Picking the right accounting software can feel like a big decision for your business, right?
You’ve likely heard of Wave and QuickBooks, two popular choices.
But which one is truly the best fit for your needs?
This article will break down Wave vs QuickBooks.
Overview
We put Wave and QuickBooks through their paces.
We used each software to manage real business finances.
This hands-on testing helped us see how they work.
Now, we can compare them fairly for you.
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
Used by over 7 million businesses, QuickBooks can save your time.
Pricing: It has a free trial. Paid plan starts at $9.50/month.
Key Features:
- Expense Tracking
- Invoicing and Payments
- Comprehensive Reporting
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 QuickBooks?
QuickBooks is like a helpful friend for your business money stuff.
It helps you keep track of what money comes in and what money goes out.
Lots of small businesses like using it.
Also, explore our favorite Quickbooks alternatives…
Ready to take control of your business money like a pro? QuickBooks helps millions track their income and expenses easily.
Key Benefits
QuickBooks really shines with its broad set of tools for everyday tasks. It offers:
- Manages over $1 trillion in invoices annually for its users.
- Connects to over 700 different apps for smoother workflows.
- Helps businesses save up to 42% of their time on bookkeeping tasks.
- Provides over 50 standard reports to understand your business better.
Pricing
- Simple Start: $9.50
- Essential: $14
- Plus: $20
- Advanced: $38
Pros
Cons
Feature Comparison
Let’s look at what each software can do.
We’ll compare their main features side-by-side.
This will help you see their strengths and weaknesses clearly.
1. Invoicing
Both Wave and QuickBooks let you send invoices.
You can create professional bills for your customers.
Wave’s invoicing is simple and easy to use.
QuickBooks offers more advanced options for invoicing.
This includes customizing invoices more and tracking payments in detail.
2. Expense Tracking
Keeping track of your spending is key.
Wave lets you link your bank accounts to track expenses automatically.
You can also upload receipts.
QuickBooks does this too, but it often has stronger tools for categorizing expenses.
This makes tax time easier.
3. Reporting
Understanding your money means good reports.
Wave gives you basic financial reports, like profit and loss statements.
These are good for seeing where your money goes.
QuickBooks offers a wider range of reports.
You can get very detailed insights into your business’s financial health.
4. Payroll
Paying your team is important.
Wave offers payroll services as an add-on, but it costs extra.
It’s built right into the system.
QuickBooks also has payroll options.
Its payroll features are often more robust and can handle more complex payroll needs for growing businesses.
5. Integrations
Sometimes you need your accounting software to work with other tools.
Wave has fewer integrations with other apps.
This means it might not connect with all the software you use.
QuickBooks integrates with many more apps.
This makes it more flexible for businesses using different tools.
6. Ease of Use
How easy is it to learn and use?
Wave is generally seen as very user-friendly.
It’s great for beginners or small businesses with simple needs.
QuickBooks can be a bit more complex, especially for new users.
It has many features, which can take time to learn.
7. Customer Support
When you have a problem, good help matters.
Wave offers support through email and a help center.
Sometimes, getting a quick answer can be tough.
QuickBooks provides more support options, including phone and chat.
They also have a large community forum where you can find answers.
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)
We looked closely at both. We pick QuickBooks.
It’s better for most growing businesses.
Wave is free and simple. But QuickBooks has more features.
It also has better support. It handles complex tasks.
This is good as your business grows.
We tested both well. Our tests show QuickBooks has more power.
It also has more flexibility. For managing your money seriously, it’s stronger.
It will help your business do well.
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 Quicken: Quicken is primarily for personal finance management, with some small business tracking.
- Wave vs Hubdoc: Hubdoc automates financial document collection and data extraction for easier bookkeeping.
- Wave vs Expensify: Expensify is a dedicated platform for automating expense reports and corporate card management.
- 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 QuickBooks
- QuickBooks vs Puzzle IO: Puzzle IO offers advanced AI and automation for comprehensive financial management.
- QuickBooks vs Dext: Dext focuses on automated data extraction, streamlining document collection for bookkeeping.
- QuickBooks vs Xero: Xero provides intuitive cloud accounting with strong bank feeds and a collaborative platform.
- QuickBooks vs Synder: Synder specializes in e-commerce integration, syncing sales data for streamlined accounting.
- QuickBooks vs Easy Month End: Easy Month End simplifies the closing process, ensuring quick and accurate financial period finalization.
- QuickBooks vs RefreshMe: RefreshMe delivers real-time financial dashboards, offering instant insights for rapid decision-making.
- QuickBooks vs Sage: Sage offers diverse ERP and accounting solutions, scaling for various business sizes and industries.
- QuickBooks vs Zoho Books: Zoho Books provides a comprehensive online suite for small business accounting and operations.
- QuickBooks vs Quicken: Quicken is primarily for personal finance and budgeting, not business accounting.
- QuickBooks vs Hubdoc: Hubdoc automates document fetching, pulling financial statements and bills directly.
- QuickBooks vs Expensify: Expensify excels at expense reporting and receipt management, simplifying employee reimbursements.
- QuickBooks vs AutoEntry: AutoEntry automates data entry, converting documents into usable accounting data.
- QuickBooks vs FreshBooks: FreshBooks is best for invoicing and time tracking, popular with freelancers and service businesses.
- QuickBooks vs NetSuite: NetSuite provides a full cloud ERP system for large, complex business operations.
Frequently Asked Questions
Is QuickBooks Online better than Wave Accounting?
QuickBooks Online often offers more features and better scalability for growing businesses. Wave Accounting is great for very small companies or freelancers needing basic, free accounting. The “better” choice depends on your specific business needs and budget.
Can I do inventory management with Wave?
Wave Accounting does not offer built-in inventory management. If you need to track inventory, you’ll likely need to use a separate app and integrate it. QuickBooks Desktop and some QuickBooks Online plans offer more robust inventory tools.
What are the main differences between QuickBooks Desktop and QuickBooks Online?
QuickBooks Desktop is installed on your computer, while QuickBooks Online is cloud-based and accessed via a web browser. Online offers more flexibility and accessibility. Desktop provides more control and are often a one-time purchase, though they lack cloud convenience.
Is there truly free accounting software like Wave for small business owners?
Yes, Wave Accounting is a truly free option for basic accounting needs. While it’s free for core features, some services like payroll or payment processing may incur a fee. It’s a solid choice for “software for small” businesses on a tight budget.
How does the pricing plan of QuickBooks compare to Wave?
Wave’s core accounting features are free. QuickBooks operates on a subscription-based pricing plan with various tiers offering different features. While Wave offers free basics, QuickBooks provides more comprehensive features at a cost, making it suitable for businesses ready to invest.
