Wave Accounting Reviews

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Score 8.6 out of 100

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Reviews (1-25 of 64)

Stephanie Majeran profile photo
Score 8 out of 10
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I utilize it to do the bookkeeping for one small non-profit client, as well as oversee roughly 10 other clients that use it for their own bookkeeping. I like that it is free for small non-profits and startups and that it is generally easier to use than QuickBooks, but works the same way by pulling in bank account transactions and producing financial reports.
  • Affordable accounting software.
  • Not too overwhelming.
  • Their reports have gotten a lot better, but are still not able to do month to month comparisons.
  • It does not handle inventory well at all.
For now, I am still pretty pleased with what it offers considering that it is free! I still recommend it to very small organizations starting out as at least something to take a look at, because they won't be out any money if they decide it's not for them. QuickBooks, of course, dominates the market, but I quite frankly hate QuickBooks and feel that it is expensive and difficult for small businesses and non-profits to use well.
Read Stephanie Majeran's full review
John Whelan profile photo
Score 9 out of 10
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Wave Accounting is used by the Bookkeeping and Accounting Department. It's a free tool that helps with invoicing, bookkeeping, financial projections, and accountancy reports. It's online so allows our remote team to access the information and update as needed. It also has a payment processor that we don't use at the moment.
  • Reports: many options, easy to create, access and share.
  • Invoicing: professional looking invoices.
  • The feature to capture receipts is very easy to use.
  • To improve bank connections to banks outside of USA and Canada
  • Wave have recently added account reconciliation which was an issue.
For any small non-profit, small business or solo entrepreneurs, Wave has to be one of the best tools on the marketplace and it's free. Wave has gone through many changes over the years and it keeps on improving. Wave is probably less appropriate for a large company that works in several/many countries and works with local banks etc.
Read John Whelan's full review
Ashley Mumm profile photo
Score 7 out of 10
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As a one-woman consultation, I use Wave to manage my quotes as I bid projects. I use it as my main CRM as well to organize and keep track of current and potential clients. When bids turn into accepted projects, I convert them to invoices and track payments there as well. I've connected my bank accounts and have used the card terminal before as well. I like the mobile app function to monitor and track outstanding invoices.
  • Bid to invoice conversion is great.
  • Client information is easily added to documents.
  • Financial reports are in-depth enough.
  • Some design aspects could be improved upon in their document creation.
  • Some aspects of the interface are hard to use, and are not as intuitive as they should be.
For most small businesses that need something to use that is free and mobile-friendly, I would recommend Wave. It's been a great tool for me as a small outfit. I used it for my small construction company as well, though I found I was using it more for my marketing clients who were more mobile-friendly than the construction clients generally. For larger firms, a more CPA friendly tool may be better, though some tax preparers may know about Wave now.
Read Ashley Mumm's full review
Andrea Mitchell, MSW, APSW profile photo
Score 9 out of 10
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I own a small business and Wave is used for all of our accounting and expense tracking. It is linked to my checking account and I like that all of my expenses are already listed and I just need to go in every once in a while and categorize them. I used to do everything myself but as we have grown I now have our Office Manager do some of the categorizing and it is super simple for her to learn and do.
  • Links to bank account
  • Allows me to create new categories while other apps do not
  • It is completely free to use
  • I'm not a big fan of the invoice feature and don't use it
  • I haven't figured out a good way to get a full report of expenses at the end of the year for my tax accountant without having to make some tweaks.
  • The predictive categorization is most often incorrect.
It is really great for a small business with only minimal transactions to have to categorize. It is also perfect for someone who has zero accounting knowledge.
I'm not entirely sure who it would not work well with because I really don't know much about other businesses or accounting.
Read Andrea Mitchell, MSW, APSW's full review
Patrick Contreras profile photo
Score 9 out of 10
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We are using Wave Accounting to provide us with all of our accounting needs except the accounts payables throughout our entire company. We provide invoices and estimates through Wave Accounting. We also accept credit card payments through Wave Accounting. Our payroll and tax liabilities for sales tax and payroll are all managed on Wave Accounting.
  • Invoicing - The invoicing feature of Wave Accounting is pretty solid. We are able to enter our services and items that are available for our customers at the correct price point. We add the services or the items to the invoice and add the quantity ordered or used. Invoices can be sent electronically through Wave Accounting and once the customer receives the invoice, it can be paid using the links provided.
  • Recurring invoices - This is a nice feature in Wave Accounting. With recurring invoices, you can enter invoices that will be sent to clients on a regular basis. Either monthly, quarterly or yearly, the invoice will be sent to the customer. Customers can then pay online with a credit card and also permit you to automatically pay the invoice upon submission.
  • Payroll - This feature will allow you to run payroll on your schedule and Wave Accounting will determine your liabilities and submit all paperwork to the proper government agencies. Wave will also schedule and notify you when payments will be made to those government agencies.
  • Invoicing - Unfortunately, once an invoice is paid, you can still go back and correct that invoice or revise that invoice. Once the invoice is paid, it should be locked so that it can not be revised.
  • Bills - The bills part of Wave Accounting needs quite a bit of work. I would like to see the bill section be brought up to the level that the invoicing section is at. It would be nice to enter a bill and notify me when the bill is due. Or just some way of keeping track of bills that come into the business.
  • Reports - I would like to see some improvements in the reporting areas. I think it does a good job with reports but business owners always like to see reports with more detail. I know I would like to run a report automatically every month of my accounts receivables and payables.
I think it is very well suited for small businesses that are service-related. Entrepreneurs would also find it well suited for their needs until the business gets going. Design agencies and marketing consultants are a good fit for Wave Accounting. Small construction companies would also be able to benefit from Wave Accounting. I don't see large corporations being a good fit for Wave Accounting.
Read Patrick Contreras's full review
Megan Ronecker profile photo
Score 10 out of 10
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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).
I think Wave is so well suited for sole proprietors like myself or other solo entrepreneurs who need to keep their income and expenses organized, but need a simple and easy program to do it. They don't need a bulky and expensive program like Quickbooks, just something to keep all money related details together. This free program helps me with invoicing, tax time, and monthly money reports—basically everything I need for my small business to keep track of ingoing and outgoing money!
Read Megan Ronecker's full review
Tiffany Rachann profile photo
Score 7 out of 10
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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).
Overall, Wave is a good stand-alone option for a small business with a few employees and/or vendors. It's easy to set-up, navigate and trigger for reoccurring situations. The platform utilizes Stripe for payment processing so the standard fees apply (which if one takes payments upwards of $5,000 can be pricey) and the funds are deposited in a few days with ETA notifications on both the dashboard and via email.
Read Tiffany Rachann's full review
Jared Hammond profile photo
Score 10 out of 10
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Wave Accounting helps me keep track of my invoices and process payments from my customers. I don't have a large amount of time to spend, and Wave makes it very easy for me to do this. My customers can keep track of the invoices and easily pay online. It just works.
  • Accept payments online.
  • Easy invoice creation.
  • Overall accounting.
  • More integration options.
  • More options in mobile app.
I use Wave Accounting for my audio engineering and videography business. I have recommended this product to all of my colleagues, and they enjoy using it as well. It makes it easy to keep track of, send, and process payment for invoices.
Read Jared Hammond's full review
Sean Stewart profile photo
Score 1 out of 10
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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.
Wave is fine if you only use it for accounting but I would urge others not to use Wave for credit card processing. Apparently our account was either not set up correctly and we received no notification, or the link to our bank account to deposit credit card payments was broken, again with no notification. When trying to resolve the issue we received little help from customer support. In fact their reaction was to no lover service our account for credit card transactions. When asked why, we were given reasons that were untrue and when confronted with evidence contradicting their claims Wave would provide another reason. We have since moved on to another credit card transaction provider and have not had any problems.
Read Sean Stewart's full review
David Schwartz profile photo
Score 8 out of 10
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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!
If you do freelance work then it's perfect! I love having Wave for side business we perform at work and it makes it so easy to set up a freelance operation with professional invoicing. When a customer, or perspective customer, receives one of Waves invoices it definitely helps to make you look more professional and gives your customer confidence that you aren't just the average Joe that's going to take their money.
Read David Schwartz's full review
Marc Garcia profile photo
Score 5 out of 10
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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.
Wave Accounting is best for companies not looking to do ACH transactions. The credit card payments come in much quicker, as do lower ACH transactions that they "lightspeed" qualify (their term). Credit card payments online are in 2 business days.
Wave Accounting is less appropriate if you want to speak with someone about an issue. Chat is good but very impersonal and sometimes condescending.
Read Marc Garcia's full review
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Score 9 out of 10
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Wave Accounting is a simple invoicing solution for a one-person freelancing business. It has all the features I need and has some extra things like payroll, etc. in case I grow to need them. It's very easy to create a new invoice as well as duplicate an existing one and make changes to it. You can email it straight to your client or you can get a share link to embed in your own email.
  • Easy to use/simple user-friendly interface.
  • Multiple options to send invoices as well as set-up automatic reminders.
  • Can create products so that creating new invoices is a breeze.
  • One thing I'd like Wave to implement is for me to be able to pass along credit card fees to the customer. There are instances where I give people options if they'd like to pay by check or card and if paying by card, I have to manually add a "processing fee" to my invoice if I want the credit card fees to be passed along. I want this process to be automatic. It would be great if I could turn it on and off each invoice as needed.
If you are a freelancer and need something quick and simple to send invoices, this is for you. Bigger organizations will likely need a more complex solution. For me, it works well because it sends automatic reminders to clients that don't check their email all the time and also I have multiple ways of sending them the invoice.
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Score 10 out of 10
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It delightfully solves my accounting problems and meets my accounting needs for free. Wave Accounting is an excellent software that is smooth and easy to use. No Excel sheets for me!
  • Easy to record income and expenses.
  • Easy to search for a particular entry when I need it.
  • Nothing to improve on, to be honest. It's excellent free accounting software.
Wave is suitable for all sorts of accounting needs, especially for solopreneurs or small companies. The needs of much larger companies (>500 employees) might be beyond its scope though.
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Score 10 out of 10
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Wave Accounting is being used as a way to organize all purchases and money coming in and to quickly look at reports if need be. It's also a nifty tool to create quick invoices that are nice looking, functional, and time-saving, being that I don't have to send automatic follow-ups.
  • Invoices
  • Reports
  • UI/UX
  • For people who aren't experienced with accounting, it can be a little confusing. I wish the help were a little more extensive.
I don't think that Wave Accounting would be the best solution if you're an enterprise-level company, but if you're a tiny business or a solopreneur, then Wave Accounting would be a great fit. Also, unless you use their added services, there won't be any other costs passed on to you.
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J.P. VanderLinden profile photo
Score 10 out of 10
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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.
Wave is free to use, and they have some premium features you can pay for. For someone just starting out as a small business, freelancer or independent contractor, this is a Godsend. You can look professional, have something easy to manage, and yet also have excellent records come the end of the year. You won't spend a bunch of time having to learn the program, it's very intuitive and you get a host of great features that will make getting paid easy.
Read J.P. VanderLinden's full review
Lukas Sundahl, MBA profile photo
Score 10 out of 10
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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.
Wave is well suited for small businesses looking to have an accounting service that won't hinder profitability. Wave is a great service for a small business owner just starting out and is flexible enough to meet demands of larger businesses. Wave even offers a paid payroll service if needed for any business owner. The ease of use with Wave makes it perfect for non-accountants, and for accountants they have tools available that they are used to seeing with other accounting software.
Read Lukas Sundahl, MBA's full review
Kristy Nittskoff profile photo
Score 9 out of 10
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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.
Wave is great for a small consulting shop like mine. I'm sure that there are more sophisticated systems out there but I have a limited number of expenses and invoices each year - for me, Wave meets my needs. They've made significant improvements to their dashboard over the past three years and have not changed the cost (FREE for my instance).
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Matthew Gehrman profile photo
Score 10 out of 10
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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 an excellent option for small start-up businesses since it's a free application, comparable to others like Xero & Quikbooks, and integrates with most major banks. Where I would see considering to move platforms is when you have more than 10 employees and multiple accounts to balance which at that point may be a good time to consult a book keeper and consider switching software if needed. Side note Wave offers a list of local bookkeeping professionals that work with Wave software in your area so you wouldn't have to change systems.
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Lindsay Frey profile photo
Score 10 out of 10
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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!
It's great if what you need is simple, well-designed invoicing and bookkeeping. If you want to integrate more features (like CRM, proposals, questionnaires, lead management, etc) into the same app, go with something else.
Read Lindsay Frey's full review
Sanjit Mandal profile photo
Score 10 out of 10
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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.
  • 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.
I absolutely would! I always do to my freelance friends, attorneys, designers, and also personal trainers. This is for a person or company who needs accounting, invoicing, payroll, and can accept payments. You can scan your receipts. You can also send quotes through it. You can find an accountant and let them manage your financials for a great value.
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Nick Throlson profile photo
Score 8 out of 10
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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
Accounting by Wave saves valuable time reconciling purchases. It makes everything ready for taxes and shows where the company is, for example, when applying for a loan. It allows the bank to see finances and projections of how much the company is worth.
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Score 10 out of 10
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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.
I have recommended it to many small businesses because first off, it works. Setup and daily use it is easy. There is no cost outside of any payment transaction processing fees. You can probably find lower fees, but they are not out of line with other services.
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Score 8 out of 10
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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.
Wave is great at small business accounting where fairly simple quotes and invoices can be set up and payments can be received online or as mailed checks. Other or more complicated situations are not well suited to the platform. Any business that takes in Bitcoin or other alternative currencies will struggle to link the account types together.
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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.
Wave is great for small businesses that want a low-cost (or free for most features) online billing system. The credit card fees are competitive for online transactions. The setup is simple enough for most users. I've never used the payroll functions, but those would be helpful to many people as well. It's less suited for large businesses with advanced accounting needs, or complicated billing systems. They work with a number of APIs, but some organizations may need more advanced integrations.
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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
Accounting by Wave is best suited for a small business with pretty straight-forward income and expenditures. I can't speak for it's usability for companies with bigger operations or more employees. Wave also includes basic invoicing and payroll functions, but from the little bit I have played around with those functions, they seem best on par with smaller, simpler operations. More complicated or specific needs would likely do best with a more "sophisticated" software.
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Feature Scorecard Summary

Pay calculation (21)
8.5
Benefit plan administration (4)
7.5
Direct deposit files (17)
8.3
Salary revision and increment management (11)
7.6
Reimbursement management (8)
8.0
API for custom integration (7)
8.1
Plug-ins (10)
7.5
Single sign-on capability (25)
8.8
Role-based user permissions (28)
8.2
Dashboards (56)
8.7
Standard reports (55)
8.7
Custom reports (28)
8.5
Accounts payable (45)
7.9
Accounts receivable (56)
8.6
Cash management (48)
8.0
Bank reconciliation (53)
8.0
Expense management (50)
8.7
Time tracking (8)
5.8
Fixed asset management (9)
8.3
Multi-currency support (18)
7.2
Multi-division support (9)
7.1
Regulations compliance (13)
6.6
Electronic tax filing (12)
7.6
Self-service portal (32)
7.9
Global Financial Support (2)
9.0
Primary and Secondary Ledgers (3)
9.1
Intercompany Accounting (3)
8.5
Localizations (3)
7.7
Journals and Reconciliations (20)
7.5
Enterprise Accounting (5)
7.4
Configurable Accounting (13)
8.0
Centralized Rules Framework (2)
8.4
Standardized Processes (11)
8.7
Inventory tracking (5)
6.3
Automatic reordering (5)
9.1
Location management (2)
8.4
Manufacturing module (1)
9
Pricing (23)
8.7
Order entry (14)
8.9
Credit card processing (39)
8.6
Cost of goods sold (28)
8.3
Order Orchestration (4)
7.7
End-to-end order visibility (3)
8.7
Order exception Resolution (2)
7.4

About 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 Competitors

Wave Accounting Technical Details

Operating Systems: Unspecified
Mobile Application:No