Wave Accounting - Approach with Caution
December 12, 2017
Wave Accounting - Approach with Caution
Score 5 out of 10
Vetted Review
Verified User
Overall Satisfaction with Accounting by Wave
We use Wave to do the bookkeeping, invoicing and payment processing for my small internet marketing business. We use it to perform monthly recurring invoicing and automatic charging to client payment cards (debit and credit cards). We attempt to use it to import transactions from our Bank of America business checking account.
- Recurring invoicing works (finally) in a reliable and secure manner.
- Automatic credit or debit card charging now works (finally) in a reliable and secure manner.
- The reporting tools for the balance sheet and income statement are ok
- Importing transactions from our Bank of America business checking account goes very poorly because Wave sometimes fails to import all transactions, leading to hours of additional work to reconcile the accounts and find and manually enter the missing transactions.
- When automatic payments fail to work, such as when a customer's payment card is declined, there is no email notification sent to me, but there should be.
- When transactions are imported or otherwise added, there should be/could be automatic expense category assignments but there are not at this time.
- It may have saved money, since it's low cost for card processing
- It has cost hours and hours of work in having to reconcile missing transactions on import
- It was very costly in the beginning due to lack of reliability but it seems better now
I have used QuickBooks Premier. Compared to that, Wave looks like a very amateurish bookkeeping system. It is however a LOT less expensive. Also, QuickBooks has a TON of bugs that are known but never fixed. Wave tends to have bugs that get fixed in a more timely fashion.
With either one, it helps if you are a CPA and a software engineer, in order to understand them.
With either one, it helps if you are a CPA and a software engineer, in order to understand them.