When you own a company, you quickly learn that it’s not just about doing what you enjoy. As a business owner or freelancer, you might be required to wear several hats, including sales director, marketer, customer service manager, and, whether you like it or not, chief financial officer. If you don’t have a system in place to manage the flow of money in your company, you’re in trouble. Financial software, on the other hand, is here to assist. You can simplify, streamline, and even automate your economic activities with the many accounting and invoicing resources available on the market.
Wave and QuickBooks are two of the best accounting systems for small companies and freelancers. But how do they compare?
Wave is accessible, while QuickBooks is not. Another distinction is that QuickBooks is one of the most comprehensive financial software packages available, while Wave is a better option if you choose simplicity over complexity. Before we begin, keep in mind that we’ll concentrate on QuickBooks Online, Intuit’s cloud-based accounting software that can be accessed from any computer rather than desktop accounting software.
Wave: Wave accounting software is complimentary, while QuickBooks has pricing plans ranging from $25 to $150 a month. Their accounting and invoicing programme is completely free and unrestricted, so you can start using it right away. You may also sign up without using a credit card. Wave is designed for one to nine employee firms, making it suitable for freelancers, contractors, designers, journalists, and small agencies.
Their features are basic yet comprehensive enough for any early-stage or a purposefully small company. Sending simple but completely customisable invoices for a variety of goods and services is a breeze.
QuickBooks: Wave isn’t limited because it’s free; it has a tonne of features and competes with several paid accounting apps. On the other hand, QuickBooks Online is possibly the most detailed accounting tool available – particularly if you have the budget and criteria to justify the higher price plans. Advanced reporting, inventory control, mileage tracking, and much more are all available with QuickBooks. However, most small businesses would not need the functionality offered at a higher price point.
Feature Comparison of Wave vs QuickBooks
The truth is that it all depends on your business, your budget, and the features that are most important to you. Wave is one of the best applications to check out if you’re looking for free accounting software. Wave has a great collection of core accounting and invoicing features, and small business owners should be able to find anything they need there. It also helps you handle fees, receipts, multiple users, and even various companies in one free account. Even though Wave has an extensive feature set, there are some QuickBooks elements that Wave does not. Time tracking, mileage tracking, and inventory management are only a few examples.
Track Income in Wave: Wave has a built-in PayPal integration and various banking integrations, but live bank streams are currently only available for US customers. To keep your accounting up to date year-round, go to the Chart of Accounts section of your dashboard and get a quick rundown of your Assets, Liabilities, Income, Expenses, and Equity accounts.
The Wave Receipts app for iOS and Android, like QuickBooks, allows you to scan receipts on the go and ditch paper receipts and spreadsheets. Wave also provides reporting features, including cash flow statements, profit and loss statements, balance sheets, sales tax reports, and more.
Track Income in QuickBooks: Connecting your bank accounts, credit cards, PayPal, and Square accounts, as well as categorising and reporting on your expenses, is easy with QuickBooks. You can take pictures of receipts with the mobile app, and it will automatically line them up with previous transactions. This takes a lot of the tedium out of one of the most challenging aspects of bookkeeping. QuickBooks is built to put you in the best place possible come tax season, but it also keeps you up to date during the year. The built-in cash flow statement helps determine how much money you have to pay your expenses and how much money you have leftover for non-essentials.
In conclusion, if you are running an organisation, you will need accounting software, and this blog is created to help you understand which particular software is good for you. The whole blog is a comparison between the Wave accounting software and QuickBooks accounting software. I hope that this blog helps you understand the difference between this two software.