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Wave Accounting Review 2024: Features, Pricing & More

wave vs quickbooks

However, that service is no longer being offered, giving QuickBooks a leg up in this category of services. Unfortunately, Wave does not offer a budgeting feature at this time. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you.

Customer sentiment

wave vs quickbooks

(QuickBooks Payroll sales pricing starts at $37.50 a month plus $5 per payee—which honestly could make it cheaper than Wave Payroll depending on the number of employees you have). On the whole, if you’re okay paying less to get less, Wave Payroll could be a good pick. Unlike most accounting apps, QuickBooks’ mobile accounting app does everything its cloud-based software can do, including accounting, invoicing, expense tracking, and receipt capturing. The app scores 4.7 out of 5 from 126.9K iOS users and 4.0 out of 5 from over 41K Android users.1,2 Users tend to particularly note the app’s incredible ease of use and fully featured functionality.

wave vs quickbooks

Inventory management

Once those estimates are approved, they can easily be transformed into invoices with the click of a few buttons. Many users commented on the attractive professional templates for invoicing, they praised Wave for the receipt scanner and easy expense tracking, and they liked how the dashboard is easy to navigate. Now it makes sense; instead of offering free trial options or packages varied by price and feature, they hook you with accounting and invoicing free options to convince you to upgrade. Creating a culture of accountability can be difficult without having the right technology to support your efforts.

  1. Another convenient feature is the choice to have online payments automatically applied to an outstanding invoice, or handle the process manually, in order to ensure proper application of the payment.
  2. To look at a variety of accounting software that will meet your business’s needs, check out our Accounting Software software category page.
  3. The Wave Launchpad (pictured below) is a great place for new users to start.
  4. Wave and QuickBooks Online are accounting tools that offer a suite of features for business owners.

Why we chose Wave Accounting

Stay in touch with clients through the FreshBooks mobile app and get notified when invoices have been viewed or become overdue. Once you sign up online, you can start using Wave’s features right away. All you have to do is share your business name, type, address and the currency you use. There’s no live support unless you pay for it so you’ll have to dig for the answers to your questions in the help center or cross your fingers that the automated chatbot will help you out. The smart dashboard presents information about jobs you’ve taken on in a single display.

wave vs quickbooks

All of the features in this section come at an extra fee on top of general accounting and invoicing. Wave’s invoicing and payments system includes a lot of automatic features for categorizing your outstanding accounts and reminding customers to pay you. Choose from three invoice templates, or customize your own to align with your branding. Wave also offers automatic recurring billing so you can ensure that you get paid by ongoing customers every month/week/quarter.

Wave vs. QuickBooks Online: Support

Business owners in the remaining states can sign up for self-service payroll, which requires you to file your own payroll taxes. Many users who left positive reviews of Wave like that it has a free plan. One even pointed out that the reason they prefer QuickBooks Online vs Wave is because QuickBooks is expensive. Additionally, others appreciate that its invoicing feature is easy to use and that it has tracking tools that allow them to know if invoices have been viewed. Wave has a limited inventory management feature; you can’t use it to keep track of your stock.

You also have features for scheduling work and time off, projects, approvals, and reports—all necessary features for a medium to large workforce. With Wave, you’d have to integrate a third-party app in order to track time. The extra cash you shell out for QuickBooks translates into a whole gamut of extra features.

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 small business bookkeeping 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.

Wave Invoicing is ideal for freelancers, entrepreneurs or small businesses. The fact that it is free makes it a great option for those just starting out or those who want to keep their overhead as low as possible. Companies that want to combine project management tasks in their accounting software or are looking for software with a great mobile app that they can use on the go will probably want to look for other options. Just like when we reviewed QuickBooks, I want you to think about where your business fits regarding these three choices.

We are committed to the Fit Small Business mission of providing you the best small business accounting insights and recommendations. That said, we developed an internal case study to carefully assess all the articles we review, compare, and recommend. Wave is focused on providing simple and understandable materials more suitable for beginners and small businesses. We’ll have to give this one to QuickBooks, largely due to its coverage of almost every support channel but especially phone support, which Wave does not offer. QuickBooks may be occasionally confusing, but it does have a live chat support feature to help you out of a pickle.

QuickBooks does not have a free plan, so Wave’s free features are why it’s best to pick this platform as the winner. The accounting applications on the market today are designed to be easy, requiring little in the way of training or support. However, just because they’re easier to use doesn’t mean product support is unimportant. Wave includes complete invoice customization capability, as seen above, so you can add your logo as well as your company’s accent color to any invoice you create.

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