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Wave vs QuickBooks Online: Which is Better? A Complete Comparison List
Guess what? You must have come across many accounting software programs, but choosing the best one becomes a confusing task. There are QuickBooks, Wave, and other accounting software. The comparison between Wave vs QuickBooks Online software is not new; both are robust accounting software offering numerous features. While QuickBooks dominates the accounting software industry in the United States and Canada, Wave software is relatively new compared to QuickBooks.
When it comes to Wave vs QuickBooks Online, Wave has over 3 million users across the globe, with a primary concentration in the USA and Canada. ON the other hand, QuickBooks Online has over 65. Million users. Both the accounting and financial software cater to the small and medium business segments.
In this review of Wave vs QuickBooks Online, we will compare both accounting software, their features, and more.
What is Wave Accounting Software?
Wave is a free accounting software offering features like invoicing, accounts charting, bookkeeping, and bank reconciliation. They also accept multiple payment options and have a premium paid version with enhanced features for financial management. QuickBooks vs Wave, both are good accounting tools providing users with essential financial features. Wave is primarily designed for small business owners or freelancers. Wave has a simple and easier UI navigation, while QuickBooks can be difficult to navigate and requires a learning curve.
Pros & Cons of Wave Accounting Software:
| Pros | Cons |
| → Has a free plan
→ Affordable plan & easy UI → Paid plan supports unlimited users → Easy to set up and requires less learning curve to navigate |
→ Does not have as robust features as QuickBooks
→ No features to track Inventory |
What is QuickBooks Online Accounting Software?
Comparison between Wave vs QuickBooks Online, QuickBooks leads the table with better and enhanced features. QuickBooks is a solid pick for accountants and CPAs looking to streamline their accounting business operations. It offers a range of features, including location tracking, bookkeeping, financial report generation, multiple payment support, inventory management, invoicing, cash flow management, bill management, and handling other transaction types. In Comparison between QuickBooks vs Wave, QuickBooks has gained trust as a reliable accounting tool across the globe.
Pros & Cons of QuickBooks Accounting Software
| Pros | Cons |
| → Can track project income
→ Has live location tracking → Can bank reconcile at different timings |
→ Enhanced features require higher plan upgrades
→ No unlimited number of users supported, with the option to increase users. → Difficult to navigate, more complex learning curve |
Wave vs QuickBooks Online Comparison List
The Wave vs QuickBooks comparison is not new, and it’s been a topic for a while. Here is a detailed comparison list to help you make an informed choice while choosing the right accounting tool.
| Wave | QuickBooks | |
| Pricing Plans | → Starter plan $0 per month
→ Pro plan $16 per month |
→ Simple start plan $38 per month
→ Essential plan $75 per month → Plus plan $115 per month |
| Time Tracking | Not Available | Time tracking of bill hours and the option to add to invoices |
| Expense Tracking | Automated expense tracking features | Automated expense tracking feature with the option to capture receipts |
| Invoicing Feature | Supports customized invoicing | Supports customized invoicing for clients |
| Live Support Option | No direct call or chat support option | Offers call, chat, help articles, and how-to videos |
| Accounts Payable | Recurring bill not available | Purchase order, recurring bills, and expense bills features |
| Financial Planning | Not Available | Budget planning requires a plan |
| Inventory Management | Not available | Requires a plus plan |
| Project Management | Not available | Requires a plus plan |
| E-commerce Support | Not available | Support for Shopify, eBay, and Amazon |
| Time & Payroll Options | Not available | Manage W2, 1099, paychecks, time track, and payroll tax feature |
| Pay Bills | Not available | Supports ACH payments to vendors |
| Bookkeeping | Supports bookkeeping | Supports bookkeeping |
| Banking & Capital Feature | Not supported | Available |
| Bank Reconciling | Auto bank feed requires the Pro plan | Easy to connect bank feeds and match transactions |
| Accounts Receivable | Recurring invoices require the Pro plan | Supports for invoices, recurring invoices, customer portal, and estimates |
| General Accounting | Supports sales tax, financial statement, chart of accounts, and journal entries | Supports sales tax, financial statement, chart of accounts, and journal entries |
Concluding Lines
The Wave vs QuickBooks comparison is not new in the market, and it’s been here for a while. Intuit’s QuickBooks Online is already dominating the accounting market and is preferred by accountants and CPAs. While Wave is relatively new in the market, it is gaining a decent user base. However, the features offered by Wave accounting are limited compared to QuickBooks Online. We have shared a detailed comparison list for Wave vs QuickBooks Online accounting tools. This comparison list with pros and cons will help you decide which is the better accounting software to use for your business purposes. Remember, both QuickBooks and Wave are designed for small and medium enterprises.
FAQs (Frequently Asked Questions)
Is Wave or QuickBooks better?
Both Wave and QuickBooks are good options, but they depend on your requirements. For small businesses and freelancers, Wave accounting software is a good option. On the other hand, QuickBooks is suitable for small, medium, and large enterprises with robust accounting and inventory features.
What are the drawbacks of Wave accounting?
Some of the main drawbacks of Wave accounting are:
- Has limited features which does not support business scalability
- Bogus customer support. No option for phone or chat support.
- Limited customization and personalization capabilities
- No time tracking features
- No support for e-commerce integrations
What’s better, QuickBooks or Wave?
While both QuickBooks and Wave offer good accounting features, the choice ultimately comes down to your personal preference.
| Wave | QuickBooks |
| → Best for small businesses & freelancers
→ Offers a free plan → User-friendly UI and easy to use → basic but good invoicing and expense tracking feature |
→ Best for small, medium & large businesses
→ No free plan, has robust paid plan features → relatively difficult to navigate and use → Robust reporting, time tracking, and inventory management features |
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