Last Updated
Overview
Wave accounting platform software offers a seamless solution for managing finances with its intuitive design and practical aspects. Useful features such as professional invoicing, mobile receipts and payroll make it worth the learning curve. It is a good choice overall, to simplify accounting tasks and drive success.
Overall Rating
Based on 500 users reviews
4.3
Rating Distribution
Positive
87%
Neutral
8%
Negative
5%
Starting Price
Custom
Wave Accounting Platform Specifications
- Financial Reporting
- Invoice Management
- Expense Tracking
- Tax Management
What is Wave Accounting Platform?
Overview
Wave is a free web-based accounting platform geared towards small and growing businesses, consultants, entrepreneurs, and freelancers. The solution offers a range of integrated applications that combine accounting, invoicing, payment tracking, payroll management, finance management, and receipt scanning in a streamlined, unified system. Wave offers a user-friendly interface to untrained users. It comes with an easy-to-navigate and comprehensive dashboard.
The software simplifies accounting and invoicing processes, reducing the loss of time on manually monitoring expenses, following payments, and managing employees and taxes. Businesses can gain access to real-time transaction records by linking their bank accounts, PayPal accounts, and other data sources. Some other useful features include invoicing templates, tracking capabilities, balance sheets, sales tax reports, and account receivable and payable reports.
The payroll module is only available in the U.S. and Canada, it offers features such as direct deposit and employee self-service. The software’s personal finance tool includes a budgeting tool, real-time investment tracking, and a comprehensive dashboard for personal finance management.
Pricing: Wave's accounting features are absolutely free, while the payroll module costs $20/month.
USP: Abides by all the up-to-date taxation and deduction regulations. The software offers yearly account reports for businesses to review progress and detailed spending trends.
Support: Support is extended via email and phone.
Product Advantages: Free of cost and packed with a number of amazing features.
Product Limitations: Good concept, needs improvement in various aspects. It cannot perform complex accounting functions. No keyword search function in the Transactions section making it hard to find a specific transaction.
Pros And Cons of Wave Accounting Platform
Pros
Free to use with no hidden fees
Simple setup and user-friendly interface
Cloud-based access from anywhere
Cons
Reporting is basic and non-customizable
Customer services need improvement
Wave Accounting Platform Reviews
Total 500 reviews
4.3
All reviews are from verified customers
Rating Distribution
5
Stars58%
4
Stars29%
3
Stars7%
2
Stars1%
1
Stars5%
Share your experience
Management Consulting, 1-10 employees
More than a year
“great until it quietly paywalled my own transaction data”
Pros
As a solo-owner LLC, I am finding this software very easy to use and the free tier gives me the best features. Also I get excellent value that helped me handle transaction-based bookkeeping.
Cons
However I ran into a major issue when it quietly removed the ability to export detailed transaction data from free accounts without telling anyone. Also the interface still looks like you can download full transaction info but that feature is now behind a paywall with no warning. This broke a key part of my bookkeeping as I need to give my CPA detailed expense info for taxes. Now the only export option is a basic summary that does not work in many cases. It feels like a shady way to push users into paying, just to get their own data back. Because of that, I cannot honestly recommend it unless you are okay with paying for access to your own information.
Rating Distribution
Ease of use
4
Value for money
4
Customer Support
3
Functionality
5
Automotive, 1-10 employees
Less than a year
“good for getting started”
Pros
When I first launched my business, this tool was great as it was pretty easy to set up and made billing simple to handle.
Cons
Well it was not enough for my needs because it had fewer features than QuickBooks. I also found it unmanageable and slow to search for specific invoices.
Rating Distribution
Ease of use
5
Value for money
5
Customer Support
5
Functionality
6
Hospitality, 1-10 employees
More than a year
“Great automatic reporting for $19”
Pros
With Wave, my bank and card accounts are linked automatically so transactions are imported without any manual work which makes creating financial reports much easier. I also really like being able to see income, expenses and net profit for any time period and compare them to past months. My monthly fee is $19 and I think that's great value.
Cons
I tried to set up invoicing and payment collection through it. I was approved at first but later they took away my access because they classified my business as a travel agency. Now I have to find another tool to send invoices and accept payments which is inconvenient and disrupts my workflow.
Rating Distribution
Ease of use
8
Value for money
6
Customer Support
7
Functionality
8
Frequently Asked Questions
What types of pricing plans does Wave Accounting Platform offer?
Wave Accounting Platform offers Starter and Pro plans starting from $0 and $16.00/month (billed monthly) or $170/year (billed yearly), respectively. Additional charges are applied for add-ons. Get pricing details that are suitable for your business requirements.
What language does Wave Accounting Platform support?
Wave Accounting Platform supports the English language.
Does Wave Accounting Platform offer an API?
Yes, Wave Accounting Platform offers an API.
What level of support does Wave Accounting Platform offer?
Wave Accounting Platform offers support through Live Chat, Email, FAQs/ Forums, and Helpdesk.
What other apps does Wave Accounting Platform integrate with?
Wave Accounting Platform integrates with Wave Connect, Shopify, Zapier, and PayPal.
Who are the typical users of Wave Accounting Platform?
Typical users of Wave Accounting Platform include freelancers, small business owners, accounting professionals, bookkeepers, and tax consultants.