Overall, we rate Wave 3.9/5 and recommend it for business owners looking for a cheap — or in most cases, free — accounting software option. Check out our comparisons among these top three accounting software options to find the right fit for your business. Wave offers a decent number of support resources to customers, but the response times can be slow.

1. Now, many standard features (such as automatic importing of bank transactions) are only available if you purchase a monthly or annual plan.
2. QuickBooks Online boasts a robust set of features, including advanced options like project management and inventory features you won’t find with Wave.
3. Regardless of which you choose, you will have to pay processing fees to accept invoice payments online.
4. For instance, it doesn’t offer the same built-in time-tracking and project-tracking features you get with most other basic accounting software plans.

Payroll

Moreover, you can integrate QuickBooks with hundreds of third-party tools available in the app marketplace. There are also add-on Intuit services like QuickBooks Payroll or QuickBooks Time. Only integrates with in-house apps, like Wave Payments and Wave Payroll; does not integrate with card readers for in-person payments. Our (non-judgmental) team of bookkeeping, accounting, and payroll experts is standing by to coach you—or do the work for you.

It’s also great for Etsy shop owners and other eCommerce businesses using Wix, Squarespace, or WordPress. Once logged in, your main dashboard will show your cash flow, profit and loss, invoices, bills and other financial insights. Strong invoicing feature competes with that of paid products; app lets users send invoices on the go; offers significantly fewer reports than competitors; no inventory tracking. You can effectively analyze the financial health of your business, find ways to generate more profit, and move forward with your business plan. Make it easy and convenient for your clients to pay by offering options like bank transfers, credit cards, and online payments.

If your business needs these features or automations, check out these top Wave alternatives to fully explore your accounting software options. Wave is designed specifically for small business owners to use, no matter what kind of bookkeeping background they come from. The software supports multiple companies and offers personal accounting as well. Wave improved its software and has addressed many customer complaints in its latest redesign, including adding 1099 payroll support, duplicate transaction management, and cash-basis accounting. The checkout feature is one-of-a-kind and a great addition for business owners who need to charge multiple customers quickly. Like Wave, QuickBooks Online is easy-to-use, cloud-based accounting software.

Manage yourmoney like a boss.

Unlike competitors, Wave doesn’t offer many advanced features to increase the software’s functionality. It’s also missing an audit trail and third-party integrations. Can manage multiple businesses for free under one account; lacks project tracking tools, industry-specific reports and transaction tracking tags. Email exported financial statements and reports to your accountant directly from Wave. Or even better, with our Pro Plan, safely hand off your books to your accountant by adding them as a limited user.

Unlimited accounting, starting at free.

QuickBooks Online’s detailed reporting and transaction tracking is ideal for growing businesses. Support for non-paying users is limited to the chatbot and self-service Help Center. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website.

Wave Customer Service

Pricing is transparent, there are a decent number of add-ons, and even the paid plan is pretty affordable. These factors contributed to our rating of 4.4/5 for Wave’s pricing and fees. This free, easy-to-use accounting software is great for small businesses, especially for eCommerce, but lacks in project management, budgeting, and inventory tracking. Wave Accounting is ideal for micro businesses with fewer than 10 employees, contractors, freelancers and other what is a fiscal year service-based businesses on a budget.

With Wave, you have access to expense tracking, bank reconciliation, and reporting to help you manage your finances. Wave also has some of the most appealing invoices on the market. Wave also offers time-saving automations, such as recurring invoices, automatic billing, and receipt scanning. There are several additional Wave products that you can purchase for your business. Wave Payroll has two options ranging from $20 – $40/month + $6/employee or contractor. Tax service payroll is available in 14 states, while self-service payroll is available in the remaining 36 states.