Wave Accounting - great for micro businesses
Updated March 16, 2020

Wave Accounting - great for micro businesses

Magdalene van der Walt | TrustRadius Reviewer
Score 6 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Wave Accounting

As an accounting firm, we co-use the program with our smaller clients. We are invited to use the system on their side, and then managing their financial records, and accounting transactions remotely. For our clients, it addresses the problem of cost-efficiency for our smaller clients as it has a free version. For us, it allows us to work remotely without having to visit our clients at their office. This is important as we are a virtual accounting firm, meaning we do not have a physical office address, but rather work from our own individual homes from our PC's. Many site visits would increase costs for our clients, many of whom are small clients, and need their costs kept as low as possible for cash flow reasons.
  • Bank upload and reconciliations (new feature).
  • Reports are good for a free system.
  • Good customer and supplier reconciliation features for a free system.
  • I find the system to be quite sluggish at times, compared to other systems that we use.
  • They are adding new features to the system, but it is still very behind other comparative systems.
  • The payroll function is only currently available to USA and Canada.
As I stated previously, Wave is a free system. It serve you well as non-resident of USA/Canada for your basic bookkeeping needs, as a micro-business. If you are a resident of those countries, you will benefit immensely from the payroll function as well. If you are looking for a country-specific, more powerful system, then I recommend a system such as Sage Business Cloud for your needs. This obviously depends on the size of your company and how powerful you need your accounting system to be.
It is well suited if you are a micro-business that is not registered for sales tax, and does employ staff. If you do not reside in the USA and Canada, you will not be able to use the payroll function which forces you to have to use another program that won't intergrate with the system. It is also limited with its functions. If you are looking to save costs however, and are looking to track your monthly profit and loss, compare it to other periods, and are a freelancer, it is highly recommended if you do not reside in the USA/Canada due to the payroll issue. You will find it has everything that you need for your basic bookkeeping tasks.

Wave Accounting Feature Ratings

Accounts payable
6
Accounts receivable
6
Cash management
5
Bank reconciliation
7
Expense management
5
Time tracking
Not Rated
Fixed asset management
Not Rated
Multi-currency support
Not Rated
Multi-division support
Not Rated
Regulations compliance
5
Electronic tax filing
Not Rated
Self-service portal
Not Rated
Global Financial Support
Not Rated
Primary and Secondary Ledgers
Not Rated
Intercompany Accounting
Not Rated
Localizations
Not Rated
Journals and Reconciliations
6
Enterprise Accounting
4
Configurable Accounting
5
Centralized Rules Framework
Not Rated
Standardized Processes
Not Rated
Inventory tracking
5
Automatic reordering
Not Rated
Location management
Not Rated
Manufacturing module
Not Rated
Pricing
5
Order entry
5
Credit card processing
Not Rated
Cost of goods sold
5
Order Orchestration
Not Rated
End-to-end order visibility
Not Rated
Order exception Resolution
Not Rated
Pay calculation
Not Rated
Benefit plan administration
Not Rated
Direct deposit files
Not Rated
Salary revision and increment management
Not Rated
Reimbursement management
Not Rated
Dashboards
6
Standard reports
6
Custom reports
4
Not Rated
API for custom integration
Not Rated
Plug-ins
Not Rated
Role-based user permissions
Not Rated
Single sign-on capability
6