Wave Accounting

Wave Accounting

About TrustRadius Scoring
Score 6.8 out of 100
Wave Accounting

Overview

Recent Reviews

Good Accounting Software for SME's

9
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
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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Wave Accounting Software

8
April 29, 2021
I have used Wave for eight years, and discovered it soon after starting my business. I am the owner, and use it weekly for my company. It …
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Reviewer Sentiment

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Awards

TrustRadius Award Top Rated 2020
TrustRadius Award Top Rated 2019
TrustRadius Award Top Rated 2018

Popular Features

View all 44 features

Accounts receivable (66)

5.9
59%

Dashboards (67)

5.8
58%

Standard reports (66)

5.8
58%

Bank reconciliation (62)

5.0
50%

Reviewer Pros & Cons

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Video Reviews

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Pricing

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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 Zoho Books?

Zoho Books is an accounting solution that is designed to help small businesses manage their finances. This solution includes dashboards and a wide variety of reports. Business users can automate tasks and set up custom workflows. The vendor offers a 14 day free trial.

What is Sage Business Cloud Accounting?

Sage Business Cloud Accounting (formerly Sage One Accounting) is online accounting software made to simplify life for small business owners, entrepreneurs, and freelancers by providing the functions needed to take care of daily business to-dos. Users can create and send professional quotes and…

Features Scorecard

Payroll Management

6.7
67%

Customization

8.3
83%

Security

6.8
68%

Reporting & Analytics

6.5
65%

General Ledger and Configurable Accounting

5.4
54%

Inventory Management

8.1
81%

Order Management

7.2
72%

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 Video

Grow Your Business With Wave

Wave Accounting Competitors

Wave Accounting Technical Details

Operating SystemsUnspecified
Mobile ApplicationNo

Comparisons

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Frequently Asked Questions

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.

What is Wave Accounting's best feature?

Reviewers rate Automatic reordering highest, with a score of 9.9.

Who uses Wave Accounting?

The most common users of Wave Accounting are from Small Businesses (1-50 employees) and the Accounting industry.

Reviews

(1-25 of 63)
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August 17, 2021

Wave Accounting Review

Score 1 out of 10
Vetted Review
Verified User
Review Source
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
Review Source
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
Review Source
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
Review Source
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
Review Source
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
Review Source
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
Review Source
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
Review Source
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
Review Source
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
Review Source
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
Review Source
  • 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
Review Source
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
Review Source
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
Review Source
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
Review Source
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
Review Source
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.
Score 8 out of 10
Vetted Review
Verified User
Review Source
Wave is FREE for most functions. Payment processing costs no matter where you go (as does payroll or taxes). Wave rises above tools like QuickBooks Online because they know that for our small firm, being nimble is the name of the game. We don't need exhaustive reporting and management like QB offers and we certainly don't want to pay for it!
Lukas Sundahl, MBA | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
Wave stacks up well against QuickBooks especially from the price aspect. In addition the features within Wave are comparable to those found in QuickBooks. We selected Wave based on the reviews from other consumers and the ease of use with its web based application. Wave is so user friendly and will make bookkeeping much easier for business owners.