Allison Murray/ZDNET
Selecting new accounting software can be a pretty big decision. Wave's free model can be appealing in a cash crunch, but QuickBooks has a reputation as the industry standard. Both promise to streamline your financial management, but which one really delivers?
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Wave positions itself as the go-to solution for freelancers and bootstrapped businesses. Its core accounting features come at no cost, making it incredibly attractive for startups watching every penny. However, you'll pay transaction fees when processing payments through its system. And if you want advanced features and lower transaction fees, prepare to upgrade to Wave Pro for $19 per month.
QuickBooks takes a different approach, with comprehensive paid plans starting at $30 per month. I've found it offers more advanced features like inventory tracking, extensive reporting options, and time management tools. The platform is perfect when businesses need complex accounting capabilities that justify the higher price.
Let's determine which platform aligns with your business needs and budget. I'll discuss their key features, pricing structures, and limitations so you can make an informed decision that supports your growth.
Specifications
Feature Wave QuickBooks Starting price Free (core features) $35 per month (Simple Start) Transaction fees 2.9% + 60 cents for credit cards, 1.0% for ACH 2.9% + 25 cents for credit cards Users Unlimited (free plan) 1-25 users, depending on plan Free trial No trial needed (free plan) 30-day free trial Invoicing Unlimited custom invoices, email delivery Professional templates, partial payments, automatic reminders Expense tracking Receipt scanning, automatic categorization Receipt capture, tax categorization, mileage tracking Bank integration Automatic transaction import, reconciliation Bank feeds, timing difference reconciliation Inventory management Not available Full inventory tracking, COGS, low stock alerts Payroll Optional add-on for $40 per month Integrated payroll service for $25 per month Reporting 13 basic reports, including financial statements 107+ reports, custom reports on Advanced plan Time tracking Not available Built-in time tracking and scheduling Mobile app Receipt scanning, basic functions Full-featured mobile accounting app Double-entry accounting Yes, automated Yes, with advanced features Customer support Live chat (limited hours) Live chat, 24/7 for Advanced plans Integrations Limited, connects via Zapier Extensive integrations, workflow automation Multi-currency Basic support Advanced multi-currency features
You should choose Wave if…
Wave
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