Wave VS QuickBooks Online: Comparison

Wave VS QuickBooks At A Glance

QuickBooks Online and Wave are both cloud-based accounting solutions, but they serve different types of businesses.

QuickBooks Online offers advanced accounting features, hundreds of integrations, and an intuitive interface, making it a strong choice for growing businesses. While it costs more than Wave, its robust feature set justifies the higher price for businesses with more complex accounting needs.

Wave is designed for freelancers and small businesses that need straightforward accounting software. Its free plan includes core features like invoicing, expense tracking, and contact management, though advanced automations and additional support require a paid plan. Businesses that need advanced features or extensive integrations may outgrow Wave as they scale.

Where Wave Wins

Wave is one of the few accounting platforms with a genuinely useful free plan. It includes core accounting features like invoicing, expense tracking, and financial reporting, making it a great fit for freelancers and small businesses with basic accounting needs.

Wave is also easy to learn, and businesses that need more functionality can add services like payroll, payment processing, or bookkeeping as they grow.

Here’s where Wave stands out:

Where Wave Falls Short

Wave is designed for businesses with straightforward accounting needs, so it lacks some of the advanced features found in competitors like QuickBooks Online. You won’t find tools like budgeting, project management, or extensive integrations, making it less suitable for growing businesses with more complex accounting requirements.

Customer support is also limited. Phone support isn’t available, and live chat and email support are reserved for paid Pro subscribers. Free plan users are limited to self-service resources like the Help Center and chatbot.

Here’s where Wave falls short:

Where QuickBooks Online Wins

QuickBooks Online offers one of the most comprehensive feature sets available in cloud accounting software. Businesses get advanced tools like inventory tracking, project management, customizable invoicing, automated sales receipts, and hundreds of integrations, with optional add-ons for payroll, bookkeeping, and tax support.

Its scalability also makes it a good fit for growing businesses, supporting up to 25 users depending on the plan. And the addition of a free plan is great for freelancers and smaller businesses that want to get acquainted with the software.

Here’s what sets QuickBooks Online apart:

Where QuickBooks Online Falls Short

QuickBooks Online can become expensive as your business grows. Higher-tier plans are required to support more users, and optional add-ons for services like payroll and bookkeeping can significantly increase your monthly costs.

While customer support has improved in recent years, QuickBooks Online still doesn’t offer email support, leaving users to rely on phone, chat, and self-service resources.

Here’s where QuickBooks Online falls short:

Wave VS QuickBooks Online: Pricing Comparison

Wave’s biggest advantage is its pricing. The Starter plan is free and includes core accounting features, while the paid Pro plan adds automations, discounted payment processing, and enhanced support. Optional services like payroll, bookkeeping, and payment processing are also available for an additional cost.

QuickBooks Online primarily uses a monthly subscription model, although it now offers a limited Free plan and a 30-day free trial for its paid plans. Businesses can also purchase optional services like payroll, payment processing, and Live Bookkeeping for an additional fee.

Check out our guide to QuickBooks Online pricing and costs to learn more.

Wave VS QuickBooks: Features Comparison

Both QuickBooks Online and Wave include core accounting features like invoicing, expense tracking, and financial reporting. However, QuickBooks offers more advanced functionality, while Wave focuses on keeping accounting simple and affordable for small businesses.

Which Is Best For My Business: QuickBooks Online Or Wave?

Both QuickBooks Online and Wave are strong accounting solutions, but they serve different types of businesses.

Wave is a great choice for freelancers and small businesses that want straightforward accounting software at little to no cost. Its free plan includes the core accounting features many businesses need, but growing businesses may outgrow its limited integrations and lack of advanced tools.

QuickBooks Online is better suited for businesses that need more robust accounting capabilities. Its advanced features, extensive integrations, and scalability make it a strong fit for growing businesses, though those advantages come with a higher monthly cost.

Choose Wave If…

• You have basic accounting needs
• You want free or low-cost accounting software
• You’re new to accounting software
• You don’t need advanced features or extensive integrations

Choose QuickBooks Online If…

• You need advanced accounting features
• You rely on integrations with other business software
• You have a growing business that needs a scalable solution
• You’re willing to pay more for additional functionality

Still on the fence? Don’t forget to check out our reviews of Wave and QuickBooks Online to learn more about features, our experience with customer service, and more to help you make the most informed decision for your business.

You can also explore more options that may be a better fit, starting with our list of the best accounting software for small businesses.