Wave and QuickBooks Online are both among the best accounting software products — albeit, for very different reasons.
Wave stands out for its simplicity. It’s a good choice if you only need invoicing and basic bookkeeping. But Wave’s online payment processing rates are high. Those will add up if you deal with dozens of invoices per month.
QuickBooks Online has cheaper invoicing, but is more expensive overall. Still, it’s typically the better solution for most small businesses. It’s scalable and popular among bookkeepers and accountants.
If you’re only interested in each product’s free accounting plan, Wave inches ahead of QuickBooks thanks to its unlimited invoicing. However, QuickBooks’ options offer deeper functionality on most levels. In general, it also requires less manual data entry than Wave.
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Wave is better for:
✔️ Solopreneurs.
✔️ Transacting mostly via invoice.
✔️ Ease of use.
QuickBooks Online is better for:
✔️ Small businesses with employees.
✔️ More detailed reporting.
✔️ Collaborating with an accountant/bookkeeper.
Wave pros and cons at a glance
Pros
Highest-tier plan is only $19 per month.
Free unlimited invoicing.
Free recurring invoicing (if you process payments online through Wave).
Simple and easy to use.
Cons
Expensive online transaction fees (2.9% plus 60 cents and up).
Limited integrations.
No audit trail, mileage tracking or phone support.
QuickBooks Online pros and cons at a glance
Pros
Significantly more scalable than Wave.
Free plan includes one automated bank feed.
Integrates with more than 800 apps.
Popular among accountants and bookkeepers.
Cons
Free plan only supports two invoices per month.
Frequent price increases and a tendency toward upselling.
Wave vs. QuickBooks Online at a glance
Wave | QuickBooks Online | |
|---|---|---|
Cost |
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Key features | Strong invoicing feature competes with that of paid products; app lets users send invoices on the go; offers significantly fewer reports than competitors; no inventory tracking. | Has robust reporting tools and report customization options, mileage tracking, invoicing and inventory tracking in higher-tier plans. |
Automation features | Includes tools that help automate the reconciliation process; auto-categorizes transactions for you, but you can’t set up your own bank rules; no global search function. | Includes tools that help automate the reconciliation process, along with a global search function and customizable dashboard. However, there is a learning curve. |
User and employee limits | Paid Pro plan allows for multiple users, but Wave is built mostly for solopreneurs. | Can support larger small businesses with dozens of employees. Highest-tier plan includes 25 users. |
Ease of sharing with accountants | Pro plan subscribers can invite accountants to collaborate. However, there’s no audit trail. | Includes audit trails and easy accountant access. Has millions of users so your accountant will likely be familiar with it. |
Integrations | Main integrations include in-house apps, like Wave Payments and Wave Payroll; does not integrate with card readers for in-person payments. | Integrates with more than 800 apps and offers live, in-house bookkeeping add-on. |
Customer support | Live chat and email support weekdays from 9 a.m. to 4:45 p.m. ET (must use Wave Payments or the paid plan to access). | All plans include phone and live chat support Monday through Friday from 6 a.m. to 6 p.m. PT and Saturday from 6 a.m. to 3 p.m. PT. |
Advanced features | Can manage multiple businesses for free under one account; lacks project tracking tools, industry-specific reports and transaction tracking tags. | Includes project tracking tools in the Plus plan. Limited transaction tracking tags. Lacks industry-specific reports. Users with multiple businesses must pay for separate subscriptions. |
NerdWallet’s editorial team doesn't incorporate user reviews in our star ratings, because we can't verify every user's individual experience. However, small-business owners’ perspectives are still worth taking into account to get a more complete overview.
For a more detailed analysis of the user sentiment around each product, read my individual reviews of Wave and QuickBooks Online.
Where Wave stands out
Ease of use
Wave’s feature set is limited. But that’s also what makes it so simple to use.
The company’s free plan includes unlimited invoicing, estimates, transaction tracking and basic reporting. Its $19-per-month plan unlocks more time-saving tools, like automated bank feeds and transaction categorization. You’ll also find more invoice customization options, as well as the ability to add users to your account. That checks all of the boxes for many solopreneurs.
QuickBooks, on the other hand, has six different plans with significantly more features. This is great news for growing businesses and those that need detailed reports. But it also intensifies the learning curve.
If you’re just trying to manage finances for your side hustle or freelance business, Wave will likely meet your needs and be easier to navigate.
Invoicing
Wave is one of the few accounting software products that offers unlimited invoicing in its free plan. This is where it shines most in comparison to QuickBooks. You can also use its free plan to set up recurring invoices (as long as you use Wave Payments as your processor). Wave’s $19-per-month Pro plan unlocks automated payment reminders.
QuickBooks’ free plan only lets you send two invoices per month. For businesses that transact mostly via invoice, that’s not going to cut it. And to access unlimited invoicing, you have to subscribe to QuickBooks’ $20-per-month Lite plan. For recurring invoicing and automated payment reminders, you need to upgrade to the next highest $38-per-month Simple Start plan.
Where QuickBooks stands out
Scalability
QuickBooks Online is built to support a range of business sizes — from solopreneur-level to medium-sized operations with multiple locations. Its six different plans, ranging from $0 to $340 per month, reflect that. My rundown of QuickBooks’ plans and pricing provides more details on each plan option.
Wave is incredibly useful for very small businesses and solopreneurs. But past that, it doesn’t have the tools other small businesses need to grow. For example, it has extremely limited integrations. That means you wouldn’t be able to directly sync with, say, a third-party inventory tracking software or payroll provider (outside of Wave Payroll).
In comparison, QuickBooks has more than 800 integrations across a variety of categories, like payroll software, shopping carts, marketing and project management programs, just to name a few. This makes QuickBooks more versatile than Wave, especially as your business's software needs change over time.
Feature set
QuickBooks excels when it comes to the variety of tools it offers. Here are several capabilities you’ll find in QuickBooks, but not Wave:
Mileage tracking (all plans).
Bill pay (Lite plan and up).
Ability to sync with multiple sales channels (Simple Start plan and up).
Inventory tracking (Plus plan and up).
Project management and profitability tracking (Plus plan and up).
Class and location tracking (Plus plan and up).
Automated workflows (Advanced plan and up).
If any of these feel vital to your business, QuickBooks is the better bet.
Wave and QuickBooks alternatives
| Learn more | Learn more |
Starting at$0Additional pricing tiers (per month): $20, $50, $70, $150, $275. | Starting at$23/monthAdditional pricing tiers (per month): $43, $70, custom. |
Promotion14-day free trialof the Premium plan. | Promotion90% offfor 3 months. |
Zoho Books: Better for integrated software suite. QuickBooks and Wave each offer their own in-house payroll software. Zoho Books goes leaps and bounds beyond that. You’ll also find in-house software options for marketing, IT, customer relationship management and social media management, among other options. If you like keeping all your programs under the same roof, Zoho is the way to go. Read our full Zoho Books review.
FreshBooks: Better for freelancers. All of FreshBooks’ plans include freelancer-specific features like automated payment reminders, client communication tools and unlimited time and mileage tracking. Its $23-per-month base plan is slightly more expensive than Wave’s paid plan. But it’s a good option if you need a freelancer-friendly middle ground between Wave and QuickBooks. Read our full FreshBooks review.
» MORE: FreshBooks vs. Wave
Sage 50 Accounting: Better for desktop software. Not sold on cloud-based software? Sage 50 Accounting offers desktop-based options at reasonable monthly rates. QuickBooks also sells desktop-based software (QuickBooks Enterprise), but it’s significantly more expensive. Enterprise starts at $1,873 per year, whereas Sage 50 starts at $737. Read our full Sage 50 Accounting.
Methodology
NerdWallet independently reviews accounting software products before determining our top picks. We collect the data for our software ratings from products’ public-facing websites and from company representatives. Our editorial team reviews information on a regular basis for consistency and accuracy.
We also periodically update our scoring system to reflect changing industry norms and business needs. For instance, in 2026, we stopped factoring in whether mobile apps work for both Android and iOS smartphones. If an accounting software product has its own mobile app, it’s almost always available for both operating systems.
NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business. The best accounting software received top marks when evaluated across 10 categories and more than 30 subcategories. Learn more about how we rate small-business accounting software.
These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one.
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