Wave Accounting

Wave Accounting Reviews

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August 17, 2021

Wave Accounting Review

Score 1 out of 10
Vetted Review
Verified User
Review Source
Well suited for the free reporting BUT Invoice somewhere else. Less appropriate for INVOICING. [I feel] that they suspend [the] account often and for reasons that aren't relevant. [It seem like] you have [to employ] someone else to take the time to sort it out on a monthly basis because you're not giving them advertised services or canceling advertised services.
Rachelle Smith | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Review Source
Wave is a good choice for entrepreneurs, who are just starting or even established. It affords me the same benefits as QuickBooks or Quicken. It is easy to navigate and enables you to get a handle on your finances early on in the process.
Score 8 out of 10
Vetted Review
Verified User
Review Source
Wave Accounting was used for a small practice without a lot of the accounting considerations a large company would have. For the price, you really can't beat what Wave offers out of the box. All of the basic tools for things like invoicing and expenses are all easy to use. End of year accounting is easy with exports of data.
Score 1 out of 10
Vetted Review
Verified User
Review Source
I would not recommend Wave based on how they treated me and my business. Yes, I’m a small business so I was attracted to their free service, which was great for me, but... I was not able to connect my bank and most importantly they cancelled my ability to receive payments with giving me warning. They just sent me an email saying that they determined that there was risk and turned it off. So, payments that I just received was refunded. I had to inform my clients that they needed to pay me again! What risks are there? I was receiving payments via credit card, they were taking their cut? I only had a handful of transactions?
Score 1 out of 10
Vetted Review
Verified User
Review Source
Spent almost 100 hours trying to get Waveapp to provide accurate reports. I am a graduated MBA (many decades ago) and watched videos and read literature with no success in finding the root cause of the issues we experienced. Finally paid $199 for their advisor. A little past halfway through their 60-minute Zoom meeting, I stopped it. The advisor didn't know why we had the issues we had and said delete that and merge this, etc. Apparently, you need to understand how their software works in the background and spend many hours trying to reconcile your bank statements. Switched to another product and imported my bank statements. Within 30 minutes the reconciliation was complete.
Magdalene van der Walt | TrustRadius Reviewer
Score 6 out of 10
Vetted Review
Verified User
Review Source
It is well suited if you are a micro-business that is not registered for sales tax, and does employ staff. If you do not reside in the USA and Canada, you will not be able to use the payroll function which forces you to have to use another program that won't intergrate with the system. It is also limited with its functions. If you are looking to save costs however, and are looking to track your monthly profit and loss, compare it to other periods, and are a freelancer, it is highly recommended if you do not reside in the USA/Canada due to the payroll issue. You will find it has everything that you need for your basic bookkeeping tasks.
Rachel Zeldin | TrustRadius Reviewer
Score 1 out of 10
Vetted Review
Verified User
Review Source
MAYBE, if you are looking for a free and very simple transaction-management system you could consider this. But for us, it's been nothing but an accounting/bookkeeping/payroll nightmare over the past 2 years.

Wave erratically makes software updates, rolls them out without consent, and when your books or payroll are negatively impacted by their changes, they don't do anything to fix it. There is no real-time support via chat or phone, so the back and forth via email takes an impossible amount of time and is highly ineffective.

One example of this is there Payroll service. I enrolled in this paid program after reading about all its great features for tax collection and remittance on federal and state levels. Months later, after adding an employee in another state, I learned through my own investigating that they only withhold the taxes for the employee in that state, but they don't remit them to the state despite saying loud and clear in the User Interface that "everything is all taken care of." Only after digging through support articles and contacting their email support was I able to confirm that they only remit taxes in certain states. That was not clear and never indicated when I onboard the employee in a non-supported state. As a result, I still needed to sign up for 3 separate employer accounts in that state just to remit the taxes on a monthly and quarterly basis. And because we were then 4 months overdue in remitting the withholding, we owed penalties that Wave refused to cover.

Had I known that this would have caused so many problems and rework, I would have gladly paid $30/mo for a more stable accounting and payroll software with actual customer support.
Vin Campbell | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
First, I have already recommended Wave Accounting to everyone that has ever asked me about accounting software. This software is perfectly suited to small businesses with small operating budgets. Entrepreneurs can rejoice for sure--free is unheard of and I can't stress enough that this solution is 100% free! Now, they make money when the need arises for a small business to hire an accountant. That's their level-up plan that generates revenue. For me, I've yet to need this service, but if/when I do, I'll certainly use Wave first!
JaCoby Marston, CPA | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Review Source
If cost is a major factor in selecting accounting software, then I recommend that you go with Wave Accounting because it is very affordable. However, because it is very affordable you do sacrifice some of the tools that other online accounting softwares offer like improved bank account connections and user-friendliness. Wave Accounting is a great accounting software to start using because it is very affordable and a basic accounting software. Another cool thing about Wave Accounting is that it is completely online which means that you can access it anywhere you have internet and that your data is saved in the cloud. No more worrying about your computer crashing and losing all of your accounting data.
Score 8 out of 10
Vetted Review
Verified User
Review Source
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.
Score 9 out of 10
Vetted Review
Verified User
Review Source
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.
Ashley Mumm | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Review Source
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.
Andrea Mitchell, MSW, APSW | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Review Source
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.
Patrick Contreras | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Review Source
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.
Megan Ronecker | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
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!
Tiffany Rachann | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Review Source
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.
Jared Hammond | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
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.
Score 1 out of 10
Vetted Review
Verified User
Review Source
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.
David Schwartz | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Review Source
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.
Marc Garcia | TrustRadius Reviewer
Score 5 out of 10
Vetted Review
Verified User
Review Source
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.
J.P. VanderLinden | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
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.
Lukas Sundahl, MBA | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
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.

Wave Accounting Scorecard Summary

Feature Scorecard Summary

Payroll Management (5)
70%
7.0
Pay calculation (23)
75%
7.5
Benefit plan administration (4)
75%
7.5
Direct deposit files (20)
49%
4.9
Salary revision and increment management (12)
77%
7.7
Reimbursement management (8)
74%
7.4
Customization (2)
80%
8.0
API for custom integration (9)
91%
9.1
Plug-ins (11)
70%
7.0
Security (2)
77%
7.7
Single sign-on capability (28)
84%
8.4
Role-based user permissions (32)
71%
7.1
Reporting & Analytics (3)
68%
6.8
Dashboards (66)
59%
5.9
Standard reports (65)
58%
5.8
Custom reports (33)
87%
8.7
General Ledger and Configurable Accounting (21)
56%
5.6
Accounts payable (54)
57%
5.7
Accounts receivable (65)
58%
5.8
Cash management (57)
56%
5.6
Bank reconciliation (61)
46%
4.6
Expense management (59)
66%
6.6
Time tracking (9)
38%
3.8
Fixed asset management (10)
17%
1.7
Multi-currency support (18)
69%
6.9
Multi-division support (9)
71%
7.1
Regulations compliance (15)
68%
6.8
Electronic tax filing (14)
59%
5.9
Self-service portal (39)
38%
3.8
Global Financial Support (2)
90%
9.0
Primary and Secondary Ledgers (3)
90%
9.0
Intercompany Accounting (4)
80%
8.0
Localizations (3)
52%
5.2
Journals and Reconciliations (27)
54%
5.4
Enterprise Accounting (6)
47%
4.7
Configurable Accounting (16)
57%
5.7
Centralized Rules Framework (3)
12%
1.2
Standardized Processes (16)
47%
4.7
Inventory Management (4)
81%
8.1
Inventory tracking (8)
56%
5.6
Automatic reordering (5)
99%
9.9
Location management (2)
81%
8.1
Manufacturing module (1)
90%
9.0
Order Management (7)
71%
7.1
Pricing (26)
83%
8.3
Order entry (17)
72%
7.2
Credit card processing (45)
53%
5.3
Cost of goods sold (32)
79%
7.9
Order Orchestration (5)
58%
5.8
End-to-end order visibility (4)
82%
8.2
Order exception Resolution (2)
71%
7.1

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.

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Wave Accounting Technical Details

Operating SystemsUnspecified
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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 and the Accounting industry.