Wave vs QuickBooks Online: Comparing Cost and Features

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. Zapier is a no-code automation tool that lets you connect your apps into automated workflows, so that every person and every business can move forward at growth speed. But if you’re a medium to large business or even a small business that’s growing quickly, QuickBooks will have the features you need to scale.

What features should I look for in accounting software?

Unlike other free accounting software, the UI is very intuitive and the software is easy to learn and use. Wave comes with a capable mobile app designed to provide users with flexibility on the go, while keeping all the key functionalities available. You can create, send, and manage invoices directly from the mobile app. QuickBooks and Wave both offer mobile apps that let users manage their business finances on the go, using their iOS and Android mobile devices, such as smartphones and tablets.

How Wave and QuickBooks are alike

Wave Pro costs $16/month (or $170/year when billed annually) and includes discounted payment processing, automated late payment reminders, auto-import and categorization of bank transactions, and more. Wave is free software that offers essential accounting features, such as invoice creation, bank reconciliations, and chart of accounts. It also offers a paid plan that adds premium features like unlimited users, automatic bank imports, and a discounted fee for the first 10 online payments from customers each month.

Best POS Systems For Small Business In 2024

However, if you have deposits in transit or outstanding checks, Wave won’t recognize those items because it doesn’t deal with timing differences. When it comes to QuickBooks vs. Wave in terms of pricing, Wave takes the lead because taxpayers should check out these tips before choosing a tax preparer it has a free plan and an affordable paid tier. If you have a limited budget and don’t mind not getting advanced features, we recommend choosing it. Under the free plan, you get most of its offerings — except for automatic import of banking transactions and reminders.

1. As far as small-business financial management tools go, Wave and QuickBooks both have their strengths and weaknesses.
2. Xero is the most similar to QuickBooks Online in terms of scalability and feature set.
3. You can also enjoy the financial planning feature, which lets you create budgets based on real-time data.
4. But when I went to configure it, the app booted me out of my invoice draft and I lost all my work.

NerdWallet independently reviews accounting software products before determining our top picks. We collect the data for our software ratings from products’ public-facing websites and from company representatives. Information is gathered accounting basics tutorial on a regular basis and reviewed by our editorial team for consistency and accuracy. Xero is the most similar to QuickBooks Online in terms of scalability and feature set. It supports an unlimited number of users and has a simple layout that some business owners might find less overwhelming than QuickBooks Online. If you’re unsure which is a better fit, it could be worth taking a test drive of QuickBooks Online and starting a free trial of Xero to see which user interface is preferable.

Among QuickBooks product offerings are add-ons for payroll, a bank account, advanced accounting, employee time tracking and e-commerce inventory management. QuickBooks expense tracking lets you automatically capture information from receipts and track miles, features that make QuickBooks more flexible for a variety of businesses. The invoicing feature is very well-developed, particularly for software that doesn’t have a monthly fee. There are only three invoice templates, but each is well-designed and modern.

It comes with five users, class and location tracking, inventory tracking, and project profitability. You can also enjoy the financial planning feature, which lets you create budgets based on real-time data. Wave, on the other hand, receives zero marks for advanced features as it lacks a number of fairly basic capabilities, including project accounting and cash flow projection. For businesses with complex needs, this will likely be a dealbreaker.

Meanwhile, QuickBooks Online’s cheapest small-business accounting plan starts at $30 a month. zentrepreneur life The Plus plan costs $85 a month, while the Advanced plan starts at $200 and maxes out at 25 users. You’ll get plenty of accounting features and multiple users with each of these plans, but they come at a high cost.