QuickBooks Online vs Wave

QuickBooks Online and Wave both start from a chart of accounts and invoicing, but they are built for different sized jobs. QuickBooks Online is a scalable,…

Best for QuickBooks Online: QuickBooks Online fits growing small businesses that need inventory management, project or class tracking, multi-currency support, or integrations through an app marketplace and API, and that are willing to pay a monthly subscription for that depth.
Best for Wave: Wave fits freelancers, solopreneurs, and very small service businesses that mainly need unlimited invoicing and basic double-entry bookkeeping without any subscription cost.

At a Glance

 QuickBooks OnlineWave
Primary categoryAccountingAccounting
RatingNot documentedNot documented
Pricing modelMonthly SaaS subscription with five tiers scaling by features and user count, sold directly by Intuit with an introductory discount for new subscribers before standard pricing applies.freemium
Starting priceFrom 20 US dollars per month (Solopreneur); core QuickBooks Online plans start at 38 US dollars per month (Simple Start)Free (Starter plan); Pro plan from $19 per month
Free planNot documentedYes
Free trialYesNot documented
PlatformsWeb, iOS, AndroidWeb, iOS, Android
Team collaborationNot documentedNot documented
AI featuresNot documentedNot documented
Public APIYesNot documented

Key Differences

Base pricing model

QuickBooks Online: Paid from the start, with a free trial and plans from approximately $35/month for Simple Start

Wave: Free Starter plan at $0/month, with an optional Pro plan from $19/month

Ongoing subscription cost is often the deciding factor for early-stage businesses with tight budgets

Company history and scale

QuickBooks Online: Intuit product with roots dating to 1983, headquartered in Mountain View, California

Wave: Founded in 2009, headquartered in Toronto, Ontario, Canada

A longer operating history and larger install base translates into more accountants and bookkeepers already trained on the platform

Inventory and project tracking

QuickBooks Online: Tracks quantities on hand, cost of goods sold, and reorder points, plus profitability tracking by project, location, or class on eligible plans

Wave: No inventory management, project tracking, or job costing features are offered

Product-based or project-based businesses need to see profitability and stock levels beyond basic bookkeeping

Third-party integrations and API

QuickBooks Online: Integrates with e-commerce, point-of-sale, and CRM apps, plus a developer API for custom connections

Wave: Limited third-party integrations compared to competitors

Businesses running several other tools need their accounting software to connect cleanly to avoid manual data entry

Payroll coverage

QuickBooks Online: Payroll runs through an integrated Intuit payroll add-on subscription for tax calculation and direct deposit

Wave: Optional payroll add-on from around $25/month, but full-service tax filing is limited to select US states and Canadian provinces

Businesses need to confirm payroll tax filing is actually supported in their state or province before committing

User limits and permissions

QuickBooks Online: Tiered user limits from one user on Simple Start up to twenty-five on Advanced, with custom permissions and roles on the top tier

Wave: Unlimited collaborators included on the Pro plan, without a stated custom permissions system

Teams that need granular, role-based access control need more than just seat count

Multi-currency support

QuickBooks Online: Multi-currency support is included from the Essentials plan upward

Wave: Not documented as a feature

Businesses billing or paying in more than one currency need native conversion and reporting support

Built-in online payment processing

QuickBooks Online: Not documented in the available facts as a directly stated invoice payment feature

Wave: Wave Payments accepts credit card and bank transfer payments directly on invoices, with disclosed processing rates of 2.9 percent plus 0.60 dollars per credit card transaction on Starter

Getting paid faster on invoices matters for cash flow, and knowing the exact fee structure avoids surprises

Bookkeeping and advisory support

QuickBooks Online: Advanced tier includes dedicated account support; accountant users can log in directly with their own credentials

Wave: Wave Advisors offers access to bookkeeping and tax support from in-house professionals as an add-on

Businesses without in-house accounting expertise often need outside help interpreting the numbers

Overall feature depth versus simplicity

QuickBooks Online: Four plan tiers add complexity and depth as the business grows, including budgeting tools and advanced reporting and dashboards on higher tiers

Wave: A single, simple free core product with fewer configuration options and a documented learning curve advantage for non-accountants

More features add capability but also more setup and learning time

Feature-by-Feature

Invoicing and Payments

FeatureQuickBooks OnlineWave
Invoicing and estimatesAvailableAvailable
Automated payment remindersAvailableAvailable
Recurring billingNot documentedAvailable
Online payment acceptance on invoicesNot documentedAvailable

Banking and Expense Tracking

FeatureQuickBooks OnlineWave
Bank feed automationAvailableAvailable
Receipt capture or scanningAvailableAvailable
Mileage trackingAvailableNot documented

Payroll

FeatureQuickBooks OnlineWave
Payroll add-onAvailableAvailable
Full-service payroll tax filing in all regionsNot documentedLimited

Reporting and Financial Management

FeatureQuickBooks OnlineWave
Standard financial reports such as profit and loss, balance sheet, and cash flowAvailableAvailable
Budgeting toolsAvailableNot documented
Multi-currency supportAvailableNot documented

Inventory and Project Tracking

FeatureQuickBooks OnlineWave
Inventory managementAvailableUnavailable
Project or class profitability trackingAvailableUnavailable

Collaboration and User Access

FeatureQuickBooks OnlineWave
Multi-user access with tiered limitsAvailableAvailable
Accountant or bookkeeper accessAvailableAvailable
Custom user permissions and rolesAvailableNot documented

Platform and Integrations

FeatureQuickBooks OnlineWave
Mobile apps for iOS and AndroidAvailableAvailable
Third-party app marketplace and APIAvailableLimited

Pricing Compared

Starting price reflects the lowest paid tier, not the full cost for every team size or usage level.

QuickBooks Online

Solopreneur — 20 US dollars per month Monthly
Simple Start — 38 US dollars per month Monthly
Essentials — 75 US dollars per month Monthly
Plus — 115 US dollars per month Monthly
Advanced — 275 US dollars per month Monthly

Wave

Starter — $0 monthly
Pro — $19 per month (approximately $25 CAD) monthly
Payroll add-on — Base fee plus per-employee or per-contractor charge monthly

Pros & Cons

QuickBooks Online

Pros

  • Accessible from any browser or device with no software installation required
  • Automatic updates mean features and compliance changes roll out continuously
  • Tiered pricing scales cleanly from freelancers up to larger small businesses
  • Deep integration with QuickBooks Payroll, Payments, and third-party apps
  • Widely supported by accountants and bookkeepers familiar with the platform
  • Real-time collaboration with employees and outside accountants without file sharing

Cons

  • Prices have risen significantly year over year, with recent increases of 12 to 17 percent annually
  • Essentials, Plus, and Advanced tiers cost meaningfully more than entry-level competitors
  • User limits on lower tiers can force upgrades sooner than expected for growing teams
  • Some advanced reporting and control features are reserved for the top Advanced tier
  • Ongoing subscription cost over time can exceed what a one-time desktop license would have cost
  • Introductory discounted pricing expires after a limited number of months

Wave

Pros

  • Free Starter plan covers real double-entry accounting and unlimited invoicing at no cost
  • Simple, approachable interface aimed at non-accountants
  • Backed by H&R Block, adding financial stability and tax expertise
  • Optional payroll and human bookkeeping services scale up as a business grows
  • No per-invoice or per-client limits on the free plan

Cons

  • Free plan lacks automatic bank feeds and built-in receipt scanning without add-ons
  • Fewer advanced features and integrations compared to QuickBooks or Xero
  • Payroll is only available in a limited set of US states and Canadian provinces
  • Customer support on the free plan is more limited than on paid tiers

Use Cases

Choose QuickBooks Online: QuickBooks Online fits growing small businesses that need inventory management, project or class tracking, multi-currency support, or integrations through an app marketplace and API, and that are willing to pay a monthly subscription for that depth.
Choose Wave: Wave fits freelancers, solopreneurs, and very small service businesses that mainly need unlimited invoicing and basic double-entry bookkeeping without any subscription cost.
Need both: An accountant or bookkeeper serving a mixed client base may work in both, using Wave for free-tier clients with simple invoicing needs and QuickBooks Online for clients that require inventory, project tracking, or multi-user permissions.

QuickBooks Online

  • Freelancers and sole proprietors — Independent freelancers use the Solopreneur tier to track income, expenses, and estimated taxes without needing full small business accounting features.
  • Small business day-to-day bookkeeping — Small businesses use Simple Start or Essentials for invoicing, expense tracking, and bank reconciliation from any device.
  • Growing businesses with inventory and multiple users — Businesses managing inventory, projects, and multiple team members use the Plus or Advanced tiers for deeper tracking and reporting.

Wave

  • Free small business bookkeeping — Solo entrepreneurs and freelancers track income and expenses and manage double-entry books without paying for accounting software.
  • Professional invoicing and online payments — Small businesses send unlimited branded invoices and let customers pay online, speeding up collections.
  • Payroll for very small teams — Businesses with a small number of employees or contractors run payroll and handle payroll tax filings through the Wave Payroll add-on.

Frequently Asked Questions

Which is cheaper, QuickBooks Online or Wave?

Wave is cheaper for most small businesses because its Starter plan is free with unlimited invoicing and basic bookkeeping, while QuickBooks Online starts at approximately 35 dollars per month for its entry-level Simple Start plan.

Is Wave good enough to replace QuickBooks Online?

For freelancers and very small businesses that only need invoicing, basic bookkeeping, and simple expense tracking, Wave can replace QuickBooks Online, but it lacks inventory management, project tracking, and multi-currency support that growing businesses on QuickBooks Online rely on.

Does Wave have inventory management like QuickBooks Online?

No, Wave's documentation confirms it has no inventory management, project tracking, or job costing features, while QuickBooks Online offers inventory tracking on eligible plans.

Does Wave payroll work everywhere QuickBooks Payroll does?

Not necessarily, since Wave's full-service payroll tax filing is only documented as available in select US states and Canadian provinces, with self-service payroll elsewhere, so businesses outside those regions should confirm coverage before choosing either payroll option.

Which tool is better for a growing business with multiple employees?

QuickBooks Online is generally the better fit for a growing business because it offers tiered user limits up to 25 users, custom permissions and roles, multi-currency support, and project profitability tracking that Wave does not document.

Does Wave charge fees for accepting online payments?

Yes, Wave charges 2.9 percent plus 0.60 dollars per credit card transaction on the free Starter plan, with a discounted rate on the first 10 transactions per month for Pro subscribers, plus lower rates for bank transfer ACH or EFT payments.

Read the full QuickBooks Online review · Read the full Wave review