Wave vs Quickbooks: A Critical Comparison

on Accounting Software, financial reports, QuickBooks, Reporting Tools, Sales • November 20th, 2021 • Write for Hevo

Data will always be a part of your workflows, no matter where you work or what you do. Every organization works with data related to Customers, Employees, Orders, Marketing, and Advertising Costs. Irrespective of the size of your business, all of this data needs to be accounted for properly to keep the cash flow under check. This is where Accounting Systems come in handy. We bring to you, a comprehensive comparison between two of the best Accounting and Finance Software in the industry, Wave vs QuickBooks.

Accounting Tools make it easy to keep track of your finances with their accounting functionalities. Moreover, they also help you visualize all the data by accumulating it into Financial Reports. This makes sure that you have a better understanding of your company’s finances which will help you in making Data-Driven strategic decisions. So, it becomes increasingly important to have the right set of Accounting Tools in your arsenal. If you’re trying to decide between Wave and QuickBooks, this Wave vs QuickBooks comparison will help you zero in on one.

Table of Contents

What is Wave?

Wave vs QuickBooks: Wave Logo
Image Source: www.en.wikipedia.org

Developed for small businesses and sole proprietors, Wave is an excellent Bookkeeping Software that is available to an unlimited number of users for free. It offers financial services, solid accounting capability, and is easier to use than other Accounting Tools. Wave further allows you to integrate Credit Card Processing and Payroll services for a cost. 

This user-friendly Accounting Platform enables you to track accounts, manage invoices and bills, administer online transactions, and all kinds of perks. Its paid Payroll Service assists you with payroll runs. You can also avail the service of a paid Wave Advisor to help you with your bookkeeping. So, if you’re just starting out and are looking for a formidable start, you may want to consider a product like Wave.

What is QuickBooks?

Wave vs QuickBooks: QuickBooks Logo
Image Source: www.commons.wikimedia.org

QuickBooks (QB) is another Finance Software that assists businesses with Bookkeeping, Accounting, Payroll, Inventory Management, and other Financial Processes. Designed to automate common financial operations, QuickBooks is a Cloud-based all-in-one software that allows you to access your accounts from anywhere, at any time. You can track Accounts and Payments, and maintain Invoices and other financial tasks such as Payroll and Taxes on the go.

QuickBooks makes it easy to grow your small business in the right direction. You can also scan and upload all your expenses receipts because QuickBooks allows you to access mobile apps directly from your system. You can also create a group of customers according to their status or location or type.

In addition, QuickBooks allows you to create Financial Statements, Charts, Invoices, and Reports with its ready-to-use templates. It comes with an easy-to-use User Interface (UI) that can walk users through all of its features. QuickBooks is trusted and used by hundreds of thousands of small businesses all over the world.

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Wave vs Quickbooks: Features

Wave offers solid accounting and invoicing features for free. You can use Wave’s ready-to-templates, or create your own new custom template from scratch. Below are some of the features of Wave that make it popular among its passionate fanbase.

Wave vs QuickBooks: Wave Features
Image Source: www.waveapps.com
  • Free of Cost: You can add unlimited Bank and Credit Card connections, and track unlimited income and expenses for free.
  • Invoicing: One of Wave’s best features is its invoicing capability, it allows you to create recurring invoices that are fully customizable.
  • Receipt Scanning: You can upload your receipts on Wave to keep track of your expenses on the go.
  • Multiple Businesses: You can manage multiple businesses in the same free account.
  • Checkouts: This feature eliminates the need to invoice by letting customers pay for goods and services directly from your website.
  • Online Payments: You can set up an Online Payment option for your customers for their convenience and also get paid faster.
  • Payroll: To assist you with your payroll runs, Wave includes a paid Payroll Service.

Best suited for small and medium-sized firms, QuickBooks automates Sales Tax Calculations, Product Tracking, and Transactions Updates, to name a few. Like Wave, QuickBooks helps you track and manage your income and expenses, scan receipt images, and connect your banking information. Below are some of the features of QuickBooks responsible for its immense popularity.

Wave vs QuickBooks: QuickBooks Features
Image Source: www.quickbooks.intuit.com
  • Payroll: Payroll Service is integrated with QuickBooks, allowing you to see important information while completing your taxes.
  • Customization: QuickBooks can be customized to suit one’s individual needs and tastes, making it versatile and suitable for a wide range of businesses.
  • Online Payment: Quickbooks Online Payment System assures you of faster payments, allowing customers to pay with a Credit Card or a Bank Transfer.
  • Check Payment: Unlike Wave, QuickBooks Online allows you to pay your vendors with a check.
  • Multiple Users: QuickBooks grants permissions to multiple users from various departments to increase collaboration among teams.
  • Invoicing: QuickBooks Online allows you to create custom invoices and includes an online payment link in the invoice. You can also add a Credit Card or Bank Account number directly to the invoice for immediate payment. 
  • Customer Management: The Sales feature in QuickBooks Online also offers some nice functions, including solid customer management capability and good invoice creation and management capability.
  • Reporting Capabilities: Report Center accumulates all the data and helps in better tracking of Sales, Costs, Income, and overall Business Growth.

Wave vs Quickbooks: Integrations

Both Wave and QuickBooks allow integrations with various third-party apps and services.

Wave offers built-in integrations with Google Sheets, PayPal, Stripe, and Shopify, among other CRM and Marketing Apps. You can also integrate Wave with over 1,000 apps through third-party integration apps.

QuickBooks offers native integrations with hundreds of apps, including Stripe, PayPal, and Expensify, among other CRM, and ECommerce apps. You can immediately connect QuickBooks to any available apps in the “Apps” category.

Wave vs QuickBooks: Integrations
Image Source: www.quickbooks.intuit.com

Wave vs Quickbooks: Pricing

One of the main reasons behind Wave’s popularity is that Wave is free. All accounting features of Wave are completely free, but it charges you for using Wave Payments or any other Payment Service. It charges you  $0.30 + 2.9% of every Credit Card transaction as its fees. It also charges a 1% fee for every transaction for ACH transfers.

Wave vs QuickBooks: Pricing
Image Source: www.waveapps.com

In addition to that, you also need to pay if you want to avail of its service of Payroll ($20-35/month base fee) and Wave Advisor (Accounting Coaching fees of $79/month).

QuickBooks offers a more scalable product, but it comes with a cost. QuickBooks Online has four paid plan options.

  1. Simple Start: $12.50/month for the first 3 months, then charges $25 per month. It supports a single user.
  2. Essentials: $20/month for the first 3 months, then charges $40 per month. It supports up to 3 users.
  3. Plus: $35/month for the first 3 months, then charges $70 per month. It supports up to 5 users.
  4. Advanced: $75/month for the first 3 months, then charges $150 per month. It supports up to 25 users.

QuickBooks Online charges you $0.25 + 2.9% per transaction for accepting Online Payments. It also charges a 1% fee for every transaction for ACH transfers. For detailed pricing information, you can refer to QuickBooks Pricing Page.

Wave vs Quickbooks: Support

Although Wave and QuickBooks are easy to use and navigate, every tool needs training, a few quick fixes, troubleshooting, or support. For the same purpose, both platforms have robust user communities to help you with your queries.

Wave offers Chat Support to new users for the first 60 days, after which you need to subscribe to Wave Payments or Wave Payroll for chat access. You can further avail of the services of a Waves Advisor at a cost. Wave also has Featured Articles, Wave Guides, and its User Community Base to help you out. However, there’s no Live Support offered.

QuickBooks offers Live Support and allows you to connect 24/7 with their Support Agent through Email, Texts, and Telephone. In addition to that, QuickBooks offers various support options, including Featured Articles, Product Training, and its large User Community.

Wave vs QuickBooks: Summary

 WAVEQUICKBOOKS ONLINE
Bill Payment NOYES
Free Version AvailableYES NO
Invoice CustomizationYESYES
Live Support NOYES
Multiple Plans Available NOYES
ReportingYESYES
Wave vs QuickBooks

Conclusion

Wave and QuickBooks have been designed for small and medium-sized business owners to manage their finances and keep track of their income and expenses. This comparison of Wave vs QuickBooks elaborated on all the major differences between the two platforms which will help you in choosing the right tool for your company.

As a business scales, it attracts more customers, and the data generated related to Transactions, Customer Details, and Products increases at an exponential rate. Manually accounting all that data from different Data Sources with Wave and Quickbooks is a monotonous task. Hence, you can use Hevo’s 14-Days Free Trial which provides you with functionalities for Analysis, Report Preparations, Real-Time Data Transfer, Invoices, and so more.

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Give Hevo Data a try and sign up for a 14-day free trial today. Hevo offers plans & pricing for different use cases and business needs, check them out!

Still, confused between Wave and QuickBooks? Share your queries in the comments section below and we’ll try to help you in choosing the right tool.

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