In both plans, there’s a 3.4% + $0.60 fee for AMEX transactions, 1% for each bank transaction, and a $1 minimum fee for every invoice payment it processes. Time-saving features like scheduled payment reminders and automatic credit card payments. Connects seamlessly with Wave’s invoicing and accounting software, so you’ll always have the information you need in one place. Wave accounting software’s affordability, unlimited invoices, support for multiple businesses, and receipt scanning make it a perfect choice for freelancers and solopreneurs.
Best Accounting Software for Small Businesses of 2024
Wave Payroll and QuickBooks Payroll are two of our top-reviewed payroll software options. Both integrate seamlessly with their corresponding accounting software, and while both have perks to recommend them, we tend to prefer QuickBooks Payroll over Wave Payroll. QuickBooks Online and Wave are two entirely different accounting software products meant for distinct types of businesses.
Wave used to offer a receipt-scanning app for iOS users—but that offering recently vanished. Now, you’ll use your phone to photograph physical receipts, then upload them to your Wave account. (You’ll probably need to use your laptop, since Wave doesn’t have an accounting app.) In contrast, QuickBooks Online’s all-in-one app lets you scan and upload receipts right from your phone.
Customers love Wave
- You may also consider third-party inventory management software and Zapier integration if you want to streamline processes.
- It’s primarily devoted to freelancers and small single-owner businesses, offering a single free plan that lets you send invoices, track expenses, receive online payments and run financial reports.
- Pricing varies depending on your needs, but the QuickBooks Online Simple Start plan (for 1 user) starts at $25/month.
- But when I went to configure it, the app booted me out of my invoice draft and I lost all my work.
- In this review of Wave vs. QuickBooks, we’ll look at how the services stack up, including their features, pros and cons, and which kinds of businesses can benefit from each.
If you travel a lot to visit with clients or provide services, this feature alone may tip the scales in the QuickBooks vs. Wave question. When it comes to comparing accounting software, QuickBooks is probably the most recognizable and well-known. However, Wave has some very atp and adp robust features (and attractive pricing) that puts it up as a strong competitor. Overall, as a free solution, Wave is a simpler software, providing essential accounting and bookkeeping capabilities without overwhelming the user.
Wave also does great in reporting because it has all the essential financial statements but lacks the customizability of QuickBooks. If you’d like to create granular reports like income by class or expense by location, QuickBooks can do it in a few clicks. Users can add multiple bank accounts and have them reconciled in different ways. If you don’t want to connect your bank account, you can either upload the PDF bank statement or perform manual reconciliation by comparing your paper statement with the QuickBooks register.
When it comes to affordability, there really is no contest —Wave offers better value than QuickBooks. Wave is completely free, requires no contract, and doesn’t feature any hidden fees, while QuickBooks starts from $30 per month on its Self Employed plan. This is why we’ve awarded Wave a perfect value score of 5/5 in our in-depth research. It is also the best value rating we’ve handed out across the accountancy software category. Meanwhile, Wave remains a good pick if you don’t need all of QuickBooks’ features.
Why QuickBooks Online wins
On the other hand, QuickBooks charges fees based on how you process a transaction. It charges 1% for ACH bank transfers, 2.5% for using a credit card reader, 2.99% for online invoices, and 3.5% for keying in a credit card. Professional, customizable invoices that are quick and easy to create. Send invoices on-the-go using Wave’s mobile app, which automatically syncs to your accounting records so your bookkeeping is already done. Send unlimited recurring invoices to as many customers as you want. QuickBooks Pro and Premier are two different plans available that offer very similar feature sets leading to much confusion.
Is Wave Accounting Worth it?
The platform has a few template options to choose from, and even has the option to add branding like your logo and an accent color, which I thought was a nice touch. Wave and QuickBooks both offer standard features and capabilities for invoicing for small businesses. Wave’s platform is simpler and designed for easy use for freelancers and businesses of one, while QuickBooks is designed to cover complex business needs and grow as your business grows. Through Wave, you can onboard and pay employees and independent contractors via direct deposit. Wave also handles payroll taxes in 14 states, but all other states are self-serve (the platform continues to add more full-service states). In full-service states, payroll in Wave costs $35 plus $6 per employee or contractor per month.
QuickBooks, on the other hand, is going to cost you, even for the most basic plan. It adds up even more if you opt for additional services like Payroll or Workforce, where employees can view their pay stubs and W-2 forms. That said, if you sign up during a sale, you can get a good deal for a few months. When you send an invoice, clients have the option to pay with the click of a button by entering their credit card or bank account information or connecting to Apple Pay.