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Wave Financial VS Splitwise

Compare Wave Financial VS Splitwise and see what are their differences

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Note: These products don't have any matching categories. If you think this is a mistake, please edit the details of one of the products and suggest appropriate categories.
Contents:
  1. ยป Base Details
  2. ยป Videos
  3. ยป Reviews
  4. ยป Alternatives

Wave Financial logo Wave Financial

Award-winning financial software designed for entrepreneurs.

Splitwise logo Splitwise

Splitwise is a free tool for friends and roommates to track bills and other shared expenses, so that everyone gets paid back. On the web, iPhone, and Android!
  • Wave Financial Landing page
    Landing page //
    2023-09-06
  • Splitwise Landing page
    Landing page //
    2023-01-23

Wave Financial

Website
waveapps.com
Pricing URL
Official Wave Financial Pricing
Release Date
2009 January
Startup details
Country
Canada
State
Ontario
City
Toronto
Founder(s)
James Lochrie
Employees
100 - 249
Edit details

Splitwise

Website
splitwise.com
Pricing URL
-
Release Date
-
Edit details

Wave Financial features and specs

  • Free to Use
    Wave Financial offers its core accounting, invoicing, and receipt scanning features for free, making it highly accessible for small businesses and freelancers.
  • User-Friendly Interface
    The platform has an intuitive and clean user interface that makes it easy for users to navigate and manage their financial tasks efficiently.
  • Integrated Payments
    Wave allows businesses to accept online payments, making it easier to manage cash flow and receive payments quickly.
  • Comprehensive Features
    Besides accounting, the platform also offers features like invoicing, payroll, and receipt scanning, allowing businesses to manage various financial aspects in one place.
  • Cloud-Based
    As a cloud-based solution, Wave allows users to access their financial data from anywhere at any time, provided they have an internet connection.

Possible disadvantages of Wave Financial

  • Limited Customer Support
    Wave mainly offers customer support through email and self-help resources. Live chat and phone support are limited, which may be a drawback for some users.
  • Limited Integrations
    Wave offers fewer third-party integrations compared to some of its competitors, which might limit its functionality for businesses that rely on specific tools.
  • Not Ideal for Large Businesses
    The platform is tailored for small businesses and freelancers. Larger businesses may find the features and scalability inadequate for their needs.
  • Payroll Service Limitations
    The payroll service is only available in the United States and Canada, which can be a significant limitation for international businesses.
  • No Inventory Management
    Wave lacks built-in inventory management features, which might be a necessary functionality for businesses that manage physical products.

Splitwise features and specs

  • User-Friendly Interface
    Splitwise provides an intuitive and easy-to-navigate interface, making it straightforward for users to add expenses, keep track of debts, and settle up.
  • Multi-Platform Availability
    Available on the web, iOS, and Android, Splitwise ensures users can access and manage their expenses from almost any device.
  • Expense Tracking
    The app allows users to easily log and categorize expenses, which can be particularly useful for group trips, shared households, or any shared financial responsibility.
  • Flexible Split Options
    Users can split expenses equally, by percentages, shares, or custom amounts, providing flexibility in how costs are divided among group members.
  • Currency Conversion
    Splitwise supports multiple currencies, which is handy for international travel or groups with members from different countries.
  • Bill Reminders
    The app sends reminders for outstanding balances, helping users to stay on top of their payments and avoid forgotten debts.
  • Integration with Payment Platforms
    Splitwise can integrate with payment platforms like PayPal and Venmo for easy settlement of balances.

Possible disadvantages of Splitwise

  • Privacy Concerns
    Since Splitwise involves sharing financial information with others, there could be privacy concerns for those unwilling to share detailed expense data.
  • Subscription-Based Features
    Some advanced features, such as expense exporting and additional integrations, require a Splitwise Pro subscription.
  • Manual Entry Requirement
    Splitwise requires users to manually enter expenses, which could be time-consuming and prone to errors if not done diligently.
  • Limited Automatic Reconciliation
    While Splitwise helps track who owes whom, it does not automatically reconcile or pay off balances, leaving users responsible for manual payment.
  • Dependency on Group Honesty
    The accuracy of the expense records relies on the honesty and diligence of all group members, which may not always be reliable.
  • Potential for Confusion
    The various options for splitting bills (equally, by shares, etc.) can sometimes lead to confusion or disputes among users over what is fair.

Analysis of Splitwise

Overall verdict

  • Splitwise is a highly effective tool for managing shared expenses, especially if frequent splitting of costs is involved. Its features make it easy to track who owes what, and its automatic calculations save time and reduce errors.

Why this product is good

  • Splitwise is popular because it simplifies sharing and tracking expenses among groups, making it ideal for roommates, friends on trips, or any group spendings.
  • It automatically calculates balances and reminds users about payments, reducing the awkwardness of asking others for money.
  • Offers a user-friendly interface both on web and mobile apps, which makes managing expenses convenient and accessible.
  • Supports multiple currencies, which is great for international travel groups.
  • Integration with payment platforms like PayPal and Venmo for easy settlement of debts.

Recommended for

  • Roommates who need to regularly split household bills and expenses.
  • Groups of friends or families who often travel together and need to manage shared travel costs.
  • Colleagues or classmates working on projects or events that require shared funding.
  • Anyone who wants to avoid the hassle of manually tracking and settling shared expenses.

Wave Financial videos

+ Add

Wave - Free Invoicing App!! Is it Right for You?

More videos:

  • Review - UFO361 - WAVE | Review | Kritik | Comeback | Zwischen Drip & Depri

Splitwise videos

+ Add

Splitwise - iPhone App Review! [2020]

More videos:

  • Review - Tricount vs Splitwise - App comparison
  • Demo - Splitwise Demo

Category Popularity

0-100% (relative to Wave Financial and Splitwise)

Wave Financial

Splitwise

Accounting
100 100%
Accounting
0% 0
Personal Finance
0 0%
Personal Finance
100% 100
Billing & Invoicing
100 100%
Billing & Invoicing
0% 0
Expense Tracking
0 0%
Expense Tracking
100% 100

User comments

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Reviews

These are some of the external sources and on-site user reviews we've used to compare Wave Financial and Splitwise

Wave Financial Reviews

What Are the Best Bill.com Alternatives?
While Bill.com is a leading player in the invoicing space, there are other players who offer interesting alternatives. For instance, Wave offers a free invoicing platform that is easy to use and integrates with other accounting tools seamlessly. By exploring such alternatives and staying ahead of the curve, businesses can unlock new levels of efficiency, productivity, and...
Source: blog.featured.com
11 Alternatives to QuickBooks in 2024
Wave gets you through the whole receivables process similarly to QuickBooks. It allows you to create invoices, accept payments, and stay on top of any outstanding accounts with crystal-clear reporting. Like QuickBooks, Wave also lets you track your income and expenses, helps you stay on top of your financial health with financial statements, and offers support for multiple...
Source: www.bench.co
The 10 Best Alternatives to GnuCash for Managing Your Finances
Wave is an excellent choice if you're searching for a top GnuCash alternative for business owners. It offers robust reporting features that help you manage your finances and make informed business decisions. Wave is an excellent choice for organizations looking for a powerful accounting tool at an affordable price.
Source: www.findmycrm.com
Top 10 QuickBooks Alternatives (Free/Paid)
Wave is the best yet free QuickBooks alternatives, allowing you to handle invoices, investments, and transactions. It is an open-source tool that lets you manage expenses with ease. Wave is a free, user-friendly accounting software designed for small businesses, freelancers, and entrepreneurs who need an easy way to manage their finances. It offers features like invoicing,...
Source: www.geeksforgeeks.org
8 Best QuickBooks Alternatives You Can Use in 2021
Similar to ZipBooks, Wave is also an accounting software alternative to Quickbooks. It contains enough features needed to run a small business. They provide paid payment processors and payrolls to generate money. Above all, it comes completely free of charge.
Source: techdator.net

Splitwise Reviews

12 Best Bill Splitting Apps in 2023
Splitwise is among the most commonly used group payment apps that can easily keep a systematic record of all your informal debts including restaurant bills, travel expenses, cost of accommodation, and much more. With this expense sharing app, users can either create groups or split the bill privately among friends. Splitwise also registers and saves all the expenses and...
Source: www.mobileappdaily.com
6 Best Bill Splitting Apps for Hassle-Free Expense Sharing
Splitwise employs an intelligent algorithm to calculate the exact amount owed by each user. It shows who paid for what, how much amount was paid by each member, and any outstanding balances. Furthermore, the application also keeps everyone updated about their balances and recent transactions.
Source: www.how2shout.com
Best Bill-Splitting Apps
For example, shared items like appetizers would be split among the entire group or just a few people in the group. The app can handily accommodate large parties by allowing you to add up to 10 people to each group. Once youโ€™ve divided up the food among all the plates you can add in tax and tip. The app is made by the same company as Splitwise and is completely free. The only...
Source: www.thebalancemoney.com
7 Best Budgeting Tools and Apps for Personal Finance
This oneโ€™s not a complete budgeting app but itโ€™s still a handy one. Splitwise is a nifty app that helps people track how much they owe to friends and colleagues and vice versa. It makes sharing expenses on outings, meals, events, etc easy to track by logging in each transaction. It basically keeps a total over time, so that you can pay back the money in a large payment,...
Source: www.softwaresuggest.com

Social recommendations and mentions

Based on our record, Wave Financial seems to be more popular. It has been mentiond 42 times since March 2021. We are tracking product recommendations and mentions on various public social media platforms and blogs. They can help you identify which product is more popular and what people think of it.

Wave Financial mentions (42)

  • First freelancing gig, need advice
    If you need CC processing for yourself, go to waveapps.com and go create an account. Source: about 3 years ago
  • Proposal, Invoice, and Payment Solutions
    I use waveapps.com. It's free and keeps track of everything all in one spot. You can even accept credit cards through them. Source: about 3 years ago
  • Time to say goodbye to Quickbooks
    You know that Quicken comes from the same company as Quickbooks, right? Personally I would go back to a #2 and ledger paper before I give Intuit another nickel. Quicken For Small Business looks inexpensive at the moment, but it is also SaaS and they will still have you by the short hairs just like they do now. Take a look at waveapps.com . It's free for the basic accounting software. Source: about 3 years ago
  • Just confirming for others that QB 2022 did indeed die at end of subscription
    You can dig for my other post if you want, short story is that I was tricked into upgrading from QB Desktop 2019 to 2022 because "2019 will stop working". I was not told QBD 2022 was subscription based. They hit me up 30 days before end of subscription and jacked my annual fee from $220 to $549. After 15 years I'm done with this. Solo Freelancer. Don't need to pay for something that I don't use all the features.... Source: about 3 years ago
  • Payroll expense tracking?
    Wave does all of this. I only use the invoicing product, but I know they also offer bookkeeping and even payroll services. Source: about 3 years ago
View more

Splitwise mentions (0)

We have not tracked any mentions of Splitwise yet. Tracking of Splitwise recommendations started around Mar 2021.

What are some alternatives?

When comparing Wave Financial and Splitwise, you can also consider the following products

FreshBooks - The ideal accounting software for small business owners.

Tricount - Manage and share expenses with friends

QuickBooks Online - QuickBooks Online is a Cloud Accounting for small business that can be used on iPad, mobile phone or computer to do invoicing, billing, run reports, or even pay employees online.

Splid - Splid helps friends manage their money.

Xero - Xero is online accounting for your small business.

Settle Up - SETTLE UP is an indispensable app for friends and flatmates who need to keep track of shared bills...

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