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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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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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 75)
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August 17, 2021

Wave Accounting Review

Score 1 out of 10
Vetted Review
Verified User
Review Source
  • Site Layout is nice
  • No charge to add a logo to your invoice
  • Support hours and efficacy.
  • Communication of timelines & support issues
  • Tell me my money was released after suspending my account
  • Don't tell me "You got paid" when my client pays an invoice. Say "Wave has your money," because [of the time it takes] to release a payer's finalized transaction. {I feel that] either don't want to, or you can't. And it's not the bank's fault or timelines.
  • Tell me "You got paid" when [I did not receive my money for] 15 days after "You got paid" by my client!
Rachelle Smith | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Review Source
  • Wave is very easy to use. I had not used cloud-based accounting software before using it, and mastered it with ease.
  • Because it is cloud-based, I like being able to access is anywhere from any computer. When traveling, I still have interrupted access to it. I always know what is going on with the financials of my business.
  • I like the fact that it can be integrated with other software and tools to make the accounting process easier.
  • Wave Accounting has grown and evolved with me and my business.
  • I have not been able to schedule recurring bills. I have had to log in and enter each bill monthly, as well as a payment date. It would be nice to schedule my bills to recur for the entire year.
Score 1 out of 10
Vetted Review
Verified User
Review Source
  • Reconciliation is very difficult with multiple Wave transactions that need to be deleted or merged before it can be matched to a bank transaction.
  • Payroll worked fine for us but took several days to get it set up. We have switched to another bookkeeping system and another payroll system. Canceling with Wave took several days and they charge $6 for something even though the month was paid for in advance.
  • Credit card processing is nice and worked fine for us.
  • Reconciliation is horrible. A user does not need to see multiple Wave transactions. I should see one Wave and one Bank transaction and if I think they are the same check a box and be done with it.
  • No phone number to call and no chat line so all help is via email. Frequently the Wave person says to read the documentation and provides a link. I already did that and need help, not a mechanical response. On occasion, I did get a helpful and specific response but that was rare.
  • Would like to have the ability to see each payroll by person pay stub and not just a summary by quarter.
Magdalene van der Walt | TrustRadius Reviewer
Score 6 out of 10
Vetted Review
Verified User
Review Source
  • Bank upload and reconciliations (new feature).
  • Reports are good for a free system.
  • Good customer and supplier reconciliation features for a free system.
  • I find the system to be quite sluggish at times, compared to other systems that we use.
  • They are adding new features to the system, but it is still very behind other comparative systems.
  • The payroll function is only currently available to USA and Canada.
Vin Campbell | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
  • Providing a comprehensive piece of accounting software for free
  • Invoicing + receiving payments--super easy and intuitive on both fronts
  • Bank account linking: They are working diligently to correct this, but it broke when they updated their system. Probably could have tested more banks prior to rolling out the upgrade
  • If you don't fully track and reconcile your books, you'll see carry over numbers--needs a better way to handle this.
Score 9 out of 10
Vetted Review
Verified User
Review Source
  • Reports: many options, easy to create, access and share.
  • Invoicing: professional looking invoices.
  • The feature to capture receipts is very easy to use.
  • To improve bank connections to banks outside of USA and Canada
  • Wave have recently added account reconciliation which was an issue.
Ashley Mumm | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Review Source
  • Bid to invoice conversion is great.
  • Client information is easily added to documents.
  • Financial reports are in-depth enough.
  • Some design aspects could be improved upon in their document creation.
  • Some aspects of the interface are hard to use, and are not as intuitive as they should be.
Andrea Mitchell, MSW, APSW | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Review Source
  • Links to bank account
  • Allows me to create new categories while other apps do not
  • It is completely free to use
  • I'm not a big fan of the invoice feature and don't use it
  • I haven't figured out a good way to get a full report of expenses at the end of the year for my tax accountant without having to make some tweaks.
  • The predictive categorization is most often incorrect.
Patrick Contreras | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Review Source
  • Invoicing - The invoicing feature of Wave Accounting is pretty solid. We are able to enter our services and items that are available for our customers at the correct price point. We add the services or the items to the invoice and add the quantity ordered or used. Invoices can be sent electronically through Wave Accounting and once the customer receives the invoice, it can be paid using the links provided.
  • Recurring invoices - This is a nice feature in Wave Accounting. With recurring invoices, you can enter invoices that will be sent to clients on a regular basis. Either monthly, quarterly or yearly, the invoice will be sent to the customer. Customers can then pay online with a credit card and also permit you to automatically pay the invoice upon submission.
  • Payroll - This feature will allow you to run payroll on your schedule and Wave Accounting will determine your liabilities and submit all paperwork to the proper government agencies. Wave will also schedule and notify you when payments will be made to those government agencies.
  • Invoicing - Unfortunately, once an invoice is paid, you can still go back and correct that invoice or revise that invoice. Once the invoice is paid, it should be locked so that it can not be revised.
  • Bills - The bills part of Wave Accounting needs quite a bit of work. I would like to see the bill section be brought up to the level that the invoicing section is at. It would be nice to enter a bill and notify me when the bill is due. Or just some way of keeping track of bills that come into the business.
  • Reports - I would like to see some improvements in the reporting areas. I think it does a good job with reports but business owners always like to see reports with more detail. I know I would like to run a report automatically every month of my accounts receivables and payables.
Score 9 out of 10
Vetted Review
Verified User
Review Source
  • Easy to use/simple user-friendly interface.
  • Multiple options to send invoices as well as set-up automatic reminders.
  • Can create products so that creating new invoices is a breeze.
  • One thing I'd like Wave to implement is for me to be able to pass along credit card fees to the customer. There are instances where I give people options if they'd like to pay by check or card and if paying by card, I have to manually add a "processing fee" to my invoice if I want the credit card fees to be passed along. I want this process to be automatic. It would be great if I could turn it on and off each invoice as needed.
Megan Ronecker | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source
  • Bookkeeping
  • Invoicing
  • Keeps income/expenses organized for tax time
  • Quick at-a-glance stats for monthly budget/spending/revenue
  • It does not integrate with my small credit union so I rarely use that account to purchase things because I have to remember to manually log it.
  • Invoice line items must be something that is reoccurring or you have to create new "products" for each new project/service. I wish I could just add whatever I wanted to the item field on an invoice instead of having to choose from or create a new product
  • It always logs transferring money out of my PayPal balance as an expense when I'm really just transferring it to my bank account. Easy fix, but always a bit annoying to wonder where that much money went (only to realize it just went to my bank account).
Tiffany Rachann | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Review Source
  • Allows the user to set up customer profiles and manage the intricacies of account payable tracking.
  • Allows the user to connect the app to a bank account thereby identifying purchases and business-related expenses. Awesome for tax time!
  • Allows the user to create vendor profiles and manage payroll accordingly.
  • Connecting the app to a bank that isn't listed in their database isn't seamless.
  • Sending multiple invoices to one client that needs to use different payment methods raises a red flag.
  • Receipts can't be exported as PDF's and must be sent from the email that was used during sign-up (can't be altered).
Marc Garcia | TrustRadius Reviewer
Score 5 out of 10
Vetted Review
Verified User
Review Source
  • Accounting is #1 of what they do. It does appear they want to compete and take market share from QuickBooks.
  • Simple invoicing and estimations.
  • Automatic follow up on invoices is great.
  • Support. They have no phone support. All of it is done via chat and you tend to get canned answers.
  • ACH Processing Time. 7+ business days to process an ACH is not very manageable for a business. As a former banker, they say the problem is with your bank or the client's bank - however, that's not true. They have the money from an ACH within 1 business day.
Score 1 out of 10
Vetted Review
Verified User
Review Source
  • Logging invoices and payments as it is relatively easy and fast.
  • Integration with our payroll system (ADP)
  • Customer service needs a lot of improvement! It is extremely difficult to contact support as they do not provide a dedicated customer service line and it takes a long time to get a response via email.
  • Credit card payments have been extremely problematic and are often held up for an unreasonable amount of time (several days and longer).
  • Complete lack of communication if an issue arises and lack of support getting any kind of resolution.
  • No longer linking with our account and no notification when it occurred.