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Software · head to head

Expensify vs Wave

Expensify logo

Expensify

Software

Expense management for receipts, bills & more

From
$5/month
Rated
-
Full reviewWebsite
Wave logo

Wave

Software

Financial software for small businesses

From
Free
Rated
-
Full reviewWebsite

The short version

  • Only Wave has a free tier, so it costs nothing to try first.
  • Each has a real cost: Expensify minimal offline expense entry capabilities hamper use in areas with unstable internet; Wave automatic bank transaction import and receipt scanning require the Pro plan at $19 a month
  • They diverge on capability: Expensify covers SmartScan receipts, Wave covers Double-entry accounting.

Where they differ

Only the attributes on which Expensify and Wave actually diverge.

Attributes where Expensify and Wave differ
AttributeExpensifyWave
Starting price$5/monthFree
Pricing modelUnknownfreemium
Free tierNoYes
Founded20082010

Identical on both: platforms (Web, iOS, Android), user rating (Not yet rated), category (Unknown).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Expensify

  • SmartScan receipts
  • Expense reports
  • Corporate cards
  • Reimbursements
  • Travel booking
  • Mileage tracking
  • Real-time syncing
  • QuickBooks

Only in Wave

  • Double-entry accounting
  • Invoicing
  • Expense tracking
  • Financial reporting
  • Bank reconciliation
  • Receipt scanning
  • Sales tax tracking
  • PayPal

Both cover

  • Multi-currency
  • Cloud deployment

What people use each for

The jobs each tool is most often brought in to do.

Expensify

  • Expense reportingnot Wave
  • Receipt managementnot Wave
  • Travel expensesnot Wave
  • Corporate card managementnot Wave
  • Reimbursementsnot Wave

Wave

  • Invoicing and bookkeeping for very small businesses and freelancersnot Expensify
  • Accepting card payments against issued invoicesnot Expensify

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Expensify

  • Minimal offline expense entry capabilities hamper use in areas with unstable internet
  • OCR receipt data extraction requires manual review and correction for accuracy
  • Per-user pricing model increases costs for larger organizations

Wave

  • Automatic bank transaction import and receipt scanning require the Pro plan at $19 a month
  • The free plan pays a $0.60 per transaction fee on card payments on top of 2.9%, which Pro waives only for the first 10 transactions a month
  • Beyond 10 transactions a month the Pro plan pays the same per transaction fee as the free one
  • Amex is charged at 3.4% rather than 2.9% on both plans

Pricing, plan by plan

Expensify

$5/month

No published plan breakdown. See the Expensify review.

Wave

Free
  • AccountingFree
    • Unlimited invoicing
    • Expense tracking
    • Financial reports
  • Payments$undefined/transaction
    • 2.9% + $0.60 per transaction
    • Credit card processing
    • Bank payments (1%)
  • Payroll$35/month
    • $35/month base + $6/employee
    • Tax calculations
    • Direct deposit

Which should you pick?

Choose Expensify if

  • You need smartscan receipts.
  • You work on Web, iOS, Android.
  • You also want expense reports.
Expensify review

Choose Wave if

  • You need double-entry accounting.
  • You want to start without paying.
  • You work on Web, Ios, Android.
  • You also want invoicing.
Wave review

Questions people ask

Is Expensify or Wave better?
Neither clearly leads. Expensify starts at $5/month and Wave at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Expensify or Wave?
Wave has a free tier; the other does not. Paid plans start at $5/month for Expensify and Free for Wave.
Does Expensify or Wave run on more platforms?
Expensify runs on Web, iOS, Android. Wave runs on Web, Ios, Android.
Can I use Wave for free?
Yes. Wave has a free tier, so you can try it without paying. Expensify starts at $5/month.
What is Expensify best used for?
Expensify is most often used for expense reporting, receipt management, travel expenses, corporate card management. Of those, expense reporting and receipt management are not what Wave is typically brought in for.
What can Expensify do that Wave cannot?
Expensify covers SmartScan receipts, Expense reports, Corporate cards, Reimbursements. Wave covers Double-entry accounting, Invoicing, Expense tracking, Financial reporting. Both handle Multi-currency, Cloud deployment.

Answered from the vendors’ own pages

Expensify: How does Expensify capture receipts?

Expensify uses SmartScan technology with OCR to automatically extract data from receipt images, reducing manual data entry. Users can photograph receipts with their phone to quickly create expense entries.

Source
Expensify: What reimbursement methods does Expensify support?

Expensify supports ACH reimbursement via direct deposit after setting up a direct deposit account. Next-day reimbursement is available, or standard processing takes 3-5 business days.

Source
Expensify: How does Expensify offline mode work?

Expensify has limited offline capabilities. Users can capture receipts offline, but data syncs when internet connectivity is restored. Full functionality requires online access.

Source
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