About Wave


Wave is a web-based integrated accounting solution exclusively designed for small businesses, freelancers, and consultants. Wave provides features including accounting, invoicing, billing, payment tracking, payroll management, finance management, and receipts.

With the bank reconciliation feature, businesses can link their bank accounts, PayPal accounts and other sources of data for real-time transaction records. Businesses can also generate reports such as balance sheets, sales tax reports and account receivable and payable reports with Wave accounting.

Wave accounting system also provides an invoicing tool to collect money, and users can choose the template of their choice as per the organization’s needs. Invoices can be sent via email, and the system's payment processing allows users to collect credit card payments.

Wave payroll (supported in the U.S. and Canada) comes with features such as direct deposit and employee self-service. The personal finance tool features a budgeting tool, real-time investment tracking and a dashboard for personal finance management.



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Supported Operating System(s):

Web browser (OS agnostic)

764 Reviews of Wave

Average User Ratings

Overall

4.38 / 5 stars

Ease-of-use

4.5

Value for money

4.5

Customer support

4.0

Functionality

4.0

Ratings Snapshot

5 stars

(453)

4 stars

(217)

3 stars

(49)

2 stars

(20)

1 stars

(25)

Likelihood to Recommend

Not likely

Very likely

Showing 1-10 of 764 reviews

May 2019

Andi from Hummingbird Marketing Services LLC

Company Size: 2-10 employees

Review Source: Capterra


Ease-of-use

5.0

Value for money

5.0

Customer support

5.0

Functionality

5.0

May 2019

Wave Shows Me the Money!

Before I used Wave, I was behind every month on my invoicing. I hated sending invoices, and I really, REALLY hated being the Collections person, asking my clients to pay their bills. Then I found Wave, and my whole life changed. I was able to get set up super quickly, connect to my bank, add my clients' contact information, and set up the template for my invoices. Now, I have "Monthly Invoicing" on my calendar, and it takes me about 15 minutes to handle the task (instead of 2 hours). My favorite emails are, "Congrats! You Got Paid!" from Wave. I feel fantastic!

Pros

Wave has absolutely changed my business for the better. It used to take me about 2 hours a month to do my invoicing, which I hated doing, and so I avoided it. Now, I handle monthly invoicing in about 15 minutes. Plus, as new clients come in or one-off projects are completed, I can send the invoices quickly—like 5 minutes. So ease of use is absolutely the first thing I love about Wave.

Second, as a small business owner, I am in charge of acquiring new clients, executing the work, invoicing for the work, and then acting as collections when clients are late in paying. With Wave, I check a simple box that sends reminders to the client when things are past due. What a relief! It's coming from "my accounting department" rather than me. Hallelujah!

Third, the payment process is so easy for my clients! They can pay any way they want—check, credit card, bank, whatever. It's so easy for them, and I have had zero complaints.

It's also fantastic to know when clients have (or haven't) viewed the invoice. And getting the emails from Wave announcing that I've been paid are the best emails of the day.

The fact that all of this amazingness is free? That's just the icing on the cake. Thank you, Wave!

Cons

My only issue with Wave is probably a rare use-case. I manage invoicing for a client of mine. (Side note: Wave made it SO EASY for me to be an admin of her account but not the manager, and I can log into my account to access hers. It is AWESOME!) She sells programs, and her clients generally pay in one invoice. Occasionally, her clients need to pay in installments. It was not easy to set up a recurring invoice for only three months to send to the client, especially without a credit card on file. I had to create three different invoices, and label them as Installment #1, #2, etc. However, I recognize that this is probably a one-off user scenario that not many people would need. And I can't complain when the tool is free, and I found a workaround.

December 2018

Jack from JEM Software

Company Size: 1 employee

Review Source: Capterra


Ease-of-use

4.0

Value for money

5.0

Customer support

3.0

Functionality

4.0

December 2018

Wave has amazing functionality for a free product, but it's not as good as it should be

I have been using Accounting by Wave for nearly three years. It was a replacement for my Simply Accounting program. I am forever wondering how Wave can afford to make such a polished product available at no cost. Initially, there were ads, but now that they have a revenue stream from additional services, the ads have been removed. I have opted not to use their in-built payment processing feature, but I imagine it would be similar to Paypal in terms of the fees. Day-to-day operation of the program is smooth. They use a Zapier interface to my bank to update balances and download transactions. This interface is quite slow, although the speed has improved somewhat over the years. As bank transactions are imported, they are categorized into various income/expense categories. I find the categorization to be fairly unhelpful. Even after the user changes the categorization of transactions, Wave does not remember these settings. The next time data is downloaded, it will use the same, incorrect categories as the previous time. Wave is currently rolling out a new version of their software, which promises improvements to the AI (artificial intelligence) capabilities. I hope this means they will remember user-defined categorizations, but until my account is updated, I cannot speculate. There is one VERY ANNOYING bug in the program that I have described in the CONS section, since I've run out of space here.

Pros

The software is FREE for everything other than PAYROLL and PAYMENT PROCESSING. If you don't use those components, there is absolutely no charge. For the most part, it is user-friendly and straightforward, and the quality of its printed invoices, customer statements and reports is top-notch. I really appreciate the ability to create recurring invoices (subscription billing) and view monthly income/expense bar charts for a 1- or 2-year period.

Cons

This is bookkeeping software that stresses simple data entry. However, it doesn't have features such as audit trails for transaction entries. With this program, it is possible to generate transactions, generate reports, and then reverse the transactions without any way of knowing that changes were made. Wave attempts to categorize your income and expenditures, but doesn't currently have the ability to remember your categorizations. But the thing I like least about this software is a BUG that causes the program to download bank transactions and incorrectly categorize them as duplicates of previously downloaded transactions if the transaction amounts match. This bug makes it difficult to find transactions when you are attempting to reconcile your transactions.

November 2018

Chris from ziggylady

Company Size: 1 employee

Review Source: Capterra


Ease-of-use

5.0

Value for money

5.0

Functionality

4.0

November 2018

Great alternative to Quickbooks for small biz users

I have two small e-commerce business, and needed a way to track my inventory purchases, sales, shipping expenses, etc. I also had two independent contractor businesses, needing to track expenses such as mileage, supplies, etc. With Wave, I have each venture as a separate company, I can customize the chart of accounts for each one, create invoices for my independent contractor gigs, track invoice status so I don't overlook if something doesn't get paid on time, and review my income and expenses each month. I sometimes do consignment sales for clients in my e-commerce business, and Wave helps me keep track of those sales and settle up with clients each month. Truly a lot of great features offered, and I don't even use all of them (like Banking & Payroll). So glad I found Wave, and I have recommended it to many others.

Pros

Wave offers a lot of the basic accounting functions needed for small business users, and the best part is that it's FREE TO USE! Woo hoo! I used QuickBooks in my previous career, and liked the detail it provided, but once I started my own small e-commerce business, I didn't want to spend hundreds of dollars on software, or get locked into a recurring monthly subscription. I was thrilled to find Wave and amazed that it was FREE!

Cons

I wish there was a keyword search function in the Transactions section. Sometimes I need to look for a specific transaction but don't remember the exact date it occurred, so have to scroll through several pages to find what I'm seeking. A workaround is to export an Income Statement, then search or sort in Excel, but obviously that takes several extra steps and time. But since it's not costing me anything, this is a minor inconvenience.

March 2018

Miguel from MiAGon LLC

Company Size: 2-10 employees

Review Source


Ease-of-use

5.0

Value for money

5.0

Customer support

5.0

Functionality

5.0

March 2018

Accounting, with all the bells and whistles, no costs.

My business accounting needs are not big. My business is small and provides a limited number of offerings that are easily tracked with any application. So, when I was looking for an accounting solution to further simplify and automate some functions, I was surprised at the number of products and the wide range of prices out there. I stumbled across Wave by accident and decided to give it a try. Besides being free, the list of standard features was greater than all other products out there... from free competitive services to paid basic subscriptions. Wave is truly amazing and I have found it extremely helpful. I use it primarily to bill clients: I create invoices, submit them via email, receive payments online, and request receipts to be sent to clients after payment. Wave provides notifications and simplifies all of my accounting in one place. I would not use any other product.

Pros

Wave is free, and packed with features one would typically pay for in other premium products. Wave is the perfect accounting solution for small businesses. For starters, it offers all the essential features ANY business needs... plus more. Manage estimates, invoices, and statements with ease. It even supports recurring invoicing, manage payments, and build a massive library of products and services to choose from for your estimates and invoices. Wave even manages receipts, bills and vendors to track expenses. Like more control than just simple single entries? Wave supports traditional double-entry accounting as well, for increase control of your business accounting needs. Need to accept credit card payments? Wave has a built-in merchant account feature that let's you collect payments online through your invoices. Make email invoices, or attach them as PDF files. And when you get paid, Wave notifies you. Funds are transferred to your connected business account in a couple of days. Reporting? Wave has you covered. All essential reports are available at your fingertips: financial statements, taxes, customers, vendors, and other general reports. And if your business has employees, Wave can handle your payroll. But this feature is a premium... everything else is part of your free account.

August 2018

Mark from FCV Interactive

Company Size: 51-200 employees

Review Source: GetApp


Ease-of-use

5.0

Value for money

5.0

Customer support

5.0

Functionality

5.0

August 2018

Small business accounting, invoicing, credit card processing for minimal cost

Pros

As many other reviews have stated, there is no subscription cost for Wave, which is great. There have been a number of features added to Wave since I started to use it, such as recurring invoicing/credit card processing and direct bank payments. Wave's support is helpful, money is transferred quickly, and my invoices look great.
I am providing a more detailed review than I did the first time, but I have "sung the praises" of Wave a few times. (Including on Twitter, and they promptly thanked me for it - they listen, which is great). Wave is Canadian, and they are based in Toronto, but that is only one reason I chose to work with their service. I have a couple of complaints about their service, but nothing serious enough which would cause me to switch services. The flexibility of PDF/web-based invoices is great, retains client details, and it just gets the job done for me as a freelancer.

Cons

On a few occasions, my invoices got picked up by my clients' spam filters, so I tend to use the PDF invoice option. Not a big issue, I've followed up on it. Also if I take payment through PayPal, I can get paid in US funds, but I have to invoice in Canadian funds only through Wave because my bank is in Canada (even if I have a US funds account). Oh well, again, no big deal.

Apparently, there is auto-reconcile of transactions through AI functionality in Wave's future, which will address another pet peeve I have, but again no big deal.

November 2017

Anonymous

Verified Reviewer

Review Source: Capterra


Ease-of-use

5.0

Value for money

5.0

Customer support

4.0

Functionality

4.0

November 2017

Easy to use and helpful

Easy, almost fully automated bookkeeping. The invoicing and payment features automatically updates my books when I get paid, the bank connection means that I only have to reconcile my account to make sure everything is ok.

Pros

This is great for the very new or very small business. It's easy to use and has all of the basic features that you will need for an unbeatable price.

It's very easy to use and the documentation and support have been very helpful. There is no phone option but live chat is available and I have never had to wait more than a day for an e-mail response.

It is truly free to use for accounting. You have the options of accepting credit card and bank payments for a very competitive rate. The only other cost is for payroll if you were to use that feature.

The software is in active development and since I started using it they have added great features such as Invoicing app, recurring payments, and bank payments and it keeps getting better.

Cons

Limited reporting, you get all of the basics that you will need to measure your financial health, receivables, etc but there are no custom reports. While you can very easily reconcile your bank account, you can't print a reconciliation report.

There is no class/job tracking feature and while it looks like many users have requested it, it doesn't look like the developers are planning on implementing it anytime soon. So if your business needs this feature, this is not the right option for you.

November 2018

Gregg from ASSOCIATED CHURCH PRESS

Company Size: 2-10 employees

Review Source: Capterra


Ease-of-use

5.0

Value for money

5.0

Customer support

3.0

Functionality

4.0

November 2018

Free accounting with added features and mobile tools

Really powerful accounting software with automated tools for transaction importing, electronic payment processing and mobile tools for expense entry and invoice creation. Excellent for the price, knowing the service fees for payments and payroll offset the "free" price tag is more than worth it compared to the competition.

Pros

Wave allows me to keep track of finances for multiple enterprises - self-employment business, a non-profit, and personal finances. Each account was set up using the Wave wizard and very few changes have been made to the overall function beyond that. The non-profit I manage has a series of account codes that were easily added and applied to transactions. I use multiple income streams for my business and they are all imported automatically. Wave charges for things like payroll administration, credit card processing and bank transfers - all at industry standard rates - and that's how they keep the base platform free.

The mobile expense app helps me keep track of receipts and does a really excellent job of deciphering receipts, even in multiple languages and currencies! The mobile invoice app is great for sending quick invoices or following up with clients on payment.

Also allows viewing and reporting for authorized agents who can't change any data - a needed feature for the separation of financial powers required with most non-profit setups. My accountant can take a peek too.

Cons

One feature that is present in most accounting systems is the ability to categorize an expense as a reimbursed expense and then assign it to an invoice - at cost or with a markup. With Wave, I needed to set up a separate "reimbursed expenses" account and then - via double entry - add the expense onto invoices with a "reimbursed expense" account code. If entered at cost, the balances zero out in the reporting. If there is a markup, the income category is "reimbursed expense", which isn't helpful for year-end accounting.

October 2018

Belinda from Seed Stock Media, llc

Company Size: 2-10 employees

Review Source


Ease-of-use

4.0

Value for money

5.0

Customer support

4.0

Functionality

4.0

October 2018

Simple Online Invoicing - Accounting Tool

As a small freelance shop, we needed an invoicing program with accounting capabilities that was simple to learn and use as well as being flexible enough for multiple devices. We tried several other programs but they were either too expensive or too complicated, with many functions we didn’t need, or were too hard to learn. It took very little time for us to learn and set up Wave Accounting for our office and start using the invoicing feature. We're quite pleased with the program.

Pros

We found Wave to be easy to learn and set up and it allowed us to connect to both bank and credit card accounts. Invoicing is easy and flexible allowing us to download a pdf and attach to an email for a client or to send directly from Wave. Our clients can print the invoice and mail us a check or pay online with a credit or debit card through Wave. Wave’s fees are competitive for processing the funds. The funds are directly deposited into our connected bank account, usually within two business days. The invoicing features were our biggest need and the program allows us to send the invoice, send reminders, mark paid and send receipts.
Setting up the chart of accounts was probably the most challenging, but there is a default chart which can be edited or added to and we easily found tutorials online. Their customer service was quite responsive to our questions.
The reports function gave us what we needed for monthly, quarterly and year-end reporting. All in all, Wave was a great solution for our invoicing and accounting needs.

Cons

We needed some specific tax calculations but found there was no way to add a specific formula into the tax account. This requires manual entries for us. Because the program is a streamlined accounting version, which is what we really like, it does have some limitations.

October 2016

Al from Computer Consulting

Company Size: 11-50 employees

Review Source: Capterra


Ease-of-use

4.0

Value for money

5.0

Customer support

3.0

Functionality

3.0