BookSmarts reviews Accounting by Wave
Overall Satisfaction with Accounting by Wave
I am a small business bookkeeping consultant, that is to say that I recommend small business accounting software to other businesses who wish to manage their own basic bookkeeping. I have recommended, implemented and trained several clients on the use of Accounting by Wave. It is a robust solution which is very user-friendly for the novice bookkeeper. The bank interface ensures that business transactions are captured. It also allows my clients to track who owes them money, how much HST they owe, and other business results.
- Bank or credit card interface - allows users to connect to their financial institutions and download transactions directly into the software. This ensures that nothing is missed. The user needs to review and accept transactions for final posting so no entries are entered without their review.
- HST reporting - as many new businesses start as annual filers, tracking HST owing is a critical piece. The ability to separate and track HST in the software takes the guesswork out of how much money the client needs to set aside.
- The user interface is very friendly and walks the user through setting up the software. This may seem like a small piece, but for someone who has never managed books and perhaps never managed a business before, a friendly interface is just the thing to keep them from running for the hills!
- Well, I have to say it...it's FREE! There is an advertising sidebar and there are a couple of pay for use add-ons such as payroll and credit card processing but they are optional and economical.
- There is a smartphone app that interfaces with the client datafile and which allows for invoicing customers on the road, reducing paperwork and speeding up collections. Invoices look polished and professional.
- I would like to see the bank reconciliation module fleshed out. There is a basic version but no reconciling screen.
- Their is an optical character recognition app called "Receipts by Wave" that try as I might, I just can't seem to get it to work. Some further development there would be nice.
- Faster billing as you have the ability to invoice directly from a smartphone (iPhone or Android)
- FreshBooks,QuickBooks Online
Accounting by Wave has a similar target market to FreshBooks, however Accounting by Wave is a full GL solution whereas FreshBooks provides cash flow and receivables tracking. I would definitely recommend Accounting by Wave over FreshBooks for that reason. Also FreshBooks isn't free to use if you have more than one customer.
Accounting by Wave is similar to QuickBooks Online however QBO does offer a full bank reconciliation module and the ability to track different business processes (if you use the higher version). They are continually adding functionality and appear to be aiming for a full service solution to replace their very popular desktop version. Accounting by Wave, on the other hand, offers a great solution for owners who mix business and personal funds including personal expense tracking if desired.
Accounting by Wave is similar to QuickBooks Online however QBO does offer a full bank reconciliation module and the ability to track different business processes (if you use the higher version). They are continually adding functionality and appear to be aiming for a full service solution to replace their very popular desktop version. Accounting by Wave, on the other hand, offers a great solution for owners who mix business and personal funds including personal expense tracking if desired.