Introduction

One of the most significant milestones for small businesses is financial management. Most small businesses are largely determined by the right choices concerning accounting tools. Two platforms are generally used for managing accounting, bookkeeping, invoicing, and payrolls in small businesses, but which one? This full review will compare QuickBooks with Wave side-by-side to allow you comparisons between features, price, and usability to help decide which product is the right one for your small business.

What Is QuickBooks?

QuickBooks is the accounting software company of Intuit. Its features included financial reporting, expense tracking, and payroll management in many more.

Key Features of QuickBooks

• Accounting & Bookkeeping: It manages financial records and reports.
• Payroll Management: Pay employees and taxes.
• Invoicing: Generate and send professional invoices.
• Expense Tracking: Track and categorize your expenses.
• Mobile Access: Access your account from mobile devices.

Advantages of QuickBooks:

• All-in-one accounting tools.
• Scalable for businesses that grow fast.
• Industry-standard reports.

Disadvantages:

• Monthly subscription fees.
• Difficult to learn for new users.

What is Wave?

Wave is free accounting software that targets small businesses, freelancers, and entrepreneurs. It equips them to use the functionalities of generating invoices, expense tracking, and financial reporting without subscription fees.

Wave Key Features:

• Free Accounting Software: Income, Expenses, Transactions Tracking
• Invoicing: Generate unlimited invoices and send
• Receipt Scanning: Scan and upload receipts on the mobile app
• Payments Integration: Credit Card and Bank Payment
• Reports and Analytics: Know your financial standing with a profit/loss summary

Pros of Wave

• There is no monthly charge for its core features.
• Installation and use are easier.
• Freelancers and startups like Wave

Cons

• It’s not suitable for big businesses.
• Payment processing and payroll come at an extra charge

QuickBooks vs Wave

Comparison of Key Features

Feature	QuickBooks	Wave

Accounting & Bookkeeping

Advanced accounting tools

Basic accounting features

Invoicing

Personalized templates

Free and available

Expense Tracking

Automatic synching of expenses

Manual entry has to be made of expenses

Payroll Management

Advanced Payroll software

Payable add-on available for $20/month

Reporting & Analytics

Customized financial reports

Summary financials

Mobile Access

Highly functional mobile app

Basic Functionality

QuickBooks Pricing Plans:

• Simple Start: $30/month. Served mainly for freelancers and small businesses.
• Essentials: $55/month. Provided bill management capabilities.
• Plus: $85/month. Used by a growing business.
• Advanced: $200/month. A solution for big business.
• Add-Ons: payroll, payment processing, tax filing service.

Wave Pricing

• Free: Accounting, invoicing, receipt scanning
• Wave Payroll: $20/month + $6 per active employee.
• Wave Payments: 2.9% + $0.30 per transaction for credit cards.

User Experience and Setup

• QuickBooks:
  • Mobile App: Highly rated, feature-full.
• Wave:
  • Easy to use, Simple to set up
  • Mobile App: Invoicing and receipts.

Accounting and Bookkeeping

• QuickBooks: Reconciliation of bank accounts, P&L tracking, and creation of tax returns.
• Wave: Basic bookkeeping income/expense tracking and summarization of financials.

Payroll and Tax Management

• QuickBooks: Full payroll system. It will even file taxes for you. Not included.
• Wave: Provides simple payroll, which is only in fewer countries and is also an add-on.

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Expense and Invoicing Features

• QuickBooks: Tracks your expenses automatically from bank accounts, credit cards, and PayPal. Can create extremely flexible invoices.
• Wave: It tracks expenses through a manual entry process and offers unlimited invoicing free of charge.

Integrations and Add-Ons

• QuickBooks: Integrates with more than one thousand third-party applications, including but not limited to PayPal, Shopify, HubSpot, and others.
• Wave: Integrates payment processing. Provide payroll service.
• QuickBooks: Gain 24/7 access to help, live chat, and phone support. It has also an extensive community forum.
• Wave: They give support through email, articles on the knowledge base, and a community forum.

Which Tool Is Best for Your Business?
Use QuickBooks when:

• You have a growing business that requires full accounting tools, advanced payroll, and custom reporting.

Choose Wave if:

• You are a freelancer, entrepreneur, or small business owner looking for free accounting features and simple invoicing.

QuickBooks and Wave FAQs

• Is Wave free?
  Absolutely! Wave is free for accounting, invoicing, and expense tracking; it’s only paid for payroll and payment processing.
• Does QuickBooks have a free trial?
  Yes, QuickBooks has a free 30-day trial on all plans.
• What is the best option for a small business?
  QuickBooks is best suited for the more established growing business that needs scalability. Wave is best suited for freelancers and startups with its lower-cost tools.

Conclusion

It would be best if you opted for QuickBooks or Wave based on the nature of your business, budget, and money management needs. QuickBooks is a great tool, so it suits rapidly growing businesses that require high-end applications, while Wave is well-suited for freelancers and small businesses looking forward to using free accounting applications. Now, analyze your targets and start managing your finances with the help of software that would better suit your business.