We started with Wave, but they were not developing new features fast enough, which is understandable, because as a free tool it probably does not have the resources. Recently we switched to Xero. We did some research before adopting it and it seems to be the best tool. We are very happy with it.
CEO - HackerYou
Wave is great because it’s lightweight, has great UI and has a payroll module. It doesn’t do revenue recognition or offer one-click reconciliation. I was looking for something that can let you go from reconciliation to P&L.
Co-founder & CEO - Roadmunk
We use Wave Apps currently but I anticipate that we are going to migrate to QuickBooks soon. As of right now, we can do everything like monthly transactions and entries by ourselves.
Co-founder - Beau
We’ve been loyal users of Wave for a few years, and they keep coming out with new features that make our accounting process easier. It’s light, lean, and has all the functionality we need.
Founder - TouchPoints
Wave is good for invoicing. It’s super easy to collect credit card payments because it integrates with Stripe. I love the fluidity of sending invoices with Wave. It’s super easy for our customers to pay us. However, they only accept one currency per account. We can’t just have one Wave account; we need two separate accounts for Canadian dollars and USD. I’ve talked to them to see if there’s a way to manage one account to manage multiple currencies. Apart from that it’s great - that’s really the only con.
Co-founder - Flarian
We used to use Wave, then I tried Xero, but I found it limiting. We moved into QuickBooks because it's more comprehensive than the others. The bookkeeping services I use are more comfortable with QuickBooks; it's easy to use and robust. In terms of invoicing, credit notes and applying credit notes, it's not really the tool, it's more about the business process. We start invoicing when we deliver a site or product and have to spend time on collecting receivables. That's what I find difficult and we will have to automate payment collection soon. The report generation could be better. The desktop version has more features than the online version. They don't allow integration with Stripe, but they force you to use their own payment gateway; for now at our stage it’s okay, but I find that's not what my customers want. I think QuickBooks desktop would be too much for a small startup, Wave would be better for a company of 1 or 2 people.
Co-founder & CEO - Careerleaf
I like to keep everything organized with Google Sheets. We use Wave for financial reporting. Wave is not bad - it’s one of the less expensive accounting tools out there.
Co-founder - LivePoll
Wave is located in the same city as us and we know the founder. It is much bigger as an accounting tool but we just use it for payroll. From a payroll point-of-view, it’s simple to use and works for a company our size. We started with it, and It works which is all I care about.
Co-founder & CEO - Venngage
We generate and track all of our invoices in Wave. It’s free, and has been great so far. It organizes all of our profit and loss information, as well as all of our inventory, which is extremely important. We have lots of hardware that costs thousands of dollars, and we’re shipping it all over the world. We’ve been tracking all of that in Wave, and while we do need a better inventory tracking system eventually, for now, Wave has done a good job.
Founder & CEO - FORTE
Wave makes it easy to enter information online, but it’s not great for outputting reports. It’s not very intuitive past its basic feature set.
CEO & Co-founder - SideProjects
We use Wave for invoicing our customers that pay with a credit card. It's just OK. It doesn't have all the fields we need for all of our internal accounting, so we have to manage some data manually in a spreadsheet, but it does save client credit cards online, which is nice. So it works well for our clients, but not well for our internal reporting.
Co-founder & CEO - Manicube
2%Stacklist Startups Are Using Wave
Most of its users are seed and or self-funded companies with fewer than 10 employees. Its features are limited, though not many complain about that, considering its core accounting service is free.
Wave has a number of free features, including accounting and reports, invoicing, and receipt scanning. Pricing comes into play if you’re looking into Wave’s “premium tools.” You can add payroll and chat support services at $19 per month apiece, as well as credit card processing at 2.9% + 30 cents for each successful charge.
Visit the website: https://www.waveapps.com/