Are you a small business owner or a freelancer tired of wrestling with receipts and financial spreadsheets?
You’re not alone.
That’s where accounting software comes in, two popular choices are Wave and Expensify.
But with so many options, how do you pick the right one for your needs?
This article will break down Wave vs Expensify.
Overview
We tested both Wave and Expensify.
We used them like a real business owner would.
This helped us see what each one does well.
Now, let’s compare them side-by-side.
Over 4 million small businesses trust Wave to manage their finances.
Pricing: Free plan available. Paid plan starts at $16/month.
Key Features:
- Unlimited Invoicing
- Expense Tracking
- Basic Reporting
Streamline expenses with Expensify. Join the 10+ million users.
Pricing: It has a free trial. The premium plan starts at $5/month.
Key Features:
- SmartScan Receipt Capture
- Corporate Card Reconciliation
- Advanced Approval Workflows.
What is Wave?
Okay, let’s talk about Wave.
Think of it like a helpful friend for your business money.
It lets you do things like send invoices and track what money comes in and goes out.
It can help you see the big picture of your business finances.
Also, explore our favorite Wave alternatives…
Over 4 million small businesses trust Wave to manage their finances. See why 88% of users report saving an average of 5 hours per month on bookkeeping with Wave.
Key Benefits
Wave stands out with:
- A 100% free basic accounting plan.
- Easy to use interface for beginners.
- Seamless integration with its payroll add-on.
- Over 2 million small businesses use it.
Pricing
Free: $0
Pro Plan: $16
Pros
Cons
What is Expensify?
Okay, so let’s talk about Expensify.
It’s a tool that helps you keep track of all your business spending.
Think of it like a helper that remembers where your money goes.
It can grab info from your receipts and bank stuff. Pretty handy!
Also, explore our favorite Expensify alternatives…
Ready to ditch the paper clutter and simplify your expense tracking in 2025? Expensify users report saving an average of 2 hours per week.
Key Benefits
- SmartScan accurately captures 95% of receipts.
- Automate corporate card reconciliation, saving 10+ hours monthly.
- Streamline approval workflows for faster reimbursements.
- Integrate with over 7,000 accounting software options.
Pricing
- Free: $0
- Collect: $5
- Control: $9
Pros
Cons
Feature Comparison
Let’s look closely at what both Wave and Expensify offer.
We’ll break down their key features.
This will help you see which one fits your business better.
1. Expense Tracking
Expensify is a champ at tracking expenses.
It has SmartScan technology, which lets you just take a picture of a receipt.
It pulls out all the important info.
Wave also tracks expenses, but its system isn’t as advanced as Expensify’s for quick, on-the-go scanning.
2. Invoicing
Wave offers free, professional invoicing.
You can send custom invoices, set up recurring bills, and accept payments online.
Expensify also has invoicing features, but it’s more focused on expense reports.
Its invoicing is simpler and might not have all the bells and whistles Wave offers.
3. Banking and Reconciliation
Wave connects directly to your bank accounts and credit cards.
It helps you sort your transactions and keep your books balanced.
Expensify also connects to banks, but its main job is to get expense data into reports.
It’s not built for full bank reconciliation like Wave.
4. Payroll
Wave offers payroll services, but this is a paid add-on.
You can pay your employees, handle taxes, and manage direct deposits.
Expensify does not offer payroll services.
It’s not designed to pay your team members.
5. Reporting
Wave gives you many financial reports.
You can see your profit and loss, balance sheets, and more.
This helps you understand your business’s health.
Expensify’s reports are mainly about expenses.
They show where your money is going and help with reimbursement.
6. User Interface and Ease of Use
Wave has a clean and easy-to-use interface.
It’s pretty simple for beginners to get started.
Expensify is also user-friendly, especially for expense management.
Its design is very focused on making expense reporting fast and simple.
7. Integrations
Wave connects with some other tools, like PayPal and Stripe, for payments.
It also uses Zapier for broader connections.
Expensify, however, integrates with a wider range of accounting software like QuickBooks and Xero.
This makes it easier to link your expense data to your main accounting system.
What to look for when choosing an Accounting Software?
Here are some extra things to think about:
- Scalability: Can the software grow with your business?
- Support: What kind of help is available if you have questions?
- Ease of Use: Is it something you and your team can learn quickly?
- Specific Needs: Does it handle the unique things your business does?
- Security: How safe is your financial data with this software?
Final Verdict (Our Pick)
So, which one wins?
It truly depends on what you need.
If you’re a small business or freelancer, Wave is often best.
It’s free for basic accounting.
It handles invoicing and banking well.
But if tracking expenses and reimbursements is your biggest headache, Expensify is stronger.
Its SmartScan is great for receipts.
We’ve used both of these tools a lot.
So, you can trust our advice to pick the right one for you.
More of Wave
- Wave vs Puzzle IO: Puzzle IO offers robust project management and time tracking for service businesses.
- Wave vs Dext: Dext excels at intelligent document and receipt capture for automated data entry.
- Wave vs Xero: Xero provides comprehensive cloud accounting with extensive integrations for growing businesses.
- Wave vs Synder: Synder specializes in syncing e-commerce and payment platform data directly into accounting software.
- Wave vs Easy Month End: Easy Month End streamlines month-end closing processes with automation and reconciliation tools.
- Wave vs RefreshMe: RefreshMe focuses on simplifying employee expense management and reimbursements for teams.
- Wave vs Sage: Sage offers scalable accounting solutions for various business sizes, from small to enterprise.
- Wave vs Hubdoc: Hubdoc automates financial document collection and data extraction for easier bookkeeping.
- Wave vs QuickBooks: QuickBooks is a widely used, comprehensive accounting solution for businesses of all sizes.
- Wave vs AutoEntry: AutoEntry specializes in automated data entry from receipts and invoices, reducing manual input.
- Wave vs FreshBooks: FreshBooks is designed for service-based businesses, focusing on invoicing, time tracking, and projects.
- Wave vs NetSuite: NetSuite is a full-fledged cloud ERP system for large businesses, covering all business operations.
More of Expensify
- Expensify vs Puzzle IO: Puzzle IO focuses on advanced AI automation for financial data analysis.
- Expensify vs Dext: Dext excels at data entry automation and pre-accounting document collection.
- Expensify vs Xero: Xero is a full cloud accounting solution offering broad financial management.
- Expensify vs Synder: Synder specializes in reconciliation for e-commerce and payment platforms.
- Expensify vs Easy Month End: Easy Month End is built to streamline the month-end close process.
- Expensify vs RefreshMe: RefreshMe focuses on employee recognition and engagement, not direct accounting.
- Expensify vs Sage: Sage offers a wide range of accounting features for diverse business needs.
- Expensify vs Zoho Books: Zoho Books provides a comprehensive yet affordable financial management suite.
- Expensify vs Quicken: Quicken is a personal finance manager, not designed for business accounting workflows.
- Expensify vs Hubdoc: Hubdoc automates document collection and data entry for easy syncing.
- Expensify vs QuickBooks: QuickBooks is a popular all-in-one accounting solution for small businesses.
- Expensify vs AutoEntry: AutoEntry specializes in automated data entry from various financial documents.
- Expensify vs FreshBooks: FreshBooks is ideal for invoicing, time tracking, and project management.
- Expensify vs NetSuite: NetSuite is a powerful ERP system for large-scale financial management.
Frequently Asked Questions
Is Wave truly free for small businesses?
Yes, Wave offers its core accounting, invoicing, and receipt scanning features for free. They make money through payment processing fees and payroll services, which are optional add-ons.
What is the main difference between Expensify and Wave?
The main difference is focus. Wave is a full accounting suite for small businesses, offering invoicing and basic reports. Expensify specializes in detailed expense management and employee reimbursements.
Can Expensify integrate with QuickBooks Online?
Yes, Expensify is known for its strong integrations. It can connect with popular accounting software like QuickBooks Online, making it easier to sync your expense data with your main books.
Is Wave a good alternative to QuickBooks Online?
For very small businesses or freelancers needing a free solution, Wave can be a good alternative. It offers many basic accounting features without the monthly cost of QuickBooks Online.
Which is better for just tracking receipts, Expensify vs Wave?
For just tracking receipts, Expensify is generally better. Its SmartScan technology and focus on expense reporting make it more efficient for capturing and organizing receipt data quickly.
