Docyt vs Wave: Which is The Best Accounting Software in 2025?

Winner

4.8

• Accounting Workflows
• Docyt Copilot
• GARY
• Collaboration Tools
• Integration
• Free trial available
• Paid Plans from $299/month

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Runner Up

3.0

• Account Reconciliation
• Charts of Accounts
• Invoices
• Products & Services
• Financial Reporting
• Free plan available
• Paid Plans from $19/month

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Are you a small business owner feeling overwhelmed by managing your money? 

Imagine wasting hours every week on manual data entry. 

We’ll break down their features, pricing, and what makes them tick.

This guide dives deep into Docyt vs Wave, two popular accounting software options.

Overview

We’ve spent time thoroughly testing both Docyt and Wave.

Putting their features, ease of use, and overall value through their paces to bring you a straightforward comparison.

4.8out of 5

Tired of manual bookkeeping? Docyt AI automates data entry and reconciliation, saving users an average of 40 hours.

Pricing: It has a free trial. The premium plan starts at $299/month.

Key Features:

• Automated Reconciliation
• Streamlined Workflows
• User-Friendly Interface

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3out of 5

Over 4 million small businesses trust Wave to manage their finances. Explore Wave’s plans and find the right fit.

Pricing: Free plan available. Paid plan starts at $19/month.

Key Features:

• Invoicing
• Banking
• Payroll add-on.

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What is Docyt?

So, what exactly is Docyt?

Think of it as your super-smart financial assistant.

It uses artificial intelligence to help you manage your money.

Also, explore our favorite Docyt alternatives…

Our Take

Ready to ditch the spreadsheets and save time? Docyt users report saving up to 20 hours per month on accounting tasks. See how Docyt can revolutionize your business!

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Key Benefits

• AI-Powered Automation: Docyt uses artificial intelligence. It automatically extracts data from financial documents. This includes details from over 100,000 vendors.
• Real-time Bookkeeping: Keeps your books updated in real-time. This provides an accurate financial picture at any moment.
• Document Management: Centralizes all financial documents. You can easily search and access them.
• Bill Pay Automation: Automates the bill payment process. Schedule and pay bills easily.
• Expense Reimbursement: Streamlines employee expense claims. Submit and approve expenses quickly.
• Seamless Integrations: Integrates with popular accounting software. This includes QuickBooks and Xero.
• Fraud Detection: Its AI can help flag unusual transactions. This adds a layer of security. There’s no specific warranty for the software, but continuous updates are provided.

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Pricing

• Impact: $299/month.
• Advanced: $499/month.
• Advanced Plus: $799/month.
• Enterprise: $999/month.

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Pros

• Very strong on automating document processing.
• Can significantly reduce manual bookkeeping work.
• Provides real-time financial data.
• Integrates with major accounting platforms.

Cons

• Lack of transparent public pricing.
• It might be more complex than needed for very small businesses.
• It could have a steeper learning curve initially.

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What is Wave?

So, what about Wave?

This is a popular choice for many small businesses, especially freelancers and solo entrepreneurs.

It offers a lot of essential accounting features for free.

Also, explore our favorite Wave alternatives…

Our Take

Don’t settle for less! Join the over 2 million small businesses that rely on Wave’s powerful, free core accounting features to streamline their finances today.

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Key Benefits

Wave’s strengths include:

• A 100% free core accounting plan.
• Serving over 2 million small businesses.
• Easy invoice creation and payment processing.
• No long-term contracts or warranties.

Pricing

• Starter Plan: $0month.
• Pro Plan: $19month.

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Pros

• Core features are available for free.
• The software is generally easy to use.
• It offers cloud-based access anytime.
• Invoicing features are well-integrated.
• Connecting bank accounts saves time.

Cons

• Free plan has limited automation.
• Customer support is limited on free plan.
• Payroll is an additional cost.
• Advanced features require paid plans.

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Feature Comparison

Choosing the right accounting software can make your life easier.

We’ve compared Docyt vs Wave to help you decide.

Our analysis looks at key features to help you find a great accounting solution.

1. Automation & AI

• Docyt: This platform’s strength is its AI automation software. Docyt AI handles time-consuming tasks and tedious tasks like a human. It works to significantly reduce revenue accounting errors, which helps ensure constant financial control.
• Wave: Wave offers basic automations to make things easier, such as auto-importing bank transactions and syncing with your bank accounts. It does not have the advanced AI bookkeeping features that Docyt provides.

2. Invoicing

• Docyt: Docyt handles invoicing as part of its larger financial operations workflow. The focus is on automating the bill pay and accounts receivable process.
• Wave: Wave is known for its free accounting software. It has strong invoicing features, allowing you to create and send unlimited recurring invoices. This is a key feature for small business owners.

3. Financial Reporting

• Docyt: Docyt’s AI-powered platform provides instant financial status visibility. It helps generate consolidated roll up and individual financial statements for all business locations effortlessly. You get real-time insights to help with strategic decision-making.
• Wave: Wave offers standard financial reports like Profit & Loss. It gives you a good look at your cash flow and is enough for most small business owners. It doesn’t have the deep-dive reporting for multiple companies.

4. Expense & Receipt Management

• Docyt: Docyt is a game-changer for expense management, eliminating manual data entry. It uses digital receipt capture to automatically pull data, ensuring constant financial control.
• Wave: Wave lets you track expenses and has a digital receipt capture tool on its app. However, it requires more manual work than Docyt, as you have to classify transactions automatically.

5. Multi-Entity Accounting

• Docyt: Docyt’s AI automation is built to handle multiple businesses and different business locations. You can generate consolidated roll-up reports to see how all your locations are doing.
• Wave: Wave allows you to manage multiple companies under one account. However, it’s not as tailored for departmental accounting or consolidating roll-up reports for multiple business locations.

6. Bookkeeping & Month-End Close

• Docyt: The Docyt AI bookkeeper handles bookkeeping duties and can greatly speed up the month-end close. This is part of the overall accounting automation platform. It makes bookkeeping a simpler part of your accounting processes.
• Wave: Wave makes bookkeeping easier with its free platform. It offers an automated bank reconciliation feature. You can easily keep your bookkeeping records up-to-date and complete your month-end tasks.

7. Payroll

• Docyt: Docyt’s primary focus is on core accounting. While it can help manage payroll-related expenses, it does not offer a direct payroll processing service.
• Wave: Wave Payroll is an optional paid plan. It lets you pay employees and an independent contractor with a direct deposit and handles tax filing for an additional costs.

8. Payments

• Docyt: Docyt supports various payment methods as part of its financial operations. Its focus is on automating the process from start to finish.
• Wave: The free version lets you accept credit card payments, but there are fees per credit card transaction and per bank payments. The paid pro plan may offer a discounted rate. Wave also supports Apple Pay.

9. Pricing & Value

• Docyt: Docyt has a more expensive paid plan. It’s meant for businesses that need deep AI automation. The value comes from saving time and eliminating manual data entry
• Wave: Wave’s free plan for accounting software is a huge draw for small business owners on a budget. The paid plan is affordable, making it a great option for those with simple money management features. You get a lot of key features without a big subscription level.

What to Look for When Choosing Accounting Software?

• Free Starter Plan Availability: Does it offer a free starter plan or free accounting software for basic needs?
• Invoicing Features: Can you send unlimited invoices and use recurring billing easily?
• Payment Processing: Does it accept online payments and support credit card processing?
• Payroll Needs: Does it handle accounting and payroll, including paying an independent contractor or an active employee?
• Automation: Does the software automate tasks like receipt scanning or offer advanced features like Docyt AI?
• Integration: Can it integrate with services like QuickBooks Online or other accounting firms‘ tools?
• Reporting: Does it offer real-time financial reports and track key performance indicators?
• Security: Does it offer multi-factor authentication and strong data security?
• Scalability: Can it handle the business intricacies of your financial management as you grow?
• Support: Is there a good mobile app, help center, and reliable customer service?
• User Limits: Does the free version or paid plan allow multiple users or unlimited users?
• Data Control: Does it let you customize the date range for reports and easily auto-merge data?
• Overall Value: Does the wave accounting review or general consensus recommend Wave or the alternative for your specific needs?
• Peace of Mind: Does the software give you peace of mind by accurately managing your general ledger and automating back office work?

Final Verdict 

The winner is clearly Docyt.

The Wave review highlights its value as small business accounting software with a free starter plan.

Docyt is the superior choice for any ambitious team.

Docyt learns your business intricacies, offering real-time insights into profitability that Wave simply cannot match.

Its core strength is its ability to handle revenue reconciliation and generate accurate, real-time reports.

The ability to automate the bulk of the billable hours and send automated payment reminders saves a huge time.

This dedication to automation and deep financial management is a game-changer.

Ultimately, giving peace of mind far beyond what the average invoicing software offers.

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More of Docyt

More of Wave

• Wave vs Puzzle IO: This software focuses on AI-powered financial planning for startups. Its counterpart is for personal finance.
• Wave vs Dext: This is a business tool for capturing receipts and invoices. The other tool tracks personal expenses.
• Wave vs Xero: This is popular online accounting software for small businesses. Its competitor is for personal use.
• Wave vs Synder: This tool syncs e-commerce data with accounting software. Its alternative focuses on personal finance.
• Wave vs Easy Month End: This is a business tool to streamline month-end tasks. Its competitor is for managing personal finances.
• Wave vs Docyt: This uses AI for business bookkeeping and automation. The other uses AI as a personal finance assistant.
• Wave vs Sage: This is a comprehensive business accounting suite. Its competitor is an easier-to-use tool for personal finance.
• Wave vs Zoho Books: This is an online accounting tool for small businesses. Its competitor is for personal use.
• Wave vs Quicken: Both are personal finance tools, but this one offers more in-depth investment tracking. The other is simpler.
• Wave vs Hubdoc: This specializes in document capture for bookkeeping. Its competitor is a personal finance tool.
• Wave vs Expensify: This is a business expense management tool. The other is for personal expense tracking and budgeting.
• Wave vs QuickBooks: This is well-known accounting software for businesses. Its alternative is built for personal finance.
• Wave vs AutoEntry: This is designed to automate data entry for business accounting. Its alternative is a personal finance tool.
• Wave vs FreshBooks: This is accounting software for freelancers and small businesses. Its alternative is for personal finance.
• Wave vs NetSuite: This is a powerful business management suite for large companies. Its competitor is a simple personal finance app.

Frequently Asked Questions