Wave vs. QuickBooks: Free Accounting Software vs. the Market Leader
Wave's pitch is simple: real double-entry accounting software, free, forever, for the core features — a genuinely different proposition than QuickBooks, which charges from the first day. The real question isn't "which is better" in the abstract, it's whether Wave's free tier covers what your business actually needs before you pay for something more capable.
The short answer
Wave is a genuinely strong choice for a solo owner or very small business that mainly needs to invoice, track income and expenses, and doesn't yet have payroll or inventory to manage — and it costs nothing to run those basics. QuickBooks is worth paying for once you have employees, need inventory tracking, want deeper reporting, or you're working with a bookkeeper who already standardizes on it.
Pricing comparison
| Wave plan | Price/mo | Built for |
|---|---|---|
| Starter | $0 | Unlimited invoicing and bookkeeping records, core double-entry accounting |
| Pro | $19 | Automated bank feeds, discounted payment processing, receipt capture |
| Wave Advisors | From $149 | A dedicated human bookkeeper who maintains your books for you |
| QuickBooks Online plan | List price/mo | Built for |
|---|---|---|
| Simple Start | $38 | Solo owners, basic income/expense tracking |
| Essentials | $85 | Small teams that need bill pay and time tracking |
| Plus | $140 | Businesses with inventory or project profitability needs |
Prices as published at time of writing; confirm current rates directly with Wave or QuickBooks before buying.
What Wave does well
- The free tier is a real, complete double-entry accounting system, not a stripped-down trial — unlimited invoices, bills, and bookkeeping records at no cost.
- Payment processing is pay-as-you-go rather than bundled into a subscription, which can work out cheaper for a business with low transaction volume.
- Wave Advisors gives you the option to hand bookkeeping to an actual person without switching platforms first.
What QuickBooks does well
- Built-in payroll that Wave doesn't match at the same depth.
- Inventory tracking on Plus and Advanced plans, for product-based businesses.
- The default choice for most U.S. bookkeepers and CPAs, which matters when you eventually hand your books to a professional.
FAQ
Is Wave really free?
The Starter plan's core bookkeeping and invoicing features are free; Wave makes money on payment processing fees and its paid Pro plan and bookkeeping add-ons, not a hidden subscription for the free tier itself.
Why would anyone pay for QuickBooks if Wave is free?
Once you need payroll, inventory tracking, more advanced reporting, or you're working with a bookkeeper or CPA who already uses QuickBooks, the paid features and ecosystem usually justify the cost for a growing business.
Does Wave have a mobile app?
Yes, Wave has a mobile invoicing app; check the current app store listing for its exact feature set, since mobile features are updated more often than desktop pricing pages.
Not sure which fits your business?
See the full pricing and feature breakdown for QuickBooks and FreshBooks too before you decide.