Thinking about new accounting software for your business?
But with so many choices, how do you know which one is a good fit?
Wave and NetSuite are two popular options, but they’re built for very different needs.
One is great for small businesses, while the other is a powerful tool for bigger companies.
We’ll break down Wave vs NetSuite to help you understand which accounting software is best!
Overview
We looked closely at both Wave and NetSuite.
We checked out their features, how easy they are to use, and what kind of businesses they help most.
This helped us see where each one shines.
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
Boost productivity by up to 78%! See the difference now!
Pricing: It has a free trial. Custom pricing plans are Available.
Key Features:
- Financial Management
- Inventory Management
- Order Management
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 NetSuite?
So, what’s the deal with NetSuite?
Think of it like a giant toolbox for your whole business.
It helps you with things like money, customers, and even what you have in stock.
It’s all in one place!
Also, explore our favorite Netsuite alternatives…
Boost productivity by up to 78%! See how NetSuite’s automation tools can transform your workday.
Key Benefits
- Integrates ERP, CRM, and accounting in one system.
- Offers real-time visibility across all business operations.
- Supports businesses in over 200 countries and territories.
- Provides over 30,000 customers with its robust platform.
Pricing
They offer custom pricing plans based on your requirements. Please contact them to get your perfect plan.
Pros
Cons
Feature Comparison
Ready to see how Wave and NetSuite stack up?
Let’s dive into their key features.
This will help you see which one has what your business needs.
1. Target Audience
Wave is made for very small businesses, freelancers, and startups.
It’s simple and easy to use if you’re just starting out.
NetSuite is built for bigger businesses, like mid-sized and large companies.
It handles more complex tasks and many different departments.
2. Core Accounting
Wave gives you basic accounting tools.
You can send invoices, track bills, and see simple reports.
NetSuite offers full-blown accounting.
It includes general ledger, accounts payable, accounts receivable, and fixed asset management.
3. Payroll
Wave offers payroll services, but it costs extra.
The price depends on where you are.
NetSuite also has a payroll module.
It’s integrated with other features, which is good for larger teams.
4. Reporting
Wave has basic financial reports.
You can see profit and loss, and balance sheets.
NetSuite has very strong reporting tools.
You can make custom reports and get deep insights into your business data.
5. Inventory Management
Wave does not have inventory management.
If you sell products, you’ll need another tool.
NetSuite includes full inventory management.
It can track stock, manage warehouses, and handle orders.
6. Customization
Wave offers very little customization.
What you see is what you get.
NetSuite is highly customizable.
You can set it up to fit your business’s exact processes and needs.
7. Integrations
Wave connects with a few key tools like payment processors and banks.
This is enough for basic needs.
NetSuite, however, can connect with many, many other business tools.
This lets it work with almost any system you already use.
What to look for when choosing an Accounting Software?
- 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)
Which accounting software is best?
It truly depends on your business.
We looked closely at both. Our pick is Wave for small businesses and freelancers.
NetSuite is for larger, growing companies.
Wave is perfect if you need basic, free accounting.
It’s easy to start. If your business is bigger, NetSuite is better.
It manages complex inventory.
We studied both deeply. You can trust our breakdown.
More of Wave
- Wave vs Puzzle IO: Puzzle IO shines with its AI-powered smart categorization and predictive invoicing for modern accounting.
- Wave vs Dext: Dext excels at automated data capture from receipts and invoices, streamlining expense management.
- Wave vs Xero: Xero offers strong cloud-based accounting, emphasizing cash flow management and multi-currency support.
- Wave vs Synder: Synder specializes in e-commerce accounting, seamlessly syncing data from various online sales platforms.
- Wave vs Docyt: Docyt provides AI-driven bookkeeping and workflow automation, aiming for a fast month-end close.
- Wave vs Zoho Books: Zoho Books provides a broad accounting solution with strong invoicing, expense tracking, and inventory management.
- Wave vs Quicken: Quicken is primarily for personal finance, offering budgeting, investment tracking, and basic invoicing for freelancers.
- Wave vs Hubdoc: Hubdoc automates document collection and data extraction, centralizing financial paperwork for accountants.
- Wave vs Expensify: Expensify is a leader in expense reporting, featuring smart receipt scanning and automated reimbursements.
- Wave vs QuickBooks: QuickBooks is a comprehensive accounting software with robust features for all business sizes, including payroll and inventory.
More of NetSuite
- NetSuite vs Puzzle IO: Puzzle IO offers AI-driven bookkeeping and financial management for automation.
- NetSuite vs Dext: Dext focuses on automated data extraction from receipts and invoices for the accounting team.
- NetSuite vs Xero: Xero is a cloud accounting solution, simpler than NetSuite, great for small businesses.
- NetSuite vs Synder: Synder specializes in syncing sales transaction data to accounting software.
- NetSuite vs Docyt: Docyt provides AI-powered bookkeeping and workflow automation for financial data.
- NetSuite vs RefreshMe: RefreshMe is a task management software for recurring business processes and checklists.
- NetSuite vs Sage: Sage offers diverse accounting software and ERP system options for various business sizes.
- NetSuite vs Quicken: Quicken is a personal financial planning tool, not an ERP system for business needs.
- NetSuite vs Hubdoc: Hubdoc automates document collection, feeding financial data into accounting software.
- NetSuite vs Expensify: Expensify is a dedicated expense management platform with automation for receipts.
- NetSuite vs QuickBooks: QuickBooks is a popular accounting software for small businesses, simpler than NetSuite.
- NetSuite vs AutoEntry: AutoEntry automates data entry from documents, enhancing accounting workflow.
- NetSuite vs FreshBooks: FreshBooks is a cloud accounting for service-based businesses, strong on invoice and time.
Frequently Asked Questions
Is Wave truly free for accounting?
Yes, Wave offers a free basic accounting plan. This includes invoicing, expense tracking, and basic financial reports. It’s a great option for small businesses or freelancers on a tight budget.
Which is better for a growing business, NetSuite vs Wave?
For a growing business, NetSuite is generally better than Wave. NetSuite provides a full ERP system, offering more advanced features like robust inventory management and extensive customization that growing businesses need.
Can I track inventory with Wave?
No, Wave does not have built-in inventory management features. If your business needs to track products or stock, you will need to use a separate tool or upgrade to a more comprehensive system like NetSuite.
What kind of user reviews do NetSuite and Wave have?
User reviews show that Wave is loved for its ease of use and free basic features, especially by small businesses. NetSuite user reviews praise its deep features and ability to handle complex operations, though it can be more complex to set up.
Is NetSuite an ERP system?
Yes, NetSuite is a comprehensive ERP (Enterprise Resource Planning) system. It integrates various business functions beyond just accounting, such as CRM, inventory, and human resources, making it a powerful all-in-one solution for larger companies.
