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QuickBooks vs Wise Business

QuickBooks logo

QuickBooks

All industries

Smart, simple online accounting software for small business

From
$30/month
Rated
-
Full reviewWebsite
Wise Business logo

Wise Business

Accounting & Finance

The smart way to send and receive business payments

From
$29/month
Rated
-
Full reviewWebsite

The short version

  • 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; Wise Business opening a Wise Business account in the UK carries a one off setup fee of 50 GBP
  • They diverge on capability: QuickBooks covers Income & expense tracking, Wise Business covers Multi-currency accounts.

Where they differ

Only the attributes on which QuickBooks and Wise Business actually diverge.

Attributes where QuickBooks and Wise Business differ
AttributeQuickBooksWise Business
Starting price$30/month$29/month
Pricing modelsubscriptionusage-based
CategoryAll industriesAccounting & Finance
Founded19832011

Identical on both: free tier (No), platforms (Web, Ios, Android, Api), 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
  • Invoicing
  • Payment processing
  • Financial reporting
  • Tax preparation
  • Bank reconciliation
  • Bill management
  • Mobile apps

Only in Wise Business

  • Multi-currency accounts
  • International transfers
  • Batch payments
  • API access
  • Team management
  • Xero
  • QuickBooks
  • Various

What people use each for

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

QuickBooks

  • Bookkeepingnot Wise Business
  • Invoicingnot Wise Business
  • Expense trackingnot Wise Business
  • Financial reportingnot Wise Business
  • Tax preparationnot Wise Business

Wise Business

  • Holding and converting multiple currencies as a businessnot QuickBooks
  • Paying international suppliers and contractors at the mid market ratenot QuickBooks
  • Receiving payments into local currency account details in several countriesnot 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

Wise Business

  • Opening a Wise Business account in the UK carries a one off setup fee of 50 GBP
  • Volume discounts on transfers start only above 20,000 GBP equivalent sent per month

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

Wise Business

$29/month
  • StandardFree
    • Multi-currency account
    • Real exchange rate
    • Batch payments

Which should you pick?

Choose QuickBooks if

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

Choose Wise Business if

  • You need multi-currency accounts.
  • You work on Web, Ios, Android, Api.
  • You also want international transfers.
Wise Business review

Questions people ask

Is QuickBooks or Wise Business better?
Neither clearly leads. QuickBooks starts at $30/month and Wise Business at $29/month, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, QuickBooks or Wise Business?
QuickBooks starts at $30/month and Wise Business at $29/month.
Does QuickBooks or Wise Business run on more platforms?
Both run on Web, Ios, Android, Api, so platform support will not decide this one for you.
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 Wise Business is typically brought in for.
What can QuickBooks do that Wise Business cannot?
QuickBooks covers Income & expense tracking, Invoicing, Payment processing, Financial reporting. Wise Business covers Multi-currency accounts, International transfers, Batch payments, API access.
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