In the digital age, businesses have the option of choosing from a wide variety of accounting software products in the market. Selecting the right accounting software is quite a challenging task when you have to choose between two competent options i.e. Wave vs QuickBooks. Knowing their unique feature-sets is important so as to make the most appropriate choice for yourself.
Both the accounting software help you to retain complete control over your cash flow and keep a track of your transactions in one place. Let’s discuss in detail about the two prominent accounting software by discussing their usages, key features, similarities and differences.
What is Wave?
It is a cloud-based accounting software that is particularly designed for freelancers, consultants, and businesses. Wave accounting software enables businesses to send invoices, track expenses, and most importantly manage money intelligently. The software helps you to send estimates and provide receipts to the customers. Along with this, there is a feasibility to track payments and invoices.
When to use Wave?
In case you don’t have the budget to spend on an accounting software, you can choose Wave. It is completely free and you don’t have to pay anything to use the accounting software. Wave gives you the permission to create invoices, run financial statements and add bill payments in one place.
What is QuickBooks?
QuickBooks is an accounting software that is designed for small businesses and growing businesses. It provides a robust feature set, attractive invoices, 550+ integrations, and strong accounting features. Furthermore, QuickBooks provides ready-to-use templates for creating charts, spreadsheets, and so on.
When to use QuickBooks?
QuickBooks is ranked as the number 1 accounting software in the market for bookkeepers and businesses. The tool is quite simple to use with more than 50,000 certified ProAdvisors.
Now, before making up your mind on one of the powerful tools, let’s read the detailed comparison between them.
Differences Between Wave vs QuickBooks
|Wave||Basis of Distinction||QuickBooks|
|✘||Users & Permissions|
|Unlimited Number of Users||✘|
|Hardware & Software Requirements|
|Manually Inventory Tracking||✘|
The comparison between Wave vs QuickBooks online tells their similarities and dissimilarities on the basis of features, pricing, accounting, user permissions, customer experience, respective reputation, number of users, and so on.
Let’s read the detailed comparison of the Wave and QuickBooks features and functionalities:
Both the accounting software provides a detailed bank reconciliation feature, chart of accounts, and the basic accounting reports required to run a company. Though, QuickBooks is the winner when it comes to providing the reporting feature as compared to Wave.
Users & Permissions
QuickBooks has strong user permissions and it supports 1-10 users depending on the pricing plan. In contrast, Wave is intended for the business owner. This means that no extra users comes under this software.
No doubt, Wave and QuickBooks Online are quite similar in the features they offer. Wave provides a robust feature set and has added many new features to the software. On the other hand, online features are quite diverse as compared to QuickBooks. QuickBooks Online also provides many features that Wave doesn’t provide like managing inventory, creating budgeting, class tracking, printing checks, and packing slips.
QB Online has pricing plans ranging from $20-$150/month. In contrast, Wave provides a single pricing plan which is absolutely free. If you are on a budget or want to save maximum money, Wave is the right choice for you. Depending on your business requirements, Wave’s pricing is affordable in comparison to QuickBooks Online pricing.
In QuickBooks Plus it’s easy to keep track of the quantities, cost, and value of all the products that you have purchased for resale. It is important to keep track of the date inventory and cost of goods sold figures. In case you want to track inventory in Wave software, you need to work manually on it.
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Number of Users
Wave gives permission to invite unlimited number of users for viewing and/or editing the accounting data. While QB limits the number of users for every tier and if you have to increase the number of users, then you have to pay according to the plan. In Wave, you cannot give any users access to the credit card information and bank like you can expect this with QuickBooks.
Hardware & Software Requirements
Both the accounting software are compatible with almost any device. If you have good internet access, you can access them on any device easily. Along with this, up-to-date versions of the browsers are suggested but not compulsory.
QuickBooks Plus contains a forecasting and budgeting tool. Whereas, Wave does not provide such kind of a tool. The Budgeting/forecasting tool helps you in identifying trends so that you can take the right business decisions.
Wave doesn’t provide telephone or chat support to its users. The software provides submitting a support ticket option to provide support to the customers. Also, Wave Help Center offers different help guides, answers to frequently asked questions, and video tutorials. QuickBooks has mainly customer support options like email, learn and support page, chat, and phone support.
The differentiation between QuickBooks vs wave has possibly helped you in identifying which software works really well with your company and its individual requirements.
Verdict: In short, QuickBooks has excellent sales and expense management, features as compared to Wave. Online is the world’s finest known finance management solution in many aspects.
Finally, it’s time to choose the software between Wave vs. QuickBooks. In case you have a flexible budget, you can go with QuickBooks Online. Oppositely, if you are on a budget, you can opt for Wave. Wave and QuickBooks Online are two of the most popular accounting apps for small businesses today. Both the software are cloud solutions and they are accessible across devices. Wave and QuickBooks software have their own pros and cons, but in the end, it’s your decision to select the one between the two tools. Which suits you best. You will be the judge at this point of time because the selection depends on your work priorities.
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