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It’s hard to say which one is better—but we can help you decide which one is better for you. Looking for an accounting tool other than QuickBooks or Wave Accounting? Read about more of our favorite overhead expenses accounting solutions in our best accounting software article. In contrast, QuickBooks Online has four plans to choose from—plus some versatile options for freelancers and desktop users. Most notably, you can manage more than one business with your free Wave account.

Best payroll add-on: QuickBooks Online

Discover BusinessLoans.com’s lender network offering up to $3M in funding, no minimum credit score required. Here are instances when Wave would be the better choice for your business and when QuickBooks Online is the superior option. If Wave and QuickBooks Online seem quite similar up until this point, the number of integrations definitely separates the two. However, it does have a Zapier integration, so you can connect with over 1,000 add-ons. We’ll have to give this one to QuickBooks, largely due to operating costs: understanding and reducing them for your business its coverage of almost every support channel but especially phone support, which Wave does not offer.

QuickBooks Online is a cloud-based software that boasts all of the accounting features your business could need. Features worth noting include customizable invoices, automatic sales receipts, inventory tracking, project management, and hundreds of integrations. You can even add on additional services (such as live bookkeeping or payroll). One of the most impressive things about Wave is that it offers a completely free plan for all users. All standard accounting features are available under the Starter plan for $0/month. However, Wave recently updated its pricing structure to now include a paid plan.

Wave has quite a few features for its price, especially its unlimited invoicing and bank reconciliation. But no one (or next to no one) beats QuickBooks Online in terms of features. All plans include 24/7 live chat support; phone support is available 5 a.m. Integrates with more than 750 apps and offers live, in-house bookkeeping add-on. Can support larger small businesses with dozens of employees; highest-tier plan includes 25 users. Includes tools that help automate the reconciliation process, along with a global search function and customizable dashboard; however, there is a learning curve.

Until recently, Wave also offered built-in lending through a partnership with OnDeck. However, that service is no longer being offered, giving QuickBooks a leg up in this category of services. Unfortunately, Wave does not offer a budgeting feature at this time.

QuickBooks Online

Before drawing any conclusions about the two tools, it’s worth considering the main features of each. Let us know how well the content on this page solved your problem today. All feedback, positive or negative, helps us to improve the way we help small businesses.

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Other reports are purchases by vendor, aged payables, income by customer, and aged receivables to name a few. Though Wave has few reports, we believe they are enough for microbusinesses or occasional sellers. QuickBooks Online offers useful inventory features, such as the ability to record POs, track stock levels, set reorder points, and compute inventory cost. Whenever you record a sale, QuickBooks will compute COGS automatically and deduct the inventory sale from the inventory account and stocks.

1. QuickBooks Online is a cloud-based software that boasts all of the accounting features your business could need.
2. All in all, the invoice capabilities of both platforms are pretty similar, but I found Wave to be just a little easier to navigate.
3. The application is available for both Windows and Mac, and the subscription starts at $799 per year.
4. Since QuickBooks Online is so popular, it syncs with just about every major payroll provider—including Gusto, one of our favorite payroll systems.

Where QuickBooks Online Wins

It makes it perfect for freelancers or self-employed service providers who want to spend more time growing their business instead of navigating complex platforms. Pricing, ease of use, customer service, integrations, and versions will be considered above all, as will some of the common payroll tools. Hence, Wave’s bank reconciliation is fine if you only record transactions when they clear the bank. However, it won’t work if you record what is cash reconciliation payments when issued and deposits when checks are received.