QuickBooks Online
Wave
| Feature | QuickBooks Online | Wave |
|---|---|---|
| Pricing | From $30/mo | Free / from $16/mo |
| Free Plan | ✗ No | ✓ Yes |
| Rating | 4.2 / 5 | 4.2 / 5 |
| Best For | small-businesses, accountants, self-employed, growing-companies | freelancers, solopreneurs, micro-businesses, side-hustlers |
| Founded | 1983 | 2010 |
| Invoicing | ✓ | ✓ |
| Expense Tracking | ✓ | ✗ |
| Bank Reconciliation | ✓ | ✗ |
| Payroll | ✓ | ✗ |
| Tax Preparation | ✓ | ✗ |
| Reports | ✓ | ✗ |
| Accounting | ✗ | ✓ |
| Receipt Scanning | ✗ | ✓ |
| Bank Connections | ✗ | ✓ |
| Financial Reports | ✗ | ✓ |
| Payroll Addon | ✗ | ✓ |
| Payments Addon | ✗ | ✓ |
✓ QuickBooks Online Pros
- Market leader with huge ecosystem
- Excellent accountant access
- Strong mobile apps
- Tax integration
✗ QuickBooks Online Cons
- Getting increasingly expensive
- Can be complex for beginners
- Customer support declining
✓ Wave Pros
- Core accounting and invoicing completely free
- Unlimited income and expense tracking
- Receipt scanning with OCR included
- Simple enough for non-accountants
✗ Wave Cons
- Payroll and payments are paid add-ons
- No inventory or project tracking
- Limited integrations compared to competitors
The Verdict
QuickBooks Online is built for small businesses and accountants, with a focus on invoicing and expense-tracking. Wave targets freelancers and solopreneurs and leads with accounting and invoicing.
On pricing, Wave is the clear winner for budget-conscious users — starting at $16/mo compared to $30/mo for QuickBooks Online. That $14/mo difference adds up quickly for growing teams.
Wave has a free plan, which gives it a meaningful edge for individuals and small teams exploring their options. QuickBooks Online requires a paid subscription from day one.
Feature-wise, Wave offers broader built-in capabilities (7 features vs 6), while QuickBooks Online takes a more focused approach — which can mean a simpler, faster onboarding experience.
This is a genuinely close comparison. If you can, sign up for both free trials (where available) and run a one-week test with your actual team tasks before deciding.