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User review of Wave

Likely the worst professional experience of my life

- by Christopher Buckley

USER SATISFACTION

RECOMMENDATION
1 out of 7
Never
COST EFFICENCY
4out of 7
Acceptable
OVERALL IMPRESSION
1out of 5
very poor
EASE OF USE
1out of 5
very poor
CUSTOMER SUPPORT
1out of 5
very poor

PROS & CONS

What are the best aspects of this product?

Its free for accounting....but this is a double edged sword as it has inherent flaws that make it a good idea to avoid in the first place.

What aspects are problematic or could work better?

I used their accounting software for a few months and their payroll and invoicing services for a few years before realizing it is fundamentally flawed.

They have no way of storing receipts with transactions, and when you try to use their receipt scanner it literally doubles the transaction, making your books unbalanced until you manually find the same transaction and delete it. This has been documented and requested in their forums for YEARS, and a user even developed a Chrome plugin to work around it since they didn't move on it for YEARS.

They automate tax payments from your bank account, but don't provide any breakdown as to which taxes the sum represents. Your bank statement will stay something like, "IRS payment" when in fact its a split transaction between Social Security, Medicare and Federal Income tax withholding. Its up to you to go back to each payroll for the quarter and figure out how they arrived at this total and to which tax branches you have paid and how much. It is extremely tedious and makes no sense that they are calculating this in the background without reporting it or including it in the books for the user to see. End of the year taxes with them are a nightmare of trying to back-calculate all the sums they report on W-2s, 940s and 941s.

I have spent countless hours fixing their mistakes, paying for underpaid taxes, amending returns, seeking returns for doubled payments, pulling my hair out as I get no response from their help center and tax forms and payments are due in a couple of days even though they've had the data to automate the form a month ago. Its like doing double the work to double check all the things they send you last minute and on top of that you get to pay them money for it!

On top of it all, last year in June they essentially told me they would no longer being able to help me file my tax forms as I had a foreign address (As I had for the past 2 years of being with them). So I had to rush to learn all my tax compliance regulations before my next quarterly return due in a few weeks. It was extremely unprofessional. I can understand if they choose to stop serving foreign addresses, but you can't just drop a customer you've been serving for years in the middle of the tax year without notice. On top of all this, their exporting tools are absolutely terrible, so I am stuck paying for their services until the end of the year else I'd lose access to the info I need to do my end of they year taxes. An unbelievably terrible experience. I feel scammed, disappointed, and extremely stressed due to their atrocious customer service and lack of understanding of basic double-entry accounting.

What features/services would you like to see in future versions of this product?

Basic double entry accounting balancing. Attaching receipts to transactions. Searching transactions by price. Searching transactions by name.

What specific problems in your company were solved by this product?

I thought my payroll was, until they messed it all up, caused me late fees, underpayment interest, and forced me to redo all their "work" with amended returns to undo and fix everything they did.

Are you a current user of this product?

Yes

USER DETAILS

What is your role with this product?

  • I use it myself

How long have you been using this product?

3-5 years

COMPANY DETAILS

What is your company size?

1-10 Employees

USAGE & IMPLEMENTATION

How did your company implement this product?

in the cloud

How long did it take to set up this product?

less than 1 day

How many people in your company actively use this product?

just me

FEATURE DETAILS

General Ledger

Journal Entries
1
very poor
Tags/Dimensions
1
very poor
Audit Trail
1
very poor

Accounts Receivables

Invoice Customization
2
mediocre

Accounts Payable

Payment Processing
3
ok

Reporting and Analytics

Financial Statements
1
very poor
Custom Reporting
1
very poor
Dashboards
2
mediocre

Platform

Customization
2
mediocre
Workflow Capability
2
mediocre
User, Role, and Access Management
1
very poor
Internationalization
1
very poor
Output Document Generation
1
very poor

Integration

Data Import and Export Tools
1
very poor

Others

Multi-Entity / Consolidation
1
very poor
Payroll
1
very poor
Time and Expense
2
mediocre