Wave Accounting

Wave Accounting

Score 7.1 out of 10
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.
Read more

Recent Reviews

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 …
Continue reading
Read all reviews

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
  • Accounts receivable (67)
    6.6
    66%
  • Standard reports (67)
    6.5
    65%
  • Bank reconciliation (63)
    6.4
    64%
  • Dashboards (68)
    6.4
    64%

Reviewer Pros & Cons

View all pros & cons

Video Reviews

Leaving a video review helps other professionals like you evaluate products. Be the first one in your network to record a review of Wave Accounting, and make your voice heard!

Return to navigation

Pricing

View all pricing
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

Would you like us to let the vendor know that you want pricing?

16 people want pricing too

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.

Return to navigation

Product Demos

Grow Your Business With Wave
00:30
Return to navigation

Features

Payroll Management

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

6.2Avg 7.6

Customization

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

8.5Avg 7.2

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.

7.3Avg 8.1

Reporting & Analytics

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

6.7Avg 7.5

General Ledger and Configurable Accounting

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

5.9Avg 7.4

Inventory Management

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

8.1Avg 7.1

Order Management

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

7.7Avg 7.5
Return to navigation

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

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 highest, with a score of 10.

The most common users of Wave Accounting are from Small Businesses (1-50 employees).
Return to navigation

Comparisons

View all alternatives
Return to navigation

Reviews

(1-4 of 4)
Companies can't remove reviews or game the system. Here's why
Penny Breslin | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
We have several clients that use Wave Accounting and utilize our bookkeeping services monthly. We set the client up in Wave train them and for some handle monthly work.
  • Great collaboration tool between our clients and the bookkeeping team
  • Wave Receipts is extremely helpful for getting source information details
  • The invoice capability is highly valued by our clients
  • We have started using the payroll feature and find it easy to implement
  • More customization of reports or at least more variety on present default reports
  • For us as the collaborating bookkeepers to have ability to run data feed updates from our view
It depends on the size of the business. This great for a service business.
General Ledger and Configurable Accounting (7)
82.85714285714286%
8.3
Accounts payable
70%
7.0
Accounts receivable
90%
9.0
Cash management
100%
10.0
Bank reconciliation
90%
9.0
Expense management
80%
8.0
Regulations compliance
70%
7.0
Self-service portal
80%
8.0
Inventory Management (1)
100%
10.0
Automatic reordering
100%
10.0
Order Management (1)
40%
4.0
Cost of goods sold
40%
4.0
Payroll Management (3)
90%
9.0
Pay calculation
90%
9.0
Direct deposit files
90%
9.0
Salary revision and increment management
90%
9.0
Reporting & Analytics (3)
70%
7.0
Dashboards
80%
8.0
Standard reports
70%
7.0
Custom reports
60%
6.0
Customization (2)
80%
8.0
API for custom integration
70%
7.0
Plug-ins
90%
9.0
Security (2)
85%
8.5
Role-based user permissions
90%
9.0
Single sign-on capability
80%
8.0
  • Easy onboarding of clients
  • Have received quite a few leads from the pro services push
  • Support has been excellent
It fits a niche of clients that are tech savvy, often self employed and want to manage business and personal finances. We are finding that even as these companies grow new features are allowing them to stay in Wave.
5
Once they out grow what is ability to move up to a more robust system?
Randy O'Malley | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Wave is being used for my entire organization as we use it for the general ledger, A/R and payroll. It automates many tasks saving our organization time and money. With other software we spent considerable time entering payroll, writing cheques to employees and submitting government remittances. Wave has streamlined this process since employees are paid directly to their bank accounts and government remittances are automatically paid.
  • The payroll module is fantastic. The entire process is automated and saves considerable time throughout the process.
  • The automatic download of bank and credit card transactions into the general ledger saves a considerable amount of time with data entry.
  • Allowing customers to pay invoices by credit card directly through Wave allows for faster collection of receivables.
  • The reporting features could be more robust as the number of reports are limited and not a flexible as I would like to see them.
  • I have run into issues when trying to export general ledger items. There are inconsistencies with the date formats and as a result the information does not export easily.
This software is suited for small owner managed businesses. The payroll automation and importing of bank and credit card transactions save users a significant amount of time when maintaining their records. The software only works for clients who are able to keep their records up to date and perform regular reconciliations. This software loses much of its functionality if the records are not kept up to date.
General Ledger and Configurable Accounting (12)
46.66666666666667%
4.7
Accounts payable
70%
7.0
Accounts receivable
70%
7.0
Cash management
100%
10.0
Bank reconciliation
100%
10.0
Expense management
100%
10.0
Time tracking
N/A
N/A
Fixed asset management
N/A
N/A
Multi-currency support
N/A
N/A
Multi-division support
N/A
N/A
Regulations compliance
N/A
N/A
Electronic tax filing
60%
6.0
Self-service portal
60%
6.0
Inventory Management (4)
N/A
N/A
Inventory tracking
N/A
N/A
Automatic reordering
N/A
N/A
Location management
N/A
N/A
Manufacturing module
N/A
N/A
Order Management (4)
47.5%
4.8
Pricing
50%
5.0
Order entry
50%
5.0
Credit card processing
90%
9.0
Cost of goods sold
N/A
N/A
Payroll Management (5)
100%
10.0
Pay calculation
100%
10.0
Benefit plan administration
100%
10.0
Direct deposit files
100%
10.0
Salary revision and increment management
100%
10.0
Reimbursement management
100%
10.0
Reporting & Analytics (3)
46.66666666666667%
4.7
Dashboards
70%
7.0
Standard reports
70%
7.0
Custom reports
N/A
N/A
Customization (2)
N/A
N/A
API for custom integration
N/A
N/A
Plug-ins
N/A
N/A
Security (2)
100%
10.0
Role-based user permissions
100%
10.0
Single sign-on capability
100%
10.0
  • Increased staff efficiencies
  • Increased customer service
Wave accounting does not have as many features as Quickbooks or Sage 50 but it holds it's own with the market it serves. I use Wave primarily for the payroll functionality and i have recommended that clients who use Sage 50 or Quickbooks use Wave for it's payroll. The importing of the bank transactions is also a great feature but the other competitors have caught up to Wave on this feature. Overall it is a great tool, but only for the right type of client.
1
0
  • Vendor implemented
Peter Cullen | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Reseller
We use Wave Software for our small business clients who are getting started and need efficient and easy to use accounting software to manage their business finances, process payroll and have support for income tax preparation.
  • So easy to use and set up
  • Easy to collaborate with our Clients
  • Easy to view reports and share information in meetings with clients
  • The journal Entry Feature definitely could use improvements by allowing billable expenses to be posted to a Customer account
  • Reporting is still very basic and needs enhancement - ability to generate custom reports is needed
It is so not good for inventory and product related customers. It is best for service based customers and early stage companies.
General Ledger and Configurable Accounting (12)
52.5%
5.3
Accounts payable
70%
7.0
Accounts receivable
70%
7.0
Cash management
90%
9.0
Bank reconciliation
90%
9.0
Expense management
80%
8.0
Time tracking
N/A
N/A
Fixed asset management
N/A
N/A
Multi-currency support
60%
6.0
Multi-division support
10%
1.0
Regulations compliance
80%
8.0
Electronic tax filing
N/A
N/A
Self-service portal
80%
8.0
Inventory Management
N/A
N/A
Order Management
N/A
N/A
Payroll Management (5)
N/A
N/A
Pay calculation
N/A
N/A
Benefit plan administration
N/A
N/A
Direct deposit files
N/A
N/A
Salary revision and increment management
N/A
N/A
Reimbursement management
N/A
N/A
Reporting & Analytics (3)
60%
6.0
Dashboards
90%
9.0
Standard reports
60%
6.0
Custom reports
30%
3.0
Customization (2)
N/A
N/A
API for custom integration
N/A
N/A
Plug-ins
N/A
N/A
Security (2)
50%
5.0
Role-based user permissions
50%
5.0
Single sign-on capability
50%
5.0
  • Works very well with our small business customers so we are pleased
entry level software - does not yet compare to XERO
7
Accounting Tax Planning Analytics
4
Understanding what types of analytics clients need to see in their WAVE account Setting up bank feeds customizing Chart of Accounts POsting Manual Jounals
  • Start-ups
  • Mobile workforce
  • Virtual Teams
  • Fractional CFO
  • none so far
  • more mature companies as WAVE evolves
easy to use and east to train on ! Our WAVE clients enjoy the ease of use
easy to use, bank feeds work as expected, reporting while basic covers most needs
WAVE is always available when we need it ! Peter
John Galbraith | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Wave is used in all aspects of our administration at ZonedIn and Galbro. It is used for payroll, invoicing, bookkeeping, HST (Sales Tax) management, financial reporting and business analysis. Wave has streamlined the way we collect, prepare, and analyze our financial data. It also provided us with an easy to use tool to manage all other areas of our business administration including invoicing, payments and payroll. By connecting all of our accounts to Wave we've been able see everything in real time versus more traditional accounting systems and we've saved time, money and headaches.
  • Support. There are many similar systems out there but my experiences with Wave's support team is why I will always use this product over the others.
  • Payroll. This is an area that can change your business. Harnessing the ease of use of Wave's Payroll Modules allows our company to stay lean and concentrate on growth while providing a premium experience to our awesome employees.
  • Invoicing. It may seem trivial but the invoicing modules in Wave, when used correctly are a huge time saver and enhance the overall bookkeeping experience. Not to mention the impression my client's get when they receive a professional invoice via email.
  • Sales Tax Automation. I don't even know how this would be possible but as an Ontario resident I would love to explore a way I could create parameters based on certain expenses and automatically add the HST.
  • AI for categorizations. Wave does an alright job of taking a guess at the expense categories in the data from our payment accounts. A little more would be a fine addition.
  • Speed. Sometimes I find it can be a little sluggish. Not all the time, but some.
I have yet to find a business scenario where Wave wasn't what I recommended. It is however important to understand what folks want from an accounting system and what functions/modules are important to them. That said, with Wave's feature set and the nature of today's business/entrepreneurship landscape it's mostly always a great fit.
General Ledger and Configurable Accounting (11)
58.18181818181819%
5.8
Accounts payable
100%
10.0
Accounts receivable
100%
10.0
Cash management
80%
8.0
Bank reconciliation
90%
9.0
Expense management
90%
9.0
Fixed asset management
N/A
N/A
Multi-currency support
90%
9.0
Multi-division support
N/A
N/A
Regulations compliance
N/A
N/A
Electronic tax filing
N/A
N/A
Self-service portal
90%
9.0
Inventory Management (4)
N/A
N/A
Inventory tracking
N/A
N/A
Automatic reordering
N/A
N/A
Location management
N/A
N/A
Manufacturing module
N/A
N/A
Order Management (4)
N/A
N/A
Pricing
N/A
N/A
Order entry
N/A
N/A
Credit card processing
N/A
N/A
Cost of goods sold
N/A
N/A
Payroll Management (5)
80%
8.0
Pay calculation
100%
10.0
Benefit plan administration
N/A
N/A
Direct deposit files
100%
10.0
Salary revision and increment management
100%
10.0
Reimbursement management
100%
10.0
Reporting & Analytics (3)
66.66666666666667%
6.7
Dashboards
100%
10.0
Standard reports
100%
10.0
Custom reports
N/A
N/A
Customization (2)
N/A
N/A
API for custom integration
N/A
N/A
Plug-ins
N/A
N/A
Security (2)
N/A
N/A
Role-based user permissions
N/A
N/A
Single sign-on capability
N/A
N/A
  • Increased administrative efficiency. Between using Wave and Wave Pro we've saved more than really quantifiable.
Day and night. I found QuickBooks Legacy for Enterprise clunky and outdated and the user experiences are without compare.
Return to navigation