About Wave

Wave is an online accounting platform exclusively designed for small business owners, freelancers, and consultants. Wave's software provides features including accounting, invoicing, billing, payment tracking, payroll management, finance management, credit card processing, and receipt scanning. This online accounting software is designed to help businesses streamline bookkeeping processes.

With Wave's bank reconciliation tools, businesses can manage all bank account and credit card information in real-time to improve bookkeeping efficiency and accuracy. Businesses can also generate reports that include various data such as sales tax, balance sheet, cash flow, profit/loss, plus more.


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Supported Operating System(s):

Web browser (OS agnostic)

1,011 Reviews of Wave

Average User Ratings

Overall

4.42 / 5 stars

Ease-of-use

4.5

Value for money

4.5

Customer support

4.0

Functionality

4.0

Ratings Snapshot

5 stars

(617)

617

4 stars

(281)

281

3 stars

(60)

60

2 stars

(21)

21

1 stars

(32)

32

Likelihood to Recommend

Not likely

Very likely

Showing 1 - 5 of 1011 results

November 2019

Kathy from Lazer Web Services

Verified Reviewer

Company Size: 1 employee

Industry: Professional Training & Coaching

Time Used: More than 2 years

Review Source: Capterra


Ease-of-use

4.0

Value for money

5.0

Customer support

5.0

Functionality

4.0

November 2019

Very Good alternative for invoicing customers

Their invoicing system is easy to use and makes it easy for me to manage most of my clients.I look forward to trying out their accounting services. I decided to give Wave a try when my PayPal acct was on hold. I still use both.

Pros

I have only used the invoicing part of this software. I love it for the most part. I =t is missing a feature or two

Cons

I found that I could not let my clients submit partial payments, or it wasn't clear on how to do it. Multiple payments was not flexible enough for my needs. I would have liked to be able to schedule the payments by specific date rather than genericall as ay, week, month, etc

Reasons for Switching to Wave

My PP acct was on hold for about 30 days and I needed another solution to bill my clients

September 2019

Felix from PricewaterhouseCoopers

Verified Reviewer

Company Size: 5,001-10,000 employees

Industry: Accounting

Time Used: Less than 12 months

Review Source: Capterra


Ease-of-use

4.0

Value for money

5.0

Customer support

5.0

Functionality

4.0

September 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.

Reasons for Choosing Wave

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.

January 2021

Cheikh from Cheikh Beye Okdakar

Company Size: 1 employee

Industry: Computer Software

Time Used: Less than 12 months

Review Source: Capterra


Ease-of-use

5.0

Value for money

5.0

Customer support

4.0

Functionality

5.0

January 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.

Reasons for Choosing Wave

Because Wave is free and easy to use accounting software

Reasons for Switching to Wave

To test another software

February 2020

Luke from Out of Darts

Company Size: 2-10 employees

Industry: Retail

Time Used: More than 2 years

Review Source: Capterra


Ease-of-use

2.0

Value for money

3.0

Customer support

2.0

Functionality

2.0

February 2020

A data-import nightmare - Stay away unless you love lost transactions

Support has been poor quality. As a paying customer of both their payroll service (which is solid) and their accounting coaching, I'm tremendously disappointed with the platform.

Pros

The software at it's core is very easy to use. The reliability is however a complete failure.

Cons

Throughout the past 3 years, Wave has been a game of 'make sure my bank works.' First, I closed incompatible credit card accounts in order to open accounts that were listed as compatible. A year later, Wave lost the connection with all of capital one due to an issue with switching data providers (from Plaid). Next, Chase bank cards also disappeared. When finally reconnecting, weeks worth of transactions were intermittently missing. For a software company who's core goal is to reduce manual data entry, this platform is a nightmare. Stay away.

Reasons for Switching to Wave

Cost and ease of use.

November 2020

Michael from Magness Piano Services

Company Size: 1 employee

Industry: Music

Time Used: Less than 2 years

Review Source


Ease-of-use

4.0

Value for money

5.0

Customer support

3.0

Functionality

4.0

November 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

Reasons for Choosing Wave

Wave had a more complete suite of the tools I needed that were familiar to me from my experience with Quickbooks

Reasons for Switching to Wave

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!