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 2026-09 · 2026

QuickBooks

The accounting software standard that most accountants already know

$35/moper month (Simple Start)

Strengths

+Your accountant almost certainly knows QuickBooks already
+Inventory tracking, job costing, and advanced reporting
+Massive ecosystem of integrations and add-ons

Weaknesses

-$35/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-UI feels cluttered and outdated in places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

Freefree for accounting (paid payroll add-on)

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 ($20-40/mo + per employee, depending on state)

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	QuickBooks	Wave
Price	$35/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 ($50/mo + per employee)	Add-on ($20-40/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 $35/mo for features you don't use yet. Start with Wave, and move to QuickBooks when your business demands it.

How to switch from QuickBooks to Wave

Full QuickBooks export guide →

1Export your data from QuickBooks: go to Settings > Export Data (or run each report and use the Export to Excel/CSV button) to download your Chart of Accounts, Customers, Vendors, and Transaction reports as CSV files.
2Clean up the CSV files so column headers match Wave's import templates - Wave has specific formats for importing customers, vendors, and transactions under Accounting > Transactions > Import.
3Set up your Chart of Accounts in Wave manually or via CSV import, matching the account structure you had in QuickBooks so historical reports still make sense.
4Connect your bank and credit card accounts in Wave (Banking > Bank Accounts) so new transactions start importing automatically instead of relying on manual entry.
5Recreate any integrations you relied on in QuickBooks - since Wave's app ecosystem is smaller, use Zapier to rebuild automations like invoice-to-Slack notifications or lead-to-invoice workflows.
6Run QuickBooks and Wave in parallel for one billing cycle, reconcile both against your bank statement, then cut over your team to Wave once the numbers match and cancel your QuickBooks subscription.

QuickBooks vs Wave: common questions

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

Go to Settings > Export Data in QuickBooks Online, or use Reports to export your Chart of Accounts, customer/vendor lists, and transaction history as CSV or Excel files. QuickBooks also lets you export a full company file backup, but Wave can't import that format directly - you'll be rebuilding most of your data from CSVs.

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

You lose inventory tracking, project/job costing, custom and advanced reports, and multi-currency support beyond basic conversion. If you rely on QuickBooks' automated sales tax engine or run more than a handful of users with different permission levels, Wave's simpler setup will feel limiting.

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

For a freelancer or a small service business with a handful of people invoicing and tracking expenses, yes - unlimited users and invoices are included at no cost. If your team needs approval workflows, department-level reporting, or inventory, you'll hit Wave's ceiling fast.

Does Wave integrate with the same apps as QuickBooks?+

No - Wave has a much smaller integration list, mainly Zapier, PayPal, and Etsy, compared to QuickBooks' hundreds of native app connections. If your business runs on QuickBooks-specific integrations (like advanced inventory or POS systems), check Zapier workarounds before switching.

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

QuickBooks Simple Start runs about $420/year ($35/mo); Wave's core accounting and invoicing are free, so you'd save that full amount if you don't need payroll. If you add Wave Payroll at roughly $20-40/mo, you're still likely saving several hundred dollars a year compared to QuickBooks with its own payroll add-on.