Wave Accounting vs QuickBooks: Which Software Is Best for Small Businesses?

Choosing the right software for your books matters. Wave Accounting and QuickBooks Online are two of the most used options. Both have features that help small businesses, but they suit different needs. In this guide, we compare Wave Accounting and QuickBooks Online in detail so you can choose what fits your business. This blog will help you understand the pros and cons in understanding Wave Accounting vs QuickBooks.

What Is Wave Accounting?

Wave Accounting is free software for basic bookkeeping. It helps small business owners send invoices, track expenses, and view simple reports. The app connects to your bank and shows your income and costs. You can scan receipts and accept payments with it.

Wave is good for freelancers or owners who do not need complex tools. It has a clean layout and is easy to use. Even if you have no accounting background, you can use Wave.

What Is QuickBooks Online?

QuickBooks Online is a paid tool with more features. It is used by small to mid-sized companies. It tracks income, expenses, payroll, and taxes. It connects to many apps and banks and lets you manage jobs and projects.

You can generate custom reports, track billable hours, and collaborate with your team. QuickBooks fits teams and owners who want more control and insight.

Wave Accounting and QuickBooks Online both serve small businesses but offer different levels of detail and control.

Wave Accounting vs QuickBooks – A quick comparison

Invoicing Tools

Wave lets you send custom invoices. You can set due dates and track who paid. You can also accept credit card payments for a fee. You can add your logo, change colors, and make invoices match your brand.

QuickBooks lets you do all of that and more. You can add billable time, send many invoices at once, and set up auto reminders. You can even turn quotes into invoices with one click.

QuickBooks gives more power, but Wave works fine for simple needs. If you need volume and detail, QuickBooks is better.

Tracking Expenses

Wave tracks spending by linking to your bank. You can sort costs and upload receipts. It gives a basic view of where your money goes. You can view expenses by category and download reports for tax prep.

QuickBooks goes further. You can set rules, track miles, manage bills, and scan receipts. It helps you watch spending more closely. It offers cash flow planning tools and vendor insights.

If you want more detail and tools, QuickBooks wins. It saves time and improves accuracy.

Reports and Insights

Wave has basic reports. You can see profit and loss, cash flow, and balances. These work for tax time or a simple view. It shows data in easy-to-read charts.

QuickBooks has many reports. You can sort by job, tag, or client. You can build your own views and track more data. It offers reports for sales, expenses, payroll, and inventory.

For deep insight, QuickBooks is better. It helps you make smarter choices based on current numbers.

Bank Syncing

Wave works with most US and Canada banks. It updates your data once a day and pulls in new transactions. You can also import bank statements manually.

QuickBooks supports more banks and updates faster. You get fewer sync errors and more bank coverage. It supports bank rules and auto-matching.

QuickBooks offers more stable bank syncs. This helps with better real-time data.

Payroll Options

Wave has a paid payroll add-on. It works in a few states and handles pay and taxes. It is best for small teams. It offers direct deposit and year-end tax forms.

QuickBooks has full payroll options. It files taxes, tracks time, and gives workers a portal. It supports more states and team sizes. It also handles workers’ comp and HR tools.

QuickBooks is the stronger payroll option. It suits growing businesses with more needs.

Software Cost

Wave is free for its main tools. You pay only if you use payroll or accept payments. It has no monthly fee for accounting features.

QuickBooks has four plans. The cheapest plan starts at $30 each month. Higher plans add features like inventory and project tracking. Payroll costs extra.

If cost is your main concern, Wave wins. For full features, QuickBooks is worth the price. Your business needs will guide the choice.

Support Options

Wave offers email and chat support. Live help is limited to weekdays. Paid support is only for payroll users. It also has a help center with articles.

QuickBooks has phone, chat, and a help forum. Higher plans get faster help. It also offers training tools and setup help.

QuickBooks gives more ways to reach support. If you need more help, it is a better choice.

Mobile App Tools

Wave has a simple app. You can send invoices, view income, and upload receipts. It works well for quick tasks. It is available on both Android and iOS.

QuickBooks has more features in its app. You can track miles, send bills, and view reports. It lets you view cash flow, scan receipts, and contact clients.

QuickBooks gives better tools on the go. It helps owners who travel or work from many places.

Integration with Other Apps

Wave links with a few tools like PayPal and Etsy. You can use Zapier for more links. Its app list is short but covers basic needs.

QuickBooks connects with hundreds of apps. It works with tools for sales, time tracking, payroll, CRM, and more. You can connect Stripe, Shopify, and Gusto.

QuickBooks is better for full business systems. If you use many tools, it fits better.

Tax Help and Filing

Wave has basic tax reports. It helps you view what you owe but does not file taxes. You must export data and give it to your tax pro.

QuickBooks gives sales tax tools, tax estimates, and some filing support. If you use QuickBooks Live, you get help from a tax expert.

QuickBooks helps you stay ready for tax season. If taxes are complex for you, it is the safer pick.

Inventory Tracking

Wave does not support inventory tracking. You would need to use a separate tool or do it by hand.

QuickBooks includes inventory tracking in higher plans. You can see stock levels, reorder points, and vendor lists.

QuickBooks is better for product-based businesses.

Time Tracking

Wave does not track time. If you bill by the hour, you will need another app.

QuickBooks has built-in time tracking. You can assign time to projects and clients. You can also track team hours.

For service-based work, QuickBooks saves time and effort.

Customization

Wave offers limited settings. You can adjust invoices and some reports. Other features are locked in.

QuickBooks offers more control. You can change report views, user roles, and invoice designs.

If you want control over your system, QuickBooks offers it.

User Access and Roles

Wave allows multiple users, but roles are basic. You can give access to your accountant or partner.

QuickBooks has user roles with set limits. You can allow or block access by section. It is safer and more flexible.

QuickBooks is better for teams with shared access.

From the above comparison of Wave Accounting and QuickBooks Online, you can easily make a choice among two.

Who Should Pick Wave?

Choose Wave if you want a free tool for basic books. It is best for solo owners and freelancers. It works well for tracking simple tasks.

Use Wave if you do not need payroll or complex reports. It is easy to set up and works well for basic needs.

Who Should Pick QuickBooks?

Pick QuickBooks if you want full control. It is best for growing teams and complex books. It helps with taxes, reports, and pay.

Choose QuickBooks if you want support, mobile tools, and deep features. It grows with your business.

Wave works for basic needs. It costs less and is easy to learn. It fits solo work or side jobs. It is best if your tasks are few and your budget is tight.

QuickBooks gives more features. It suits growing teams, bigger data, and full reports. If your needs grow, it is the better choice. It helps you manage all parts of your business.

Both tools have value. Pick the one that fits your work, budget, and goals. If you start with Wave, you can move to QuickBooks later. At Confiance, we offer QuickBooks and Wave accounting services. Contact us now to get more clarity on choosing between the two. 

FAQs

1. Is Wave really free?
   Yes, Wave does not charge for basic features. You pay only for payroll or payment services.
2. Can I switch from Wave to QuickBooks?
   Yes, but you may need help moving your data. You can export data from Wave and import it into QuickBooks.
3. Which is better for taxes?
   QuickBooks gives more reports and tracking. It helps more during tax time. You can also use it with a tax expert.
4. Do both tools support mobile use?
   Yes, both have mobile apps. QuickBooks has more features on its app.
5. Can both tools track time?
   QuickBooks can track time. Wave does not offer that feature.
6. Which tool is better for inventory?
   QuickBooks has inventory tools in higher plans. Wave does not track inventory.
7. Can I use Wave if I have a team?
   Yes, but the tools are limited. QuickBooks fits teams better.
8. Is QuickBooks worth the cost?
   Yes, if you need more tools and support. It saves time and offers better insight.
9. Which one is easier to learn?
   Wave is simpler. QuickBooks has more features but takes longer to learn.
10. Can I use both tools?
    It is best to use one. Using both may cause errors or double work.
11. Does QuickBooks offer refunds?
    Yes, it offers a refund if you cancel within 60 days.
12. How secure are both tools?
    Both use strong security. They encrypt your data and use safe logins.