Wave

Pros

The features in the platform are great. Simple to use not user friendly but easy to use.

Cons

Their platform doesn't integrate with other systems in the transportation industry.

Alternatives Considered

Reasons for Switching to Wave

Pros

Its free version comes with everything I need in order to keep accurate and up-to-date accounting books. It even lets me do foreign currency invoices, something that I don't find in other free accounting systems.

Cons

I can't really say; I think that this free version is quite generous in its offerings. I sure hope that Wave will keep it!

Alternatives Considered

Reasons for Choosing Wave

Switched From

Reasons for Switching to Wave

Pros

It has a good suite of features for a good price when those features work.

Cons

Customer support has become nearly non-existent and there is no way to reliably address errors or questions.

Pros

For our small business, it is nice to have an affordable accounting option.

Cons

I wish they had not done away with the free scan receipts feature. I still pay for it, though.

Alternatives Considered

Reasons for Choosing Wave

Switched From

Reasons for Switching to Wave

Pros

I like how simple Wave is for reconciling all my business expenses and auto-categorizing, based on previous years. Invoicing is also fairly straightfoward.

Cons

Invoicing is great for one off invoices, but doesn't integrate with other apps and more automated checkout systems. It can become cumbersome to manage service inventory, having to create new 'products' for each custom service to then sift through.

Alternatives Considered

Reasons for Switching to Wave

Pros

I like how easy it is to use and be able to have everything you need in one place

Cons

I have yet to find anything that i don't like yet

Pros

App is great for basic accounting and bookkeeping.

Cons

Terrible support. We use their invoicing system and our payouts are on hold for weeks and all we here is we must wait. We already provided all documents of identification etc, but no solution was given

Alternatives Considered

Reasons for Switching to Wave

Pros

Ease of invoicing makes them simple to create and simple for my customers to access and understand

Cons

Fees for payments received via debit card

Alternatives Considered

Reasons for Choosing Wave

Switched From

Reasons for Switching to Wave

Pros

You could manually upload bank statements if you didn't want to connect a bank account. You could also upload pictures of your receipts of expenses.

Cons

They started charging extra for the feature of adding receipts to your expenses, which at one time was included. The auto upload of transactions by connecting a bank account did not work for me, so I had to manually upload statements which was time consuming.

Pros

I like how it is very user friendly interface. When I first starting learning my job, my trainer didn't have to teach me how to use Wave application because it was easy enough.

Cons

Sometimes pressing the number buttons didn't work. For example, if the call say press 1 for nurse, press 2 for dispatch. I tried to press number 1, but it would not recognize. Also, our company just had to switch to another application and they told me the reason is due to HIPPA compliance.

Pros

Wave is fantastic! It's easy to use and provides many options for running reports and managing your money. I also love the ability to connect my business card and my business bank account.

Cons

Any problems I have with Wave are not because of the software. Wave has made it as easy as possible.

Pros

As a SMB or sole-consultant Wave takes all the annoyances of invoicing and tracking payments in/out super simple.

Cons

I've honestly not run into an Cons while using Wave (formerly "Wave Accounting).

Alternatives Considered

Reasons for Switching to Wave

Pros

I have used it for over two years now with great success for my corporation's accounts. I recently asked my accountant if he needed me to get another program to help him with my company's Tax Returns and he flatly said, "No, what you are using now does everything I would want a program to do and is also super simple to use."

Cons

It has all the features I need. I will explore if I can sync it with my corporate credit card to automatically upload entries.

Pros

free version offered a lot of great features comparable to QB Online

Cons

Not being an accountant-minded person, I needed to catch up on account reconciliation. It was not easy to figure out and took a lot of time, even with the help pros. Spent hundreds of $$ for multiple calls with a help pro who did the work and had me watch but never actually taught me how to do it myself. And then never answered my questions via email as he explained he would.

Pros

I like the ease of use. Very user friendly. I moved from QB Pro to Wave because of the extreme increase in pricing QB imposed.

Cons

You can't convert a percentage of an estimate to an invoice (industry norm). You must wait 7 BUSINESS DAYS to receive a bank (ACH) payment. Every single ACH payment I have received from my clients has taken EXACTLY 7 business days while their website states it takes 2-7 business days. Not truthful at all. They also charge 1% with NO cap - and they still hold onto your money! Unbelievable!

Pros

I like the ease of use and the ability to create both individual invoices and recurring invoices. I also like the ability to take a range of payments from card to direct deposit (ACH). Finally, the ease of managing transactions makes my life easier as a small business owner.

Cons

The recent price increase, while understandable, is never fun.

Alternatives Considered

Reasons for Switching to Wave

Pros

Wave has the visibility and control needed across accounts payable, global payments, procurement and employee expenses to run business more efficiently and drive growth. It's users friendliness has been enhanced by the power of AI.

Cons

Personal designing of the dashboard is not desirable. It is also disappointing that some banks are not fully implementable on the software.

Pros

Bank account management : with Wave you can manage all your bank account.

Cons

The program helps you through all its indicators to make business decisions.

Pros

I use Wave as QB alternative on my end. I like that it automates repetitive accounting tasks such as AP, GL, financial management and payment matching.

Cons

However, Wave lack offline access and accounting capabilities for global enterprises.

Pros

The user-friendly interface of Wave is incredibly intuitive, making it easy for me to accomplish the tasks I need without any confusion. I particularly appreciate the extensive customization options available for documents like invoices, allowing them to appear both professional and personalized.

Cons

Although the customization features are impressive, there are still a few areas that could use some refinement. However, the overall quality of Wave is so high that it's challenging to pinpoint any significant drawbacks.

Pros

I use the free version and am completely happy with it! I am not an accountant, so my learning curve was big, but that was more for the accounting side and not the software side.

Cons

It freezes up sometimes when I try to open too many windows.

Pros

The only positive thing that I can say about them, is that after THREE years and having to lose the company that my cousins and I started together, we did finally get our money, or rather most of it.

Cons

I will just tell you our story with it. My 2 cousins and I decided to go into business together before COVID happened. We all have degrees in different categories and wanted to join forces. One had a degree in computer engineering, one in graphic design, and I had a business degree although at the time I had a huge following on social media and was working as an influencer. We wanted to help small businesses get their names out, and started a business advertising for them. I used my presence on social media to advertise by word of mouth, while my cousins would design web sites, and create custom logos and business cards for our clients. We began with just friends to test, so we didn't have a set price for anyone. It was also a side gig so we let people set their prices. Thankfully wave was not the only company that we used. I will describe our experience in the next question.

Pros

It is easy to use. It is very inexpensive too... Most features are for free...

Cons

Maybe it needs more customization and a wider span of features and invoicing for AR and AP.

Pros

User friendly and very good record keeping analytics

Cons

The cost could be a bit lower for the subscription.

Pros

- Low cost or free accounting tool that provides above average capabilities
- Cloud based so its convenient to login from anywhere
- easy to link up external accounts into the software

Cons

- Lacks add on features for more complex situations
- reporting features could be improved.

Pros

-Very affordable for a single owner small business
-EASY to use
-Makes accounting anxiety free
-You can hire professional bookkeeper if needed
-Can add your accountant to the account with ease
-Can invoice and track customer payments

Cons

-Would love more categories for expenses

Alternatives Considered

Reasons for Choosing Wave

Switched From

Reasons for Switching to Wave

Pros

Wave has a free, entry-level accounting software option that makes it a no-brainer for new small business. I'm able to use their free tier to reconcile my accounts, automatically import transactions, send professional invoices, and produce financial reports without increasing my overhead. The value provided by Wave given the $0 price tag is huge.

Cons

I have encountered two notable bugs within their software. First, despite efforts to fix it, the Sales Discount account is backwards (it records as a revenue account rather than a contra-revenue account). Second, I've encountered a rounding error within bills that has resulted in my Accounts Payable account being a few cents off even after all bills are paid. There are workarounds that I use weekly to overcome these errors, but Wave has not fixed the errors nor published a timeline for their resolution for months. Finally, most accountants and bookkeepers use QuickBooks and aren't familiar with Wave, so I don't recommend Wave for anyone with an outsourced bookkeeper or complicated tax situation.

Alternatives Considered

Reasons for Switching to Wave

Pros

Wave is a great software that is free to most users as a way to pull their accounting records together. Clients that I have that use it, think it works great for it being free.

Cons

I do think overall it is a little less intuitive for someone who doesn't have an accounting background. The transaction screen and recording process with it listing everything in the main screen, is sometimes hard to track, especially if all the accounts are selected. Great for basic bookkeeping, but more complicated businesses with more transactions & accounts, I would recommend a more sophisticated software.

Alternatives Considered

Reasons for Switching to Wave

Pros

Wave automates over 86% of manual repetitive accounting tasks such as invoicing and billing.

Cons

I slightly dislike that Wave lack capabilities for global enterprise organizations but it has a robust backend integration capability.

Pros

One of Wave’s standout advantages is that its core accounting features are entirely free. For small business owners, freelancers, or entrepreneurs, this means you can manage your accounting, invoicing, and expense tracking without a subscription fee. Unlike many competitors, Wave offers a robust and user-friendly platform at no cost, making it an excellent choice for budget-conscious users who need reliable financial tools without hidden expenses.

Cons

Actually not much comes into my mind.

They changed their free basic plan that you cannot send emails now - invoices or reminders. But that seems totally fair.

Pros

Wave is now making waves in the market right now. Very effective and easy to use and in reach of incredible features. Enjoy a user-friendly interface and comprehensive bookkeeping capabilities. Track expenses, reconcile books and generate financial reports easily with wave. A reluctant tool you ought to try.

Cons

For me Wave has been really good and fruitful,no cons.

Pros

it's perefect app it help for accounting management, invoices and tax statement

Cons

for the option pay roll it's not available in Quebec

Alternatives Considered

Reasons for Switching to Wave

Pros

Wave has robust features that enables me to eradicate manual processes during data entry in various aspects such as bank reconciliation, AP and AR.

Cons

I have never come across any error on the pro plan.

Pros

I liked that it was an online free solution for the UK customers.

Cons

The reporting side is very limited, only basic reports are available.

Alternatives Considered

Reasons for Choosing Wave

Switched From

Reasons for Switching to Wave

Pros

Wave is pretty easy to use, and if you can't figure it out on your own, the help documents are pretty easy to follow and guide you to the right spot.

Cons

It's invoicing only so it's not as robust as some competitor products that also include documents for proposals and such.

Alternatives Considered

Reasons for Switching to Wave

Pros

The ease of use for creating invoices and estimates. The ability to send invoices, reminders, statements right from the app. Their customer database is very simple. Vast assortment of software needed to run your business.

Cons

Haven't really experienced any cons thus far. Have been using Wave for approximately 3 and a half years.

Pros

The free version used to offer more but it still offers a lot. It integrates with Plaid. It has a native payment processor that reconciles. It has an algorithm to match and merge transactions. I would have stuck around but there was a better value offer elsewhere.

Cons

The sole reason to switch was that they wanted to charge me for a full account for each project/property that I wanted to integrate onboard. I needed better separation for reporting for my properties for real estate reasons and it was just too hard to keep them separate.

Pros

It’s simple and straightforward. It’s got a clean sleek look and it’s very affordable.

Cons

I wish I could view my transactions within the app instead of just online.

Alternatives Considered

Reasons for Choosing Wave

Switched From

Reasons for Switching to Wave

Pros

User friendly, pretty easy to figure out how to do things, simple interface, the free plan offers a lot of tools

Cons

The process for automatically categorizing payments and income doesn't work as smoothly as it could. Their AI tool is alright but makes mistakes. When you use their native Checkouts tool for collecting payments, they are categorized in a way that you cannot fully edit.

Alternatives Considered

Reasons for Choosing Wave

Reasons for Switching to Wave

Pros

With Wave, I am able to automate complex accounting tasks such as billing and invoicing.

Cons

I do not experience challenges with Wave when running accounting projects.

Pros

It's the best accounting system I have ever used before. Very effective and user friendly and I would recommend it to any business.

Cons

It's taken long to have a great app for it and also they've restricted new accounts to North America which is a drag.

Pros

It can do pretty much anything that QuickBooks can do, but it can be used for free! This was perfect for when I was setting up the back-end of my entrepreneurial business.

Cons

It required a bit of learning to use, I was used to QuickBooks, and some of the language, UI, and functions look or work differently. After this initial period it has become perfectly simple and useful.

Pros

Wave is easy to use and a huge time saver when it comes to tracking expenses and doing reports. Best thing about it is that it is free for the starter edition.

Cons

You can’t send an estimate directly through Wave without the paid plan but it is a small issue.

Alternatives Considered

Reasons for Switching to Wave

Pros

Love the fact that you can do payroll, invoicing, payment by credit card and taxes all in 1 solution for small business

Cons

Probably the payroll fee each month that I have to pay. Some providers are free and for small business every single $ counts.

Pros

It is super easy to use and very affordable for the start-up business owner or side hustler.

Cons

It has limited features in some areas, like payroll, but if you're a solo team, that doesn't matter.

Alternatives Considered

Reasons for Choosing Wave

Switched From

Reasons for Switching to Wave

Pros

Having a free version for small business owners is truly amazing. The fact that it works so well and is very easy to setup & use is a blessing

Cons

I realize every business needs to make money - the latest update which now makes you download the invoice to send as opposed to being able to send from within Wave is nothing more than a small extra step.

Alternatives Considered

Reasons for Switching to Wave

Pros

I love everything about Wave. I have been using it for several years for small business accounting. Its connected right to my business account so I never have to worry about forgetting anything

Cons

There is not a single thing I can say wrong about Wave. I have used it for several small businesses of different types and it works for them all!

Pros

The first greatest thing about Wave is that is FREE!!! If you are just starting out, or a small business where overhead and expense need to be kept to a minimum, I recommend this app. It has all basic functions you need like, quotes, invoicing, statements, entering bills, receipts, reconciling bank statements, etc. All of these services including reporting are included in the free software! It has payroll functions for an additional charge, which we have opted out of for the time being. You can even link your bank account to it and it will import all the your debits and credits for reconciling.

Also, this software is super user friendly and you do not need to be a tech expert to understand it. It will set you up with preloaded items it thinks you need for your business and then you can change them or delete them. You can also add new ones super easy while doing this or after the fact. I really love that its cloud base and can be accessed anywhere. This makes it key for me when traveling for work.

Cons

Honestly Wave is pretty awesome that it was hard to find cons with it. The only drawback for me is the reporting. I wish I was able to customize them and select certain data to analyze. The reports are basic and standard, they just don't quite cover what I am looking for in my reporting.

Alternatives Considered

Reasons for Switching to Wave

Pros

As a sole proprietor, I do like that it has a free option to keep my overhead costs manageable.

Cons

There are some reports that are a bit more challenging to put together

Alternatives Considered

Reasons for Switching to Wave

Pros

I love ease of use and functions that match my business needs.
Allows branding and customisation of invoices. Love that I can clone invoices saving time for repeat services to same clients ( art coaching in my case)

Cons

Disappointed that they removed wave receipts for non-US clients. This particular feature was critical to document hard copies of receipts on the go, into the online wave system. Now their is nothing else to integrate the hard copies of receipts into the wave system