Item: Wave Accounting
Rating: 10
Author: Verified User

Use Cases and Deployment Scope

Wave is a great alternative to QuickBooks Small Business, and is being used to satisfy all of my small business' accounting needs. It also keeps my overhead low, because it is completely free- there's no initial or monthly subscription fee! It is completely online, so it allows me to access my account anywhere from any device, which is very helpful when I am travelling or when I forget to bring my laptop to work. Additionally, the interface is simple and easy to use, so there was no learning curve and very little stress in setting it up. It allows me to reconcile accounts, run various reports, and easily keep tabs on both my income and expenditures.

Pros and Cons

It connects seamlessly to my bank and credit card accounts, and typically inputs updated account information within 24 hours of the bank or credit card account being updated
It provides easy access to my financial information from multiple devices anywhere, anytime
It allows me to organize my income and expenses in easy to identify categories, helping me (and my accountant!) immensely during tax season
I can reconcile all accounts with a few clicks of a mouse, without hassle or stress

Wave doesn't have a comprehensive mobile app available, at least for Android. Wave does have supplementary apps, like an app that allows you to upload and categorize receipts, which then integrate into the main Wave interface. However, it would be great if there was an app that allowed for more on-the-go accounting.
On some occasions there is a delay of more than 24 hours between my bank accounts updating and Wave inputting the updated information
There are a few less "bells and whistles" in Wave than in QuickBooks, if those are things that are important to you and your business

Return on Investment

It has kept my overhead low, as it is free of cost
It has helped me manage my finances by giving me an easy to access snapshot of income vs/ expense
It has helped me organize all the information needed for tax filing

Alternatives Considered

QuickBooks Online

I find that it is completely comparable, aside from the cost!

Other Software Used

Square POS, Evernote, Google Drive

Likelihood to Recommend

Accounting by Wave is best suited for a small business with pretty straight-forward income and expenditures. I can't speak for it's usability for companies with bigger operations or more employees. Wave also includes basic invoicing and payroll functions, but from the little bit I have played around with those functions, they seem best on par with smaller, simpler operations. More complicated or specific needs would likely do best with a more "sophisticated" software.

Everything I need for my small business accounting- and more!

Overall Satisfaction with Accounting by Wave