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Wave Accounting

Wave Accounting

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.

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Recent Reviews

TrustRadius Insights

Wave Accounting is a reliable tool for staying up to date with accounting tasks such as creating invoices, tracking payments, and managing …
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Disappointed in Wave Accounting

1 out of 10
January 19, 2024
I am an artist and the only user. In trying to reconcile sales tax in wave to what I report to the state by quarter using the P&L, all …
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Good Accounting Software for SME's

9 out of 10
January 13, 2022
We use Wave Accounting for all the financial data of the organization (SME.) The payroll, however, was outsourced. The product addresses a …
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Wave Accounting Review

1 out of 10
August 17, 2021
Went from Rave to RIOT over payout holdups. [It seems like] they've delayed my money countless times. They suspend payment, asking for …
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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

View all 44 features
  • Bank reconciliation (63)
    9.6
    96%
  • Accounts receivable (67)
    9.6
    96%
  • Standard reports (67)
    9.6
    96%
  • Dashboards (68)
    9.5
    95%

Reviewer Pros & Cons

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Pricing

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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

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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.

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Product Demos

How To Use Wave Accounting App | Get a hold of your Money! | Ibukun Awosika

YouTube

Wave Accounting Demo

YouTube
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Features

Payroll Management

Provides for pay calculation and benefit plan administration, in addition to managing direct deposit, salary revisions and payroll tracking.

6.2
Avg 7.2

Customization

This addresses a company’s ability to configure the software to fit its specific use case and workflow.

8.5
Avg 6.9

Security

This component helps a company minimize the security risks by controlling access to the software and its data, and encouraging best practices among users.

9.6
Avg 7.9

Reporting & Analytics

Users can report on and analyze usage, performance, ROI, and/or other metrics of success.

8.3
Avg 7.4

General Ledger and Configurable Accounting

Financial management solution, including capabilities for general ledger and configurable accounting

6.9
Avg 7.2

Inventory Management

The ability to track and manage the flow of goods or materials into and out of an inventory.

8.1
Avg 6.7

Order Management

The ability to process orders, and track them from quote to cash.

7.6
Avg 7.1
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Product Details

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 Competitors

Wave Accounting Technical Details

Operating SystemsUnspecified
Mobile ApplicationNo

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.

QuickBooks Online, FreshBooks, and Xero are common alternatives for Wave Accounting.

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).
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Comparisons

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Reviews and Ratings

(173)

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!

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

(1-25 of 65)
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August 17, 2021

Wave Accounting Review

Score 1 out of 10
Vetted Review
Verified User
This was my first invoice company. I had seen Freshly before. Venmo is far less of an accounting tool. QuickBooks seems terrible with a monthly cost. Which is why I hadn't moved companies yet. But I just learned my Website host, Wix, offers it right through my site and Clients can pay there. So, I'm currently going that route.
Score 8 out of 10
Vetted Review
Verified User
Incentivized
Wave's price point was in line with what my company needed to manage basic accounting (payable and receivable accounts). It made it easy for me to issue monthly invoices to clients and track when invoices were paid. The software makes these tasks easy to manage and inputting data for accurate accounting and invoicing is a breeze. It really offers a lot of flexibility, so you can use the software the way you need it.
Score 1 out of 10
Vetted Review
Verified User
The best feature about wave is that they let you use it for free for basic accounting and pay per use payments. But based on my horrible experience with how they cancelled my payments feature, I would never use them again!
Magdalene van der Walt | TrustRadius Reviewer
Score 6 out of 10
Vetted Review
Verified User
Incentivized
As I stated previously, Wave is a free system. It serve you well as non-resident of USA/Canada for your basic bookkeeping needs, as a micro-business. If you are a resident of those countries, you will benefit immensely from the payroll function as well. If you are looking for a country-specific, more powerful system, then I recommend a system such as Sage Business Cloud for your needs. This obviously depends on the size of your company and how powerful you need your accounting system to be.
Vin Campbell | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Circling back to the "free" thing again. For a small business, I am getting for free what QuickBooks Online charges no less than $40/month. Moving away from "free," these other solutions I listed above do more, and these would be the right solutions for the right needs. All of the QuickBooks versions include very deep levels of reporting and levels of management that far outweigh the much simpler Wave Accounting platform. Again, Wave Accounting is entry-level after all! The Sage programs run as part of a full-blown ERP solution--generally used for manufacturing, wholesale distribution, and the like--so very advanced and for much larger companies. I selected Wave Accounting because my personal business needs were very basic--invoicing customers, tracking expenses, and sales tax, etc.--and this free solution afforded me all of these things.
JaCoby Marston, CPA | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Incentivized
Wave Accounting is very similar to QuickBooks Online. The functions of Wave Accounting are very similar to QuickBooks Online. The major difference is that with the low pricing of Wave Accounting, it lacks all of the bells and whistles that QuickBooks Online has like better-improved bank connections. If cost is an issue then my recommendation is that you use Wave Accounting to start with. If cost is not an issue, then I would recommend using QuickBooks Online. Wave Accounting is difficult to set up especially if you do not have any accounting experience. QuickBooks Online, however, is designed to help those that lack accounting skills. Overall, I like using Wave Accounting because of the affordability but it does have its pain points.
Score 8 out of 10
Vetted Review
Verified User
Incentivized
I was not impressed with Xero or ZipBooks simply because they were expensive and still as, if not more, confusing than QuickBooks. QuickBooks is, unfortunately, the standard. I dislike it, and I think it is just a huge corporation trying to steal small businesses money, but unfortunately, I haven't found a software that can quite compare with the full functionality of QuickBooks. Wave at least offers a competent system for free. If they move it to becoming a paid software, I don't know how much more I will continue to recommend it because it does have a lot of limitations still.
Ashley Mumm | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Incentivized
Wave feels more geared toward a younger generation. QB feels very old and stuffy, though they're slowly coming around. QB feels much more powerful than Wave but Wave did what I needed it to do. My CPA had never heard of it before so I ended up needing to have both, but Wave being free helped me keep both.
Andrea Mitchell, MSW, APSW | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Incentivized
I chose to keep Wave first because it is free and easy to use but I also could not find anything else that allowed me to create customer categorizations at least not with a free account. There have been a lot of improvements to Wave over the years so the reasons I was looking for a change have mostly been resolved, with the biggest one being that there used to be very long wait times when the program was processing info.
Patrick Contreras | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Basically, we selected Wave because it was a free accounting system. We have not tried another accounting system that is so much better than Wave Accounting that we should leave Wave Accounting. Every time, we find another online accounting system we do a review of the system and then consider its price point and ask ourselves "Does the price and its features justify leaving Wave Accounting?" Every time we have asked ourselves that question, the answer is no. If Wave Accounting continues to develop new features as they have in the past, we will continue to use Wave Accounting.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
  • Stripe
Invoicing is the only feature I was looking for and for that Wave had a better UI, which is why I selected it versus Stripe. I believe Stripe has more functionality, but it was more than I needed for my purposes. That being said, I do use Stripe in conjunction with Wave because it integrates into WooCommerce.
Marc Garcia | TrustRadius Reviewer
Score 5 out of 10
Vetted Review
Verified User
Honestly, it stacks up pretty good except for the ACH transactions. With QuickBooks, ACH transactions were in my account in 2 business days at the 1% charge (that both companies charge).

The support is similar on both sides. I spent 18 days trying to cancel my QuickBooks account and there is no phone number anywhere until I canceled the last time and got a number to call which tried to upsell me. Wave has NO phone numbers and support does not give out any numbers to any departments.
Score 1 out of 10
Vetted Review
Verified User
Unfortunately we did not do our due diligence before selecting Wave. We came across them through our payroll provider (ADP) and assumed that it was good since we have had a great experience with ADP. In the future I would strongly recommend others to not just read online articles and reviews, but closely read the comments on the review articles. After the experience we had with Wave we did more research and found that the issues we had were very common. Had we seen the comments before we made the decision, we would have definitely not selected Wave.
David Schwartz | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
I trialled FreshBooks a while back but they pack too much into the system for what it is. Wave has a super simple UI and dashboard and doesn't feel overly complicated to navigate yet offers all the features everyone is looking for. Being able to customize the system to brand it specifically for your company/business is something other software typically lacks until you pay for a more enterprise version.
J.P. VanderLinden | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Incentivized
For the pricing arrangement, the ease of use and the user-friendliness of the app, Wave crushes QuickBooks Online and Zoho Books. FreshBooks was a little bit closer as the two are more of an apples-to-apples comparison, but FreshBooks doesn't offer a non-paid option and they cap the number of customers you can have, which caused me to go with Wave. I've never regretted my decision.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
I was using Billings Pro, and On the Job. I did trials of Due and Sighted. But I didn't like the UI and features of those 2. After testing out Wave, I liked the features, UI, and customization better than the other options. Wave is much easier, and the user interface is very straightforward and simple to use.
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