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
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: Nov 17, 2021

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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.

What is 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 ratings are based on our unbiased experts. Learn more in our rating methodology page

Who are Wave Accounting's typical customers?

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.

Is Wave Accounting the best Core Accounting?

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

What are their 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 are Wave Accounting's pros? (5 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

What are Wave Accounting's cons? (2 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

Who are their main alternatives?

Wave Accounting competes with other small business accounting systems like Xero, QuickBooks Online, and ZarMoney. Here are ways in which this accounting software compares with its alternatives:
  • Functionality: Wave Accounting comes with basic features like recurring billing and invoicing, while compared with its close alternatives, ZarMoney has the features of Wave Accounting with additional features like Print Checks, Print Email Order, Order status, etc. QuickBooks Online has featured Wave Accounting features plus Track inventory, Manage budgets, Manage Employees, etc. Xero also has the features of Wave Accounting plus Capture Data, Bank Reconciliation, etc.
  • Costumers/Industries: Wave Accounting and its close alternatives are designed for small businesses or bookkeepers and accountants who need automation systems to make their work easier.
  • Cost: The Wave Accounting accounting team offers the software for free to small businesses. Compared to its alternatives, Xero has a license pricing starting from $22 per month, QuickBooks Online license plan starts from $8 per month, and ZarMoney license plan starts from $15 per user per month. According to expert cost research on Wave Accounting, the accounting software is cost-rated 2.8/5 compared to its alternatives. The rating systems consider accounting software rated 1-2.5 as low cost. 2.6 – 3.9 as average cost and 4-5 as high-cost, indicating that Wave Accounting is an average cost software compared to its alternatives.
  • Cloud-based/On-premise: All accounting softwares mentioned in this brief review are cloud-based systems, though Quickbooks Online has an on-premise version.
  • Popularity: Wave Accounting was founded in 2010 and currently has over 500,000 businesses using the software. Compared to its alternatives, ZarMoney was founded in 2006 and has thousands of customers all over the globe, and Xero was founded in 2006 and has more than 3 million users worldwide.
  • Scalability: Wave Accounting and Xero are designed for small businesses, ZarMoney and QuickBooks Online are designed to scale small businesses to medium and large enterprises.
  • Support: Wave Accounting has the following support channels Email/Help Desk, FAQs/Forum, Knowledge Base, and Chat, but missing 24/7 Live Rep and Phone support. Compared to its alternatives, Xero only misses Phone Support, while QuickBooks Online and ZarMoney are not missing any support channel.

What is the cost of Wave Accounting?

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

What is the REAL total cost of implementation? on top of the total cost of licenses which is easy to calculate 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

What should you ask Wave Accounting during a demo session? (65 questions)

Schedule a demo with Wave Accounting and access 65 must ask questions for the vendor while watching Wave Accounting in action. Visit the vendor's website here.

Is it the right software for you?

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

Wave Accounting Vs. Alternatives

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FreshBooks
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Vyapar
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License pricing
$19 per year
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5
Review
Author

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.