Wave Accounting Review - why 4.4 stars?

Wave Accounting Review
ITQlick Score: 97/100
ITQlick Rating:
(4.4/5)
Pricing: 5.6/10 - average cost
Category: Core Accounting -> Wave Accounting review
Ranking:Ranked 2 out of 137 Core Accounting systems
Company: Wave Accounting
Typical customers: Small businesses and start ups
Platforms: Desktop, Mobile, Cloud
Links: Wave Accounting pricing, Wave Accounting alternatives
Shlomi LaviShlomi Lavi / updated: Apr 14, 2022

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What is Wave Accounting?

Wave accounting is a small business accounting software to help them manage and save their money. The software comes with features like:
  • Recurring Billing: This feature helps businesses save time with re-occurring billing and focus on what most important.
  • Invoice & Invoicing Templates: This feature helps small businesses with less exciting administrative tasks.
  • QuickBooks Alternative: The QuickBooks alternative for business accounting feature comes with many features to help businesses stay on track.
Wave accounting is a product of Waveapps. The company was born in 2010 and is headquartered in Toronto, ON. Waveapps has about 400 workers, and it is a privately held company.

Who is it best for?

Wave Accountancy is perfect for small to medium companies with 9 or much less workers. Big business might still pick to use it though its features may not suffice for their particular needs. This can be used by companies or entrepreneurs from numerous industries including retail, manufacturing, services, medical care, finances and also even more. Different business utilize this software application including Tustin Incorporations.

Main features and functionalities

Wave Accounting is a very easy to make use of accounting service that startup as well as small businesses can make use of, particularly those that have actually limited budget. Given that this device comes free of cost, it would be a big savings in their pockets. Users do not need substantial audit understanding as required procedures can be done immediately or with simply a few clicks.

Purchases are more convenient as you do not have to enter them manually. You can attach your different sources consisting of PayPal, bank card and also savings account to your Wave Audit application. Professional records can additionally be produced rapidly such as sales tax reports, as well as annual report.

You can also use it with other Wave applications like Payroll and also Invoicing for added attributes and ease. Also if it is free, you can use it as long as you want without any restrictions.

What is the actual cost?

Wave Accounting pricing is $0 per month. There are no setup fees, hidden fees, and monthly fees as stated by the official website.

ITQlick pricing score is 5.6 out of 10 (10 is most expensive). Access ITQlick pricing guide for Wave Accounting. You can also find here pricing information from Wave Accounting's website.

Pros

  • Wave Accounting allows users to import credit cards and bank statements
  • Users can categorize payments using the accounting software
  • The software has no license fee
  • Your data is secured as it offers 256-bit SSL encryption so you don’t have to worry about the privacy of your personal and financial information
  • Wave accounting supports multi-currency allowing you to make transactions in various currencies aside from dollar

Cons

  • It can be a nightmare for users to understand which features they need and how to use them
  • Though it’s free, it comes with advertisements that could be a nuisance when using the application
  • Invoice templates are limited so you only have few options when it comes to this area
  • Contacts feature is very basic and doesn’t let you import your existing list
  • Requires entering of e-mail message each time you send an invoice, as it doesn’t allow you to save one, which can be inconvenient if you just have to type the same message

How it stacks up?

Access a head to head analysis of Wave Accounting vs alternative software solutions.
ITQlick rating
Score
Pricing
License pricing
Functionality
Review
Compare
Wave Acc...
ITQlick rating
4.4/5
Score
97/100
Pricing
5.6/10
License pricing
Pricing not available
Functionality
8
Compare
QuickBoo...
ITQlick rating
4.2/5
Score
99/100
Pricing
5/10
License pricing
$12.50 per month
Functionality
7
Zoho Boo...
ITQlick rating
4.4/5
Score
96/100
Pricing
2.4/10
License pricing
$10 per organizer/month
Functionality
9
Compare
FreshBooks
ITQlick rating
4.5/5
Score
95/100
Pricing
2/10
License pricing
$6 per month
Functionality
28
Vyapar
ITQlick rating
4.4/5
Score
95/100
Pricing
8/10
License pricing
$49.99 per year
Functionality
5
Review

Frequently Asked Questions (FAQs)

Is it the best Core Accounting system?

Wave Accounting is ranked 2 out of 137 software in their category (Core Accounting systems).

How they are rated on ITQlick?

The rating of Wave Accounting is 4.4 stars out of 5 and the total score is 97 out of 100. The rating score is based on our unbiased data-based algo. Learn more - rating methodology page.

Is it an easy to use Software?

Yes, Wave Accounting makes it fairly easy to use. This product is user friendly and intuitive.

Is it cloud-based?

Yes, they offer cloud based hosting, which means IT resources are retrieved through web-based tools and applications and you don't need to buy servers and additional hardware equipment.

Can it be used on mobile?

Yes, you can access Wave Accounting on your mobile/smart phone.

What should we ask during a demo session?

Differences between Wave Accounting and alternatives?

The most popular alternatives to Wave Accounting in 2022: QuickBooks, Zoho Books, FreshBooks, Vyapar, Xero. Access the complete competitors analysis here - Wave Accounting VS Core Accounting Software alternatives.

Is Wave Accounting right for you or your business?

Wave Accounting is a product of Waveapps, and the software is designed for small businesses, accountants, or bookkeepers who need accounting software to free them from boring, repetitive tasks. More than 500k businesses currently use the software worldwide, and its company recently made the list for the Best workplaces for Women in 2021.

List of categories

Accounting & Finance
Core Accounting
Medical Accounting

List of features

Accounts Payable
Accounts Receivable
Balance Sheet
Billing & Invoicing
Tax compliance

Author - Shlomi Lavi

Website Linkedin profile Facebook Twitter

Shlomi Lavi is an entrepreneur and founder of ITQlick.com. He holds a Bachelor of Science (B.Sc.) in Information Systems Engineering from Ben Gurion University in Israel. Shlomi brings 17 years of global IT and IS management experience as a consultant and implementation expert for small, medium and large-sized (global) companies. Shlomi’s goal is to share the best knowledge and news about information systems so you can make smarter buying decisions for your business.