A wave of approval for Wave
November 07, 2018

A wave of approval for Wave

Anonymous | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User

Overall Satisfaction with Accounting by Wave

Wave Accounting is used as the central accounting package for the business. All income and expenses are synchronized from various bank and card accounts. Both one-off and recurring invoices are issued through Wave. Payments via credit card or back transfers are accepted through Wave. Cash low is monitored on the dashboard. Year-end reports are used for income tax calculation.

Pros

  • The dashboard provides instant views of month-by month income & expenses for the past 12-24 months, a breakdown of current year expense by category, and net income for the past year and year-to-date.
  • Invoicing has easy templated set up has lots of per invoice options such as single/recurring payment options, due dates.
  • Year end reports are easy to generate in either pdf or csv format.

Cons

  • My biggest request is that they add a way to link invoice payments with the bank deposits . When a payment is made through Wave, they show the income and it is marked with the invoice number, but when they transfer the money into the bank, the credit is not tied to the invoice(s). You have to figure out by hand and delete the transaction from the bank to prevent getting double credit on it
  • It would be good to have a field for CC email on each customer. Currently you have to add any CC when sending.
  • On the Transactions view, a few more search options would be helpful.
  • Like many, when I started the business, I used spreadsheets which I quickly outgrew. Wave has been the most cost effective solution.
  • I save hours of work each year by simply exporting the csv for my accountant
Zoho has many modules that can be integrated, including CRM, but Wave is pretty much ready to use 5 minutes after signing up.
I have recommended it to many small businesses because first off, it works. Setup and daily use it is easy. There is no cost outside of any payment transaction processing fees. You can probably find lower fees, but they are not out of line with other services.

Wave Accounting Feature Ratings

7.4
Accounts payable
7
Accounts receivable
8
Cash management
6
Bank reconciliation
6
Expense management
9
Time tracking
7
Fixed asset management
Not Rated
Multi-currency support
Not Rated
Multi-division support
Not Rated
Regulations compliance
Not Rated
Electronic tax filing
Not Rated
Self-service portal
9
Global Financial Support
Not Rated
Primary and Secondary Ledgers
Not Rated
Intercompany Accounting
Not Rated
Localizations
Not Rated
Journals and Reconciliations
7
Enterprise Accounting
7
Configurable Accounting
Not Rated
Centralized Rules Framework
Not Rated
Standardized Processes
8
Not Rated
Inventory tracking
Not Rated
Automatic reordering
Not Rated
Location management
Not Rated
Manufacturing module
Not Rated
9.0
Pricing
Not Rated
Order entry
Not Rated
Credit card processing
9
Cost of goods sold
Not Rated
Order Orchestration
Not Rated
End-to-end order visibility
Not Rated
Order exception Resolution
Not Rated
8.5
Pay calculation
8
Benefit plan administration
Not Rated
Direct deposit files
9
Salary revision and increment management
Not Rated
Reimbursement management
Not Rated
8.0
Dashboards
9
Standard reports
9
Custom reports
6
Not Rated
API for custom integration
Not Rated
Plug-ins
Not Rated
6.0
Role-based user permissions
Not Rated
Single sign-on capability
6

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