Additionally, your cost may rise with add-ons like payroll, payment processing, or professional bookkeeping services. Wave also offers a free app to help you manage your invoices on the go. With Wave Invoicing, you’ll be able to track, edit, send and pay invoices from any mobile device.
Wave Accounting at a Glance
Wave is cloud-based, so you can securely access your accounting software and your financial information anywhere you are—whether you’re working in your pjs, or waiting for a meeting to start. You can also choose from Wave’s selection of professional invoice templates to make sure every touch point instills client confidence in your brand. Wave and QuickBooks both offer standard features and capabilities for invoicing for small businesses. Wave’s platform is simpler and designed for easy use for freelancers and businesses of one, while QuickBooks is designed to cover complex business needs and grow as your business grows. Through Wave, you can onboard and pay employees and independent contractors via direct deposit. Wave also handles payroll taxes in 14 states, but all other states are self-serve (the platform continues to add more full-service states).
These features shouldn’t require a plan upgrade and Wave offers them for free, making it a better deal than FreshBooks’ Lite plan. 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 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. Wave Accounting is ideal for micro businesses with fewer than 10 employees, contractors, freelancers and other service-based businesses on a budget. The financial management software is user-friendly and equipped with all the basics, including income and expense tracking, invoicing and reporting.
- If you do want live support, you’ll need to invest in an Advisor or paid service.
- In self-serve states, the cost is $20 plus $6 per employee or contractor per month.
- Unlike QuickBooks and FreshBooks, Wave Accounting is completely free to use.
- They can receive “editor permissions” and access accounting and reports as well as purchases easily.
Payments
Transactions will appear in your bookkeeping automatically, and you’ll say goodbye to manual receipt entry. With the Pro Plan, automatically import, merge, and categorize your bank transactions. It’s always available, and it’s backed up for extra peace of mind. Create graphs, charts, and dashboards to see at a glance where your income is coming from and which expenses are cutting into your bottom line. You can then dig down as deep as you like with expense tracking and customized reports to manage your revenue, categorize expenses, and find cost-cutting opportunities. You’ll also experience peace of mind knowing your personal financial information is backed-up and secure.
Wave now integrates directly with H&R Block to help you file your taxes. When it comes to integrations, Wave is pretty limited, although it does support a much-needed Zapier integration, which connects Wave with 1,000+ add-ons. The integrations Wave directly connects with are PayPal, Etsy, and Shoeboxed. You can also use the Checkouts feature to create buttons on websites, such as Wix, Squarespace, and WordPress. Wave has helped over 2 million North American small business owners take control of their finances.
Both Wave and QuickBooks offer solid invoicing features and capabilities for small businesses. ET from Monday to Friday, and offers email support and live chat. Includes tools that help automate the reconciliation process; auto-categorizes transactions for you, but you can’t set up your own bank rules; no global search function. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities.
Make tax time work for you
They can receive “editor permissions” and access accounting and reports as well as purchases easily. Explore more details on the competition in our full roundup of the best accounting software for small businesses. Zoho Books offers a robust free plan, along with a range of paid plans that feature workflow automation. Includes tools that help automate the reconciliation process and auto-categorizes transactions for you quickbooks online journal entry in the Pro plan, but you can’t set up your own bank rules; no global search function.
We also ensure that the software offers most standard accounting features and reports, awarding higher rankings to those that provide advanced services, like tax filing. Like Wave, QuickBooks Online is easy-to-use, cloud-based accounting software. 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. In the past, Wave generated revenue from its credit card processing, Wave Payroll, and bookkeeping services.