Wave Accounting

Score7.3 out of 10

183 Reviews and Ratings

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.

Categories & Use Cases

Accounting

Multi-currency support
The software supports transactions across multiple currencies.
Category average: 7.6
Order entry
Users can enter an order once, and the data flows to all the necessary units such as fulfillment and billing.
Category average: 8
Cost of goods sold
The software calculates the direct costs attributable to a finished product, such as materials and labor, and includes roll-up pricing.
Category average: 8

Credit card processing
The software facilitates credit card processing.
Category average: 7.5
Direct deposit files
Direct deposit is the ability to electronically transfer pay to an employee’s personal bank account.
Category average: 7.9
Centralized Rules Framework
Integrate disparate ERP and transactional systems into single ERP instance
Category average: 7.7

Verified User

Executive (1-10 employees employees)

Use Cases and Deployment Scope

I use Wave through my consulting practice Lough Nonprofit Consulting.

Pros

Easy to add and categorize expenses
Easy to create invoices

Cons

You will not get your payment for over 7 business days even though your customer had the funds removed from its account the first business day you were paid by the customer.
You cannot talk to a live person on a telephone or by chat. You can only email and wait 24 hours for a response.
The stress level is through the roof knowing your customer has paid you but Wave will not release the funds. Also, you know it’s not your bank because all other non Wave ACH payments in same bank you receive in 1 day.

Return on Investment

I am so stressed out about when my income is coming in so very negative. I have no idea when I’m getting my payment. I should have received my payment 5 days ago and I am getting no support or help from Wave to receive it. It’s literally stuck in limbo just endlessly “processing.”

Usability

Alternatives Considered

QuickBooks Online

Other Software Used

GiveSmart, Adobe Acrobat, QuickBooks Online

Nikki Brandt, CPCU, AU, AIS, AINS View profile

President & Founder in Professional Services at NB TALENT (1-10 employees employees)

Use Cases and Deployment Scope

Tracking financials, invoicing clients.

Pros

Professional invoicing
Bookkeeping is simple
Easily track expenses and profits

Cons

Connection w/ other accounts thru Plaid sometimes glitchy

Return on Investment

Save me money
Easy to use

Usability

Lisa A Lewis View profile

Owner in Finance and Accounting at Money Matters Bookkeeping, LLC (1-10 employees employees)

Use Cases and Deployment Scope

I use Wave Accounting for a nonprofit Client which has neither large revenue nor transactions. I have them set-up in the free version as they do not require much in the way of accounting software bells and whistles. They are basic with an average of 10-20 transactions per month, 1 bank account, 1 credit card account and payroll.

Pros

Offers free version
Reasonably easy to set-up
Works similar to Xero
Reporting is more than adequate

Cons

Journal entries are not as fluid as QBO
Hard to customize reporting
Difficult to customize Chart of Accounts
Slightly remedial - not good for large organizations

Return on Investment

Again, there is no fee for some versions of this software. For those small clients with limited revenue, Wave Apps is more than capable. There is no monthly fee/cost and it is perfect.
For large clients with high transaction volume, I would not recommend even for free. The program is not robust to handle the complexities of large clients.

Alternatives Considered

Xero

Other Software Used

QuickBooks Online, QuickBooks Online Advanced, Microsoft 365, Microsoft 365 Business Premium

Daniel Jaworski

Certified Public Accountant in Finance and Accounting at Deeagle Tax and Accounts Limited (1-10 employees employees)

Use Cases and Deployment Scope

We use Wave Accounting in our accountancy practice for a small pool of micro clients. Software produces useful reports from transactions including a trial balance, profit and loss and balance sheet that we can then import into our accounts production software. It is free to use for very small businesses who do not require more advanced features such as VAT, MTD etc.

Pros

Online invoicing
Payments online
Bank reconciliation

Cons

Making Tax Digital
VAT reports
Payroll

Return on Investment

Great ROI as it is free to use
Better data through online access
Had to switch to MTD software for few clients

Usability

Alternatives Considered

QuickBooks Desktop Pro, QuickBooks Online, QuickBooks Online Advanced, QuickBooks Self-Employed, QuickBooks Time, Xero, FreshBooks, FreeAgent and Kashflow

Marc Fogel View profile

PRINCIPLE in Corporate at Luxury Line Transportation (11-50 employees employees)

Use Cases and Deployment Scope

Wave seems to be down more than it is up. The last few weeks it has been under repair very often making it very hard to do business. I like to use their software for invoicing but I can't get into doing my work. It is strange for a large company like this to be unavailable to its clients.

Pros

Easy to work
Used to be available
Familiar

Cons

MAINTENANCE
Reliability
Poor Customer Service

Return on Investment

UNABLE TO COMPLETE MY BILLING
Creating cash flow problems

Usability

QuickBooks Online

FreshBooks

Xero

Wave Accounting

What is Wave Accounting?

Categories & Use Cases

Key Features

Top Performing Features

Multi-currency support

Order entry

Cost of goods sold

Areas for Improvement

Credit card processing

Direct deposit files

Centralized Rules Framework

Reviews

Use Cases and Deployment Scope

Pros

Cons

Return on Investment

Usability

Alternatives Considered

Other Software Used

Use Cases and Deployment Scope

Pros

Cons

Return on Investment

Usability

Use Cases and Deployment Scope

Pros

Cons

Return on Investment

Alternatives Considered

Other Software Used

Use Cases and Deployment Scope

Pros

Cons

Return on Investment

Usability

Alternatives Considered

Use Cases and Deployment Scope

Pros

Cons

Return on Investment

Usability

Related Products