QuickBooks Online vs Wave: Which Accounting Software Should You Use in 2026?

A direct comparison of QuickBooks Online and Wave for small businesses and freelancers deciding between a paid, feature-rich platform and a free accounting tool.

Updated 2026-10 · 2026

QuickBooks Online

Full-featured accounting software for growing businesses

$35month (Simple Start plan)

Strengths

+Deep feature set: inventory tracking, project profitability, class/location tracking
+Large ecosystem of integrations (Shopify, Gusto, Expensify, etc.)
+Built-in payroll add-on and tax filing support

Weaknesses

-Price increases significantly as you move up tiers ($35 to $235/mo)
-Interface can feel cluttered and slow for simple use cases
-Frequent price hikes and forced plan migrations

Best for

Small-to-mid businesses that need inventory, multi-user access, or advanced reporting and are willing to pay for it

Wave

Free accounting and invoicing for freelancers and small businesses

$0month (core accounting/invoicing free)

Strengths

+Unlimited invoicing, income/expense tracking, and accounting free forever
+Clean, simple interface with minimal learning curve
+Double-entry accounting with proper financial statements

Weaknesses

-No inventory tracking or project profitability features
-Payroll only available in select US/Canada states/provinces
-Limited integrations compared to QuickBooks

Best for

Freelancers, consultants, and very small businesses that need solid invoicing and bookkeeping without a monthly bill

Feature Comparison

Feature	QuickBooks Online	Wave
Starting price	$35/mo (Simple Start)	$0/mo (core features)
Invoicing	Yes, customizable	Yes, unlimited and free
Double-entry accounting	Yes	Yes
Bank/credit card syncing	Yes	Yes
Inventory tracking	Yes (Plus plan and above)	No
Payroll	Add-on, extra cost	Add-on, limited states/provinces
Payment processing	QuickBooks Payments, per-transaction fees	Wave Payments, per-transaction fees
Multi-user access	Yes, tiered by plan	Limited (one owner + invited collaborators)
Third-party integrations	750+ apps	Limited (Zapier-based workarounds)
Mobile app	Yes, full-featured	Yes, invoicing and receipts
Reporting depth	Advanced (profit & loss by class, project, etc.)	Basic financial statements
Customer support	Phone and chat support	Email support, slower response

The Verdict

QuickBooks Online wins if you need inventory management, deep integrations, or multi-user workflows and don't mind paying $35+/month. Wave is the better choice for solo freelancers and very small businesses that just need to invoice clients and track expenses without a subscription bill. If your business is simple today but you expect to scale fast, start on Wave and migrate to QuickBooks later rather than overpaying now.

How to switch from QuickBooks Online to Wave

Full QuickBooks Online export guide →

1In QuickBooks Online, go to Settings > Export Data and download your Chart of Accounts, Customers, Vendors, and transaction history as CSV files; also export key reports (P&L, Balance Sheet) as PDF for your historical records.
2Create a free Wave account and set up your Chart of Accounts to match your QuickBooks structure as closely as possible.
3Import your Customers and Vendors CSVs into Wave under Sales > Customers and Purchases > Vendors.
4Manually re-enter or import your opening balances and recent transactions into Wave's accounting module so your books start clean on the cutover date.
5Recreate any recurring invoices and connect your bank/credit card accounts in Wave for automatic transaction syncing.
6Run QuickBooks and Wave in parallel for one billing cycle, compare reports for accuracy, then cancel your QuickBooks subscription once Wave's numbers match.

QuickBooks Online vs Wave: common questions

How do I export my data from QuickBooks Online before switching to Wave?+

Go to Settings > Export Data in QuickBooks Online, which lets you download your Chart of Accounts, customers, vendors, and transaction history as CSV files. You can also export full reports (P&L, balance sheet) as PDF or Excel for your records. QuickBooks does not offer a direct 'export to Wave' button, so you'll manually import the CSVs into Wave afterward.

What features do I lose moving from QuickBooks Online to Wave?+

You'll lose inventory tracking, project-level profitability reports, class/location tracking, and most third-party integrations. Multi-user permission controls are also far more limited on Wave. If your business relies on any of these, moving to Wave will mean manual workarounds or spreadsheets.

Is Wave's free plan actually enough for a small team?+

For a solo freelancer or a 1-3 person service business doing basic invoicing and expense tracking, yes, the free plan covers it. If you need multiple users with different permission levels, inventory, or payroll outside Wave's supported regions, you'll hit limits quickly and may need to supplement with other tools.

Does Wave integrate with the apps I'm already using like QuickBooks does?+

No, Wave has far fewer native integrations than QuickBooks Online. You can connect some apps through Zapier, but there's no direct equivalent to QuickBooks' 750+ app marketplace. Check your critical integrations (e-commerce platforms, payroll providers, time tracking) before switching.

How much will I actually save switching from QuickBooks Online to Wave over a year?+

If you're on QuickBooks Simple Start ($35/mo), switching to Wave's free accounting and invoicing saves roughly $420/year. If you were on a higher QuickBooks tier like Plus ($99/mo), the savings jump to nearly $1,200/year, though you'll need to confirm Wave covers your feature needs first.