QuickBooks vs Wave
QuickBooks is the accounting software your accountant probably uses. Wave is a genuinely free alternative that handles the basics well. If you're a small business watching every dollar, this comparison matters a lot.
Updated 2025-01-15 · 2026
QuickBooks
The accounting software standard that most accountants already know
Strengths
- +Your accountant almost certainly knows QuickBooks already
- +Inventory tracking, job costing, and advanced reporting
- +Massive ecosystem of integrations and add-ons
Weaknesses
- -$30/mo minimum - and it goes up from there quickly
- -Frequent price increases that frustrate loyal customers
- -UI feels cluttered and outdated in places
Best for
Businesses that need full accounting features, work with an accountant regularly, or have complex books with inventory, payroll, or multiple revenue streams.
Wave
Genuinely free accounting for small businesses and freelancers
Strengths
- +Core accounting, invoicing, and receipt scanning are truly free
- +Clean, simple interface that doesn't overwhelm
- +Unlimited invoicing with no per-invoice fees
Weaknesses
- -No inventory tracking at all
- -Limited reporting compared to QuickBooks
- -Payroll is a paid add-on ($20/mo + per employee)
Best for
Freelancers, solopreneurs, and small service businesses who need solid bookkeeping and invoicing without paying for features they won't use.
Feature Comparison
| Feature | ||
|---|---|---|
| Price | $30/mo (Simple Start) | Free |
| Invoicing | Yes, customizable | Yes, unlimited and free |
| Receipt scanning | Yes (mobile app) | Yes (mobile app) |
| Bank connections | Yes | Yes |
| Expense tracking | Yes, with categories and rules | Yes, with categories |
| Inventory tracking | Yes (Plus plan and up) | No |
| Payroll | Add-on ($45/mo + per employee) | Add-on ($20/mo + per employee) |
| Financial reports | P&L, balance sheet, cash flow, custom reports | P&L, balance sheet, cash flow, basic reports |
| Sales tax tracking | Yes, automated | Yes, basic |
| Multi-currency | Yes | Limited |
| Project tracking | Yes (Plus plan) | No |
| Accountant access | Yes - accountants love it | Yes - accountants know it less |
| Number of users | 1-25 depending on plan | Unlimited |
The Verdict
If you're a freelancer or small service business, Wave handles the accounting basics for free. Invoicing, expense tracking, bank connections, financial reports - it's all there. The money you save can go back into your business. QuickBooks earns its price when your needs get more complex: inventory, advanced reporting, multiple users with different permissions, or when your accountant specifically asks for QuickBooks access. Don't pay $30/mo for features you don't use yet. Start with Wave, and move to QuickBooks when your business demands it.
Beyond both: self-host Akaunting
Free accounting software you can self-host. Invoicing, expenses, reports, and a module marketplace for extending functionality.
akaunting.com →