However, what it lacks in usability, it makes up for in resources where you can get help using it. There are tons of free and paid training resources online as well as a robust infrastructure cargo tracking and contactless payment of professionals who can help you get the most out of the platform. One thing to keep in mind with Wave is that they charge a credit card processing fee of 2.9% + 30¢ per transaction.

You can create vendor, project, and class reports, set up custom reports, and even see visual business insights and performance trends. On their advanced plan, they also have “smart reporting by Fathom,” which includes machine learning. The only con is that it takes some time to learn how to use their extensive reporting features.

Payroll

Both integrate seamlessly with their corresponding accounting software, and while both have perks to recommend them, we tend to prefer QuickBooks Payroll over Wave Payroll. QuickBooks has a whole special software designed just for accountants to manage multiple client accounts all from a single dashboard. All the small business owner has to do is give them access to an Accountant’s Copy of their ledger.

However, it is only available in California, Florida, New York, Texas, Illinois, and Washington. This is $2 more than QuickBooks’ self-service option, and you have to pay for and file the paperwork yourself. FreshBooks also lacks some of the more advanced accounting features other software services provide (including payroll). Think of FreshBooks as more of a small business bookkeeping software.

Top Accounting Software

If you need to send many invoices or make a lot of customizations, you may find it challenging to use. Another thing to consider is how you want your business to handle payroll. Companies like QuickBooks offer accounting and payroll needs, so you can do two things with one program. Take a look at this payroll software comparison to see if your business could benefit. Bench differs from the other software services we include in these reviews, but we think they’re worth including (although they’re expensive).

In the Wave vs. QuickBooks app comparison, it seems as if Wave is more organized, right? The problem with the Wave suite of apps is that they aren’t as functional as it’s QuickBooks counterparts. However, both are equally guilty of spreading the services they offer out over several repetitive apps which can be confusing (and overwhelming) for new users. Never mind the fact that Intuit had been in business for 26 years before Wave Financial launched in 2009. I’m simply not comfortable with the way that Wave hides it’s true monthly cost and tries to lure users in with “free” subscription plans (that are anything but free). That just feels slimy to me and I can’t help but wonder what other kinds of things they are hiding as well.

If your business or freelance career involves a lot of traveling, you’ll definitely want to track your mileage for taxes. Mileage can be a great way to reduce your taxes, especially if you’re self-employed. In fact, QuickBooks mentions on its website that users can save an average of almost $7400 thanks to mileage deductions.

Wave vs QuickBooks: Key Differences & What’s Best

While Wave lets you reconcile bank accounts, you can’t reconcile an account if checks have been written that haven’t yet cleared the bank. This makes Wave’s reconciliation feature essentially useful if you write many checks. Meanwhile, QuickBooks Online can reconcile items, including checks that aren’t yet processed by your bank. If your business pays bills with paper checks then QuickBooks Online is the much better choice. Like Wave, if you accept online payments with QuickBooks Online, you’ll incur a transaction fee of 2.9%, plus $0.25 per transaction. A 1% transaction fee is charged for ACH transfers, although QuickBooks Online caps its fee at $10.

• Wave’s dashboard gives you a high-level overview of your cash flow, profit and loss statements, net income, and more.
• Based on my own personal experience and the handful of times I needed to contact both Wave and QuickBooks (Intuit) with a support request, I’m of the opinion that Intuit does a better job in this regard.
• One of the biggest downsides is that if you ever want to switch to another bookkeeping software, Xero is the hardest platform to migrate away from because of how they format their data.
• In terms of features, Wave covers the essentials, including invoicing, expense tracking, and basic financial reporting.
• For a more in-depth overview of all of Wave’s features, read our Wave review.

Click on one of the links below to see the other accounting software for small businesses. Xero, our number two pick for best accounting software, is (dare we say it?) fun. Its easy-to-use interface takes a lot of the headache out of having to do your books. Deciding which type of accounting software is best for your blossoming business? A good place to start is by comparing a major titan with a smaller, but still quite popular, option to see what you need and what price points are ideal. They say it’s easy to use, like that it’s cloud-based, and says the invoice templates are attractive.

Best third-party app integration: QuickBooks Online

Sage Business Cloud Accounting starts at $12.00 per month, Xero at $12.00 per month, FreshBooks at $15.00 per month, and Zoho Books at $0.00 per month (for businesses with less than $50K in annual revenue). Both Wave and QuickBooks are set up for professional-grade accounting with double-entry ledgers, connections to your bank and credit card accounts, and the ability to build budgets. They also both offer support for multi-currency accounts, so local businesses with complicated currency situations or online shops can still use the tools. This article will break down the major differences for Wave vs. QuickBooks small business accounting software. Both QuickBooks Self-Employed and Wave Accounting allow some free access to their services.

The differences between the two tools mean that each is more suitable for a different type of business. QuickBooks Online, meanwhile, caters to medium-sized businesses and large enterprises. Wave and QuickBooks Online have several overlapping features, but they also have their differences. Wave allows you to stay on top of your company’s cash flow, so you can manage what’s coming in and what’s going out at all times. Before drawing any conclusions about the two tools, it’s worth considering the main features of each.

What’s great about these solutions is they both can be custom-tailored to fit and act as a large or small business accounting software. Today I will go through each separately, then provide a side-by-side comparison, and by the end, you’ll have an answer for your business. Wave Payroll and QuickBooks Payroll are two of our top-reviewed payroll software options.

There were several complaints about either slow responses or long phone support hold times with both Wave and QuickBooks. If you’re a freelancer or solopreneur and don’t have complex financial needs, this might work best for you. The key features you need will vary depending on the systems and processes of your business. We spoke with a few Wave customers who raved about the tool, praising its ease of use and flexibility.

Account Information

You’d think that for a free service, Wave would only be able to provide bare-bones solutions, but that’s not the case at all. You can get comprehensive invoicing and accounting services all for free. When it comes to Wave vs QuickBooks, the features are of comparable quality. Another thing both services are lacking is easy acesss to professional accountants (which is a nice thing to have at your disposable when growing a business and managing income and expenses).

Or, if you don’t need as many features as QuickBooks Online provides, there’s QuickBooks Self-Employed. Its simple $15-a-month plan lets you send simple invoices, track mileage, and get quarterly tax estimates to make end-of-year tax payments easier. Wave offers a wider range of accounting capabilities that multi-employee businesses in particular will utilize. For instance, Wave offers payment processing features, including credit card processing and bank payments. Wave also provides payroll capabilities, with accompanying tax services in a selection of U.S. states.

QuickBooks offers reasonable pricing for small business owners, but the abundance of features they offer that provide flexibility for growing businesses could overwhelm those just starting out. Both tools support regional tax rates and regulations like VAT, and both run as double-entry accounting ledgers suitable for professional accounting services. QuickBooks Self-Employed and Wave Accounting are both accounting software designed for very small businesses. QuickBooks Self-Employed focuses on expense tracking, mileage tracking, and tax management for individuals who run their own business, particularly single-person businesses.