Good day to you and welcome to Startup Savant’s quick little comparative Wave Accounting vs QuickBooks Online article. The goal here’s to help you figure out which one is the ideal accounting software for you and/or your team. As we all know, money management is a large part of biz-success (and struggling) and these days software-help is indispensable. Let’s get started.
10 Wave & QuickBooks Commonalities
- Mobile apps which can be downloaded to your Apple or Android devices, desktop, etc – easy accessibility.
- User-friendly to most people’s standards, from beginner to savvy and seasoned serial entrepreneur.
- Allows the integration of third party applications into your account.
- Financial reports can be automatically generated to keep you updated of your company’s cash flow.
- Business expense tracking tool to help you understand where money’s going.
- Bank reconciliation tool that allows you to sync bank and credit/debit card information and categorize and organize your transactions.
- Invoicing tool that enables you to make personalized invoices and send them in one click for easy and fast billing.
- Multiple-user interface enabling you to work with other business professionals and even your team members. Both also have the ability to sync your files so each member of your team can view them.
- Cloud-based which means that you can access them anytime as long as an internet connection is available.
- Provides you with forecasting and budgeting tools to assist you plan and prepare and adapt.
- Time tracking tools that you can use to bill every second that you work.
Wave Accounting Features
- Provides you with bills and invoice reminders which QuickBooks Online doesn’t have.
- Gives you a “Get Started Guide” so you’ll be able to learn how to use the accounting software in no time.
- If you go for Wave Accounting, you’re assured of full ownership of any information that you enter into their system.
- More affordable than QuickBooks Online as it offers a free plan with great features to get started.
- More comprehensive than Wave Accounting in terms of plans and features.
- Allows you to integrate a payroll system into your account, you can even take advantage of a 50% discount if you do so.
- Features credit notes which Wave Accounting doesn’t have.
- Allows you to customize your invoice, regardless of its type, Wave Accounting lacks this feature.
- Has an audit history which you can view to see your expenses, Wave Accounting doesn’t have this tool.
Wave Accounting pricing
The free plan comes with features that will allow you to do accounting and reports, invoices, receipt scanning, personal finance and email support. While the accounting software is totally free (meaning rather basic), you can add premium tools to your existing account.
The table below will show you the tools, their specific features and pricing.
For the payroll system, you’ll pay $19 per month and you’ll be able to get three added features. The credit card system on the other hand has a different payment plan, a fee per transaction is 2.9% + 30 cents. Lastly, the monthly subscription for the premium support is $19.
A Peak at Wave Accounting
QuickBooks Online pricing
QuickBooks has 3 main service plans for small businesses: Simple Start, Essentials and the Plus.
If you’re an individual contractor, for instance a freelancer, you can also use QuickBooks Online for a very affordable price of $7.99/mo. If you’re a business owner with many employees, you can also use the accounting software together with a payroll system. Not too shabby!
A Look at QuickBooks
Dominate Your Financials
And there you have it, a decent look at the Wave Accounting vs QuickBooks Online debate. What do you think? Did either one really grab your attention in terms of not only features and pricing, but data-presentation design as well? Don’t hesitate, get on this, modernize your financials and leverage the power of savvy accounting software.
Take The Leap
Our #1 favorite software is definitely Xero, it's was Startup Savant uses to power our numbers. If you're still shopping around you should give them a shot if you aren't already familiar, or give Wave Accounting and their app-style a try. Here's to a prosperous year ahead!
Discover Xero Or Try Wave