Wave Accounting Review
August 17, 2021

Wave Accounting Review

Anonymous | TrustRadius Reviewer
Score 1 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Wave Accounting

Went from Rave to RIOT over payout holdups. [It seems like] they've delayed my money countless times. They suspend payment, asking for "client contracts" to prove my [business] [is legitimate] after paying me for months! I have legal [business] docs, but they said [I needed to show] "client contracts, Social Media, or Website to review". I was OFFENDED [and refused to give] a client contract! And WHY NOT [ask for] THAT UPFRONT? Their "support" [is only] Mon-Fri 8-5! I buckled and applied for Wave Debit & instant payouts. Last [month] [my account] said "instant payout $500". Hadn't had one since before the suspend. Clicked to "instant payout" and [I felt like a] fool! Suspended, AGAIN! Waited for Monday to chat support and was told "new" debit card is why. [I think they are the] same two cards on account, [which they] paid [previously]. Then [support] emails others to "release" the suspension. Waited ALL DAY with no reply, I got worried they were closing, checked account [and] it was released. Currently [I've been] told to wait 7 business days (MAX time) on ACH client paid 7/27. They ALWAYS pay [out on] days estimated, [and it] was never more than five [days] before. I [am upset that] I didn't [change vendors] after the first problem.
  • Site Layout is nice
  • No charge to add a logo to your invoice
  • Support hours and efficacy.
  • Communication of timelines & support issues
  • Tell me my money was released after suspending my account
  • Don't tell me "You got paid" when my client pays an invoice. Say "Wave has your money," because [of the time it takes] to release a payer's finalized transaction. {I feel that] either don't want to, or you can't. And it's not the bank's fault or timelines.
  • Tell me "You got paid" when [I did not receive my money for] 15 days after "You got paid" by my client!
  • There was no outward investment. But [I feel] they've negatively impacted my cash flow since around the fourth month of being paid through them.
  • I've been paid with them for over a year and a half. I was going to get Wave Debit but [I was concerned about payment timelines] so I told them I wouldn't be submitting the additional IRS docs. The next (current) month I'm [waiting] the maximum estimated days for payment. They still claim "there's nothing they can do" it's the bank system.
  • You never know what your payout day will be. And [I feel] their support is not open when you REALLY need support.
This was my first invoice company. I had seen Freshly before. Venmo is far less of an accounting tool. QuickBooks seems terrible with a monthly cost. Which is why I hadn't moved companies yet. But I just learned my Website host, Wix, offers it right through my site and Clients can pay there. So, I'm currently going that route.

Do you think Wave Accounting delivers good value for the price?

No

Are you happy with Wave Accounting's feature set?

No

Did Wave Accounting live up to sales and marketing promises?

No

Did implementation of Wave Accounting go as expected?

Yes

Would you buy Wave Accounting again?

No

It was easy to use, very basic and aesthetic with customized invoicing that included your logo. The online payments put it over the top for a FREE product.
Now, I would rather send my own invoice and get paid direct ACH [to] save both my client and I a fee.
Hours are Mon-Fri. Almost always [I have needed support] on Friday, or I found out Saturday and had to wait the entire weekend with no money.
Well suited for the free reporting BUT Invoice somewhere else. Less appropriate for INVOICING. [I feel] that they suspend [the] account often and for reasons that aren't relevant. [It seem like] you have [to employ] someone else to take the time to sort it out on a monthly basis because you're not giving them advertised services or canceling advertised services.

Wave Accounting Feature Ratings

Accounts payable
1
Accounts receivable
1
Cash management
2
Bank reconciliation
2
Electronic tax filing
Not Rated
Self-service portal
1
Localizations
Not Rated
Journals and Reconciliations
1
Enterprise Accounting
Not Rated
Configurable Accounting
Not Rated
Centralized Rules Framework
Not Rated
Standardized Processes
1
Credit card processing
1
Cost of goods sold
Not Rated
End-to-end order visibility
Not Rated
Order exception Resolution
Not Rated
Pay calculation
Not Rated
Benefit plan administration
Not Rated
Salary revision and increment management
Not Rated
Dashboards
2
Standard reports
1
Not Rated
API for custom integration
Not Rated
Plug-ins
Not Rated
Not Rated
Single sign-on capability
Not Rated