The app scores 4.7 out of 5 from 126.9K iOS users and 4.0 out of 5 from over 41K Android users.1,2 Users tend to particularly note the app’s incredible ease of use and fully featured functionality. QuickBooks Self-Employed, QuickBooks’ accounting plan for freelancers, is . For $15 a month, it lets you send invoices, scan receipts, and separate business expenses from personal ones. Meanwhile, QuickBooks Online’s cheapest small-business accounting plan starts at $30 a month. The Plus plan costs $85 a month, while the Advanced plan starts at $200 and maxes out at 25 users.

QuickBooks Online

We don’t guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services. You’ll first need to delete your outstanding invoices and bills from QuickBooks. From there, you can merge your data by using the Add accounting coach bookkeeping Journal Transaction functionality. It’s important to note Wave won’t have specific QuickBooks accounting history, so you should keep a copy of old transactions for your records.

While simpler, Wave is more user-friendly

Powerful, cloud-based accounting software that perfectly integrates with Wave’s suite of money management tools to help you run your business better. Designed to be easy for freelancers and small business owners to use, while making accountants happy with robust reports and functionality. Wave doesn’t include a time-tracking feature, so you’ll have to track hours separately and enter them manually for hourly work. Higher-tier QuickBooks accounting plans add even more features, such as time tracking, inventory management, bill management, profitability forecasting and more. FreshBooks is similar to Wave in that it’s best for freelancers and independent contractors.

1. If you’re a freelancer or other solo service provider, Wave is a better option.
2. Now, you’ll use your phone to photograph physical receipts, then upload them to your Wave account.
3. This makes it better suited to businesses with complex accountancy requirements than Wave, which lacks some basic features like stock tracking and budgeting.
4. In QuickBooks Online Accountant, several features use AI to do things like automatically highlight key insights and actionable items in business reports.

But no one (or next to no one) beats QuickBooks Online in terms of features. For example, you could automate workflows between the two platforms to create and send a QuickBooks invoice for every new Wave invoice—no code required. You can change the color and style of the design, establish payment options, and even set payment terms (like net 30 what you need to know about liability car insurance or net 60). Also, the QuickBooks interface makes it feel like you have more options. After carefully evaluating provider data, we award each piece of software a rating out of five for each category, as well as an overall score.

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If you’re still open to other solutions, our handy comparison table will help you whittle down the competition in minutes. Its custom report builder can help you create special reports that are based on existing reports so that you can generate the report that you need. See the complete list of QuickBooks reports in the QuickBooks Help Center.

Both Wave and QuickBooks offer solid full-service payroll software that help small-business owners pay employees on time. While neither provider has a free payroll solution, Wave’s self-service plan costs just $20 a month plus $6 per employee. If you don’t mind filing payroll taxes on your own, Wave has the more affordable payroll solution of the two providers. Wave Starter users pay industry-standard transaction fees to process online payments whereas Wave Pro users get a slight discount on transaction fees.

Reports can play a big role in the management of your business, and Wave and QuickBooks Online both offer reporting options, though those options vary widely intuit to share payroll data from 1 4m small businesses with equifax between the two applications. The Wave Launchpad (pictured below) is a great place for new users to start. Simply choose one of the options displayed on the screen, and you’re immediately guided through the entire setup process. Have you read our accounting software reviews but still aren’t sure which product is right for you? To make things a bit easier, we’re taking a look at both Wave and QuickBooks Online, providing you with a side-by-side comparison of the two applications. When you get paid through a Wave invoice, your bookkeeping records are automatically updated, saving you time and helping you prep for tax season.

With Wave, you’d have to integrate a third-party app in order to track time. During the creation process, it took me a second to find where you create custom fields, implement payment options, and input discounts, but it was pretty straightforward once I located it. There are also multiple ways to preview your invoice beyond the email view, PDF and payor view. QuickBooks is a better, more versatile accounting tool than Wave, securing higher scores in most of our research categories.

On top of not having an audit trail to keep larger small businesses accountable, it doesn’t offer multiple plan tiers with additional capabilities. QuickBooks Online’s capabilities scale up with each plan tier, and its highest-tier plan’s 25-user limit should be sufficient for most small businesses. Its Plus plan is the most popular among small businesses and includes the ability to sync with all online sales channels, manage inventory and track project profitability. Though both platforms offer decent invoicing features, QuickBooks edges Wave out because it offers more advanced features, such as accepting partial payments and creating invoices on projects.