wave vs quickbooks

However, if you have a lot of bills to pay, the lack of bill payment capability in Wave may be an issue. Unlike most accounting apps, QuickBooks’ mobile accounting app does everything its cloud-based software can do, including accounting, invoicing, expense tracking, and receipt capturing. The app scores 4.7 out of 5 from 126.9K iOS users and 4.0 out of 5 from over 41K Android users.1,2 Users tend to particularly note the app’s incredible ease of use and fully featured functionality.

  1. Pro plan capabilities include recurring invoicing and the option to let repeat clients opt into automatic credit card billing.
  2. When you create your first invoice in Wave, you’re guided to create a template first.
  3. Wave deposits money into your connected bank account within two business days of payment.
  4. If Wave has everything your small business needs, it’s hard to beat free.

Paying your workers is easier thanks to the QuickBooks online accounting features of time tracking and 24-hour free direct deposit. There is also an app that offers to pay your employees from anywhere. Wave’s invoicing and payments system includes a lot of automatic features for categorizing your outstanding accounts and reminding customers to pay you. Choose from three invoice templates, or customize your own to align with your branding.

Summary: when to choose Wave vs QuickBooks

Additionally, if you work under more than one brand you can manage multiple businesses in the same software. Pricing varies depending on your needs, but the QuickBooks Online Simple Start plan (for 1 user) starts at $25/month. Keep in mind that if you use the payment features for clients, there is also a transaction fee of 2.9%, or $.25 per transaction if you take the credit card in-person. They run promos frequently, and if you want to compare QuickBooks vs. Wave for yourself, there is a free 30-day trial available. Wave is a free set of tools, and then you have premium options for more advanced features like double-entry accounting and the ability to track mileage.

With the paid plan, you can select the theme color but you can’t adjust the color of the fields. 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 comes with a capable mobile app designed to provide users with flexibility on the go, while keeping all the key functionalities available. You can create, send, and manage invoices directly from the mobile app. QuickBooks and Wave both offer mobile apps that let users manage their business finances on the go, using their iOS and Android mobile devices, such as smartphones and tablets. That way, you can keep track of your bookkeeping, even away from your computer, without losing any key functionalities.

You’ll pay 2.9% plus $0.60 per transaction for Visa, Mastercard and Discover; 3.4% plus $0.60 per transaction for American Express; and 1% per transaction for ACH transfer from your client’s bank account. The platform’s design is intuitive, so it’s easy for anyone to set up and use. Create customized invoices and estimate templates that align https://www.online-accounting.net/ with your brand and save information about clients and services so you don’t have to re-enter the same information over and over each time you invoice. If you’re a freelancer or small-business owner whose primary consideration is affordability first and features second, Wave Accounting is a better pick for you than QuickBooks Online.

With this QuickBooks feature, your employees can enter their trip information. Trips then go into a bucket for your review, where you can confirm each trip as Business or Personal. There’s also https://www.kelleysbookkeeping.com/ a convenient Round Trip toggle, so you don’t have to manually enter two separate trips. QuickBooks also has options to customize your template, but you only get one option for a template design.

Most companies charge for that service as well, so the cost of the payment option is relative in light of these freebies. You can get paid in as little as two business days, with fees as low as 1% of the transaction. Wave is the fastest-growing https://www.quick-bookkeeping.net/ software for small business accounting, invoicing, payments, and more. More than 4 million businesses already manage their finances with Wave. Both QuickBooks and Wave have an array of accounting tools to suit your freelance business needs.

But just as with their browser-based interfaces, QuickBooks’ features outnumber Wave’s on mobile as well. Only QuickBooks Online lets freelancers track mileage, convert estimates to invoices and scan and upload receipts. Regardless of the plan you choose, you can add optional bookkeeping advisory services starting at $149 per month. Intuit also has a freelance plan called QuickBooks Self-Employed, which helps freelancers track expenses and taxes but does little else. QuickBooks Self-Employed starts at $15 a month, but Wave Accounting has more features at a better price. If Wave has everything your small business needs, it’s hard to beat free.

wave vs quickbooks

Even better, its free software has features many other accounting solutions charge extra for. For instance, Xero’s cheapest plan limits you to 20 invoices a month—if you want unlimited invoices, you’ll need the $34 a month Growing plan. Both Wave and QuickBooks offer solid full-service payroll software that help small-business owners pay employees on time. While neither provider has a free payroll solution, Wave’s self-service plan costs just $20 a month plus $6 per employee. If you don’t mind filing payroll taxes on your own, Wave has the more affordable payroll solution of the two providers. Once logged in, your main dashboard will show your cash flow, profit and loss, invoices, bills and other financial insights.

Can I switch from Wave to QuickBooks?

Considering that both platforms offer truly well-rounded mobile applications, we’ll take into account that Wave is the free solution, while QuickBooks online is the paid solution exclusively. Meanwhile, over at QuickBooks, there are also many great full-service payroll tools. QuickBooks helps automatically calculate taxes, as well as send and accept payments. The Wave payments and Wave payroll set of features is pretty comprehensive. You can use Wave for in-house payroll to pay your employees and contractors, do direct deposits, and get automatic tax remittances. The application is available for both Windows and Mac, and the subscription starts at $799 per year.

wave vs quickbooks

And QuickBooks can be expensive with plans starting at $30 per month. If you need software that’s more robust but less expensive than QuickBooks Online, consider Xero, which starts at $13 per month, or Zoho Books, which has a free plan plus paid plans starting at $20 per month. Growing businesses with more than a handful of employees will be better off subscribing to QuickBooks Online because of its array of features and integrations. While Wave shines as a free option for freelancers, independent contractors and microbusinesses, it’s not meant for businesses that might expand their operations. We believe everyone should be able to make financial decisions with confidence.

You want a more comprehensive accounting solution

Should you end up choosing QuickBooks and are interested in hiring a ProAdvisor, read our guide on how to find a QuickBooks ProAdvisor near you. We consider this a tie since QuickBooks and Wave advisors are both certified and are equally competent to help you with your bookkeeping duties. The main factor that may affect your choice would be the price, which favors Wave. You can also add discounts with a toggle for dollars or percentage, which would have made easy math for my “spring thaw” special back in the day (especially since I hadn’t learned how to calculate percentages yet). Both applications make it easy to get started and find your way around without any issues.

Track Miles

Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. While Wave’s reports are adequate, you have much more data at your fingertips with QuickBooks Online’s reporting capabilities. QuickBooks Online offers more than 50 standard reports that can be customized within the application, exported to Microsoft Excel for further customization, or saved as a PDF. Both Wave and QuickBooks Online offer good integration with other software apps. You can also import data from other applications using the Import Data option in QuickBooks Online and a CSV file or a Microsoft Excel file, and if you get stuck, you can access help from any screen.

Wave provides a knowledge base that includes a wide range of articles, tutorials, and guides to help users navigate the platform and perform various accounting tasks. In addition to the knowledge base, Wave offered webinars and video tutorials to assist users in learning how to use the software effectively. The main difference between QuickBooks and Wave is in their range of features and complexity. QuickBooks is an established player with an impressive suite of services, while Wave is a more modern platform with a simple and easy-to-use interface that does not require a big learning curve.

You also have features for scheduling work and time off, projects, approvals, and reports—all necessary features for a medium to large workforce. With Wave, you’d have to integrate a third-party app in order to track time. The extra cash you shell out for QuickBooks translates into a whole gamut of extra features.