Wave: A great option for your small business bookkeeping.
Updated May 20, 2015
Wave: A great option for your small business bookkeeping.
Score 8 out of 10
Vetted Review
Verified User
Overall Satisfaction with Accounting by Wave
Wave is one of the cloud-based accounting services I use with my clients. I have been using it for a few years now. It has been a great solution for clients who want an all-in-one solution for their small business bookkeeping. I have also tested it with my own books. It's especially good if you're trying to track both your business and personal finances in one app.
- It has a very easy to learn interface.
- They have a great support team that is quick to answer any questions you might have along the way.
- The core of the service is completely free, so it's a great way to track your finances on a limited budget.
- It has an optional payroll service built-in, which most other competitors don't offer.
- The reports need some work. I would like to see some options for how the data is sorted (either by account number or name).
- The payroll service is a bit limited if you have staff that have varied pay structures or are paid on different schedules.
- Automatic bank transaction downloads really speeds up income and expense capture, as well as bank reconciliations.
- Having a low cost (or in this case free) product encourages clients to use all of the features available without fear of being overcharged
- The ability for the client to see their data online in real time whenever they want really makes the bookkeeping process much more efficient and transparent.
- FreshBooks,Xero,Kashoo,QuickBooks Premier
Each one of these cloud-based or desktop accounting services offer different pros and cons. It really comes down to the individual owner's wants and needs. While Wave is not going to be my first choice for a large, complex organization, it really shines when handling a one person shop who wants to keep track of their home and business finances in one place without all the complexity of traditional bookkeeping software. It's far less expensive than its competitors and has made constant strides to improve itself since day one. It also has a very friendly support staff who have a very fast response time.