User Reviews Overview

About Wave Accounting

Online accounting software that provides features including invoicing, billing, payment tracking, payroll management, finance management, credit card processing, and receipt scanning. Wave Accounting is designed to help businesses...

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Feature ratings

Value for Money
4.7
Features
4.2
Ease of Use
4.4
Customer Support
4.1

Browse Wave Accounting Reviews

1,223 of 1,223 reviews
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Laura G.
  • Industry: Photography
  • Company size: Self Employed
  • Used Weekly for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
1

5
Reviewed on 14/05/2022

Best accounting software to grow as a small business

The overall experience with Wave has been very good. With some hiccups on the roadmap, Wave has evolved by leaps and bounds from a pretty basic software to quite a powerhouse, even for the free version. If my business grows and I will feel the need to add more features such as payroll and tax advisor use, I will still remain a Wave believer!

Pros

I've used Wave since 2009!!! I feel like my company grew with it. It's helped me understand all I was doing right (and wrong!) financially in my business. It helps tremendously when filing monthly sales taxes. I keep a habit of staying organized, verifying all transactions and reconciling with my bank accounts. All of this, plus categorizing everything the right way makes tax time an absolute breeze - my taxes are done in two days and I don't need to freak out about it because everything is organized ahead of time and all I do is input expenses and sales.

Cons

What I least like about Wave is that a few years ago they stopped support for free accounts. Absolutely no human support whatsoever. Disagree with that big time!!!
Sometimes also a bank connection will be interrupted and you cannot reconnect for many many months and since there is no support, you are left without any help.
I am a small business of one person and I do not need any of the paid features that Wave offers so I could be upgraded to paid support, so I am always stuck in no human support land. It doesn't feel good, especially to someone who has used this software for as long as I have.

Alternatives Considered

FreshBooks

Reasons for Choosing Wave Accounting

Absolutely hated QuickBooks. It felt overwhelming, like I needed to go to school to learn yet another piece of software. Absolutely could not get used to the awful interface and I ditched it immediately, although I paid a few hundred dollars for a desktop version that was rendered obsolete by Intuit after 3 years. Apparently, that is quite a frequent practice from Intuit regarding QuickBooks.

Switched From

QuickBooks Desktop Pro

Reasons for Switching to Wave Accounting

Interface, ease of use and pricing - FREE!
Verified Reviewer
  • Industry: E-Learning
  • Company size: Self Employed
  • Used Weekly for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 14/06/2022

Great accounting software if your business is just getting started.

I found that the interface was easy to use and learn.

Pros

The best thing about Wave software is that it's free to get started. So if you are starting a new business on a budget and feel you don't have the money to spend on a book-keeper or expensive software this is good first choice. I used Wave to run Profit & Loss statements and Balance Sheets. I found that the interface was easy to use and learn. It was recommend by my accountant for book-keeping, and I'm glad I started with it.

Cons

I was only allowed to upload about 6 months worth of old transactions from my bank, but I had a lot more.

Samantha E.
  • Industry: Law Practice
  • Company size: 2-10 Employees
  • Used Weekly for 1+ year
  • Review Source
Value for Money
2
Features
3
Ease of Use
1
Customer Support
1

2
Reviewed on 1/06/2022

Not enough features and virtually NO customer support

It was fine when we had one part-time employee. But for all the real-life scenarios that pop up when you have full-time employees, it's useless. The customer service is also super disappointing and unhelpful. We only use it for payroll, which should not require much in terms of software so I can't imagine trying to use it for accounting.

Pros

I like how easy it was to set-up--that process was straightforward and the interface initially was easy to understand. Unfortunately as we needed to do more after adding a full-time employee, it proved impossible to work with or use.

Cons

For payroll you have no options, and even when they recognize this, they don't provide a solution. A good example--we had an employee who had maxed out her vacation hours, but we agreed to let her take a few unpaid vacation days. There was no way for us to do this within Wave (you get paid vacation time or nothing). I chatted and even emailed with various representatives--all of which were super unhelpful, and we ended up wasting a lot of time before just being told this isn't an option. That's another huge con--there is virtually no support. The chat bot is not only unhelpful, but real agents are usually unavailable or there's a 20+ minute wait. The system is also not improving like I'd expect. I was notified today that my card declined for some reason so I followed the instructions that Wave emailed me to try to fix it, and it's like someone wrote them without looking at Wave's website because none of the instructions match. Not only is there not a change payment button but there's a Q/A at the end of the page where a user specifically asked this question, and there's no answer! I kick myself for picking this software, and we're in the process of moving to Gusto right now.

Alternatives Considered

QuickBooks Payroll and Gusto

Reasons for Switching to Wave Accounting

Price and what we thought was ease of use. Now the price has gone up to match competitors (but the features have not), so it was a mistake.

Top Wave Accounting Alternatives

Verified Reviewer
  • Industry: Civil Engineering
  • Company size: 2-10 Employees
  • Used Daily for 1+ year
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
4

5
Reviewed on 31/03/2022

Wave Accounting

I was able to quickly send professional estimates and invoices on go and I didn't have to keep a lot of envelopes with receipts any more, I could just scan receipts and attach them to a bank transaction. Before I even get an accountant, I would easily see the performance of the business from the cash flow graphs and profit and loss graphs.

Pros

Setting reminders to be sent to clients for payment is the most important feature from wave in my opinion. Also being able to create recurring invoices you you don't have to do the same thing every week or every month. My other favorite is customer statements. Pulling out customer statements and sending to your clients gives you points in terms of professionalism. I also appreciate that when Wave stopped operating in South Africa they recommended Zoho and gave us a year of free use of Zoho. Even though I did not like changing, this was a very thoughtful move by wave.

Cons

For some reason wave starting giving limited access to its South African customers and partnered with Zoho for customers to migrate. Even though the apps are similar, they're not the same and it took a little bit of time to now learn Zoho a new app.

Alternatives Considered

QuickBooks Online Accountant

Reasons for Switching to Wave Accounting

Wave Accounting came highly recommended by friends. In addition when I first opened wave, the dashboard look simple and it was easy for me to follow.
Danielle R.
  • Industry: Marketing & Advertising
  • Company size: Self Employed
  • Used Weekly for 6-12 months
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
N/A

5
Reviewed on 15/06/2022

Excellent value

Pros

It's incredibly easy to use, generates extensive reports, and makes invoicing clients simple.

Cons

None. I am completely satisfied with this software.

Victoria M.
  • Industry: Information Technology & Services
  • Company size: 11-50 Employees
  • Used Weekly for 2+ years
  • Review Source
Value for Money
N/A
Features
5
Ease of Use
5
Customer Support
N/A

5
Reviewed on 9/06/2022

Great for Invoicing

Pros

Sequential invoice numbers are automatically generated. On top of that, Wave keeps track of paid/unpaid invoices, making it easy for you to see all your debtors and creditors. I also quite appreciate how it comes with an easy setup to accept card payments.

Having used this software since 2018, I also love how receipts are created each time that you receive a payment, and you can decide whether you want to send or print the invoices. Finally, the receipts/invoices look very professional, and you can always get a visual summary of all your transactions at any time.

Cons

I'm happy to say that I haven't had any issues.

Sofia C.
  • Industry: Education Management
  • Company size: 51-200 Employees
  • Used Daily for 1-5 months
  • Review Source
Value for Money
5
Features
3
Ease of Use
5
Customer Support
5

4
Reviewed on 5/05/2022

I love what it does, wish it could do more!

I love the feeling of it, it is very comparable to QuickBooks online and other more expensive type of user oriented software. I just wish the chart of account and the check printing were more flexible.

Pros

This software is a game-changer for free or low cost needs. It can 100% cover the needs of a non profit organization, or in my case our home owner's association needs. It is very easy to create accounts, or modify the already existing ones, and it is very easy to send invoices out. Also, it offers electronic payments which is very convenient for those who wish to pay electronically.

Cons

The software does not allow for check printing through it. All expenses need to be recorded and checks to be entered manually. This causes a feeling of "double entering" or doing twice a process that could have been simplified. The fact that the software will not be able to make payments is a little outdated.

Alternatives Considered

Quickbooks Online

Reasons for Choosing Wave Accounting

QB Online became too expensive

Reasons for Switching to Wave Accounting

It is a freeware for the most part.
Ani P.
  • Industry: Health, Wellness & Fitness
  • Company size: Self Employed
  • Used Weekly for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 12/05/2022

Love Love Love

LOVE it

Pros

It's FREE, very similar to QuickBooks without the huge financial commitment

Cons

As of now, the capacity I use it I have nothing negative to say

Felix P.
  • Industry: Accounting
  • Company size: 2-10 Employees
  • Used Daily for Free Trial
  • Review Source
Value for Money
5
Features
4
Ease of Use
5
Customer Support
4

4
Reviewed on 10/06/2022

Great solution for Freelancers!

My overall experience: Very pleasant to use Wave, I like it.

Pros

I like the most that you can start using this solution for free!

Cons

I like the least that is not scalable in the sense that the sooner you get into transactions bigger than 3k you start getting into problems. (AML requirements) Hopefully they'll solve this soon to avoid this UX negative impact. I cannot afford 1 week fund lockup freezing periods.

Alex O.
  • Industry: Accounting
  • Company size: 2-10 Employees
  • Used Monthly for 2+ years
  • Review Source
Value for Money
5
Features
3
Ease of Use
3
Customer Support
N/A

4
Reviewed on 27/05/2022

Free alternative to QBO albiet with a steep learning curve

This a good free product but clients seems to run into more issues compared to QBO. This can negate the savings from using a free product if you have to spent more time/money to clean up.

Pros

Wave is free which is a big selling point. The accounting software produces profit and loss reports and balance sheets. One can add bank and credit card accounts to automatically feed into the program so then the transactions just need to be categorized.

Cons

The reconcile process is not as intuitive as QBO. Wave will not try to guess the unreconciled transactions.
Understanding how the debit. Credit system is trickier compared to QBO.

Henry C.
  • Industry: Marketing & Advertising
  • Company size: Self Employed
  • Used Weekly for 2+ years
  • Review Source
Value for Money
5
Features
4
Ease of Use
5
Customer Support
N/A

5
Reviewed on 23/09/2021

Excellent for freelancers and small businesses

Extremely positive. In 3+ years I don't think I've had to contact support once, nor have I ever considered switching to other tools. It is one of the few software tools I use regularly where I am happy to open it, and I'm happy to give them their percentage.

As a freelancer, Wave has been indispensable to me. Always simple and smooth, and exceptional bang for the buck. Not only would I recommend Wave to freelancers and small businesses, I have recommended it. Numerous times.

Pros

Wave is ideal for freelancers. Set up is really simple and the interface is user-friendly. I have zero background in financial matters, and with Wave that's totally fine.

The price is also right. There's no subscription or hidden fees, they just take a perfectly reasonable percentage from invoice payments. I asked a financial advisor friend of mine before signing up, and she was pleasantly surprised by the low rates, and told me to go for it. I've been using Wave for over 3 years, and I have never once been hit with a fee outside of the basic rates.

Wave also provides a host of reporting and tracking tools in this basic account. They didn't influence my decision to sign up, but they've proven to be very useful.

And finally a small but really helpful feature, especially if you're a freelancer just starting out: immediate money transfers. Once someone pays your invoice, the money is in Wave, and takes 2-3 days to transfer. For 1% more payment, you can transfer money within minutes. For the cash-strapped freelancer, that can be mana from heaven.

Cons

There are no major cons that I can think of. One issue I have is mostly my fault: When I first started using Wave I didn't know what I was doing, and I ended up creating a whole bunch of client and work type records unnecessarily. It would be nice if there were some more in-your-face tutorials, maybe some hover tips for new users. But the messiness is mainly from me leaping in before looking.

Alternatives Considered

Quickbooks Online and Zoho Expense

Reasons for Switching to Wave Accounting

It was the cheapest option, and the most user-friendly looking. I have no background in finance and didn't want complex features built for accountants - Wave has those features, but only if you want them.
Spencer I.
  • Industry: Photography
  • Company size: Self Employed
  • Used Monthly for 1+ year
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
N/A

5
Reviewed on 31/08/2021

Very powerful free features with the option to purchase high-quality premium services!

I am very impressed with Wave Accounting. Their free products aren't skimpy or limiting, but are actually very full and would likely not be free from another service provider! Wave's premium offerings are extensive as well. Overall, I've found that Wave Accounting is perfect for a wide target audience including small businesses, sole proprietors, independent contractors and freelancers, or people looking to take their invoicing, accounting, payment collecting, etc. to anything beyond their basic capacity and limitations. Highly recommend to a broad audience needing such services.

Pros

Wave Apps software features not only very beautiful interfaces for their products' dashboard, but the platform is at once very feature-heavy and thoughtfully well designed. The aesthetically-pleasing graphics for content such as cash flow, profit and loss, and expense breakdowns on the primary dashboard are sharp and clean in addition to being so helpfully data-driven, and all that is just on the landing page. As you navigate through categories of sales, purchases, accounting, banking, you experience how well-constructions the pages are for options within each section including sales, purchases, accounting, etc. I love just how many of the feature-heavy options are completely *FREE.* Wave Apps offers select premium services, such as Wave Advisors and bookkeeping, even business insurance with "NEXT," while offering things such as accounting, invoicing , etc. free of charge. It's an excellent product for anyone looking for a beautiful interface, but also wanting lots of features without needing to immediately spend money for quality products.

Cons

So many elements within Wave are intuitively navigable and to use with simple data entry. One area that was a little more challenging for me to set up with the chart of accounts section in the accounting area of the interface. It's so nice that it's deeply customizable, but the challenge was that it took me a little extra time to understand and knowledgeably input the data of my assets, liabilities/credits, income, expenses, equity. This is something that would be challenging for anyone not familiar with basic accounting on any software, so I probably would've benefitted from a few "help" pop-ups/set-up assistance here than perhaps some other areas. Where my limitations with setup start is however where Wave's premium products with bookkeeping and accounting are so valuable to the user. There are many great pop-up notices throughout the platform that inform you about new features of ways to most effectively use Wave Apps features, which is great, and of course, they're complete with beautiful graphics.

Josh C.
  • Industry: Design
  • Company size: Self Employed
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
4
Customer Support
N/A

5
Reviewed on 5/08/2021

Awesome free accounting online software for your business that is super professional!

There is very little more I can ask for with Wave for my small business. It is free for the features I need and allows me to take only ACH or credit card payments with a reasonable fee and I only pay the fixed percentage when I use those features so I can just turn it off and get a check from a client and not pay anything. Great Flexibility!

Pros

Its free for small businesses that just need a good business accounting software! You can take ACH and CC payments if you want and turn them off on invoices you don't want it on. The rates are reasonable enough for using these services. The reports are easy enough for doing taxes. It's awesome and cheap for those that are one man shows or freelancers.

Cons

The thing that is the most annoying is when you want to do a recurring billing. It doesn't use something like Maintenance contract #1 then go to #2 or something like that it makes recurring billing invoice names that were the most recent of any invoices. Maybe I am not using it correctly, but each time I have to go and change invoice names then manually send it to the client.

Alternatives Considered

Quickbooks Online

Reasons for Switching to Wave Accounting

I originally chose Wave as it was free. Now I just love it and it works well for me so no reason to even look somewhere else.
Kari G.
  • Industry: Human Resources
  • Company size: 2-10 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 9/05/2021

I LOVE Wave!

Overall, I highly recommend Wave if you are running a business and want low costs and an easy way to manage your finances. My business is simple and Wave makes it so much easier for me to stay on top of things and know where I need to focus my energy.

Pros

I have been using Wave since around 2015 and my books were a mess when I first began because I was doing them (not my strength) and once I heard about Wave's bookkeeping services, I couldn't believe how affordable they were. It's super easy to set up and use, run reports and know about your financials. I tried switching to QB for about 1 month and hated it, so I switched back. Lesson learned and I'm sticking around!

Cons

One thing I had to get used to was because I had my bank account connected and until the month is reconciled, when a invoice is paid I mark it paid and then the 'payment' comes in again from banking. It was easy to catch and now my Wave bookkeeper keeps all that reconciled. Thank you!

Alternatives Considered

FreshBooks and Quickbooks Online

Reasons for Switching to Wave Accounting

I chose Wave because of a family recommendation and how easy it was for me to set up an account and get things moving. The others may have changed, but I still recommend Wave to anyone who is looking for an easy & affordable way to get their business going.
Proinsias M.
  • Industry: Online Media
  • Company size: Self Employed
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
4
Ease of Use
4
Customer Support
4

5
Reviewed on 3/03/2021

Wave Accounting is great for a Startup Business

I was very happy with the invoicing, payments, and the Design and functionality. I was able to search past transactions very easily. I did not pay for premium support, but the support that I recieve is excellent.

Pros

It was free to use the accounting services
I was able to invoice customers using Stripe as a Payment Gateway which was great value
The Design and User Interface is very professional compared to others that I have seen
The Payment Gateway was also very professional when sent to customers, it added to the credibility of the business

Cons

My particular Bank would not allow me to sync my account with Wave, but that was a local issue not a general issue.
I was very very happy with the invoicing. but I always felt that the ledger views were not as robust.

Alternatives Considered

Sage 100cloud and Zoho Expense

Reasons for Choosing Wave Accounting

The functionality that I really needed was free and I was very happy with that.

Switched From

Sage 100cloud and Zoho Expense

Reasons for Switching to Wave Accounting

It was really cost, efficiency, and user interface. It looked good from the customer side and that was important for me.
Cheikh B.
  • Industry: Computer Software
  • Company size: Self Employed
  • Used Daily for 6-12 months
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
4

5
Reviewed on 12/01/2021

Good accounting software

The speed with which the credit cards were processed automatically saved me a lot of time.

Pros

This is a very complete software that allows you to build quotes and convert them into invoices in a fraction of a second without much effort.

Wave is excellent especially when it comes to credit card processing which is done automatically with a very low 1% fee.

It is very easy to set up and use and the cost is low or even free. Personally, I recommend buying this package because it comes with support: from setting up your account to the specific categories for your company .

The other advantage of Wave is the presence of a number of applications to send invoices when you are away from your workplace.

So even when you're away from home you can download them. In this case, all you have to do is take the photo on the spot.

Cons

The problem on the Wave software is not so numerous, but we notice that it is impossible to close a period correctly.

All members who are able to make transactions have the possibility to change or add entries from the previous year.

For me an administrator must have the ability to close a period so that no changes are made. User growth is also very limited.

The lack of audit trails for transaction entries is also a case of imperfection at Wave . Admittedly, it is possible to generate transactions, then generate reports, then cancel the transactions, etc.

But there is no proof that these changes are made yes or no, because the software is unable to remember its categorizations.

The keyword search function is absent from Wave in the transactions section and sometimes it makes us lose a lot of time.

Alternatives Considered

Zoho Books

Reasons for Choosing Wave Accounting

To test another software

Switched From

Quickbooks Online

Reasons for Switching to Wave Accounting

Because Wave is free and easy to use accounting software
Michael M.
  • Industry: Music
  • Company size: Self Employed
  • Used Daily for 1+ year
  • Review Source
Value for Money
5
Features
4
Ease of Use
4
Customer Support
3

4
Reviewed on 20/11/2020

Wave Was/Is My Go To From QB Online

My overall experience has been great! I have to do some thinking/remembering at tax time to separate the double entries of income. I show an invoice paid by check WAVE shows that income on my account. I go to the bank and deposit, there is that check again. For the total amount of money saved, around $450-500, I will put up with it.

Pros

It is FREE in the cloud, works on ALL platforms Windows 7,10, Android, iphones. Accepts all credit cards including Amex for 2.9% I am saving $420+ yearly by not having QB, I don't have to print invoices. Since WAVE is in the cloud I email my invoices and receipts.

Cons

I wish it had more storage of customer service that has been performed in the past but I suspect that would require some expense. It only had 3 invoice templates and there wasn't much customization on those. You can't compound taxes on your invoices, let me rephrase, you can compound 1 tax but no more. Since my only taxes are State and County I found it best to compound none for fear of forgetting which one I had compounded

Alternatives Considered

NolaPro

Reasons for Choosing Wave Accounting

Quickbooks Online wasn't as good as the desktop version but as long as Windows 10 is still under construction I won't chance having another desktop version made unusable due to another Windows 10 "update". I don't need to be concerned about it anymore now that I have WAVE!

Switched From

Quickbooks Online

Reasons for Switching to Wave Accounting

Wave had a more complete suite of the tools I needed that were familiar to me from my experience with Quickbooks
Brooke B.
  • Industry: Design
  • Company size: Self Employed
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
4

5
Reviewed on 26/08/2020

LOVE LOVE LOVE

Wave no longer integrates with CapitalOne Spark Business Checking & Savings. CapitalOne is going through some changes so I don't blame Wave too much but manually uploading bank statements every month is a hassle. Though I love Spark, I'm hopefully that Wave's banking that is coming soon will be a good future solution. I love Wave for everything else. It's the most rounded and affordable solution for my small business finances.

Pros

It's everything I need in one place. As a small business, Wave is the best solution for me. I can invoice my clients for free, and easily keep my finances up-to-date making tax season worry free.

Cons

Wave no longer integrates with CapitalOne Spark Business accounts, so I have to manually upload two bank statements every month into Wave; One for my checking and one for my savings account, both of which are Spark.

Alternatives Considered

PayPal, Zoho Expense and QuickBooks Desktop Enterprise

Reasons for Choosing Wave Accounting

Quickbooks is too expensive and more difficult to use. Wave is a miracle.
Sutra B.
  • Industry: Leisure, Travel & Tourism
  • Company size: 2-10 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
3
Ease of Use
4
Customer Support
4

4
Reviewed on 7/05/2020

Excellent for the start-up to small company!

So far it has been a good experience overall. I haven’t had any issues. I haven’t had very much interaction with customer service other than the initial consultation Coach and the vetting process situation.

Pros

Love this product because of the cost! Free! So many great tools that it offers to include invoicing. You can create all of your own products and services and include your terms & Conditions. Clients can pay directly from the invoice. You can get paid the same day if you attach your business card to your account. It has a payroll feature as well for an additional charge. I love the fact that the reporting is so simple and easy to read. I would highly recommend purchasing this set up package. It comes with consultations and assistance to work through all the process of setting up your account and different categories specific to your business. It was definitely worth the extra money spent. I also like the fact that there are apps available to send invoices if you are away from the office. Also, you can upload receipts directly from wherever you are by simply taking a picture and categorizing it on the spot. No more having to deal with Receipts in the shoebox LOL.

Cons

On the Invoicing I wish there was an option to add tipping. Our clients like to add a tips for our service and while Square offers this feature, Wave does not. There was a weird vetting process that nobody told me about and at first I thought it was a scam and I didn’t reply. But then I confirmed with the consultant I had been working with and they verified that this was in fact something that I had to go through. It seemed kind of sketchy at first, but it had validity with regards to the financial process.

Suzanne R.
  • Industry: Photography
  • Company size: Self Employed
  • Used Daily for 2+ years
  • Review Source
Value for Money
3
Features
3
Ease of Use
2
Customer Support
3

4
Reviewed on 24/01/2020

Wave error messed up my entire system and they want to charge me $3000 to fix it

It was good while it lasted, before their system made my data unusable. They really tried to be helpful, I chatted with several friendly people online, all of whom were unable to resolve my issues. They were unable to refer me to a WaveApps specialist in my area. Ultimately their solution was to offer me one of their bookkeepers at a cost of $3000 to fix the problem they created. No thanks.

Pros

It was wonderfully easy to use, the invoices looked professional and payment processing features were handy.

Cons

TLDR: Major syncing, reconciling and support issues

Two of my accounts synced twice (so I had four accounts in Wave where there should have been two) and they were unable to fix this. Their suggested fixes did not work. They have chat and email support but no phone support and even though they logged in as an admin they were unable to fix this problem.
A recent update to their system caused my entire past four years of records to be unreconciled, and the only fix was to go back to the beginning of time and compare each transaction ever made.
They offered me a bookkeeper to do this for me for $269/month for a minimum of 12 months, despite my being very diligent about keeping my account up to date for the past four years.

I have switched to another system now.

Alternatives Considered

Mint, QuickBooks Payroll and FreshBooks

Reasons for Choosing Wave Accounting

I wanted to be able to send invoices and have everything be tracked automatically.

Switched From

Microsoft Excel

Reasons for Switching to Wave Accounting

Essentially an acquaintance was using waveapps and it looked like it would be great.
Verified Reviewer
  • Industry: Management Consulting
  • Company size: 11-50 Employees
  • Used Daily for 1+ year
  • Review Source
Value for Money
5
Features
5
Ease of Use
4
Customer Support
3

4
Reviewed on 11/01/2020

Great Free Accounting Tool

We use it for multiple businesses and a non-profit as we are a small cluster of social enterprises that work hand in hand with each other. We are really enjoying working with this software and it has helped us tremedously, all while not costing us a penny!

Pros

On the positive side, this software's functionality is almost up to par with other options that cost a lot of money. Wave is free and for that price what they offer is unbeatable. It is a fully featured accouting software, as it is a web app, it means multiple people can use it simultaniously and it also works great for a virtual team. I like that it is made with non-accountants in mind. For example, when entering transactions there are "Accounts" - but these are only Accounts as a nun-accountant will understand: Cash, Bank, Owners Investment etc. - everything else is called "Categories". This makes it easier for someone not too versed in finances to understand - but behind the scenes Categories are Accounts, just like they always were (e.g. Office Supply Expense Account) - small and simple changes like this make it very easy to use even for a financial analphabet. Two mobile apps compliment the accounting software, one for writing invoices on the go, the other for scanning and (auto)recording expense receipts.

Cons

On the downside, and this can be a big one, you are not able to properly close a period. This means anyone with permission to enter transactions can go and change entries from last year, or add some. This can make things really messy and I hope they add a function where an administrator can close a period such as a month, so that no more changes can be made. Further, you can add other users, but the type of users are quite limited. I wish this could be controlled on a more granular level, e.g. there is the option to add a 'viewer' who cannot edit anything. The next level is somoene who can enter all types of transactions (you can turn of access to bank entries and writing invoices) but it would be nice if there was one where I can let someone add receipts with the mobile app but not do anything else.

Corinne P.
  • Industry: Health, Wellness & Fitness
  • Company size: Self Employed
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
4
Ease of Use
5
Customer Support
5

5
Reviewed on 7/12/2019

Satisfied daily user since 2015

I'm a sole proprietor of a service-based clinic, and I sell a very small amount of retail product (less than $500 per year). I use Wave to generate customer invoices, track payments, organize expense receipts, calculate taxes payable, and run reports. The app does allow for a "Personal" account which I do not currently use to my advantage but I plan to incorporate that into daily use next year to help keep better track of my overall financial situation.

Pros

Wave is free to use which makes it excellent for my small business. It has an app to facilitate easy upload of receipts for my expenses. Being cloud-based enables me to access my accounting from my clinic or my home office (or on the go) with ease in real-time. It syncs with my RBC account to import my transactions and is very user-friendly.
Customer service is friendly and responsive.

Cons

My complaints about this software are very minor. There is an option to "save and send" invoices by email with a single mouse click, but to print the invoices takes three clicks.
My other complaint is that there is no simple Customer Statement to print. The Customer Statement that is available shows every transaction posted, so for most of my clients there will be three entries for each visit to my clinic; one invoice date, one copay payment, and one insurance payment applied. I would prefer to be able to generate this statement showing a list which includes ONLY the invoice date and total amount charged.
They are very minor complaints. I am quite pleased with this product.

Verified Reviewer
  • Industry: Management Consulting
  • Company size: Self Employed
  • Used Daily for 6-12 months
  • Review Source
Value for Money
5
Features
4
Ease of Use
5
Customer Support
5

5
Reviewed on 3/12/2019

Wonderful accounting software for starting and growing a service business

I haven't gone through a tax season with my business yet, but I have been an independent consultant and I anticipate having everything tracked in Wave is going to help me out a lot come April. It's so easy to use and I can focus on my core business rather than spending a lot of time on admin.

Pros

Wave helps me do so much. I can issue invoices, track them (I.e. I can see when a client has viewed it!), and allow clients to make payments directly through the invoice. I can also customize my invoice, which is great. I could do all of this from day 1. I'm a solopreneur and launched my business this summer. I was able to issue professional invoices from day 1 and track my expenses using their receipts app. The other thing I love about Wave is that they are very interested in feedback from their customers. I've had a few interactions with them and it's always been really pleasant. It's also free which helps me out a lot. I do use the credit card payments, which has a fee like any other service would.

Cons

Their mobile app could use some work, and I've given them this feedback. The receipts app is great to take pictures really quickly, but I generally have to use the browser to do anything else.

Alternatives Considered

Quickbooks Online and FreshBooks

Reasons for Choosing Wave Accounting

I needed something professional and long term.

Switched From

Microsoft Excel

Reasons for Switching to Wave Accounting

The core software was pricey and I could have easily used Word and Excel and if I wanted a 'free' option. I also didn't need all the bells and whistles, so paying so much for this service didn't make sense for me.
Felix J.
  • Industry: Accounting
  • Company size: 5,001-10,000 Employees
  • Used Daily for 6-12 months
  • Review Source
Value for Money
5
Features
4
Ease of Use
4
Customer Support
5

4
Reviewed on 2/09/2019

A Solid Free Small Business Accounting Software

It’s been a solid piece of cloud accounting software, albeit limited. It’s hard to beat the price of it, and I have yet to find a similar but more fully featured one at the price of FREE!

Pros

I use Wave to keep track of my personal finances, from income to spending. In that lens, Wave performs quite well, allowing you to tag transactions that are automatically imported from your bank. It also lets you generate some simple reports such as your income statement, balance sheet, and cash flow. The interface is simple to use and understand, and I was able to pick it up (coming from an accounting background) in under a few minutes, without having gone through a walkthrough. The included ability to reconcile statements is also quite handy and allows me to verify that all transactions are posted appropriately. The inclusion of receipt tracking and tagging is also quite handy!

The best part about Wave is the price! If you don’t need features such as invoicing and payroll (some SMB’s may find these handy. From a personal perspective, I did not), the accounting software is completely free.

Cons

Wave still appears to be in its infancy, although the product has been there for a while. The user interface will frequently be updated (the reconciliation flow changed 3 times since I signed up about 6 months ago), and new features will constantly be added without any notification, often shifting often things around from where you expect them to be.

The reports from Wave are also very limited, so don’t expect any customizable reports as of 08/2019. You get about 12 reports total, some or all of which may not be very relevant to you, depending on your end goal. These reports are completely canned, system generated, and you do not have the ability to create new reports. This may change in the future, but as it stands, this is the current state of affairs.

The receipt tracking feature is definitely handy to have. While Wave will OCR your receipts and tag them to a category, it will actually post an entire transaction to the ledger when you save it down. For those of us with a bank account and credit card linked to auto import transactions, you’ll get a duplicate: one from the CC, and one from the receipt. It would be nice if Wave included some intelligence to automatically match the receipt and transaction together, but for now, you need to manually merge each.

Finally, as a small point, Wave does not obtain any service assurance through SOC1 or SOC2 reports, an issue that most people wouldn’t ever care about.

Alternatives Considered

Xero

Reasons for Switching to Wave Accounting

I mostly chose Wave over Xero for the price. As I’m using this for personal finance tracking, and not a small business, I didn’t want to have to pay Xero’s rather pricy monthly subscription.
Clay A.
  • Industry: Hospitality
  • Company size: 2-10 Employees
  • Used Weekly for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 5/08/2019

Exactly what I want in a small business accounting software

Very stress free. For a free app, you expect the quality to not be as high, but overall Wave has been very reliable. I didn't really want to pay $30+ a mo for Quickbooks when all I need is for my transactions to be categorized. Wave does this well, so glad it is free. I did use the chat once and had very good experience, although I think I saw they were disabling chat except for people that have paid for support or something, so that's a bummer. But I understand, they have to get paid somehow so I'm not complaining.

Pros

I love the simplicity. We are just a small business, so the primary purpose of using this app is to categorize all my expenses, so once tax time rolls around, I just have to send the tax lady a breakdown of my income and expenses. Once a week or so, I'll log in to check all the transactions it imported from my bank account. It auto categorizes most of them which is awesome, I just have to click the check mark button to verify it was categorized correctly. Then once tax season rolls around, I just run the income statement report and send it to the tax office. I even have created a review account for the tax lady to be able to log in and see my business finances. We are just a simple business so we probably don't use some of the more advanced features, but it does what I want and best of all, it's F-R-E-E. I do also like the payroll and invoicing options if we need that in the future, although that is unlikely for our business.

Cons

For some reason, they disabled the ability for deposits to be auto categorized. This is my most common type of bank transactions, since all credit card payments are deposited into my account a few days after they process, so I have tons of transactions I have to go manually mark as the 'Sales' category. I did talk to customer support over chat about this though, and the lady agreed this would be extremely useful so they are looking into this.

Alternatives Considered

QuickBooks Desktop Enterprise and ZipBooks

Reasons for Choosing Wave Accounting

I just tried out Zipbooks, and although I was impressed, Wave just offered more for the price of free. Zipbooks only offered like 2 reports on the free plan, and I really needed the income statement report to show my categorized expenses.

Switched From

ZipBooks

Reasons for Switching to Wave Accounting

Quickbooks because they are the de-facto standard, and because I would trust their reliablility. However, I just didn't like their price. They have the deal to start off with for the first x months, but it always doubles in price after that period. If Wave didn't exist, i'd probably have gone with quickbooks or paid for Zipbooks.
1,223 reviews