Pros and Cons of Wave Accounting 2024 (2024)

Pros and Cons

• Site is nicely done

• It's easy to read

• In my experience, by quarter reports do not show the same totals

• They closed the community support page

• In my opinion, chat bot is useless for anything that isn't simple

• Reporting on sales tax, I need to print 3 different reports to get the info I need

Pros and Cons

• Easy to work

• Used to be available

• Familiar

• MAINTENANCE

• Reliability

• Poor Customer Service

Pros and Cons

• Reconcile

• Categorize

• Reporting

• Access to submit question

• customer service

Pros and Cons

• Invoices with automatic reminders

• If you're willing to manually issue payroll, it's by far the cheapest payroll service

• Transactions easily categorized

• Bookkeepers won't use it, making it only useful for small business owners who do their own books

• Customer service is pleasant, but limited (understandable since it's a free service)

Pros and Cons

• Invoicing

• Billing

• Generate reports

• Recurring invoice numbers not consecutive

• Payment speed needs to be faster when making payments

• Updates completely changing formats of certain functions

Pros and Cons

• Lure people in

• Lie

• Misrepresent the product

• company needs to be shut down!

Pros and Cons

• Site Layout is nice

• No charge to add a logo to your invoice

• Support hours and efficacy.

• Communication of timelines & support issues

• Tell me my money was released after suspending my account

• Don't tell me "You got paid" when my client pays an invoice. Say "Wave has your money," because [of the time it takes] to release a payer's finalized transaction. {I feel that] either don't want to, or you can't. And it's not the bank's fault or timelines.

• Tell me "You got paid" when [I did not receive my money for] 15 days after "You got paid" by my client!

Pros and Cons

• Sending Invoices

• Expense Tracking

• Invoice Tracking

• Managing Accounts

Pros and Cons

• Invoicing

• Expenses

• Reporting

• No areas that I currently see

Pros and Cons

• Wave is very easy to use. I had not used cloud-based accounting software before using it, and mastered it with ease.

• Because it is cloud-based, I like being able to access is anywhere from any computer. When traveling, I still have interrupted access to it. I always know what is going on with the financials of my business.

• I like the fact that it can be integrated with other software and tools to make the accounting process easier.

• Wave Accounting has grown and evolved with me and my business.

• I have not been able to schedule recurring bills. I have had to log in and enter each bill monthly, as well as a payment date. It would be nice to schedule my bills to recur for the entire year.

Pros and Cons

• Easy to use

• Free version

• Customer service, bot chat only or email

• Changed/cancelled payment services without warning

Pros and Cons

• Reconciliation is very difficult with multiple Wave transactions that need to be deleted or merged before it can be matched to a bank transaction.

• Payroll worked fine for us but took several days to get it set up. We have switched to another bookkeeping system and another payroll system. Canceling with Wave took several days and they charge $6 for something even though the month was paid for in advance.

• Credit card processing is nice and worked fine for us.

• Reconciliation is horrible. A user does not need to see multiple Wave transactions. I should see one Wave and one Bank transaction and if I think they are the same check a box and be done with it.

• No phone number to call and no chat line so all help is via email. Frequently the Wave person says to read the documentation and provides a link. I already did that and need help, not a mechanical response. On occasion, I did get a helpful and specific response but that was rare.

• Would like to have the ability to see each payroll by person pay stub and not just a summary by quarter.

Pros and Cons

• Bank upload and reconciliations (new feature).

• Reports are good for a free system.

• Good customer and supplier reconciliation features for a free system.

• I find the system to be quite sluggish at times, compared to other systems that we use.

• They are adding new features to the system, but it is still very behind other comparative systems.

• The payroll function is only currently available to USA and Canada.

Pros and Cons

• Cloud-based

• Connects to external accounts for transaction import

• Customer Service

• Software Upgrades that negatively affect bookkeeping past and present

Pros and Cons

• Providing a comprehensive piece of accounting software for free

• Invoicing + receiving payments--super easy and intuitive on both fronts

• Bank account linking: They are working diligently to correct this, but it broke when they updated their system. Probably could have tested more banks prior to rolling out the upgrade

• If you don't fully track and reconcile your books, you'll see carry over numbers--needs a better way to handle this.

Pros and Cons

• Very affordable.

• Easy to use!

• Connection issues with bank accounts and credit card accounts

• Learning curve to understanding the accounting software is large.

Pros and Cons

• Affordable accounting software.

• Not too overwhelming.

• Their reports have gotten a lot better, but are still not able to do month to month comparisons.

• It does not handle inventory well at all.

Pros and Cons

• Easy to record income and expenses.

• Easy to search for a particular entry when I need it.

• Nothing to improve on, to be honest. It's excellent free accounting software.

Pros and Cons

• Reports: many options, easy to create, access and share.

• Invoicing: professional looking invoices.

• The feature to capture receipts is very easy to use.

• To improve bank connections to banks outside of USA and Canada

• Wave have recently added account reconciliation which was an issue.

Pros and Cons

• Bid to invoice conversion is great.

• Client information is easily added to documents.

• Financial reports are in-depth enough.

• Some design aspects could be improved upon in their document creation.

• Some aspects of the interface are hard to use, and are not as intuitive as they should be.

Pros and Cons

• Links to bank account

• Allows me to create new categories while other apps do not

• It is completely free to use

• I'm not a big fan of the invoice feature and don't use it

• I haven't figured out a good way to get a full report of expenses at the end of the year for my tax accountant without having to make some tweaks.

• The predictive categorization is most often incorrect.

Pros and Cons

• Accept payments online.

• Easy invoice creation.

• Overall accounting.

• More integration options.

• More options in mobile app.

Pros and Cons

• Invoices

• Reports

• UI/UX

• For people who aren't experienced with accounting, it can be a little confusing. I wish the help were a little more extensive.

Pros and Cons

• Invoicing - The invoicing feature of Wave Accounting is pretty solid. We are able to enter our services and items that are available for our customers at the correct price point. We add the services or the items to the invoice and add the quantity ordered or used. Invoices can be sent electronically through Wave Accounting and once the customer receives the invoice, it can be paid using the links provided.

• Recurring invoices - This is a nice feature in Wave Accounting. With recurring invoices, you can enter invoices that will be sent to clients on a regular basis. Either monthly, quarterly or yearly, the invoice will be sent to the customer. Customers can then pay online with a credit card and also permit you to automatically pay the invoice upon submission.

• Payroll - This feature will allow you to run payroll on your schedule and Wave Accounting will determine your liabilities and submit all paperwork to the proper government agencies. Wave will also schedule and notify you when payments will be made to those government agencies.

• Invoicing - Unfortunately, once an invoice is paid, you can still go back and correct that invoice or revise that invoice. Once the invoice is paid, it should be locked so that it can not be revised.

• Bills - The bills part of Wave Accounting needs quite a bit of work. I would like to see the bill section be brought up to the level that the invoicing section is at. It would be nice to enter a bill and notify me when the bill is due. Or just some way of keeping track of bills that come into the business.

• Reports - I would like to see some improvements in the reporting areas. I think it does a good job with reports but business owners always like to see reports with more detail. I know I would like to run a report automatically every month of my accounts receivables and payables.

Pros and Cons

• Easy to use/simple user-friendly interface.

• Multiple options to send invoices as well as set-up automatic reminders.

• Can create products so that creating new invoices is a breeze.

• One thing I'd like Wave to implement is for me to be able to pass along credit card fees to the customer. There are instances where I give people options if they'd like to pay by check or card and if paying by card, I have to manually add a "processing fee" to my invoice if I want the credit card fees to be passed along. I want this process to be automatic. It would be great if I could turn it on and off each invoice as needed.