Wave Accounting Review - why 4.4 stars?

Shlomi LaviShlomi Lavi / updated: Jul 08, 2020

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What is Wave Accounting?

Main category: Core Accounting

Wave Accounting software is a fully integrated, web-based accounting solution tailored exclusively for small organizations. The software allows the users to access their documents any time from anywhere. Wave Accounting incorporates multiple features for accounting, billing, invoicing, payment tracking, finance management, receipts and payroll management.

It also offers businesses the capability to link their various accounts from bank accounts to PayPal, for instantaneous transaction records using the bank reconciliation feature. Moreover, businesses are able to create reports such as sales tax reports, balance sheets, as well as an account receivable and account payable report using the Wave accounting.

The invoicing tool helps the users to collect money and it offers various templates from which the user can choose based on their preference and business needs. Wave Accounting is a product of Wave Accounting Inc. in Canada.

Wave Accounting rating -

The rating of Wave Accounting is 4.4 stars out of 5 and the total score is 97 out of 100. The rating and score are based on ITQlick expert review. We publish unbiased reviews, learn more in our score and rating methodology page

Typical Customers

Wave Accounting is ideal for small to medium businesses with 9 or less employees. Big companies may still choose to use it though its features may not be enough for their specific needs. This can be used by businesses or entrepreneurs from various industries including retail, manufacturing, services, healthcare, finances and more. Different companies use this software including Tustin Incorporations.

Features

Wave Accounting is an easy to use accounting solution that startup and small businesses can take advantage of, especially those that have limited budget. Since this tool comes for free, it would be a big savings in their pockets. Users do not need extensive accounting knowledge as needed procedures can be done automatically or with just a few clicks.

Transactions are more convenient as you don’t have to enter them manually. You can connect your different sources including PayPal, credit card and bank accounts to your Wave Accounting application. Professional reports can also be created quickly such as sales tax reports, as well as balance sheets. You can also use it with other Wave applications like Payroll and Invoicing for added features and convenience. Even if it is free, you can use it as long as you want without any limits.

Wave Accounting 5 Pros

  • Wave Accounting is cost free providing accounting solutions to companies without having to spend anything
  • Can be easily integrated with other Wave Accounting applications such as Invoicing, Payments, Payroll, Personal and Receipts for added functionalities
  • Wave Accounting saves time and effort in your various financial transactions as it automates the processes
  • 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

Wave Accounting 2 Cons

  • Wave Accounting only supports English language, which may limit its users to those that have English as their first or second language
  • Though it’s free, it comes with advertisements that could be a nuisance when using the application

Competitors & Alternatives

The two main competitors of Wave Accounting software include Xero and FreshBooks. Xero software is a cloud-hosted accounting solution built to cover small and medium-size business whereas Wave Accounting software is a fully integrated, web-based accounting solution tailored exclusively for small organizations.

Both solutions provide users with bank reconciliation, invoicing, inventory, expenses, purchasing, bookkeeping tools, and more. While Xero software is a product of Xero Accounting for Small Business, Wave accounting is a product of Wave Accounting Inc. Both Xero and Wave Accounting platforms are supported on Windows, iPhone/iPad, Mac, and Web-based devices.

Just like Wave Accounting software, FreshBooks is a cloud-hosted accounting software solution specifically tailored to suit the requirements of small businesses. Whereas FreshBooks supports multiple languages like English, Dutch, Polish, Turkish and Swedish, Wave Accounting is only offered in the English language.

Wave Accounting is a product of Wave Accounting Inc. in Canada but in comparison, FreshBooks software is designed by FreshBooks Company. The two platforms work in Windows, iPhone/iPad, Mac, and Web-based devices. . The full list of competitors can be found here.

Wave Accounting Pricing Information

The cost of license starting from $20 per month. On top of the total cost of licenses which is easy to calculate - what is the REAL total cost of implementation? You need to add the cost of training, customization, data migration, and other "hidden cost". ITQlick pricing score is 5.6 out of 10 (10 is most expensive). Find here the REAL total cost breakdown for Wave Accounting

Questions to ask the vendor during a demo

Schedule a demo with Wave Accounting and access 25 must ask questions for the vendor while watching Wave Accounting in action.

Is it the right software for you?

Wave Accounting software offers a fully integrated accounting solution that exclusively serves small organizations. This platform is ideal for companies in various markets including Middle-East & Africa, Canada, China, Asia, Australia, Germany, India, United Kingdom, Europe, Latin America, Japan, and the United States. Wave Accounting software can be used in industries like financial services, real estate, wholesale and distribution, retail and more.

Wave Accounting Categories

Accounting & Finance
Core Accounting
Medical Accounting

Wave Accounting specifications

ITQlick Score: 97/100
ITQlick Rating: (4.4/5)
Company: Wave Accounting
Address: Toronto, ON, Canada
Pricing: Starting from $20 per month
Website:Visit Wave Accounting website
Typical customers: Small business
Platforms: Desktop, Mobile, Cloud
Operating Systems: Mac OS, Windows, Linux

Wave Accounting Features

Accounts Payable
Accounts Receivable
Balance Sheet
Billing & Invoicing
Tax compliance

Wave Accounting Vs. Alternatives

ITQlick rating ITQlick Rating is based on the software score (below) and aggregated online reviews
ITQlick score ITQlick Score is a 1 to 100 score, based on pricing, and functionality Vs. alternative solutions
Pricing score pricing Score is a 1 to 10 score, based on the TCO (cost of licences, customizations, training, hardware when relevant) Vs. alternative solutions
License pricing license pricing (if provided by the software vendor)
Functionality score
Software review
Compare
Wave
ITQlick rating ITQlick Rating is based on the software score (below) and aggregated online reviews
ITQlick Score
97/100
Pricing score Pricing score ranges between 1 to 10 while 1 is low TCO and 10 is high TCO (TCO - total cost of ownership: cost of licences, customizations, training, hardware when relevant) Vs. alternative solutions
5.6/10
License pricing license pricing (if provided by the software vendor)
$20 per month
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8
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ITQlick rating ITQlick Rating is based on the software score (below) and aggregated online reviews
ITQlick Score
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Pricing score Pricing score ranges between 1 to 10 while 1 is low TCO and 10 is high TCO (TCO - total cost of ownership: cost of licences, customizations, training, hardware when relevant) Vs. alternative solutions
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$12.50 per month
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7
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Pricing score Pricing score ranges between 1 to 10 while 1 is low TCO and 10 is high TCO (TCO - total cost of ownership: cost of licences, customizations, training, hardware when relevant) Vs. alternative solutions
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ITQlick rating ITQlick Rating is based on the software score (below) and aggregated online reviews
ITQlick Score
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Pricing score Pricing score ranges between 1 to 10 while 1 is low TCO and 10 is high TCO (TCO - total cost of ownership: cost of licences, customizations, training, hardware when relevant) Vs. alternative solutions
8/10
License pricing license pricing (if provided by the software vendor)
$10 per month
Functionality score
5
Software review
FreshBooks
ITQlick rating ITQlick Rating is based on the software score (below) and aggregated online reviews
ITQlick Score
95/100
Pricing score Pricing score ranges between 1 to 10 while 1 is low TCO and 10 is high TCO (TCO - total cost of ownership: cost of licences, customizations, training, hardware when relevant) Vs. alternative solutions
2/10
License pricing license pricing (if provided by the software vendor)
$4.50 per month
Functionality score
28
Software review
Author
Shlomi Lavi - admin

Shlomi Lavi

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Shlomi holds a Bachelor of Science (B.Sc.) in Information System Engineering from Ben Gurion University in Israel. Shlomi brings 15 years of global IT and IS management experience as a consultant, and implementation expert for small, medium and large size (global) companies.