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.
Pricing: Free plan available. Paid plan starts at $16/month.
Key Features:
- Unlimited Invoicing
- Expense Tracking
- Basic Reporting
Join the 62% of Quicken users who achieve their goals faster.
Pricing: It has a free trial. paid plan starts at $5.59/month.
Key Features:
- Budgeting
- Bill Pay
- 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…
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 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…
See how Quicken simplifies your money! Users typically save 2 hours monthly on budgeting. Plus, 85% feel more in control within 3 months.
Key Benefits
Quicken has some really cool things it can do:
- It can connect to over 14,500 financial institutions. That’s a lot of banks!
- You can easily see where your money goes with its spending reports.
- It helps you plan for the future by letting you set budgets.
- You can even track your investments and see how they’re doing.
- It helps you manage your bills and avoid late fees.
Pricing
- Annually Subscription: $24
Pros
Cons
Feature Comparison
Ready to see how Wave and Quicken stack up?
We’ve picked out the most important features to help you decide.
Let’s dive into the details.
1. Target Audience
- Wave: Built for small businesses, freelancers, and consultants. It’s great if you need to send invoices, track income, and manage expenses for your business.
- Quicken: Primarily for personal finance management. It helps individuals track budgets, investments, and net worth. While it can handle some basic business income, it’s not its main focus.
2. Accounting Focus
- Wave: Offers double-entry accounting. This is a proper accounting method that many businesses use. It’s robust for tracking business financial health.
- Quicken: Focuses on personal budgeting and financial tracking. It’s simpler and doesn’t use the same advanced accounting principles as Wave.
3. Invoicing
- Wave: Excellent for creating and sending professional invoices. You can customize them and even accept online payments directly through the platform.
- Quicken: Has limited invoicing features, if any. It’s not designed for businesses that regularly need to bill clients.
4. Bank Connections
- Wave: Connects to bank accounts to import transactions. This makes it easy to categorize income and expenses for your business.
- Quicken: Also connects to bank accounts and credit cards. It’s very strong at pulling in all your personal financial data for budgeting.
5. Investment Tracking
- Wave: Does not offer investment tracking. Its focus is purely on business accounting and invoicing.
- Quicken: Has robust investment tracking features. You can monitor your stocks, bonds, and other investments to see how they’re performing.
6. Mobile App
- Wave: Offers a mobile app for on-the-go invoicing and receipt scanning. This is handy for busy business owners.
- Quicken: Provides a mobile app for tracking budgets and expenses on the go. It helps you stay on top of your personal finances wherever you are.
7. Reporting
- Wave: Offers various business reports like profit and loss, balance sheets, and sales tax reports. These are key for understanding your business’s financial health.
- Quicken: Provides personal financial reports. You can see spending habits, budget vs. actuals, and net worth trends. These reports help you manage your personal money better.
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)
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: 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 Expensify: Expensify is a dedicated platform for automating expense reports and corporate card management.
- 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 Quicken
- Quicken vs Puzzle IO: Puzzle IO focuses on inventory and e-commerce, while Quicken is personal finance with some business tools.
- Quicken vs Dext: Dext automates receipt and invoice data capture; Quicken’s document handling is less specialized.
- Quicken vs Synder: Synder syncs multi-channel sales with accounting; Quicken lacks this e-commerce focus.
- Quicken vs Easy Month End: Easy Month End streamlines financial closing, while Quicken doesn’t target this specific process.
- Quicken vs Docyt: Docyt uses AI for financial data; Quicken’s data extraction is more manual.
- Quicken vs Hubdoc: Hubdoc automates financial document collection; Quicken’s document handling is manual.
- Quicken vs Expensify: Expensify excels in expense management; Quicken’s expense tracking is less automated.
- Quicken vs QuickBooks: QuickBooks is designed for small business accounting; Quicken is primarily personal.
- Quicken vs AutoEntry: AutoEntry automates data entry from financial documents; Quicken lacks this automation.
- Quicken vs FreshBooks: FreshBooks targets service-based business invoicing; Quicken’s invoicing is basic.
- Quicken vs NetSuite: NetSuite is a comprehensive ERP for large businesses, while Quicken is for personal/small use.
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.
