assistance and quicker ways to resolve their issues.
Limited Reporting Features: Users feel that the reporting features in Wave could be more robust and flexible. They report issues with exporting general ledger items and mention the need for improvements in sorting options for reports. Some users desire preset date options for reports and request further development of this aspect in Wave.
Attribute Ratings
Reviews
(26-50 of 79)Companies can't remove reviews or game the system. Here's why
I use Wave Accounting for all of my bookkeeping/accounting needs. I have all of my money accounts linked to it so that I don't have to keep track of my purchases and sales, it all automatically goes into my bookkeeping accounts. Then, at the end of each month, I categorize them and verify each income/expense. With the click of a button, I can see my revenue, expenses, and profit for the month! This also makes it super easy when tax time comes! I can just print a copy of my income report for the year and hand it over to the accountant who does my taxes. It couldn't be easier!
- Bookkeeping
- Invoicing
- Keeps income/expenses organized for tax time
- Quick at-a-glance stats for monthly budget/spending/revenue
- It does not integrate with my small credit union so I rarely use that account to purchase things because I have to remember to manually log it.
- Invoice line items must be something that is reoccurring or you have to create new "products" for each new project/service. I wish I could just add whatever I wanted to the item field on an invoice instead of having to choose from or create a new product
- It always logs transferring money out of my PayPal balance as an expense when I'm really just transferring it to my bank account. Easy fix, but always a bit annoying to wonder where that much money went (only to realize it just went to my bank account).
October 25, 2019
Quick-start your accounting!
We use wave for its essential accounting functions such as invoicing, payment receipts, and to track business-related purchases and expenses using the account connection feature. It's relatively easy to use and can copy and duplicate invoices, send reminders and gauge how often invoices are paid or not. It's primarily used by myself though I sometimes have my assistant send a simple invoice.
- Allows the user to set up customer profiles and manage the intricacies of account payable tracking.
- Allows the user to connect the app to a bank account thereby identifying purchases and business-related expenses. Awesome for tax time!
- Allows the user to create vendor profiles and manage payroll accordingly.
- Connecting the app to a bank that isn't listed in their database isn't seamless.
- Sending multiple invoices to one client that needs to use different payment methods raises a red flag.
- Receipts can't be exported as PDF's and must be sent from the email that was used during sign-up (can't be altered).
Score 5 out of 10
Vetted Review
Verified User
We are using it as company-wide after QuickBooks upped their pricing. We started with Wave Accounting 3 years ago but transitioned to QuickBooks for a period of time. Then, as I mentioned, once QuickBooks upped pricing we decided to move back to Wave. Upon returning, we were pleasantly surprised by the updates made in the time we were away, recurring invoicing being one of them. The look and feel of it changed, and it looked much better than before.
- Accounting is #1 of what they do. It does appear they want to compete and take market share from QuickBooks.
- Simple invoicing and estimations.
- Automatic follow up on invoices is great.
- Support. They have no phone support. All of it is done via chat and you tend to get canned answers.
- ACH Processing Time. 7+ business days to process an ACH is not very manageable for a business. As a former banker, they say the problem is with your bank or the client's bank - however, that's not true. They have the money from an ACH within 1 business day.
August 03, 2019
Not a Wave you Want to Ride
Score 1 out of 10
Vetted Review
Verified User
We use Wave as our primary system to track expenses, invoices, and payments. We also used Wave to process credit card payments. We use Wave Accounting software company-wide. At first, it appeared to be great way to track invoices and easily receive payments via credit card. The website itself has some nice features.
- Logging invoices and payments as it is relatively easy and fast.
- Integration with our payroll system (ADP)
- Customer service needs a lot of improvement! It is extremely difficult to contact support as they do not provide a dedicated customer service line and it takes a long time to get a response via email.
- Credit card payments have been extremely problematic and are often held up for an unreasonable amount of time (several days and longer).
- Complete lack of communication if an issue arises and lack of support getting any kind of resolution.
- No longer linking with our account and no notification when it occurred.
August 03, 2019
The best option if you're a freelance worker!
Score 8 out of 10
Vetted Review
Verified User
We use Wave Accounting in mainly the IT department to track invoices and receive payments from clients for work completed and reoccurring sales. Wave makes it very easy to create an invoice template, add customers, create line items, and send invoices! The option to also allow credit card payments on the invoice through Wave is a nice feature and saves us time from having to contact the customer and take card information over the phone and the transaction fee they charge isn't bad at all considering other applications out there.
- They make sending invoices pretty simple and you can choose from sending either from Wave or you can add an email account and it will allow you to send from the Wave account but using your own account to avoid confusion from your clients.
- Being able to store products, line items, and various services so you can quickly create more invoices later is a great feature! It'll save the price or hourly rate for the next time you need to use it
- Reoccurring invoices are one of my favorite features, it makes it simple to send invoices to customer who have a monthly fee you need to charge. Wave will send it automatically and there's no extra work for you to do to ensure your customer is up to date on current charges.
- Taking payments - I would like to see them integrate with CashApp or Venmo since many of my clients like to pay via mobile apps like those and then I have to manually record the payment in Wave
- I would also like to see a feature that allows you to download a PDF version of an invoice in their mobile app. Other than that the mobile app is great!
December 15, 2018
Powerful Free Accounting and Invoicing for Small Businesses
As a small business owner (founder, principal and independent contractor) with clients across the country, I quickly discovered that I needed a solution to manage my invoicing, cash flow and expenses for the business. Spreadsheets are fine, but I needed something professional but lightweight. I tried a few other solutions, but once I found Wave I was hooked. I've been using it for years, it's my go-to solution, and they keep adding features that make it better. I use it for estimates, invoicing, and bookkeeping.
- Invoices are so easy to execute. Whether they are one-off or recurring, fixed or variable, single item or multiple line entries, they come out looking professional, polished and they get sent without any fuss. Put your client's info on them, add your logo, describe the services, add notes, set due dates, etc. all without cracking an abacus.
- It's a little thing but I love how the estimates feature integrates with Invoices. You start by making an estimate for a client, with a defined expiry date. Once they accept, you can convert that estimate immediately into an Invoice and set it up to send.
- Built-in payment processing is great. I don't have to worry about Paypal or Stripe or anything, Wave just handles my client's credit cards so I don't have to do a thing. They even have recurring billing for my retainer clients!
- 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.
November 18, 2018
Wave Accounting works great for my small business
We use Accounting by Wave for our entire billing system. We generate all invoices from Wave, and accept online credit card and bank transfers through Wave. We also use their accounting system to track expenses, profit & loss, and reporting. Wave simplified our billing system because it will auto-generate recurring invoices, and we get paid much faster using their system.
- Easy to generate invoices, and recurring invoices
- Online Payments via credit card and bank transfer
- Accounting functions are very good to have integrated
- I think that some customers may not trust the bank transfer login system
- The auto-generated invoice numbers can be confusing if you have different prefixes for services.
- it would be amazing if they added document signing and agreements to this system.
November 07, 2018
A wave of approval for Wave
Wave Accounting is used as the central accounting package for the business. All income and expenses are synchronized from various bank and card accounts. Both one-off and recurring invoices are issued through Wave. Payments via credit card or back transfers are accepted through Wave. Cash low is monitored on the dashboard. Year-end reports are used for income tax calculation.
- The dashboard provides instant views of month-by month income & expenses for the past 12-24 months, a breakdown of current year expense by category, and net income for the past year and year-to-date.
- Invoicing has easy templated set up has lots of per invoice options such as single/recurring payment options, due dates.
- Year end reports are easy to generate in either pdf or csv format.
- My biggest request is that they add a way to link invoice payments with the bank deposits . When a payment is made through Wave, they show the income and it is marked with the invoice number, but when they transfer the money into the bank, the credit is not tied to the invoice(s). You have to figure out by hand and delete the transaction from the bank to prevent getting double credit on it
- It would be good to have a field for CC email on each customer. Currently you have to add any CC when sending.
- On the Transactions view, a few more search options would be helpful.
November 07, 2018
need a free ride for invoicing & accounting? catch this Wave!
I used Accounting by Wave to invoice my clients, send payment reminders, send estimates, track my business expenses, and see profit & loss when it was time to do taxes. As a solo entrepreneur, it kept my business accounting separate from my personal, and I loved that it was a free service that looked professional when emailing clients.
- Good design / branding – looks modern & professional & trustworthy for my clients (that's coming from a picky 'millennial'!)
- Enjoyable & well-designed interface
- Great options for their free product
- Really no complaints!
November 07, 2018
Account By Wave Saves you time & resources
Accounting by Wave makes life as a web designer easier. I'm able to see all purchases for tax purposes. It makes it easy to see where the company stands and allows self-employed and small businesses to manage all their accounting with ease. This software is a no-brainer for anyone who uses Wave.
- Professional
- Quality
- Simple
- Organized
- Recommendations
- Sync with more banks
November 01, 2018
Ride the Wave! It's awesome!
We use Wave as our primary accounting solution for the entire company. We're small, but Wave has great features we're using across both backend financial management and front-end sales (quoting and invoicing). The ability to process payments has been a great tool for us as well and the auto-reminder feature on outstanding invoices saves a ton of time so I don't have to manually beat the bushes.
- Quoting and Invoicing - This feature is huge to be able to manage customers and automate the process of sending invoices as well as reminding outstanding balance holders about their obligations.
- Payment Processing - Once you get the invoicing down, the ability to process credit card and ACH payments in a single package is great. The fees are competitive and the turn-around time to money in the bank is quick.
- Bank Integrations - I mean, this ought to be a standard thing these days, but Wave makes it super simple. There is no need to use esoteric APIs or ugly interfaces - everything is in the same Wave wrapper and the functionality is truly seamless.
- The mobile experience leaves a lot to be desired. While I can use the receipt app to capture expenses, we live in a mobile digital world where I need to be able to create quotes and invoices on the spot and not back at my desk.
- There are a few accounting and account related tools that could use some sharpening. For example, there isn't a good way to merge transactions - so when I snap a picture of a receipt and add it there is trouble reconciling against the bank. This shows up as two discrete transactions that cannot be merged - so one has to be manually deleted. It kind of defeats the purpose of scanning the receipts in entirely.
- We've struggled with integrating debt accounts. For example, a shareholder may pay for something to get us by one day - how to we capture that as a debt owed? There isn't a way. The "shareholder debt" account doesn't talk to the rest of the system.
November 01, 2018
Wave Hello to Your New Accounting Solution - Wave
We use Wave for our whole organization. We run various reports from within Wave to track and monitor performance for the firm. With Wave we can easily generate a professional sales invoice for our small company. The reports from the software give us a way to quickly analyze trends both short term and long term.
- The ease of use with Wave makes it a great tool. Someone without much accounting experience can jump in and use the software.
- The reports features in Wave make looking at financial statements a breeze. In addition you can quickly drill down into expense categories to see all transactions of a certain type.
- It is very easy to generate a sales invoice and see the average period for our company to get paid.
- I love the Wave Invoice app where we can track invoices on the go and verify payment history.
- One area of improvement for Wave would be combining the various mobile applications into one app.
- Another room for improvement would be on the dashboard level. It would be great if they could use more bar graphs and get away from pie charts for things like expenses.
- Some of the other areas from improvement have been addressed by recent updates so I am excited to see what else Wave brings out.
I use Wave to send invoices automatically and run payments too. I'm a small business owner and I want a very easy to use platform that is very economical. The invoices are very clean and professional. I can also attach reports to each invoice. I can also push a reminder if they have not paid without doing it myself :)
I switched from QuickBooks Online and also Bill.com.
I switched from QuickBooks Online and also Bill.com.
- Interface, VERY easy to use
- Clean and beautiful invoices (email and print)
- Run payments
- They have a paid feature to get help, definitely worth it. But sometimes, calling to get a quick answer would be nice.
- Chatbot or chat person to get help when it is late at night :)
- Change the theme colors to match company colors.
November 01, 2018
Wave is a great small business solution
As a business owner, I use Wave to track and categorize expenses, pay vendors and freelancers, and send and categorize invoices. I provide a separate logon for my accountant so that they can pull information during tax time. Wave eliminates any need for manual tracking since it connects directly with my business credit card and checking account. It also provides a helpful dashboard that tracks earnings and expenses. You can pull financial reports easily, as well.
- tracks and categorizes financial transactions with a direct link to bank accounts and credit cards - helpful since there is no manual input outside of verifying that a category is correct
- easily creates invoices without the need to input customer information more than once. you can also send directly from the platform and toggle the option to accept credit card and ACH payments
- creates financial reports with ease
- connection to bank sometimes lags - you can refresh the connection but it takes a minute or two to update
- sometimes invoices are categorized as sales versus consulting income - you really have to look and change it to the appropriate income account. once an invoice is recorded as paid, you can change the income account
- Wave has a tendency of not accepting a saved password, forcing users to reset a password that is knowingly valid. Using Single Sign On eliminates this but it's still annoying.
October 29, 2018
All You Need Accounting For Start-up Businesses
We utilize Wave across the company to manage expenses, invoicing, credit card processing, and 1099 employee payroll tracking. Having one application to handle all these transaction makes the accounting side of the business far less of a headache and with the recent updates it's even easier to navigate.
- Crisp, clean invoices, and I particularly like the ability to customize the invoice to fit our needs.
- Custom reporting tools so we can slice & dice our data as needed.
- Overall interface is incredibly easy to navigate through and you don't have to be a professional accountant or book keeper to make sense of everything.
- Offering a recurring payment option, credit card processing, and ACH payment options with customer online payment options as well has made our life much easier with the repeat accounts we manage.
- Adding customers profiles is simple and can be done right in the new invoice tool
- Setting up vendors is quick and easy to associate to various payable/receivable accounts is simple.
- Not too much to complain about with Wave although I do wish they kept an audit trail of all invoice reminders sent, changes in the invoice, and have the ability to pull reports with this data. This functionality would be great to review clients as a whole to determine profitability and time spent with these clients.
- 9% processing fees for all cards which is a bit higher than some of the competitors like Blue Pay. The pro to this though is there's no monthly commitment or monthly service fees.
Wave is a great alternative to QuickBooks Small Business, and is being used to satisfy all of my small business' accounting needs. It also keeps my overhead low, because it is completely free- there's no initial or monthly subscription fee! It is completely online, so it allows me to access my account anywhere from any device, which is very helpful when I am travelling or when I forget to bring my laptop to work. Additionally, the interface is simple and easy to use, so there was no learning curve and very little stress in setting it up. It allows me to reconcile accounts, run various reports, and easily keep tabs on both my income and expenditures.
- It connects seamlessly to my bank and credit card accounts, and typically inputs updated account information within 24 hours of the bank or credit card account being updated
- It provides easy access to my financial information from multiple devices anywhere, anytime
- It allows me to organize my income and expenses in easy to identify categories, helping me (and my accountant!) immensely during tax season
- I can reconcile all accounts with a few clicks of a mouse, without hassle or stress
- Wave doesn't have a comprehensive mobile app available, at least for Android. Wave does have supplementary apps, like an app that allows you to upload and categorize receipts, which then integrate into the main Wave interface. However, it would be great if there was an app that allowed for more on-the-go accounting.
- On some occasions there is a delay of more than 24 hours between my bank accounts updating and Wave inputting the updated information
- There are a few less "bells and whistles" in Wave than in QuickBooks, if those are things that are important to you and your business
July 05, 2018
Review: Wave
Wave is responsible for handling my company's bookkeeping, tracking estimates and invoices, and budgeting. Wave handles essentially everything related to finances for my business.
- Wave can create invoices, send invoices to clients, and notify me once an invoice has been received. It also tracks when invoices are due and allows me to check paid invoices off my list. It's extremely helpful when my previous methods of tracking invoices was updating an excel sheet. A simple feature included with invoicing is the software keeping track of what number invoice I'm currently on, so it's quick to reference different invoices.
- Bookkeeping with Wave is fairly intuitive. You can connect any of your desired bank accounts to Wave and import your list of transactions. Wave keeps a database of clients, and though it means creating entries for each client (specifically recurring ones) you can tag clients onto income in the bank account. You can also create specific line items for budgets and tag transactions under whatever budget item you wish. There are many ways to use bookkeeping and budgeting with Wave and I've been very pleased to keep everything categorized under one software rather than using multiple applications.
- Other features I've not used extensively yet that Wave includes are: estimates, cash flow reports, payroll, tax charts, etc. I'll be using estimates and reporting later this year, but I'm still impressed with how much versatility the software allows for.
- The only disappointment I've had with using Wave so far is how delayed transactions can be with the bank connection. This is likely because of how slow the turnaround can be for check deposits and other transactions to register in the bank (24 hours or more) but it means I need to reference my bank account's website instead of Wave if I have checks arriving on payroll day.
Accounting by Wave has been an integral element of my business since I've been a part-time sole prop and stayed with me as a tool of choice as I moved into an S-Corporation. I use Accounting for invoicing, bookkeeping, receipt and expense management and to have a better idea of my cash flow. It pulls reports directly in from my bank and helps me assign expenses easily and resolve my books each month.
- Wave is a wonderful integrated solution offering invoicing, bookkeeping, and cash flow analysis along with bank integration that auto updates.
- Wave is a payment solution provider with an industry standard rate of 2.9ish% for credit card transactions and provides a good analysis for me as to when I typically get paid.
- Wave pulls common data for me in building a customized branded invoice, allowing me to make the invoice process faster by adding repeat customers and listing my graphic design services.
- Wave is owned by ADP and integrates well, but I'm less of a fan of ADP these days, so I'll need to work out how it'll work out with alternate payroll providers.
- The app for Wave has some great functions, but the website has much more complete integration, where you can 'skip' sending an invoice if you're just using it to track invoices for retainer-based clients.
- The receipt tracking app is separate from the accounting app, and could possibly be integrated better.
I use Wave to keep track of invoices and payments. It allows me to create recurring invoices and took my day of accounting on the final day of the month from the full day down to under an hour.
- Recurring Invoices
- Online Payments
- Manual Payments
- Simple reporting
- Cost of sales as related to products unclear
- Bringing in payments from other providers and applying the fees associated with those is not automatic
February 28, 2018
Wave Accounting- Great platform and easy to use.
Score 10 out of 10
Vetted Review
Verified User
I recently switched over to WAVE accounting from QuickBooks. I was using QuickBooks and had so many issues with posting expenses that I decided to cancel my subscription and jump over to Wave. Best move I ever made. It offers a great platform for my needs and best of all it's free. I am looking to add their payroll services which do come at a cost but I'm miles ahead without having to call support like I was constantly doing with QuickBooks. I am strongly suggesting you look into Wave for your accounting needs. Great job Wave team! Gil
- First of all, it's free.
- Easy to use. The Expense app is great when I'm traveling. I take a picture of my receipt and upload it. No more lost receipts with the Wave App
- Constantly adding features
- At times its a bit slow being an online service
February 09, 2018
Worth the price!
[We're] Using for all accounting functions of a small startup (2 employees). [Also] Using it to track sales and expenses and for tax purposes at the end of the year.
- Estimates (quotes) and converting them to sales.
- Offering multiple ways of accepting payment.
- Dashboard gives up-to-date information.
- Has no ability to generate a purchase order.
- Connecting to your bank may not work. My bank has a separate log in for business customers vs. regular customers but the hand-shake to the bank is aimed at the regular customer login.
January 08, 2018
Wave Accounting, perfect solution for my businesses.
I use Wave in my firm (Two Gems Consulting Services) to manage cash-based accounting and track invoices and payments to vendors for projects that amount to around $200K annually and also as the volunteer head of BYI High School for our 4 years of operation and still manage our funds there while the school is on hiatus. Neither concern has departments. Recently, an organization I serve as a board member for took up using Wave and I was glad to see it.
- The invoicing is easily personalized and works well with both online delivery and with downloaded .pdf files for those who prefer to have direct invoicing from our firm.
- The billing system makes it easy to track payments to contractors by project, however, it would be great to have a full 1099 solution. The payroll system worked well for us for several years, however, there were some bumps and learning curves. I am not using it at this time.
- We have a few clients who use the direct payment options and while that costs us a few percentage points (and on the size of our contracts it seems to be a hefty slice), it's still worth it for the piece of mind to get the funds in rapidly. The rates are fairly competitive compared to what we usually.
- It's useful to be able to assign access to team members or collaborators.
- Transaction coding could be smoother and offer better search options.
- Flagging payments before transactions have been uploaded means you have to delete the old notice in order to connect the transaction to an invoice and the billing (expenses) system is always a few steps behind invoices (sales)
- 1099 tracking and submission would be much appreciated!
December 12, 2017
Wave Accounting - Approach with Caution
We use Wave to do the bookkeeping, invoicing and payment processing for my small internet marketing business. We use it to perform monthly recurring invoicing and automatic charging to client payment cards (debit and credit cards). We attempt to use it to import transactions from our Bank of America business checking account.
- Recurring invoicing works (finally) in a reliable and secure manner.
- Automatic credit or debit card charging now works (finally) in a reliable and secure manner.
- The reporting tools for the balance sheet and income statement are ok
- Importing transactions from our Bank of America business checking account goes very poorly because Wave sometimes fails to import all transactions, leading to hours of additional work to reconcile the accounts and find and manually enter the missing transactions.
- When automatic payments fail to work, such as when a customer's payment card is declined, there is no email notification sent to me, but there should be.
- When transactions are imported or otherwise added, there should be/could be automatic expense category assignments but there are not at this time.
December 08, 2017
'WAVE' Hello to Managing Your Business
As an online freelancer, I need to be able to bill clients from all over the world. Wave allows me to create my own customized invoice for that, and break down the billing for each individual task. I recently held double positions within a company and I was able to bill for each department on one invoice. It allows me to create, edit, approve, and send invoices, even to send reminders to pay. Once paid I can then record the payment and send a receipt to the client for their records. This is very important as a freelancer because not everyone pays on the same schedule and keeping track of payments could be a hassle otherwise.
- Separates tasks by name for billing
- Reminders of invoices coming due and notices of any overdue
- Calculates payment amount due depending on the information you previously set up
- Saves time
- Makes freelancing financials painless
- I've not run into anything as of yet I'd like to see improved or added
December 07, 2017
Online accounting platform making waves.
Wave is an easy to use platform. We use it mainly for invoicing and tracking accounts payable throughout the company. When we started we looked for a system that was easy to implement, didn't require tons of training and looked/acted the part, which it does. We continue to use the platform on a daily basis. It has done a great job in adding more services.
- Invoicing is easy.
- Easy customization of the platform.
- Ability to track your customer's behaviors.
- At times the platform is slow loading upon login.
- Wishing the login button was more prominent over the "sign up" button. I often click on the sign up button to log in.
- We originally added our cc processor to invoicing and have changed provider but have not been able to update the information and have therefore not used the feature.