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QuickBooks vs Wave

QuickBooks logo

QuickBooks

All industries

Smart, simple online accounting software for small business

From
$30/month
Rated
-
Full reviewWebsite
Wave logo

Wave

Freelancers

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: QuickBooks chart of Accounts is capped on every QuickBooks Online tier except Advanced; Simple Start, Essentials and Plus all have a limited entry count; Wave automatic bank transaction import and receipt scanning require the Pro plan at $19 a month
  • They diverge on capability: QuickBooks covers Income & expense tracking, Wave covers Double-entry accounting.

Where they differ

Only the attributes on which QuickBooks and Wave actually diverge.

Attributes where QuickBooks and Wave differ
AttributeQuickBooksWave
Starting price$30/monthFree
Pricing modelsubscriptionfreemium
Free tierNoYes
PlatformsWeb, Ios, Android, ApiWeb, Ios, Android
CategoryAll industriesFreelancers
Founded19832010

Identical on both: user rating (Not yet rated).

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 QuickBooks

  • Income & expense tracking
  • Payment processing
  • Tax preparation
  • Bill management
  • Mobile apps
  • Square
  • Shopify
  • Amazon

Only in Wave

  • Double-entry accounting
  • Expense tracking
  • Receipt scanning
  • Multi-currency
  • Sales tax tracking
  • Etsy
  • Shoeboxed
  • PCI compliant

Both cover

  • Invoicing
  • Financial reporting
  • Bank reconciliation
  • PayPal
  • Stripe

What people use each for

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

QuickBooks

  • Bookkeepingnot Wave
  • Invoicingnot Wave
  • Expense trackingnot Wave
  • Financial reportingnot Wave
  • Tax preparationnot Wave

Wave

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

Where each one falls short

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

QuickBooks

  • Chart of Accounts is capped on every QuickBooks Online tier except Advanced; Simple Start, Essentials and Plus all have a limited entry count
  • Even the top Advanced tier caps bulk invoice uploads at 1,000 transaction lines per batch
  • Payroll is a separate paid add-on billed per employee per month (USD 6 to 10 depending on plan) on top of the base subscription

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

QuickBooks

$30/month
  • Simple Start$30/month
    • Income & expense tracking
    • Invoice & payments
    • Tax deductions
  • Essentials$60/month
    • Everything in Simple Start
    • Bill management
    • Time tracking
  • Plus$90/month
    • Everything in Essentials
    • Inventory tracking
    • Project profitability
  • Advanced$200/month
    • Everything in Plus
    • Dedicated account team
    • 25 users

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 QuickBooks if

  • You need income & expense tracking.
  • You work on Web, Ios, Android, Api.
  • You also want payment processing.
QuickBooks review

Choose Wave if

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

Questions people ask

Is QuickBooks or Wave better?
Neither clearly leads. QuickBooks starts at $30/month and Wave at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, QuickBooks or Wave?
Wave has a free tier; the other does not. Paid plans start at $30/month for QuickBooks and Free for Wave.
Does QuickBooks or Wave run on more platforms?
QuickBooks runs on Web, Ios, Android, Api. 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. QuickBooks starts at $30/month.
What is QuickBooks best used for?
QuickBooks is most often used for bookkeeping, invoicing, expense tracking, financial reporting. Of those, bookkeeping and invoicing are not what Wave is typically brought in for.
What can QuickBooks do that Wave cannot?
QuickBooks covers Income & expense tracking, Payment processing, Tax preparation, Bill management. Wave covers Double-entry accounting, Expense tracking, Receipt scanning, Multi-currency. Both handle Invoicing, Financial reporting, Bank reconciliation, PayPal.
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