Wave Accounting Apps perfect for Very Small Clients with Limited Revenue
June 27, 2024

Wave Accounting Apps perfect for Very Small Clients with Limited Revenue

Lisa A Lewis | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User

Overall Satisfaction with Wave Accounting

I use Wave Accounting for a nonprofit Client which has neither large revenue nor transactions. I have them set-up in the free version as they do not require much in the way of accounting software bells and whistles. They are basic with an average of 10-20 transactions per month, 1 bank account, 1 credit card account and payroll.

Pros

  • Offers free version
  • Reasonably easy to set-up
  • Works similar to Xero
  • Reporting is more than adequate

Cons

  • Journal entries are not as fluid as QBO
  • Hard to customize reporting
  • Difficult to customize Chart of Accounts
  • Slightly remedial - not good for large organizations
  • Again, there is no fee for some versions of this software. For those small clients with limited revenue, Wave Apps is more than capable. There is no monthly fee/cost and it is perfect.
  • For large clients with high transaction volume, I would not recommend even for free. The program is not robust to handle the complexities of large clients.
Albeit Xero is much more robust and does require a monthly subscription payment. Wave Accounting is perfect for the very small client that does not have funds to pay for accounting subscriptions nor the high level of transactional/account management required of some clients.

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

Yes

Are you happy with Wave Accounting's feature set?

Yes

Did Wave Accounting live up to sales and marketing promises?

I wasn't involved with the selection/purchase process

Did implementation of Wave Accounting go as expected?

Yes

Would you buy Wave Accounting again?

Yes

For VERY small clients with minimal revenue and no budget, I would wholeheartedly recommend however if the client is at all large needing robust bookkeeping, I would never recommend Wave Accounting Apps. It all depends upon each client and what their bookkeeping needs will be. This is also good for the smaller clients to handle their own bookkeeping if they cannot afford a bookkeeper.

Wave Accounting Feature Ratings

7.0
Accounts payable
5
Accounts receivable
5
Cash management
8
Bank reconciliation
8
Expense management
8
Time tracking
Not Rated
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
Not Rated
Intercompany Accounting
Not Rated
Localizations
Not Rated
Journals and Reconciliations
8
Enterprise Accounting
Not Rated
Configurable Accounting
Not Rated
Centralized Rules Framework
Not Rated
Standardized Processes
7
Not Rated
Inventory tracking
Not Rated
Automatic reordering
Not Rated
Location management
Not Rated
Manufacturing module
Not Rated
Not Rated
Pricing
Not Rated
Order entry
Not Rated
Credit card processing
Not Rated
Cost of goods sold
Not Rated
Order Orchestration
Not Rated
End-to-end order visibility
Not Rated
Order exception Resolution
Not Rated
Payroll Management ()
Not Rated
6.3
Dashboards
6
Standard reports
8
Custom reports
5
Not Rated
API for custom integration
Not Rated
Plug-ins
Not Rated
8.0
Role-based user permissions
8
Single sign-on capability
8

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