Quickbooks vs Wave: Which Software is Best for You?


Wave helps small businesses and freelancers manage double-entry accounting. It features a simple UI and applications for payroll and online payments and includes 2 months of free chat support. For very small businesses that rely mostly on invoicing, QuickBooks Online’s additional features might be overkill.

  • Get paid faster by setting up an online payment option for your customers, including the link when you email the invoice.
  • As a free alternative to QuickBooks, Wave puts a suite of features at your fingertips, many of which you can use without limits for $0.
  • Designed to be easy for freelancers and small business owners to use, while making accountants happy with robust reports and functionality.
  • The app also helps you track your inventory more efficiently.
  • Currently, Wave only offers 12 reports; though they are useful reports, with limited capability to customize the report.

You can pay your vendors with a check in QuickBooks Online, something you can’t do in Wave. You can connect your financial institutions to Wave for automatic transaction import, or use the Add Manual Transactions feature to record banking transactions manually. There’s also an optional payroll feature available in Wave if you have any employees you need to pay. Many or all of the products here are from our partners that compensate us. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

Wave offers its own in-house payroll and payment processing, but it doesn’t integrate with third-party apps. This can be limiting for small businesses that use separate software for inventory management, customer relationship management or payroll. Additionally, it doesn’t integrate with card readers for in-person payments, which rules it out as an option for many retail stores and pop-up shops. Wave’s free pricing and easy-to-use software make it a standout among other accounting software. Add in a good public reputation and a load of great features, and it’s easy to see why Wave is a top choice among small business users. On the other hand, Wave’s lack of integrations and advanced features such as project management can be a dealbreaker, particularly for larger businesses.

FreshBooks vs. Wave Accounting Comparison

Wave offers a surprisingly comprehensive feature set for a free accounting tool, and everything is neatly organized so it’s easy to find what you need. Since its beginning, QuickBooks products have been designed with the small business owner in mind, and QuickBooks Online is no different. Have you read our accounting software reviews but still aren’t sure which product is right for you? To make things a bit easier, we’re taking a look at both Wave and QuickBooks Online, providing you with a side-by-side comparison of the two applications. Xero is the most similar to QuickBooks Online in terms of scalability and feature set.

As Wave is so easy to set up and use, it’s a better choice than QuickBooks if you’re not sure what you’re looking for or are less tech-savvy. Wave is free forever, so you don’t need a trial or demo to get started. Once you’ve signed up, you have access to all the features you need. QuickBooks also offers 50% off for your first 3 months if you buy without a free trial period. Wave edges ahead of QuickBooks when it comes to ease of use and ease of set up, while QuickBooks wins on its range of features.

Wave vs. QuickBooks: Which Is Right for You?

QuickBooks offers four pricing plans with monthly subscriptions. All plans include customer support, integration with apps you already use, and secure bank connection. Discounts are regularly offered and a free 30-day trial is available. Announced Wave Money in June 2020, their take on «the future of small business banking». This will offer their customers a business bank account with a debit card and mobile app with built-in bookkeeping. We’re really excited to see how this benefits Wave users as it becomes more widely available.

project management

Unlimited, secure and reliable bank connections, free of charge. Designed to be easy for freelancers and small business owners to use, while making accountants happy with robust reports and functionality. Wave Money is a free business bank account that integrates with your Wave account for easy bookkeeping and faster payments. It comes with no monthly fees and no minimum, and you can receive invoice payments instantly instead of waiting for a payment to process and hit your bank account.

User Satisfaction

investing activities include for non-paying users is limited to the chatbot and self-service Help Center. 4.4 out of 5 stars based on user reviews collected by G2Crowd as of Spring 2022. With Wave, you don’t need to choose the package that’s right for you. Invoicing and accounting are free and unlimited for everyone. You can just create your free Wave account, set up your business in minutes and see for yourself.

FreshBooks Review — Updated 2023 — Cloudwards

FreshBooks Review — Updated 2023.

Posted: Mon, 14 Jun 2021 07:00:00 GMT [source]

It also offers payments, receipts, multiple users and even multiple businesses to be managed in the same free account. Is similar to Wave in that it’s best for freelancers and independent contractors. However, it has a better feature set with basic inventory management, project tracking, a mobile app that lets you snap pictures of receipts and dozens of third-party integrations. While it doesn’t quite compete with QuickBooks Online’s feature set, it has strong invoicing capabilities and is less expensive. The better choice between Wave and QuickBooks depends on what your business needs in accounting software.

This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.

10 Best QuickBooks Alternatives For Businesses — YourStory

10 Best QuickBooks Alternatives For Businesses.

Posted: Thu, 26 Dec 2019 08:00:00 GMT [source]

FreshBooks also limits the number of billable clients you can have in its Lite and Plus plans, whereas Wave enables unlimited invoicing for an unlimited number of clients for free. Though both products have apps for sending invoices on the go, FreshBooks’ mobile app capabilities go a step further by letting you snap photos of receipts and track mileage. Accept credit card and bank payments for as little as 1% per transaction.1 No extra costs. Very small businesses and self-employed professionals needing basic invoicing may do well with Wave. You can also customize invoices, but there’s no option to preview the color. Bank reconciliation is an essential part of accounting, and QuickBooks Online nails it.


The Premium plan adds more features, such as workers’ comp administration and same-day direct deposit. The top-level Elite plan gives you access to features, including a personal HR advisor, customized setup, and 24/7 customer support. As you would expect, these services are not included in your monthly QuickBooks Online subscription fee and must be purchased for an additional monthly cost. The best accounting software programs all provide similar features, so when considering which one is best for your business, you need to consider which features are the most important to your situation. This will help you decide which accounting software meets your needs best.

Choosing between them mostly comes down to whether you need a solution that can scale with your business. Wave’s accounting software is completely free — no strings attached. However, you will have to pay for services such as payment processing and payroll. QuickBooks Online, on the other hand, connects with numerous apps and add-ons — over 650 to be exact. This includes 25 payment processing options, making it easier for you to get paid. Unfortunately, time tracking is another feature that Wave lacks.

  • For micro businesses and self-employed entrepreneurs who just need the essentials, this free accounting software is a great option.
  • To access these features, you must have the Essentials, Plus, or Advanced plan.
  • Reports can play a big role in the management of your business, and Wave and QuickBooks Online both offer reporting options, though those options vary widely between the two applications.
  • This will offer their customers a business bank account with a debit card and mobile app with built-in bookkeeping.
  • Small-business accounting software does have its limitations.

Let’s compare Wave versus QuickBooks Online to see which is the better fit for your business. No third-party integrations or additional plans to increase functionality (e.g., time tracking, inventory management). QuickBooks includes an option to add on accounting, which adds bill management, inventory and job costing capabilities in addition to expense tracking. The platform also includes receipt capture and mileage tracking, so you can automatically gather all the information you need to claim expenses for tax purposes in one place. Wave doesn’t have much to offer to mid and large-sized businesses, while QuickBooks addresses the needs of all small, mid, and large-sized businesses effectively.

Wave doesn’t include a time-tracking feature, so you’ll have to track hours separately and enter them manually for hourly work. Wave is an up-and-coming contender in invoicing and payments software for small businesses. It’s primarily devoted to freelancers and small single-owner businesses, offering a single free plan that lets you send invoices, track expenses, receive online payments and run financial reports. Has a strong invoicing feature; app lets users send invoices on the go; offers significantly fewer reports than competitors; no inventory tracking. However, if you have a lot of bills to pay, the lack of bill payment capability in Wave may be an issue.

products and services

Compensation may impact the order of which offers appear on page, but our editorial opinions and ratings are not influenced by compensation. Try it today and find out how it can save you time and money. Wave has two payroll options, although these are not included in the free plan.

Wave Review — PCMag

Wave Review.

Posted: Tue, 15 Nov 2022 08:00:00 GMT [source]

Moreover, Wave is rated at 99%, while QuickBooks is rated 96% for their user satisfaction level. Jump ahead to our pricing comparison of Wave vs QuickBooks to find out what Wave charges for and how they make money. QuickBooks is designed to get you in the best possible position when tax time rolls around, but it also keeps you up-to-date throughout the rest of the year. Both applications make it easy to get started and find your way around without any issues.

Another convenient feature is the choice to have online payments automatically applied to an outstanding invoice, or handle the process manually, in order to ensure proper application of the payment. Designed for micro-businesses and sole proprietors, Wave makes it easy to keep track of your finances. Includes project tracking tools in higher tier plans; has transaction tracking tags; lacks industry-specific reports; users with multiple businesses must pay for separate subscriptions. Both Wave and QuickBooks Online have all of the features you’d expect from accounting software, including invoicing, expense tracking, reports, and tax support.

These solutions are integrated within your dashboard and you’ll access them both through your single Wave login. Allows an unlimited number of users; ideal for very small service-based businesses, freelancers or contractors; not ideal for businesses with more than a handful of employees. Must pay extra for phone support; live chat support only included with paid services . For micro businesses and self-employed entrepreneurs who just need the essentials, this free accounting software is a great option. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.

It doesn’t have the option to upgrade to a higher-tier plan with additional features, making it ill-suited for larger and fast-growing businesses. While migrating from Wave, you can import lists such as customers, vendors, chart of accounts, products, services, and more. You can also import invoices, credit notes, sales receipts, and bills to keep your data integrated for efficient reporting and analytics. QuickBooks Online is a more scalable solution than FreshBooks and Wave, with four plan tiers and the ability to accommodate larger small businesses. The software has a range of features and add-ons, and integrates with hundreds of apps including QuickBooks’ own payroll and payment processing software.

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