Tue 20 Oct 2015 | By:

Wave Accounting Review: Is It Right for You?

Wave Accounting ReviewWelcome to Startup Savant’s quick and breezy Wave Accounting review where we take a look at this software’s pro/con features, pricing, and more to help you decide if it’s a good fit for your platform. Because startups and entrepreneurs fail and succeed by their financial management, we understand it’s an important step. That said, let’s get right to it. Enjoy!

Basic Wave Pros & Cons

Pros

  1. Wave’s lightweight downloadable complimentary mobile app has the basic features from its web-based program and they function fairly well according to reviews.

  2. Their software offers unlimited invoicing and affordable business payroll – instantly sync your data.

  3. Regularly and seamlessly collects financial data from bank accounts, PayPal and other sources and helps you manage it in a streamlined fashion.

  4. Unlike some of their competitors, for example LessAccounting, Wave offers a multi-currency feature.

  5. In a general sense, Wave Accounting software is good for entrepreneurs, freelancers, consultants and small businesses with 10 employees or less.

  6. Unlimited expense tracking to help you monitor where your money’s going, along with Has Bill and Invoice reminders which help you keep track of financial obligations.

  7. Generates automated reports like balance sheets, sales tax reports, A/R and A/P to lesson overall task-demand.

  8. Their “Get Started Guide” is put together well and takes care of showing you how to get setup and integrated if need be.

Cons

  1. So, one of the important invoicing features that Wave Accounting currently lacks is – credit notes.

  2. Another feature that we and many others would like to see is the ability to customize invoices.

  3. Would also be nice to have audit history, but we acknowledge that this is a somewhat subjective critique. You might not have much interest as your audit schedule is on the lighter or infrequent side.

  4. At this point the one UX drawback we want to bring attention to is that when you start dealing with large volumes of transactions their Bank Reconciliation feature slows down.

How Do They Compare to Others?

Well, first, their basic software is 100% free forever (vs. a limited time). Their easy accounting slogan is like their competitors, but stated differently, “No Jargon. No complicated software. No MBA required.” Their user-base isn’t as big but into the millions over the last 7 years. They’re marketing focus and overall design is intended for the  independent contractors either going it solo or with small  teams.

Let’s not forget they continue updating the software’s appealing look and features. But, that being said, it’ll likely be a while before this free software can compete with the customizability of QuickBooks or alternatives like Xero or FreshBooks.

 

How Easy is Less Accounting To Use?

It’s cloud-based and double-entry so the ease of use is one of its most appealing characteristics. As the years go by, a good percentage of users continue wondering when they’ll start charging because of the quality but it hasn’t happened yet.

Then, when we talk about the upgrading process, whether you opt for payments, payroll, or premium support, the general consensus is that its smooth and user-friendly across the board. Functionality is great, and as you’ll see in the screenshots below the technical usability is where it should be for their targeted user-base.

 

A Look Inside Wave Accounting

Now let’s jump into some screen shots so you can get a feel for the software itself. These are examples showing what the dashboard looks like, how data is typically presented, and so forth.

Wave Accounting Dashboard

Within each section, like accounting for example, there are data-flows that are pretty easy to navigate once you get used to it. Each category is fairly intuitive as well so even if you’re an absolute beginner with no savvy at all, you’ll pick it up through sheer exposure in a relatively short amount of time.

Wave Accounting Dashboard

Reports are also a snap once you’ve gone through and tested them out. You may not need them all though, have a look to see which apply and which are yet to come.

Wave Accounting Features

 

Wave Accounting Pricing

So how does it work? Well, firstly, their mobile app version is free. However, it’s also rather limited – bank reconciliation tool, automated reports, invoicing and payroll and you can add as many customers, invoices, expenses and reports as you need.

Wave Accounting Pricing

If you need more functionality, you can then purchase suites of tools within these categories (each one comes with its own set of features):

So, if we look at Payroll this is what we’re talking about in terms of upgrading:

Wave Accounting Review Payroll

If you’re like most of our readers, what would happen is you would start with the free version then end up paying what are essentially competitive prices for what they could have just charged for in the first place. Only the most basic platforms could get by solely on the free mobile app alone.

 

Are Other Entrepreneurs Happy?

Yes, for a free accounting software program it’s great. Is Wave Accounting perfect and without its share of drawbacks and glitches? No. But if you spend some time going through other Wave Accounting reviews AND their comment sections underneath you’ll find people are generally happy with the ease of use and free features.

Here’s a great example Wave Account review with a long comment thread to investigate. You essentially get tons of reviews all on one page that breaks their opinions down y overall experience, price, ease of use, and customer service.

Ready to Begin Riding the Wave?

If you're looking for a simple free accounting platform to take care of your streamlined accounting needs, Wave is definitely worth considering. Use the link below to pay them a visit, or use the other link to discover more robust accounting solutions through Xero. Cheers!

Visit Xero Or Visit Wave Accounting