Wave Accounting vs QuickBooks: Which is best for your business?
At this time, QuickBooks and Wave both are the most prevalent and most utilized business bookkeeping computer programs. Both are significantly created for small and medium-sized business organizations. QuickBooks makes a difference in small businesses for a long period, whereas advanced consultants or new businesspeople lean toward Wave Accounting. QuickBooks was outlined by Intuit though Wave was outlined by Wave finacial in 2009. In this post, you will get to know about Wave accounting vs QuickBooks, too their features, costs, and more.
QuickBooks has diverse types of bookkeeping solutions and tools that offer assistance to you with your business charges, invoices, etc. Wave is a basic bookkeeping program with low costs and administration. Both programs are the best choice for overseeing financial business.
What is Wave Accounting?
Wave is a premium accounting software program perfect for small organizations, enterprises, firms, etc. It provides services like accounting reports, invoicing, bank account transactions like funds and taxes and other services like payroll and bookkeeping must be purchased by the owners.
This software has an easy-to-navigate interface, and add-on features like payroll, tax filing, and many more. Wave is a perfect accounting solution for any small business with daily accounting needs. James Lochrie and Kirk Simpson launched Wave Accounting Inc. in 2009, headquartered in Toronto, Canada.
What are QuickBooks?
QuickBooks is the best accounting program created by Intuit which was founded in the year 1983 by Scott Cook and Tom Proulx in Mountain View, California, USA. This software is mostly used by large-scale organizations, firms, or business companies to manage their financial transactions.
This software is useful in many ways, such as paying bills, generating reports, billing customers, printing reports, addressing or manage business expense records, and many more documents that have been used for the growth of business. There are different versions of QuickBooks are available such as QuickBooks Premier, QuickBooks Pro, and QuickBooks Enterprise.
Differences Between Wave Accounting and QuickBooks
There is a quick comparison of Wave accounting vs QuickBooks features are listed below:
Easy to Use
Wave tool is an easy-to-navigate interface whereas QuickBooks is a little bit difficult from Wave accounting. In QB, it is difficult to find features and interfaces to navigate.
Billing
In Wave an easy-to-use, customization of templates, preview option, and custom fields. QuickBooks is quite difficult to use their features, but it has more features like previewing various modes and sales tax calculation by location.
Reports
There is a limited option for creating reports in Wave accounting, but in QuickBooks, there are a lot of options or features for creating advanced reports.
Time tracking
In QuickBooks, there is a real, accurate, and manual time tracking system available, such as scheduling, time off, and approval. Whereas this feature is not applicable in the Wave tool.
Management of inventory
In the QB tool, there is also an inventory tracker available which automatically updates receipts of purchasing bills and it is also useful in sending bills to the customer. This option is not available in Wave accounting solutions.
Pricing
Wave is a free-of-cost accounting software while QuickBooks simply starts its plan from $12.5 per month but it depends on your plans and the features you choose. QB offers a 30-day free trial for beginners. Generally, Wave is free for use but you have to pay 2.9% + $0.30 per payment transaction, and for ACH payments also add 1% for each transaction. In QuickBooks, the transaction fee is 2.9% + $0.25 for each transaction.
Mileage tracking
It means keeping a record of miles or kilometers driven by the worker. It is useful for employees as well as employers for reimbursement purposes or tax deductions. For example track miles, vehicles, and potential deductions. In wave, this feature is not available.
Live chat support
In Wave software, there is live chat for a few hours. Whereas, there is 24/7 live chat available in QB accounting software.
Are Wave and QuickBooks the Same?
No, but both of these accounting software are the same in some aspects. These two Wave and QuickBooks software offer basic accounting features. These include invoice management, bill entering and tracking, and an integrated payroll system.
- Both of these accounting tools can fulfill basic accounting requirements for running organizations, firms, businesses, etc.
- QuickBooks offers some extra features as compared to Wave tool. For example, it allows users to manage their inventory, timesheet, and accurate costing of jobs and online taxes.
- Wave is free to use and QuickBooks is one of the most expensive tools in online accounting software, but QB’s cost depends on its features and advanced support service. In Wave, there is an unlimited number of users who can work whereas, only 25 users can work in QB.
- Wave is perfectly suited to the small-scale business or freelancers. QuickBooks is also used by small or medium to large-size firms, enterprises organizations, etc.
Why Choose Wave Accounting or QuickBooks?
There are several reasons for choosing these online software that are listed below:
- If you want to save money, you can choose Wave accounting software because it is free and unlimited. While QB plans are too expensive but offer more features.
- Wave is perfect for small-scale industries consisting of 9 employees and is also ideal for freelancers, consultants, designers, writers, and small agencies. QuickBooks has no upper limit for employees and it is also available with new and advanced features.
- QuickBooks has a feature of mobile application, making it easy to access your account and Wave accounting does not have any mobile application. It is difficult to access accounts.
Conclusion
Wave and QuickBooks both offer the financial features and capabilities of invoicing for businesses. Wave is simple and easy for freelancers and businesses. On the other hand, QuickBooks is suitable for covering complex business needs and growth. We hope that with this blog, you have enough knowledge of Wave accounting vs QuickBooks. Both depend on the specific needs and goals of the business. If you have any queries regarding Wave vs QuickBooks follow us.
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