Includes tools that help automate the reconciliation process and auto-categorizes transactions for you in the Pro plan, but you can’t set up your own bank rules; no global search function. Today’s leading accounting platforms offer standard security features like data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. If you’re a small business owner offering an in-person service or working with a bookkeeper or accountant, QuickBooks is a standard choice and may be worth the subscription fee.

Quickbooks Online

You can check out our comparison table to see how Wave compares against the top accountancy providers, too. Overall, the Starter plan would be best for freelancers, contractors and solopreneurs who are looking for a simple platform to keep their books organized. Meaghan Senn is a writer from North Carolina with experience in B2B, technology and digital marketing topics. Throughout her career, Meaghan has worked with B2B, software and digital marketing businesses. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.

Wave’s key accounting features

FreshBooks and Wave Accounting are each solid small-business accounting software options for freelancers, independent contractors and microbusinesses. Both receive the same star rating, but that doesn’t mean they have the same strong points. Wave is suitable for anyone who needs robust accounting software on a budget. Wave uses double-entry accounting to monitor transactions based on income and expenses. This allows you to maintain a comprehensive ledger of all your financial activities, organize and categorize your financial transactions, and monitor your cash flow accurately.

Reviewer Pros & Cons

Both Wave and QuickBooks have the option to add payroll capabilities to your account for an additional fee. If you have Wave Advisor with bookkeeping support, a trained, in-house professional can help you. This ensures a smooth transition of your financial records from one system to the other. wave bookkeeping reviews Since BlueCamroo has a time tracker, you can also generate a Wave invoice based on the billable hours. It also allows you to generate reports on all reconciled records and any discrepancies that need handling. So, if there is a problem with your accounts, Wave Accounting will let you know.

• FreshBooks’ Lite plan falls short for reasons aside from its billable client limit.
• I didn’t run into any image or text degradation issues like I did the last time I tested the app, either.
• Wave’s customer support resources and new Wave Advisor services make it easy for people with limited accounting experience to learn the software.
• QuickBooks Online is the most expensive service I reviewed; it starts at $99 per month but goes well beyond the capabilities of Wave.
• However, it also allows companies to scale with tiered plans that provide advanced features lacking in Wave Accounting.
• Wave Accounting is recognized for its simplicity and affordability for those who are on a limited budget or those who need basic features.

We evaluated essential features and calculated a combined overall rating for each. To ensure an unbiased review, we gathered factual data from official websites and analyzed user feedback from various sources to provide comprehensive insights and detailed reviews. We don’t think Wave is the best choice for growing or mid-market organizations.

We recommend Wave for small businesses, freelancers, and startups with less than ten employees. This light, user-friendly software is ideal for accounting and information technology services organizations. Users will not need an accounting background to learn Wave, which features in-app contextual guidance to explain common financial processes. With a rock bottom score (0/10) for advanced features, the software lacks a number of basic accountancy capabilities, including stock tracking, project accounting, or budget and forecasting. This means that if you have specific needs it’ll make more sense to fork out for paid alternatives, like Xero or QuickBooks.

QuickBooks by Intuit is a mainstay in online invoicing and accounting for small businesses. Its suite of tools offers accounting, invoicing, expense tracking, time tracking, tax reporting, employee and contractor payroll and more. Wave doesn’t offer third-party app integrations, but FreshBooks has over 100. We don’t like that Wave provides online support but no phone number. Though it offers accounting functionality at no cost, Wave isn’t for businesses requiring budgeting, time tracking, job management, and more industry-specific features. For instance, Wave can be used to track overdue client payments, create and send invoices and estimates, set up recurring invoices, and create payment reminders.

However, you can upload your bank statements from comma-separated values (CSV) or Excel files and perform bank reconciliations. At Business.org, our research is meant to offer general product and service recommendations. 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. Enter some basic information about your business’s accounting software needs and we’ll send you up to five personalized quotes for absolutely free. You can’t pay bills through Wave like you can in QuickBooks Online, but you can record them and mark them as paid, as well as track their status. Wave uses optical character recognition (OCR) technology to read photos of expense receipts you take with a smartphone and (sometimes) turn them into categorized transactions.

If you’re using the free plan, you can only access self-service help. Also, it offers a handy FAQ section that contains solutions to common problems. Furthermore, you have round-the-clock access to Mave, Wave Accounting’s AI-powered chatbot (available on both desktop and mobile). Geekflare tested the core features of Wave Accounting through hands-on subscriptions.