Wave hello to a really fine online accounting app, with great support, and it's FREE !!!
Updated December 23, 2015

Wave hello to a really fine online accounting app, with great support, and it's FREE !!!

David Goldstein | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User

Overall Satisfaction with Accounting by Wave

We use Wave for several of business/personal accounts. I do all my personal bank and credit card work in Wave. I also use Wave to manage the back end of a rental property we own, and a high school reunion that has been ongoing for the past five years. As a Wave Pro Advisor, I work with a large range of clients who use Wave Accounting for their small to medium size businesses, and personal accounting. We set up the business Chart of Accounts, train in the use of Wave, assist on an ongoing basis managers and bookkeepers as needed. We encourage clients to do as much as they can and want to do in Wave, which is a great application for non-accountants who have limited or no experience in keeping a set of books.

I am a huge fan of Wave, as it is easy to set up, connect bank and credit card accounts, has a very good interface for feeding all transactions into Wave, and has a good set of reports available to allow us. and the client be able to quickly get a full view of the financial condition of the company, or the personal accounts.
  • Bank and credit card transactions feed seamlessly into Wave. Users don't have to manually enter transactions, and there are no mistakes entering numbers.
  • Categorizing transactions is, for the most part, easy and quick to do. Users learn by doing, and therefore grasp a much better understanding of their company's financial condition.
  • Users can create sales invoices and purchases, easily keeping track of money owed to them by their customers, and money owed to those they purchase from.
  • A broad set of reports is available at the click of a button, allowing instant looks at a wide range of company activity.
  • For each company account opened, users get a related Wave account for personal use.
  • Wave now offers a fully integrated payroll solution through Wave Payroll, a separate, but connected application.
  • Online accounting is the future, and Wave, which was created as an online application, continues to evolve and add new features to make it a better solution.
  • Project accounting is probably the most sought-after feature. Being able to individually track revenue and expenses for various events, etc., would be a huge plus.
  • A fuller set of reports would be helpful.
  • A small consideration, but to be able to view and print a P&L with categories in alphabetical order would be a big improvement. The workaround to export the P&L into Excel and sorting A-Z resolves this issue, but it should be unnecessary.
  • Being able to group categories in the P&L, for instance, would be a nice improvement.
  • Quickly see what is owed, and what is due allows management decision-making easier.
  • Wave provides users with a higher confidence level regarding the financial condition of the company.
  • You can access Wave anywhere, anytime with an available internet connection.
  • Business management can view their Wave account, and be able to work with their outside accountant and/or bookkeeper, without any travel necessary. This is a big time saver.
  • QuickBooks Online,QuickBooks Pro,Sage 50,MYOB,Xero
Xero Accounting is the only other app that stacks up to Wave. Wave is free, easy to learn and use, compared to others, has a very good support system, continues to evolve, and has a very dedicated and enthusiastic staff.
Wave Accounting is well-suited for service-based organizations, less so for those that utilize inventory beyond simple tracking. Smaller companies, dba, LLC, S-Corps are ideal candidates for Wave. Wave is well-suited for people who have little or no experience with bookkeeping, used to "shoebox", Excel, manual tracking of revenue and expenses. Auto-feed of transactions is a huge plus for any and all who utilize Wave.

Wave Accounting Feature Ratings

Accounts payable
Accounts receivable
Cash management
Bank reconciliation
Expense management
Multi-currency support
Self-service portal
Inventory tracking
Not Rated
Credit card processing
Cost of goods sold
Standard reports
Role-based user permissions
Single sign-on capability

Using Accounting by Wave

2 - Bookkeeping and accounting services

Accounting by Wave Implementation

  • Implemented in-house
  • Professional services company
DataPro Services, Inc.