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Updated Mar 08, 2024

Wave Accounting Software Alternatives

If you're moving on from Wave accounting software, consider these easy-to-use, feature-full alternatives.

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Jamie Johnson, Senior Analyst & Expert on Business Operations
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Every business needs a way to send invoices, track expenses and run financial reports. There are many different accounting software solutions, but Wave accounting software is a popular option. 

Wave offers the basic accounting software features businesses need on a user-friendly platform. However, Wave isn’t ideal for everyone and many businesses will outgrow its limited capabilities. We’ll explain more about Wave and highlight seven excellent Wave alternatives.

What is Wave accounting software?

Wave accounting software is a good option for companies in all industries. It is free to use and the company provides all the basic accounting features you need.

But Wave has some limitations. For example, Wave’s free version doesn’t include payment processing fee options, payroll controls or professional bookkeeping. If you need these features, you’ll have to pay extra. 

As a free software solution, Wave is great for small businesses and entrepreneurs just getting started. However, it may not have the functionality that growing businesses and larger companies need. 

Editor’s note: Looking for the right accounting software for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

Wave accounting software pros

  • Wave is easy to use with a streamlined user interface.
  • Wave is free, which can be helpful for small companies on a tight budget.
  • Wave has solid invoicing features, so you can bill clients and track pending payments.
  • You can track and categorize your business expenses with Wave.
  • Wave can create financial statements, such as profit and loss statements, balance sheets and cash flow statements.
  • Wave has a built-in e-commerce checkout feature, which is helpful for online businesses. 
  • The software has received many positive online reviews.
  • Wave integrates with Etsy, so it’s an excellent option for Etsy store owners.

Wave accounting software cons

  • Wave doesn’t have project management tools, so it’s difficult to juggle multiple projects or goals simultaneously.
  • Wave has minimal time tracking and integration support.
  • Wave doesn’t allow multiple users to access the software simultaneously.
  • Wave’s customer support is slow and some tickets take days to receive a response.

Wave accounting software alternatives

If you’re looking for free accounting software, Wave is a great option. Eventually, however, you may find that free software is no longer cutting it. As your business starts to grow, you may require additional features to serve your clients and customers better. 

Multiple alternatives to Wave exist, including the following software solutions:  

Company

Features

Best for

QuickBooks

Contact/project management, invoicing, integrations, tax support and budgeting

Small and midsize businesses (SMBs)

FreshBooks

Good mobile app, over 100 integrations, tons of accounting tools, invoicing capability, time tracking and contact management controls

All businesses

Xero

Invoicing features, billing functions, tax calculation software, budgeting tools and report generation

Small businesses

Zoho Books

Estimates, contact management, expense tracking, bank reconciliation, time tracking, charts of accounts and accounts payable (AP)

SMBs

Oracle NetSuite

Workflow and project management, ledgers, enterprise resource planning (ERP) and customer relationship management (CRM)

Midsize and large businesses

Sage Accounting

Fee calculation, project management software, team assignment controls, invoice tracking, exemptions, tax assistance and report generation

SMBs

ZarMoney

Bank reconciliation, tax assistance, accounts receivable (AR), automated clearing house (ACH) payment processing, billing and invoicing controls, cash management, check processing and writing

SMBs

QuickBooks Online

QuickBooks is a big name in the accounting software industry ― and for good reason. It’s an excellent option for SMBs looking for scalable software. 

QuickBooks Online includes payroll options, tech support and many integrations, so you can use it with your other software programs. It’s a great pick if you don’t need a ton of customer support and don’t mind a relatively high asking price. 

QuickBooks Online is also an excellent choice if you’re interested in scalable features and want something you can stick with for years to come.

Here are some key features of QuickBooks Online:

  • Invoicing controls
  • 450-plus integrations
  • Estimates and invoicing
  • Bank reconciliation
  • Charts of accounts
  • Contact and project management
  • 80-plus report types
  • Budgeting software
  • Tax support and tutorials

This is the price range for QuickBooks Online: 

  • Four pricing plans
  • $30 to $200 per month 

To learn more about this robust accounting solution, check out our full review of QuickBooks Online.

FYIDid you know
If you're interested in accounting software with many of QuickBooks Online's features and functions, read our analysis of QuickBooks alternatives.

FreshBooks

FreshBooks is one of the best options available for small businesses. We like that it offers double-entry accounting and is cloud-based, so you can access your data from anywhere in the world.

FreshBooks upstages Wave in many areas, offering more integrations, better customer support and a robust mobile app experience. FreshBooks also has project management and time tracking capabilities.

Here are some of the vital features of FreshBooks: 

  • Excellent customer support 
  • Good mobile app
  • 100-plus integrations
  • Accounting tools
  • Invoicing capabilities
  • Time tracking
  • Contact management controls
  • Report generation and management

This is the price range for FreshBooks: 

  • Three pricing plans
  • $19 to $60 per month

Our detailed review of FreshBooks explains more about this platform’s robust features.

Did You Know?Did you know
FreshBooks and QuickBooks have similar features, but FreshBooks has superior invoicing capabilities.

Xero

Based in New Zealand and founded in 2006, Xero has grown to more than 3.9 million subscribers. Like many of its competitors, Xero is designed for small businesses but offers robust functionality.

All of Xero’s features are accessible from an intuitive dashboard, including inventory management and invoicing. Xero is available as a desktop platform but also provides iOS and Android apps for its users. 

The software is reasonably priced for the value it provides. If you’re willing to sign up for an annual plan, you can earn a significant discount on its services. 

Here are some of the crucial features of Xero: 

  • Payroll software
  • Inventory management controls
  • Invoicing
  • Billing functions
  • Tax calculation software
  • Budgeting tools
  • Report generation
  • Mobile apps

This is the price range for Xero: 

  • Three pricing plans
  • $15 to $78 per month

Read our comprehensive Xero review for more information on this software’s extensive integrations and intuitive interface.

Zoho Books

Zoho Books provides end-to-end accounting software for SMBs. It offers almost all the same features as QuickBooks but is much more affordable. Its affordability and robust features make it a great choice for small businesses on a limited budget.  

Zoho Books has an excellent mobile app and fantastic customer service. Its superior invoicing features make it ideal for service-based businesses that frequently create invoices.

Here are some of the notable features of Zoho Books:

  • Customer support across multiple channels
  • Invoicing
  • Estimates
  • Contact management
  • Expense tracking
  • Bank reconciliation
  • Time tracking
  • Charts of accounts
  • AP
  • Report generation
  • Tax support

Here is the price range of Zoho Books: 

  • Three pricing plans
  • $0 to $240 per month

Our detailed review of Zoho Books explains its helpful features, like payment reminders and automated reports.

Did You Know?Did you know
Zoho also has excellent CRM and remote support tools. Check out our Zoho CRM review and our review of Zoho Assist to learn more.

Oracle NetSuite

Oracle NetSuite is designed with cloud-based functionality, so you and your employees can access the software from anywhere. 

The software offers broad ERP features, so it’s a good choice for businesses across various industries. However, it’s best suited for midsize and larger companies. 

The software has reporting features, customizable process workflows and easy-to-navigate dashboards. The dashboards allow multiple people to access the software and work on projects simultaneously. 

Here are some of the primary features of Oracle NetSuite: 

  • Report generation
  • Customizable process workflows and project management
  • Easy-to-navigate dashboards
  • CRM features
  • ERP features
  • General ledger controls
  • Security features with automatic updates

Oracle NetSuite offers custom pricing, starting at $499 per month. Read our full review of Oracle NetSuite to learn more.

Sage Accounting

Sage Accounting’s midsize business product, Sage 50, has some unique features and capabilities, including tools to help businesses prevent employee accounting fraud.

Sage 50 is a solid QuickBooks competitor, but it’s not necessarily well-suited for small businesses. The company’s pricing is based on user numbers, so the more people in your company who need to access the software, the more expensive it is.

Sage is an ideal pick if you want to improve your company’s financial performance, accelerate growth and track expenses across multiple departments. The more complex your operations, the more likely you’ll need software like Sage.

Here are some of the key components of Sage:

  • Fraud-detection tools
  • Calculation and posting tools
  • Project management software for multiple departments
  • Team assignment controls
  • Invoice tracking
  • Exemptions
  • Tax assistance
  • Report generation
  • Cloud access to company data

Here is the price range of the Sage 50 accounting solution (another solution, Sage Intacct, has custom pricing and more extensive functionality): 

  • Four pricing plans 
  • Starting at $595 per year

To learn more, check out our full review of Sage.

ZarMoney

ZarMoney is another cloud-based accounting software. While new users can get a free trial, you’ll have to sign up for one of the paid plans to access its full features. You can use ZarMoney to reconcile and track expenses, manage your contacts and send invoices. 

Unfortunately, the company doesn’t provide a mobile app, so you’re limited to the desktop version. However, ZarMoney does provide email support and around-the-clock live chat support for its customers. 

ZarMoney regularly posts online tutorials and webinars to teach basic accounting principles. This could be a good way to train your accounting and finance team to use the software.

Here are some of the important features of ZarMoney: 

  • Bank account reconciliation
  • Tax assistance
  • AR
  • ACH payment processing
  • Billing and invoicing controls
  • Cash management
  • Check processing and writing
  • Contact database management and organization
  • Certified public accountant filing
  • Customer invoices and statements

This is the price range ZarMoney offers:

  • Three plans
  • $15 to $350 per month

When is it time to find new accounting software?

If your growing business would find the following features helpful, it may be time to say goodbye to Wave and choose the right accounting software for your emerging needs:

  • You need employee time tracking features for your employees.
  • You need project management software to juggle ongoing projects.
  • Your accountant needs more complex controls to handle taxes or address other accounting concerns.
  • You need multiple people to be able to use the software at the same time.

Wave Accounting is free and it’s a great solution for new or small companies. At some point, however, your business may need to upgrade to one of the best accounting software solutions with more advanced features and in-depth controls.

Fortunately, there are many advanced options. Take some time to consider your needs and budget to ensure you find the right software for your business.

author image
Jamie Johnson, Senior Analyst & Expert on Business Operations
Jamie Johnson has spent more than five years providing invaluable financial guidance to business owners, leading them through the financial intricacies of entrepreneurship. From offering investment lessons to recommending funding options, business loans and insurance, Johnson distills complex financial matters into easily understandable and actionable advice, empowering entrepreneurs to make informed decisions for their companies. As a business owner herself, she continually tests and refines her business strategies and services. Johnson's expertise is evident in her contributions to various finance publications, including Rocket Mortgage, InvestorPlace, Insurify and Credit Karma. Moreover, she has showcased her command of other B2B topics, ranging from sales and payroll to marketing and social media, with insights featured in esteemed outlets such as the U.S. Chamber of Commerce, CNN, USA Today, U.S. News & World Report and Business Insider.
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