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.

Summary

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.