Wave Accounting Review
Updated June 08, 2016
Wave Accounting Review
Score 8 out of 10
- General Ledger
Overall Satisfaction with Accounting by Wave
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.
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.
I rated the software an 7 due to its ease of use. It would be rated higher, but I consider this to be a niche product instead of a go to product for all clients. This is the software to use if you want an inexpensive entry level software for an owner managed business.
- Fewer than 25% of my clients
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.