QuickBooks Online boasts a robust set of features, including advanced options like project management and inventory features you won’t find with Wave. QuickBooks Online also has hundreds of integrations, connecting your accounting solution with other small business software and apps. It’s hard to beat free accounting software, especially if you’re running a small business on a budget. Wave’s free plan offers a decent number of features, like unlimited invoices, that are not always included with other free accounting software options, let alone paid accounting software plans. It also understanding gaap vs ifrs complies with accounting standards and uses double-entry accounting, which can help ensure accuracy. Accounting software helps business owners understand how money flows in and out of their businesses.

And it’s worth noting that while Xero has more features, the software also has a steeper learning curve than Wave. Wave’s Starter plan still offers the basic features businesses with simple accounting needs can use to manage their finances. Pricing is transparent, there are a decent financing activities 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.

How Wave Accounting Stacks Up

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. The only downside is that there’s no back button, but navigating the software is still pretty simple. The developer, Wave Financial Inc, indicated that the app’s privacy practices may include handling of data as described below.

While Wave is free to use, it doesn’t offer multiple plans to increase its functionality. It lacks some of the useful features you may find in other accounting software, such as project management, time tracking and inventory management. Wave Accounting gives you free unlimited invoices, users, expense and income tracking, credit and bank account connections, and sample chart of accounts for a small company more. It also offers multi-business management for no  additional fee. You don’t have to enter a credit card number when you sign up.

1. Wave’s Starter plan still offers the basic features businesses with simple accounting needs can use to manage their finances.
2. Wave also offers a free app to help you manage your invoices on the go.
3. Our (non-judgmental) team of bookkeeping, accounting, and payroll experts is standing by to coach you—or do the work for you.
4. Learn more about how we rate small-business accounting software.
5. For instance, its unlimited invoices are much more customizable (and, in our opinion, more professional-looking) than QuickBooks’ comparatively expensive invoices.

With Wave Invoicing, you’ll be able to track, edit, send and pay invoices from any mobile device. In addition, Wave allows you to manage multiple businesses on one free account and uses double-entry accounting, which is ideal for accountants and tax time. Wave Accounting’s Starter plan is free and its Pro plan, which includes more features, is $16 per month. Regardless of which you choose, you will have to pay processing fees to accept invoice payments online. Wave also offers paid products for payroll, coaching and mobile receipt scanning. Wave has recently updated its pricing model to now include a paid plan.

Our tools work together, so you work less.

It’s been one of the best decisions I’ve made when it comes to making sure my accounting is on point. Ready to invoice in style, bookkeep less, and get paid fast?

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.

The Complete Guide To Getting A Free Square Card Reader For Your Business

It can help you manage your bookkeeping, accounting and invoicing processes through a few internal integrations. If you’re a small business owner in search of free, cloud-based accounting software, Wave Accounting is worth considering. This is particularly true if you don’t have much accounting experience and would like an easy-to-use, fully functional tool. It’s one of the only truly free options on the market and can allow you to manage your accounting processes in one convenient place. In addition to its accounting software, Wave offers paid services, including Wave Payments, Wave Payroll and Wave Advisors for bookkeeping support and accounting coaching.

First, Wave is remarkably customizable—especially considering that it’s, you know, free. For instance, its unlimited invoices are much more customizable (and, in our opinion, more professional-looking) than QuickBooks’ comparatively expensive invoices. 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.