Wave Accounting (Waveapps) Review

Wave Accounting Software Review


Wave Accounting Review

Our review of Wave Accounting

Ease of use: The website and software are very nicely designed and it is laid out very well. However using the software did have a bit of lag and so it was fairly slow to navigate around. One niggle is that all the terminology (and spelling) is US even though we selected UK when using it. The format of the date is not UK friendly either, we did change it in the settings but that didn’t work.

Entering opening balances was confusing and when we checked the nominal ledger they had not been included.

Some types of transactions cannot be handled through banking transactions so journals would have to be used which would be confusing for novice users.

We also had trouble adding our own nominal accounts, it seems we could only select nominal accounts from the pre-defined list which was not great.

Speed: Entering invoices is pretty slow as there is no ability for entering batch invoices. However, entering banking transactions is fast but we could not figure out how to apply VAT for those types of transactions. The site has a lot of lag so overall it is rated

Features: Reasonable amount of features for what it is, including bank feeds and imports, multi currency, automated invoice reminders, receipt uploads and reoccurring invoices.

Support: Telephone and live chat is chargeable but it does have webinars and an online community which are free. Email is also free but with an estimated 2 day response for a reply!

Reporting: There are 11 reports in total and they are in a decent format with the ability to drill down for explanations of the figures. However the VAT return/report is next to useless.

Price: Wave Accounting is free but with a charge for proper support.

VAT Handling: Basically Wave Accounting doesn’t handle VAT properly. There is no option for cash accounting or the flat rate scheme, trying to incorporate VAT in transactions is difficult and the VAT return is useless, does not transfer anything into a liability account and no ability to reconcile VAT transactions.

The bits we liked: The design was nice and it has a basic layout which would be favourable for novice users. We also liked the bank feed as it guessed the categorisation of the transactions that were imported, it was actually about 70% accurate so not much work was needed to bring them all right.

The bits we didn’t like: VAT handling was appalling, the site was slow and it seemed like the software was generic for all countries.

What level of bookkeeping knowledge will I need?

Novice users should be able to use this software without too much support. However if users are VAT registered it would take some figuring out.


If you don’t mind American terminology and you’re a user with little or no bookkeeping experience then give Wave Accounting a try. However if your business is registered for VAT steer clear of this accounting software!

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Wave Accounting Software Review

  • I’ve been using Wave for a year or so now and find no problems with it.

    I don’t use cash accounting for VAT, nor do I use the flat rate scheme. I don’t even know what the latter is, but for the straightforward handling of VAT it is fine. You have to transcribe a half a dozen figures to the online VAT return, but this is no great inconvenience.

    This is online software, and will not be as fast as an application that runs locally, but I have not found it slow. For me the priceless aspect is the ability to link my bank accounts directly. I know that most packages allow import of QIF or OFX files, but a direct link is several orders of magnitude quicker, especially if you want to enter transactions several times a week.

    The ability to send invoices with a link to allow them to be paid direct to a bank account via a credit card without any merchant account is also great. It costs about 2.5% but for the odd smallish invoice it a great feature.

  • I have been using Wave for a year and find it a great alternative to paid software. It does most of the things that the others do and includes invoicing, simple dashboard with a snapshot of the business.

    There are not as many reports as some of the others on offer, but all the main reports are there. I have seen comments about the software being slow, but have not found that myself.

    I needed support for a problem early on and got a reply and sorted within a couple of hours.

    As a bookkeeper I offer it as a free alternative and have got someone up and started so they can do their own bookkeeping.

  • aamir

    First conversation with support

    Chris Timpano (Wave Support)
    Mar 23, 10:26 AM EDT


    Thanks for following up with us.

    Once again, our records indicate that our password reset emails are being successfully delivered to your inbox and that they’re being opened. That said, we have no indication on our end that the actual link to complete the password reset has been clicked.

    When you open the email, what do you see? You should see a link to click and complete the process.

    Have you actually clicked this link? If so, please provide us with as much detail as possible regarding what happens after clicking the password reset link.
    Second convesation with support

    Chris Timpano (Wave Support)
    Mar 23, 8:11 PM EDT
    Thanks for following up.
    Your primary email address is not aamirsiddi@hotmail.com, but rather a .co.uk email address. Does this ring any bells for you? Due to security reasons I am unable to disclose this email address, but if you attempt the password reset one more time using THAT email address you should be able to access your account.
    Third conversation with support

    Charlotte Hamilton-Warr (Wave Support)
    Mar 27, 4:20 PM EDT
    Hi there!
    Thanks for following up. Account security is a critical issue for us; in order to restore access to your account, I’d like to confirm some details – please respond at your convenience.
    Could you please provide:
    The approximate date you created your account, and approximately when you were last able to log in
    Whether you’ve had any collaborators on your account
    Whether you’ve had a bank account connected, and if so, with what bank
    The city you typically log in from
    Your IP address
    Thanks so much! We’ll do all we can to resolve this as quickly as possible.
    Four Conversation with Waveapp
    Charlotte Hamilton-Warr (Wave Support)
    Mar 28, 5:36 PM EDT
    Thanks so much again for your patience with this. One last question for verification: in recent months have you accessed your account from another device or region?
    More than 50% of Wave invoices paid by credit card are paid within 2 days! Turn on Payments by Wave to get paid fast!
    This message and any attachments are intended only for the use of the addressee and should be considered confidential. If you are not an intended recipient, you may not review, copy or distribute this message.
    If you have received this communication in error or would like to stop receiving these emails, please notify the sender by replying to this email. Wave is located at 235 Carlaw Ave., Ste. 501, Toronto ON, M4M 2S1.


    Five conversation with support

    Charlotte Hamilton-Warr (Wave Support)
    Mar 30, 8:09 PM EDT
    Hi there,
    Thanks for following up and again, I appreciate your patience. One last question: when were you last successfully able to log in?

    Six conversation with support

    Charlotte Hamilton-Warr (Wave Support)
    Mar 31, 6:14 PM EDT
    Hi there,
    To reset your password, click the link below. You’ll be taken to Wave where you’ll create a new password.
    After you’ve created your new password, you can use it with any email addresses you use to sign into Wave.
    Apologies for the wait. Please understand that account security is of the utmost importance to us.


    This company take to sort out for just login almost 20 days keep asking your login detail to use it
    suddenly its stop taking username and password.

    not reliable company to use ( for any user stay away ) even its free more dangerous