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 …
Read full review

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 …
Read full review

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 …
Read full review

Reviewer Sentiment

N/A
Positive ()
N/A
Negative ()
Learn how we calculate reviewer sentiment

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

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!

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?

8 people want pricing too

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

View all alternatives

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 75)
Companies can't remove reviews or game the system. Here's why
Score 9 out of 10
Vetted Review
Verified User
Review Source
We use Wave Accounting for all the financial data of the organization (SME.) The payroll, however, was outsourced. The product addresses a training problem within the organization as it is easy to use, and minimal training is required. We have a platform where we can invoice, bill, track all our expenses and manage our finances with the reports produced by the system. It is very user-friendly.
August 17, 2021

Wave Accounting Review

Score 1 out of 10
Vetted Review
Verified User
Review Source
Went from Rave to RIOT over payout holdups. [It seems like] they've delayed my money countless times. They suspend payment, asking for "client contracts" to prove my [business] [is legitimate] after paying me for months! I have legal [business] docs, but they said [I needed to show] "client contracts, Social Media, or Website to review". I was OFFENDED [and refused to give] a client contract! And WHY NOT [ask for] THAT UPFRONT? Their "support" [is only] Mon-Fri 8-5! I buckled and applied for Wave Debit & instant payouts. Last [month] [my account] said "instant payout $500". Hadn't had one since before the suspend. Clicked to "instant payout" and [I felt like a] fool! Suspended, AGAIN! Waited for Monday to chat support and was told "new" debit card is why. [I think they are the] same two cards on account, [which they] paid [previously]. Then [support] emails others to "release" the suspension. Waited ALL DAY with no reply, I got worried they were closing, checked account [and] it was released. Currently [I've been] told to wait 7 business days (MAX time) on ACH client paid 7/27. They ALWAYS pay [out on] days estimated, [and it] was never more than five [days] before. I [am upset that] I didn't [change vendors] after the first problem.
Score 8 out of 10
Vetted Review
Verified User
Review Source
Wave Accounting was very useful for managing all of the accounting for my marketing consulting practice. I was able to issue invoices, track expenses, and manage basic bookkeeping easily. The user interface was easy and intuitive and made the tedious task of accounting easier for someone who's not an accountant.
Rachelle Smith | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Review Source
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 helps with my accounting needs. I am a solopreneur, and it helps that it is so easy to navigate and use. There have been periodic product enhancement updates along the way, which have made my experience even better.
Score 1 out of 10
Vetted Review
Verified User
Review Source
Used by a small chamber of commerce to handle credit card payments, payroll, and bookkeeping. Has a nice appearance but when we try to reconcile with our bank statement it gets bad. Usually, there are three Wave transactions for every bank transaction. Sometimes there are duplicates. I read their documentation, watched many videos, and sent emails. The answer was the same: either delete or merge transactions. I didn't know which to delete or which to merge. I finally paid $199 for an advisor to show me what to do. I had an associate at the Zoom meeting. The advisor talked way too fast, and after asking several times to slow down, he did not. He then started to say delete that or merge those two. I didn't understand why, and after over 30 minutes, he seemed perplexed by what he was seeing. I asked my associate if she was getting anything out of this and, like me, it was a "No." I asked to stop the session and then asked for a refund. They refused.
Magdalene van der Walt | TrustRadius Reviewer
Score 6 out of 10
Vetted Review
Verified User
Review Source
As an accounting firm, we co-use the program with our smaller clients. We are invited to use the system on their side, and then managing their financial records, and accounting transactions remotely. For our clients, it addresses the problem of cost-efficiency for our smaller clients as it has a free version. For us, it allows us to work remotely without having to visit our clients at their office. This is important as we are a virtual accounting firm, meaning we do not have a physical office address, but rather work from our own individual homes from our PC's. Many site visits would increase costs for our clients, many of whom are small clients, and need their costs kept as low as possible for cash flow reasons.
Rachel Zeldin | TrustRadius Reviewer
Score 1 out of 10
Vetted Review
Verified User
Review Source
We are a technology startup and began using Wave in 2015 for bookkeeping, an "upgrade" from our Excel bookkeeping efforts.

We were looking for something simple, that easily connected to our external bank and credit card accounts, in the cloud, and low-cost.

As the company evolved, we began using it for some invoicing and for payroll. We stopped using it for Invoicing, and recently stopped using it for Payroll.
Vin Campbell | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
I am personally using Wave Accounting (free version) as the primary accounting app to run the backend of my business. I use the program to create, send, and track invoices to my clients, and I use the link to my bank account to track my expenses, profit and loss, sales tax, and general income vs. expenditures. Having a piece of software this comprehensive that is completely free is a pure lifesaver. I am on a generally tight budget, so this feature solves a huge problem for me and my company!
JaCoby Marston, CPA | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Review Source
The cool thing about Wave Accounting is that there is no cost to use their accounting software. Wave Accounting is very similar to QuickBooks Online without the monthly cost. Wave Accounting is an online accounting software that is pretty easy to use. If you have a basic accounting understanding then it should be no problem for you to set up your company and start using this software to manage your business finances. You can link all of your bank accounts to this including credit cards so that it will import all of your transactions and all you have to do is assign the transactions to the correct account. This accounting software is great because it is completely online which means that you can access it anywhere you have a laptop and the internet.
Score 8 out of 10
Vetted Review
Verified User
Review Source
I utilize it to do the bookkeeping for one small non-profit client, as well as oversee roughly 10 other clients that use it for their own bookkeeping. I like that it is free for small non-profits and startups and that it is generally easier to use than QuickBooks, but works the same way by pulling in bank account transactions and producing financial reports.
Score 9 out of 10
Vetted Review
Verified User
Review Source
Wave Accounting is used by the Bookkeeping and Accounting Department. It's a free tool that helps with invoicing, bookkeeping, financial projections, and accountancy reports. It's online so allows our remote team to access the information and update as needed. It also has a payment processor that we don't use at the moment.
Ashley Mumm | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Review Source
As a one-woman consultation, I use Wave to manage my quotes as I bid projects. I use it as my main CRM as well to organize and keep track of current and potential clients. When bids turn into accepted projects, I convert them to invoices and track payments there as well. I've connected my bank accounts and have used the card terminal before as well. I like the mobile app function to monitor and track outstanding invoices.
Andrea Mitchell, MSW, APSW | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Review Source
I own a small business and Wave is used for all of our accounting and expense tracking. It is linked to my checking account and I like that all of my expenses are already listed and I just need to go in every once in a while and categorize them. I used to do everything myself but as we have grown I now have our Office Manager do some of the categorizing and it is super simple for her to learn and do.
Jared Hammond | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
Wave Accounting helps me keep track of my invoices and process payments from my customers. I don't have a large amount of time to spend, and Wave makes it very easy for me to do this. My customers can keep track of the invoices and easily pay online. It just works.
Score 10 out of 10
Vetted Review
Verified User
Review Source
Wave Accounting is being used as a way to organize all purchases and money coming in and to quickly look at reports if need be. It's also a nifty tool to create quick invoices that are nice looking, functional, and time-saving, being that I don't have to send automatic follow-ups.
Patrick Contreras | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Review Source
We are using Wave Accounting to provide us with all of our accounting needs except the accounts payables throughout our entire company. We provide invoices and estimates through Wave Accounting. We also accept credit card payments through Wave Accounting. Our payroll and tax liabilities for sales tax and payroll are all managed on Wave Accounting.
Score 9 out of 10
Vetted Review
Verified User
Review Source
Wave Accounting is a simple invoicing solution for a one-person freelancing business. It has all the features I need and has some extra things like payroll, etc. in case I grow to need them. It's very easy to create a new invoice as well as duplicate an existing one and make changes to it. You can email it straight to your client or you can get a share link to embed in your own email.
Megan Ronecker | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
I use Wave Accounting for all of my bookkeeping/accounting needs. I have all of my money accounts linked to it so that I don't have to keep track of my purchases and sales, it all automatically goes into my bookkeeping accounts. Then, at the end of each month, I categorize them and verify each income/expense. With the click of a button, I can see my revenue, expenses, and profit for the month! This also makes it super easy when tax time comes! I can just print a copy of my income report for the year and hand it over to the accountant who does my taxes. It couldn't be easier!
Tiffany Rachann | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Review Source
We use wave for its essential accounting functions such as invoicing, payment receipts, and to track business-related purchases and expenses using the account connection feature. It's relatively easy to use and can copy and duplicate invoices, send reminders and gauge how often invoices are paid or not. It's primarily used by myself though I sometimes have my assistant send a simple invoice.
Marc Garcia | TrustRadius Reviewer
Score 5 out of 10
Vetted Review
Verified User
Review Source
We are using it as company-wide after QuickBooks upped their pricing. We started with Wave Accounting 3 years ago but transitioned to QuickBooks for a period of time. Then, as I mentioned, once QuickBooks upped pricing we decided to move back to Wave. Upon returning, we were pleasantly surprised by the updates made in the time we were away, recurring invoicing being one of them. The look and feel of it changed, and it looked much better than before.
Score 1 out of 10
Vetted Review
Verified User
Review Source
We use Wave as our primary system to track expenses, invoices, and payments. We also used Wave to process credit card payments. We use Wave Accounting software company-wide. At first, it appeared to be great way to track invoices and easily receive payments via credit card. The website itself has some nice features.