Are you struggling to manage your money?
Do you ever wonder if you’re using the best tools to handle your personal finances or small business accounting?
The good news is, software can help!
Two popular choices you might have heard of are Wave vs Quicken.
But which one is right for you?
Let’s break down these options so you can pick the one that fits your needs best.
Overview
We’ve used both Wave and Quicken extensively.
We set up accounts, tracked spending, and explored their features.
This hands-on experience led us to this direct comparison.
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.
Want to take control of your finances? With Quicken, you can connect to thousands of financial institutions. Explore it for more!
Pricing: It has a free trial. The premium plan at $5.59/month.
Key Features:
- Budgeting Tools
- Bill Management
- Investment Tracking
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…
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.
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.
Pros
Cons
What is Quicken?
So, you’re wondering about Quicken?
It’s like a tool that helps you see all your money stuff in one place. Think of it as your digital money organizer.
It can help you track your bank accounts, bills, and even investments.
Pretty handy, right?
Also, explore our favorite Quicken alternatives…
Key Benefits
Quicken is a powerful tool for getting your financial life in order.
They boast over 40 years of experience and have been a #1 best-selling product.
Their various plans can connect to over 14,500 financial institutions.
You can also get a 30-day money-back guarantee to try it out risk-free.
- Connects with thousands of banks and credit cards.
- Creates detailed budgets.
- Tracks investments and net worth.
- Offers retirement planning tools.
Pricing
- Quicken Simplifi: $2.99/month.
Pros
Cons
Feature Comparison
Finding the right accounting program is a crucial step for small business owners.
This Wave review and Quicken review will help you evaluate the key features of each platform, providing a full picture to guide your decision-making and give you peace of mind.
1. Business & Personal Finance
- Wave Financial is a dedicated small business accounting software. It is built for a business’s general ledger, managing transactions for a single company or multiple companies, and creating financial reports. It is the perfect free accounting software for a freelancer & independent contractor who wants to keep their business and personal finances separate.
- Quicken has been a dominant force in the personal finance software market for decades. Its primary focus is on personal finance software with robust money management features. The Quicken Business version is designed for those who want to manage both their business personal finances together in one place, like a landlord with rental properties or a sole proprietor.
2. Pricing and Plans
- Wave Financial offers a truly free platform for its core accounting and invoicing features. You can send unlimited invoices & manage your bookkeeping records at no cost. For more functionality, Wave offers a pro plan and a paid plan for its payroll services.
- Quicken operates on a subscription model with different versions available for different needs. The Quicken Deluxe and Quicken Premier are for personal finance, while Quicken Home & Business is the best option for business use. The cost is based on the subscription level, with a discounted rate for longer subscriptions.
3. Automation
- Wave’s automation features are centered around banking. The platform can auto import bank transactions and merge them to help with bank reconciliation. This saves a lot of time and reduces manual data entry.
- The Quicken brand has long been known for its automation functionality. It automatically downloads and categorizes transactions from connected bank accounts and investment accounts. This functionality is a key feature that provides a great starting point for financial analysis.
4. Invoicing and Payments
- Wave Financial provides excellent invoicing software with robust invoicing features. You can create professional and recurring invoices and accept online payments via any credit cards or bank payments. You can also set up any type of automated payment reminders.
- Quicken’s functionality to create an invoice is more basic. Its bill tracking and online bill pay features are more prominent. While it allows you to accept online payments, the options are not as extensive as Wave’s.
5. Payroll
- Wave Payroll is an add-on service. It handles payroll processing for both salaried and hourly workers. It can be used to pay an active employee or independent contractor paid via direct deposit, and it handles tax filing automatically.
- Quicken does not have its own built-in payroll functionality. It is primarily a financial management tool and does not support the same level of payroll processing and tax filing for multiple employees as a dedicated payroll service.
6. Expense Tracking and Receipt Capture
- Wave Accounting offers robust expense tracking. Its digital receipt capture feature allows you to take pictures of receipts to automatically record expenses. This is a great tool for an independent contractor or small business owner.
- Quicken’s expense tracking is strong for personal and business personal expenses, with a focus on budgeting and tracking where your money is going. Its receipt scanning is also available through its mobile app.
7. Accessibility and Platform
- Wave is a cloud-based platform accessible through a web browser and a mobile app. This means you can access your financial data from anywhere with an internet connection, allowing for a great degree of control.
- Quicken is primarily a desktop software that you download and install on a Windows or Mac computer. While it does have a companion mobile app, the core functionality and data reside on the desktop.
8. Integrations and Value
- Wave integrates with a limited number of business applications. Its value proposition is its all-in-one free platform, which can be sufficient for many freelancers.
- The value of Quicken lies in its long-standing reputation as a personal finance tool. Its functionality for budgeting, retirement planning, and tracking investment accounts is its main strength. The aquiline capital partners acquisition of the Quicken brand may bring new developments to the market in the future.
9. User Interface and Functionality
- A Wave Accounting review will often point out the clean and simple user interface. Wave offers a simple process for billable hours, which is great for service-based businesses. The software is straightforward, with a focus on core accounting tasks.
- Quicken’s interface is more detailed, providing a comprehensive dashboard for all financial information. It is designed to give users a complete financial picture of their money, from bank balances to investment returns, and it helps them stay on track with their personal and business finances.
What to look for in an Accounting Software?
Here are some extra things to think about:
- Scalability: You can’t just pick a program for today; you have to plan for the future. Many accounting software offers different tiers, from a free starter plan to a paid pro plan with additional costs for more functionality. Wave makes it simple to upgrade from its free version to a more robust subscription. Quicken software and its alternatives also have different versions, so make sure you evaluate them based on your anticipated sales and growth.
- Support: What kind of help is available if you have questions? When you start, you’ll likely have questions. It’s important to find a software vendor that provides robust customer support. Many offer a help center and online tutorials. Wave offers support through various channels, and a good wave review will often highlight the ease of getting help. A good program will make your life easier, giving peace of mind.
- Ease of Use: Is it something you and your team can learn quickly? An intuitive interface is key for any accounting program. You want something that’s easy to use for all multiple users, so your team can get started right from the beginning. The goal is to spend less time on complex processes and more on running your business. Quicken offers a different user experience, but it’s important to test the user interface to see which one feels right.
- Specific Needs: Does it handle the unique things your business does? Your business has unique needs. If you have employees, you’ll need accounting and payroll functionality. If you bill clients for time, look for a feature to track billable hours. Some software supports specific payment methods like credit card payments or Apple Pay. The ability to track recurring billing or credit card transaction is also essential.
- Security: How safe is your financial data with this software? Your financial data must be secure. Look for software that provides a high level of data security to protect your information. Multi factor authentication and strong encryption are standard. It is wise to investigate the security measures and reviews of any service. Quicken’s security has been on the market for decades and has a well-established history.
Final Verdict
Which one is better: Wave or Quicken? It depends on you.
If you run a small business, choose Wave.
It handles invoicing and business accounting well.
It’s powerful for business needs. But if you manage personal money, use Quicken.
It tracks budgets and investments. We’ve used both.
Our advice comes from that direct experience.
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.
More of Quicken
- Quicken vs Puzzle: This software focuses on AI-powered financial planning for startups. Its counterpart is for personal finance.
- Quicken vs Dext: This is a business tool for capturing receipts and invoices. The other tool tracks personal expenses.
- Quicken vs Xero: This is popular online accounting software for small businesses. Its competitor is for personal use.
- Quicken vs Synder: This tool syncs e-commerce data with accounting software. Its alternative focuses on personal finance.
- Quicken vs Easy Month End: This is a business tool to streamline month-end tasks. Its competitor is for managing personal finances.
- Quicken vs Docyt: This uses AI for business bookkeeping and automation. The other uses AI as a personal finance assistant.
- Quicken vs Sage: This is a comprehensive business accounting suite. Its competitor is an easier-to-use tool for personal finance.
- Quicken vs Zoho Books: This is an online accounting tool for small businesses. Its competitor is for personal use.
- Quicken vs Wave: This provides free accounting software for small businesses. Its counterpart is designed for individuals.
- Quicken vs Hubdoc: This specializes in document capture for bookkeeping. Its competitor is a personal finance tool.
- Quicken vs Expensify: This is a business expense management tool. The other is for personal expense tracking and budgeting.
- Quicken vs QuickBooks: This is well-known accounting software for businesses. Its alternative is built for personal finance.
- Quicken vs AutoEntry: This is designed to automate data entry for business accounting. Its alternative is a personal finance tool.
- Quicken vs FreshBooks: This is accounting software for freelancers and small businesses. Its alternative is for personal finance.
- Quicken vs NetSuite: This is a powerful business management suite for large companies. Its competitor is a simple personal finance app.
Frequently Asked Questions
Is Wave accounting truly free for small businesses?
Yes, Wave accounting offers a free plan for basic accounting, billing and invoicing. They charge for payroll and payment processing. This makes it a great option for startups.
What is the main difference between Quicken vs QuickBooks?
Quicken vs QuickBooks have different purposes. Quicken is for personal financial management. QuickBooks, made by Intuit, is designed for business accounting, offering more advanced features for businesses, including accounts receivable.
Can I connect my bank account to both Wave and Quicken?
Yes, you can connect your bank accounts to both platforms. This helps import transactions automatically. It makes tracking your income and expenses much easier for better financial management.
Which software is better for managing cash flow?
For business cash flow, Wave is generally better due to its robust business accounting features. For personal cash flow and budgeting, Quicken excels. It depends if you need personal or business financial management.
Does Quicken handle billing and invoicing for small businesses?
Quicken is not primarily designed for billing and invoicing for small businesses. While it handles personal finances well, businesses needing regular invoicing will find Wave or dedicated business software, like QuickBooks, more suitable.
English 
Spanish 
Chinese 
German 
French 
Russian 
Portuguese 
Japanese 
Korean