QuickBooks Online vs Wave
Last updated July 2026
QuickBooks Online
Full-featured small business accounting from Intuit
Advantages
- Deep reporting, dashboards, and forecasting
- 1099 e-filing, sales tax automation, project tracking
- 750+ third-party integrations
- Payroll available as a bundled add-on
- Vast ProAdvisor network for support
Drawbacks
- Starts at $35/mo, expensive for solopreneurs
- User caps on lower tiers
- Learning curve for non-accountants
Wave
Free accounting software for freelancers and micro-businesses
Advantages
- Core accounting, invoicing, and receipt scanning are free forever
- Unlimited invoices, contacts, and bank/credit card connections
- Automatic bank feed and transaction categorization
- Payments (2.9% + $0.60) and Payroll ($20+/mo) are optional add-ons
- Solid mobile app for invoicing on the go
Drawbacks
- No inventory tracking or project management
- Limited reporting compared to QuickBooks
- Support is chat/email only on the free tier (paid Wave Advisors available)
- Fewer third-party integrations
QuickBooks Online is the paid default at $35+/mo. Wave is the leading free accounting platform, with invoicing and basic bookkeeping free forever. Wave earns revenue from payments and optional payroll. Which one wins depends entirely on how many transactions and integrations you need.
Feature Comparison
| Feature | QuickBooks Online | Wave |
|---|---|---|
| Starting Price | $35/mo | Free (Payments and Payroll are separate add-ons) |
| Invoicing | Unlimited; automated reminders and recurring invoices | Unlimited; automated reminders |
| Bank Feeds | Included, multiple banks per account | Included |
| Payroll | QuickBooks Payroll add-on | Wave Payroll add-on ($20+/mo) |
| Integrations | 750+ apps | Limited, mostly Zapier |
| Reporting | Robust; customizable dashboards | Basic P&L, balance sheet, sales tax |
| Multi-User | 1-25 users depending on tier | Free plan is single-user |
| Support | Chat, phone, ProAdvisor network | Free chat/email; Wave Advisors paid |
Wave Wins
Wave wins for freelancers and businesses under $50K/yr in revenue. QuickBooks wins the moment you need payroll, inventory, or multiple users.
For invoicing, expense tracking, and end-of-year tax handoff, Wave is a genuinely full-featured free product. Freelancers can operate on Wave for years without paying a dime. QuickBooks becomes necessary when you hire your first employee (need payroll integration), sell physical products (need inventory), or bring on a bookkeeper (needs multi-user access). Start with Wave; upgrade only when you outgrow it.