ToolsRanks

QuickBooks Online vs Wave: which should you choose?

Quick answer: QuickBooks Online is built for us small business, while Wave suits micro businesses. For most users QuickBooks Online is the stronger default, but Wave can be the better fit depending on your budget and use case. Wave has the lower entry price.

Both QuickBooks Online and Wave get recommended a lot, but they solve the job differently. Below we compare them on pricing, strengths and the use cases each one fits, then give a clear verdict.

Side-by-side

QuickBooks OnlineWave
CategoryAccountingAccounting
What it's known forMarket-leading SMB accounting with the largest accountant ecosystem, deep integrations, and full-featured bookkeeping, invoicing and payroll add-ons.Free core accounting and invoicing for very small businesses; monetizes via payments and payroll add-ons.
PricingFrom ~$35/mo (Simple Start) up to ~$235/mo (Advanced); frequent intro discounts.Free accounting/invoicing core; Pro ~$16/mo; pay-per-use payments and payroll.
Best audienceUS small businesses that want all-in-one bookkeeping and easy accountant collaboration.Micro businesses, solopreneurs and side hustles wanting free books.
Best forUS small business, Accountant collaboration, All-in-one bookkeepingMicro businesses, Free accounting, Solopreneurs
Entry price~$38/moFree
Biggest strengthLargest accountant/ProAdvisor ecosystem in the US.Genuinely free core accounting and invoicing.
Main caveatPricing has risen roughly 12-17% per year since 2023.Only operates in the US and Canada.
See QuickBooks Online plans →More on Wave →

Features compared

The feature sets only partly overlap. Here is what each one actually gives you:

QuickBooks Online key features

  • Double-entry bookkeeping with invoicing, expense tracking and bank reconciliation
  • Tiered plans (Solopreneur, Simple Start, Essentials, Plus, Advanced) unlocking inventory, job costing and cash-flow forecasting
  • Role-based user access and accountant collaboration tools
  • Built-in reporting plus AI assistance (Intuit Intelligence) for analysis

Wave key features

  • Free core accounting, invoicing and expense tracking (Starter)
  • Unlimited income/expense tracking and unlimited invoices
  • Pro plan adds automatic bank feeds (Plaid), OCR receipts and unlimited collaborators
  • Pay-per-use payment processing

Pricing tiers side by side

QuickBooks Online plans

PlanPriceWhat's included
Simple Start~$38/moEntry bookkeeping, single user
Essentialsmid-tierAdds bill management and multiple users
Plusmid-highInventory and project profitability
Advanced~$275/moAdvanced reporting, batch tools, dedicated support

Wave plans

PlanPriceWhat's included
StarterFreeCore accounting and invoicing
Pro~$19/mo (or $190/yr)Bank feeds, OCR receipts, unlimited collaborators

Tiers compiled from the vendors' published plans and independent reviews; prices are approximate and change often, so confirm current figures (and your region's taxes) on each vendor's site.

Strengths compared

Where QuickBooks Online wins

The default US small-business accounting platform with the deepest accountant network and integration marketplace.

That makes it the stronger pick for uS small businesses that want all-in-one bookkeeping and easy accountant collaboration.

Where Wave wins

Free, capable accounting for micro businesses that monetizes only through payments and payroll.

That makes it the stronger pick for micro businesses, solopreneurs and side hustles wanting free books.

Verdict: choose by fit

There is no single winner; it depends on where you sit.

FAQ

Is QuickBooks Online better than Wave?

QuickBooks Online is the stronger default for most users, but Wave can be the better fit depending on your budget and use case.

What is the main difference between QuickBooks Online and Wave?

QuickBooks Online is the default US small-business accounting platform with the deepest accountant network and integration marketplace. Wave is free, capable accounting for micro businesses that monetizes only through payments and payroll.

Which is cheaper, QuickBooks Online or Wave?

Entry pricing differs: QuickBooks Online starts at ~$38/mo, while Wave offers a free tier. Compare the tiers above against your usage.

Sources

Facts above are drawn from these independent reviews and the vendors' own pages for QuickBooks Online and Wave: