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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)
    9.7
    97%
  • Accounts receivable (67)
    9.7
    97%
  • Standard reports (67)
    9.6
    96%
  • Dashboards (68)
    9.6
    96%

Reviewer Pros & Cons

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Pricing

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N/A
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 7.3

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.

9.7
Avg 7.9

Reporting & Analytics

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

8.3
Avg 7.5

General Ledger and Configurable Accounting

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

6.9
Avg 7.3

Inventory Management

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

8.1
Avg 6.8

Order Management

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

7.6
Avg 7.2
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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

(175)

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 76)
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August 17, 2021

Wave Accounting Review

Score 1 out of 10
Vetted Review
Verified User
  • There was no outward investment. But [I feel] they've negatively impacted my cash flow since around the fourth month of being paid through them.
  • I've been paid with them for over a year and a half. I was going to get Wave Debit but [I was concerned about payment timelines] so I told them I wouldn't be submitting the additional IRS docs. The next (current) month I'm [waiting] the maximum estimated days for payment. They still claim "there's nothing they can do" it's the bank system.
  • You never know what your payout day will be. And [I feel] their support is not open when you REALLY need support.
Rachelle Smith | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Incentivized
  • It has positively impacted my business objectives, because I am able to view my financials at a glance, or create reports. Both enable me to make necessary adjustments to spending, etc. After the first year of using it, my spending decreased by 50%, and my revenues increased, resulting in increased net profits.
  • I am glad I trusted Wave at the onset of my business.
Score 1 out of 10
Vetted Review
Verified User
  • Many hours spent trying to reconcile. After the advisor had issues, we found another product to use.
  • I like the ability to create products and have a custom URL for credit card payments.
  • Didn't understand their internal way of dealing with transactions and that is critical to reconcile bank statements.
Ashley Mumm | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Incentivized
  • I looked more professional since I have nicely put together bids.
  • Was able to take payments when a client couldn't do cash or check and the processing fee was nominal/market rate.
  • I could send reminders of outstanding invoices easily.
Patrick Contreras | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Incentivized
  • Wave Accounting eliminated the reliance on spreadsheet accounting. Allowing us to eliminate lots of spreadsheet time which has provided a good return on our investment into Wave. We were paying a staff person to work in our spreadsheet accounting which didn't allow for the person to be billable. Now the staff person has moved into the billable hours area with less work in the accounting area.
  • Wave Accounting allows us to provide a much quicker invoicing system with easy to use payment features for our customers. The positive impact on our cash flow has been very helpful to our business. We are no longer waiting 30 to 45 days for payments. On average, our customers are paying 5 to 7 days after receiving an invoice.
Megan Ronecker | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Incentivized
  • Invoices look very professional and provide a secure place for clients to enter in their credit card information.
  • Being able to set a reminder for invoice payments ensures I get paid on time and that I don't have to hassle my client for anything.
  • Their income/expenses chart helps me easily see if I'm over budget for spending or over the goal of income for the month so I can adjust next month accordingly.
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