QuickBooks Online vs Wave

QuickBooks Online and Wave are both accounting options. QuickBooks Online lists 8 features across 3 platforms; Wave lists 8 features across 3 platforms — see the full breakdown below, sourced from each vendor's own site rather than ratings or reviews.

Side-by-side summary

ComparingQuickBooks OnlineWave

CategoryAccountingAccounting

Alternatives tracked44

PlatformsWeb, iOS, AndroidWeb, iOS, Android

Pricing modelPaid plansFree + paid plans

Best for QuickBooks Online

Small businesses that want the accounting software most bookkeepers and CPAs already know how to use, and don't mind a higher list price for that ecosystem support.

Best for Wave

Solopreneurs, freelancers, contractors, and micro-businesses seeking zero-subscription invoicing and basic double-entry bookkeeping.

Feature comparison

Every feature listed here comes directly from each vendor's own official site.

QuickBooks Online

Invoicing and payment collection
Expense and receipt tracking
Bank feed reconciliation
Profit & loss, balance sheet, and cash-flow reporting
Optional payroll add-on
Multi-user access with role permissions (Plus and above)
Mobile app for invoicing and mileage tracking
Large accountant/bookkeeper partner ecosystem

Wave

Unlimited customizable invoicing with payment links and recurring schedules
Double-entry bookkeeping with income statements, balance sheets, and cash flow reports
Credit card and bank payment processing (2.9% + $0.60 per card, 1% per ACH)
Income and expense tracking with sales tax calculation
Automated bank feeds and automated transaction import (Pro tier)
Mobile receipt scanning with automatic line-item parsing (Pro tier)
Collaborator access for accountants and business partners (Pro tier)
Optional payroll add-on for employee and contractor direct deposits

Pros and cons

QuickBooks Online

Pros

Invoicing and payment collection
Expense and receipt tracking
Bank feed reconciliation
Profit & loss, balance sheet, and cash-flow reporting
Optional payroll add-on
Multi-user access with role permissions (Plus and above)
Mobile app for invoicing and mileage tracking
Large accountant/bookkeeper partner ecosystem

Cons

List prices are meaningfully higher than direct competitors like Xero at the same tier
Frequent promotional discounting on the pricing page makes the real ongoing cost easy to underestimate at signup
Add-on pricing (payroll, payments) is billed separately from the core subscription

Wave

Pros

Unlimited customizable invoicing with payment links and recurring schedules
Double-entry bookkeeping with income statements, balance sheets, and cash flow reports
Credit card and bank payment processing (2.9% + $0.60 per card, 1% per ACH)
Income and expense tracking with sales tax calculation
Automated bank feeds and automated transaction import (Pro tier)
Mobile receipt scanning with automatic line-item parsing (Pro tier)
Collaborator access for accountants and business partners (Pro tier)
Optional payroll add-on for employee and contractor direct deposits

Cons

Automated bank transaction feeds and receipt scanning require the paid Pro tier ($16/mo)
No built-in inventory tracking, project tracking, or formal audit trail
Third-party integration ecosystem is limited compared to QuickBooks and Xero

Key differences

QuickBooks Online lists Invoicing and payment collection, Expense and receipt tracking, Bank feed reconciliation, Profit & loss, balance sheet, and cash-flow reporting, Optional payroll add-on, Multi-user access with role permissions (Plus and above), Mobile app for invoicing and mileage tracking, Large accountant/bookkeeper partner ecosystem that Wave doesn't list.
Wave lists Unlimited customizable invoicing with payment links and recurring schedules, Double-entry bookkeeping with income statements, balance sheets, and cash flow reports, Credit card and bank payment processing (2.9% + $0.60 per card, 1% per ACH), Income and expense tracking with sales tax calculation, Automated bank feeds and automated transaction import (Pro tier), Mobile receipt scanning with automatic line-item parsing (Pro tier), Collaborator access for accountants and business partners (Pro tier), Optional payroll add-on for employee and contractor direct deposits that QuickBooks Online doesn't list.

Choose QuickBooks Online if…

Choose QuickBooks Online if this fits: Small businesses that want the accounting software most bookkeepers and CPAs already know how to use, and don't mind a higher list price for that ecosystem support. Compared with Wave specifically, QuickBooks Online also offers Invoicing and payment collection, Expense and receipt tracking, Bank feed reconciliation, and 5 more features that Wave doesn't list.

Visit QuickBooks Online

Choose Wave if…

Choose Wave if this fits: Solopreneurs, freelancers, contractors, and micro-businesses seeking zero-subscription invoicing and basic double-entry bookkeeping. Compared with QuickBooks Online specifically, Wave also offers Unlimited customizable invoicing with payment links and recurring schedules, Double-entry bookkeeping with income statements, balance sheets, and cash flow reports, Credit card and bank payment processing (2.9% + $0.60 per card, 1% per ACH), and 5 more features that QuickBooks Online doesn't list.

Visit Wave

Facts on this page are sourced from each vendor's official site (linked below), not from ratings or reviews. Products change — verify anything that matters to your decision directly on the vendor's own site before switching. See our Disclaimer and Sources Policy.