Wave’s software is simpler—designed for easy use for freelancers and small businesses—while QuickBooks’ platform is designed to cover complex business needs and grow as your business grows. If you’re a freelancer or other solo service provider, Wave is a better option. While Wave has a lot to offer when it comes to invoicing, know that it’s still slightly less automated than some competitors. This isn’t necessarily a deal-breaker, but it might require a bit more bookkeeping work. Wave has 14 reports, about half of which relate to Wave payroll (the company supplies full-service payroll to 14 states currently; the rest require self-filing of payroll taxes).

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We at the MarketWatch Guides team spent over 100 hours researching and testing 15 accounting software providers. We looked at all-in-one tools, such as QuickBooks, as well as specific tools for mileage tracking and expense management. The Pro plan is Wave’s paid plan, priced at $16 per month or $170 per year. Yes, Wave’s accounting software does automatic double-entry bookkeeping.

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However, some users complain that the customer support team is not always able to solve more complex issues. Even though Wave’s greatest advantage is that it can be used free of charge, prospective customers that need its premium features could probably save more elsewhere. For these reasons, Wave ranks as one of the best payroll software for small business. 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.

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We also read verified Wave Accounting and Wave app reviews on third-party sites like Gartner, Trustpilot, the App Store, Google Play and more. Most accounting software was designed with non-accountant business owners in mind, which means setup should be fairly straightforward. Still, some accounting programs are more user-friendly than others, and Wave Accounting is among the easiest for first-time business owners to configure. We went to user review websites to read first-hand reviews from actual software users.

The add-on features include digital receipt capture, payroll, online payments and bookkeeping services. Still, Wave’s free plan offers a good set of features and could be suitable for sole proprietors or smaller businesses with basic accounting needs. In the past, Wave generated revenue from its credit card processing, Wave Payroll, and bookkeeping services. Wave Accounting offers basic accounting and bookkeeping tools through a free plan and an affordable paid plan. Its tools are enough for self-employed individuals and small business owners on a budget.

You shouldn’t expect much more given t account examples the scope of the site, but it does offer the standard financial reports that accountants like to run and analyze, like Balance Sheet and Cash Flow. Reports aren’t very customizable, but you can export them as CSV and PDF files. Xero Early is a dollar cheaper (starting at $15 per month), but it places a limit on invoices. You can get full-featured accounting with no limits through Patriot Software Accounting ($20 to $30 per month).

1. The dashboard includes shortcut buttons so that you can easily create new transactions, like bills, estimates, and invoices.
2. The customer support team is very responsive and helpful, according to most Wave accounting reviews.
3. You can create customizable invoices and monitor their payments, and accept credit card payments as well as online bank transfers.

Fit Small Business maintains stringent parameters for determining the “best” answers—such as accuracy, clarity, authority, objectivity, and accessibility. Wave keeps up to date records so you’ll always have the info you need for filing – or sharing with your accountant. Want to look more polished, save more time, and conquer cash flow? Monitor your cash flow, stay organized, and stop sweating tax season.

For instance, Xero only includes expense tracking with its priciest plan, which starts at $65 a month. QuickBooks Online limits user numbers by plan (its cheapest plan, QuickBooks Simple Start, includes just three users). And FreshBooks doesn’t limit your user number, but it does charge an extra $10 a month per user—which adds up fast. The best things about Wave are that it is easy to set up and that it has a free plan with all the features that many businesses need. A downside is that it lacks advanced accounting features, like project management and inventory accounting.