If you’re on the hunt for accounting software, you’ve heard of QuickBooks. This comprehensive accounting system has been around for many years and handles the books for companies of all sizes.
But QuickBooks isn’t your only option for accounting software — and it may not necessarily be your best one, either. This guide compares QuickBooks Online, a popular cloud-based version of the system, against Wave, a free accounting software system that offers many of the same features at a simpler level.
At a glance: Wave vs QuickBooks Online
Best for:
Wave: New business owners, companies on a tight budget, smaller businesses that don’t need comprehensive tools.
QuickBooks Online: Businesses upgrading from simpler accounting systems, companies that plan to scale quickly and need tools such as cash-flow forecasting.
Price:
Wave: Free for accounting and invoicing tools; payroll and payment processing are paid.
QuickBooks Online: From as low as $25/month for a single user.
Plans:
Wave: One plan with the same features for businesses of all sizes, with upgraded modules available.
QuickBooks Online: Four base plans with additional bookkeeping services and upgraded modules available.
Product Highlights:
Wave: Free, a basic accounting system that’s easy to use and set up, even for first-time sole proprietors.
QuickBooks Online: Industry-standard; hundreds of third-party tools available; accounting system can scale as the business grows.
OS compatibility:
Wave: Waves Plugins and applications are supported and tested on operating systems installed on the built-in system hard drive. Operating systems installed on external hard drives are not tested and may not be fully functional with our software.
QuickBooks Online: QuickBooks is now designed and built to run on Mac OS X. QuickBooks windows and controls, including a revised icon bar, are also designed to be consistent with the Aqua user interface. QuickBooks also works with Mac OS 9.2. 2. Learn more about QuickBooks for Macs
Wave or QuickBooks Online: Which accounting system is right for me?
Choosing between Wave and QuickBooks boils down to the complexity of your accounting needs and the growth stage your business is in. If you're a freelancer or sole proprietor, for example, Wave's free software might be enough to handle your accounting needs. But if you have a few employees, your business is scaling quickly or you simply need more functionality than Wave can offer, you may want to consider purchasing QuickBooks Online.
Both Wave and QuickBooks Online are solid contenders, and true small businesses won’t go wrong selecting either solution. But larger businesses will do best on QuickBooks to avoid having to switch systems down the road, while small businesses on a tight budget can benefit from Wave’s free or low-cost solutions.
Wave or QuickBooks Online: How are they alike?
Both Wave and QuickBooks online are web-based software applications, which means that you just need an internet connection and a browser to access your accounting system from anywhere in the world.
Both programs also allow you to sync your banks and credit cards to your account and offer additional payroll and payment processing services that can be added to your software at an additional cost.
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