Our verdict
Start on Wave if you are a solo business in the US or Canada with simple books — it is genuinely capable for free. Move to QuickBooks Online when you add staff, inventory or integrations, or when your accountant asks you to.
Wave is the best-known free accounting software for very small businesses; QuickBooks Online is the paid market leader. For a sole trader with a handful of invoices a month, Wave can genuinely be enough. As soon as you need inventory, multiple users with permissions, deeper reports or an accountant who expects QuickBooks, the paid option earns its fee.
Choose QuickBooks Online if…
- You have staff, inventory or more than one person keeping the books
- You want broad integrations and bank feed coverage
- Your accountant or bookkeeper prefers QuickBooks
- You need class/location tracking or detailed reporting
Choose Wave if…
- You are a sole trader or micro-business watching every dollar
- Your books are simple: invoices, expenses and a bank account or two
- You want free invoicing and accounting with paid payments only
- You operate in the US or Canada, where Wave is focused
Side by side
| Criterion | QuickBooks Online | Wave |
|---|---|---|
| Overall score | 8.5 / 10 | 7.7 / 10 |
| Features & fit | 9.0 | 6.8 |
| Ease of use | 8.4 | 8.6 |
| Value for money | 7.6 | 9.4 |
| Support & reliability | 8.0 | 6.8 |
| Security & privacy | 8.4 | 8.0 |
| Integrations & ecosystem | 9.4 | 6.4 |
| Starting price (indicative) | From around $30–38 / month (Simple Start) | Free; Pro around $16 / month |
| Free plan | No | Yes |
| Free trial | Yes | No |
| Best for | US small businesses | Freelancers and sole traders |
Feature by feature
| Feature | QuickBooks Online | Wave |
|---|---|---|
| Price (indicative) | From around $30–38 / month | Free Starter; Pro around $16 / month |
| Invoicing | Yes | Yes |
| Automatic bank feeds | Yes | Pro plan |
| Inventory | Plus and Advanced | No |
| Multiple users with roles | Yes (by tier) | Limited |
| App integrations | Very large marketplace | Limited |
| Payroll | Add-on | Add-on (selected US states / Canada) |
| Regions | Many countries | US and Canada focus |
Pricing compared
QuickBooks Online
| Plan | Indicative price | Notes |
|---|---|---|
| Simple Start | ≈ $30 / mo | Up to 1 user · Promotional discounts common |
| Essentials | ≈ $60 / mo | Up to 3 users |
| Plus | ≈ $90 / mo | Up to 5 users |
| Advanced | ≈ $200 / mo | Up to 25 users |
Wave
| Plan | Indicative price | Notes |
|---|---|---|
| Starter | Free | Core invoicing and accounting |
| Pro | ≈ $16 / mo | Billed monthly |
Indicative USD list prices; excludes tax, add-ons and promotions. Confirm on each vendor’s site.
Cost
Wave's Starter plan is free for core invoicing and accounting; its Pro plan (around $16 per month) adds automatic bank imports and other conveniences. QuickBooks starts around $30–38 per month and rises with users and features. Wave makes money mainly from payment processing and payroll.
Depth of accounting
Wave covers double-entry accounting, invoices, expenses and core reports. QuickBooks adds inventory, purchase orders, budgets, projects, class tracking and a far deeper reporting library.
Integrations
QuickBooks has one of the largest accounting app ecosystems. Wave's integrations are limited, so businesses that rely on ecommerce, CRM or POS sync usually outgrow it.
Support
Wave's support options are limited on the free plan. QuickBooks includes support on all plans and has a large network of certified advisers.
Region
Wave is built for the US and Canada. QuickBooks Online is available in many more countries with localised tax features.
Pros & cons
QuickBooks Online
- Widely supported by accountants
- Comprehensive features and reports
- Large app ecosystem
- Higher cost than some competitors
- User limits on lower tiers
Wave
- Free core accounting and invoicing
- Simple, friendly interface
- Unlimited invoices
- Limited integrations
- No inventory or projects
Key features of each
QuickBooks Online
- Bank feeds & rules. Automatic import and categorisation of transactions.
- Invoicing. Custom invoices with online payments.
- Reports. Standard and customisable financial reports.
- Project profitability. Track costs and income per project on higher tiers.
Integrates with: Gusto, Shopify, HubSpot, PayPal, Stripe.
Wave
- Invoicing. Custom invoices, recurring billing and reminders.
- Bank connections. Automatic transaction import on Pro.
- Receipts. Scan and store receipts.
- Payments. Card and bank payments for a fee.
Integrates with: Stripe (via payments), Zapier, PayPal.
Who should avoid each
Skip QuickBooks Online if…
- Very small budgets
- Businesses needing many users on entry tiers
Best for: US small businesses; Companies whose accountant uses QuickBooks; Service businesses needing invoicing and expenses.
Skip Wave if…
- Businesses with inventory
- Teams needing many integrations
Best for: Freelancers and sole traders; Micro-businesses on tight budgets; Simple invoicing needs.
Switching between QuickBooks Online and Wave
Migration difficulty: Easy
Most businesses move from Wave to QuickBooks as they grow. QuickBooks can import customers, vendors and a chart of accounts; bring over opening balances rather than full history.
- Choose a cut-over date — the start of a month or quarter.
- Export customers, vendors, products and your chart of accounts from Wave.
- Enter opening balances in QuickBooks from a Wave trial balance.
- Connect bank feeds and re-create recurring invoices.
- Keep Wave exports for historical records and tax filings.
Weigh it your way
Adjust the weights to your priorities to see which tool comes out ahead for you. Print or export the result for your team.
| Tool | Features | Ease | Value | Support | Security | Integrations | Your score |
|---|---|---|---|---|---|---|---|
| 1. QuickBooks Online | 9.0 | 8.4 | 7.6 | 8.0 | 8.4 | 9.4 | 8.50 |
| 2. Wave | 6.8 | 8.6 | 9.4 | 6.8 | 8.0 | 6.4 | 7.74 |
Drag the sliders to match your priorities. Scores are our editorial sub-scores; weights start at the values we publish on the methodology page. Nothing you change is stored or sent anywhere.
How our scores and weights work · Add a third tool side by side
Frequently asked questions
Is Wave really free?
Wave's Starter plan for invoicing and accounting is free. You pay for card and bank payment processing, payroll and the optional Pro plan.
When should I switch from Wave to QuickBooks?
Common triggers are hiring staff, holding inventory, needing integrations with ecommerce or CRM tools, or an accountant who works in QuickBooks.
Does Wave work outside North America?
Wave is designed for the US and Canada. Businesses elsewhere usually choose Xero, Zoho Books or QuickBooks Online.
Can accountants work in Wave?
Yes, you can invite an accountant as a collaborator, but QuickBooks offers a richer accountant toolkit.
Does QuickBooks Online or Wave have a free plan?
QuickBooks Online has a free trial but no permanent free plan; Wave has a free plan. Indicative starting prices: QuickBooks Online — From around $30–38 / month (Simple Start); Wave — Free; Pro around $16 / month.
Which scores higher in our review, QuickBooks Online or Wave?
QuickBooks Online scores 8.5/10 and Wave 7.7/10 on our weighted rubric. QuickBooks Online leads on 4 of six criteria. A higher score does not make it right for every buyer — see the “choose if” lists above.
