Wave Accounting Review
Updated June 08, 2016

Wave Accounting Review

Randy O'Malley | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User

Software Version

Online Edition

Modules Used

  • Payroll
  • General Ledger
  • A/R

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.

Pros

  • 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.

Cons

  • 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.
  • Increased staff efficiencies
  • Increased customer service
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.
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.

Wave Accounting Feature Ratings

8.0
Accounts payable
7
Accounts receivable
7
Cash management
10
Bank reconciliation
10
Expense management
10
Time tracking
Not Rated
Fixed asset management
Not Rated
Multi-currency support
Not Rated
Multi-division support
Not Rated
Regulations compliance
Not Rated
Electronic tax filing
6
Self-service portal
6
Not Rated
Inventory tracking
Not Rated
Automatic reordering
Not Rated
Location management
Not Rated
Manufacturing module
Not Rated
6.3
Pricing
5
Order entry
5
Credit card processing
9
Cost of goods sold
Not Rated
10.0
Pay calculation
10
Benefit plan administration
10
Direct deposit files
10
Salary revision and increment management
10
Reimbursement management
10
7.0
Dashboards
7
Standard reports
7
Custom reports
Not Rated
Not Rated
API for custom integration
Not Rated
Plug-ins
Not Rated
10.0
Role-based user permissions
10
Single sign-on capability
10

Using Accounting by Wave

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