Wave Accounting Software Alternatives

What is Wave accounting software?

Wave accounting software is a good option for companies across all industries. The software 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 and professional bookkeeping. If you’re looking for any of these features, you’ll have to pay extra. 

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

Wave accounting software pros

• It’s very easy to use with a streamlined user interface.
• Wave is free to use, 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 offers the ability to create financial statements – like 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.
• It integrates with Etsy, so it’s an excellent option for Etsy store owners.

Wave accounting software cons

• There are no project management tools, so it’s difficult to juggle multiple projects or goals simultaneously.
• It has minimal time-tracking and integration support.
• Wave doesn’t allow multiple users to access the software at the same time.
• There’s slow customer support: 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, though, you may find that free software is no longer cutting it. As your business starts to grow, you may require additional features to better serve your clients and customers. 

There are multiple alternatives to Wave you can try out right now. These are seven Wave alternatives to consider:  

QuickBooks

QuickBooks is a big name in the accounting software industry – and for good reason. It’s an excellent option for small and midsize businesses looking for scalable software. 

The software includes payroll options, tech support and many integrations, so you can use QuickBooks 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 is the best accounting software pick if you’re primarily interested in scalable features and want something you can stick with for years to come, without having to swap to a completely different system down the road.

Here are some key features of QuickBooks:

• Invoicing controls
• 650-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: 

• Three pricing plans
• $25 to $180 per month

FreshBooks

FreshBooks is one of the best options available for small businesses. The company recently added double-entry accounting, and the software is cloud-based, so you can access your data from anywhere in the world.

FreshBooks upstages Wave in most 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
• 70-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
• $15 to $55 per month

Xero

Based in New Zealand and founded in 2006, Xero has grown to more than 700,000 subscribers. Like many of its competitors, Xero is designed for small businesses, but it offers additional 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 it also provides an iOS and Android app for its users. 

The company is reasonably priced for the value it provides. And if you’re willing to sign up for an annual plan, you can earn a significant discount on the 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
• $9 to $70 per month

Zoho Books

Zoho Books provides end-to-end accounting software for small and midsize businesses. It offers almost all the same features as QuickBooks, but it’s much more affordable. This makes it a great choice for small businesses on a limited budget.  

Zoho Books has an excellent mobile app and fantastic customer service. It’s best known for its invoicing features, which makes it ideal for service-based businesses that frequently need to invoice clients. 

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
• Accounts payable
• Report generation
• Tax support

Here is the price range of Zoho Books: 

• Three pricing plans
• $0 to $70 per month

Oracle NetSuite

Oracle NetSuite is an app designed with cloud-based functionality. This means you and your employees can access the software from anywhere in the world. 

The software offers broad enterprise resource planning 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
• Enterprise resource planning features
• General ledger controls
• Security features with automatic updates

Oracle NetSuite offers custom pricing, starting at $499 per month.

Sage Business Cloud Accounting

Sage Business Cloud Accounting is software for midsize businesses. It has some unique features and capabilities, including fraud detection.

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

Sage is a perfect 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 it is 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 Sage Business Cloud Accounting: 

• Two pricing plans
• $7.50 to $10 per month, per user

ZarMoney

ZarMoney is another cloud-based accounting software, and new users can sign up for a free trial. However, 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 your expenses, manage your contacts and send invoices. 

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

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

Here are some of the important features of ZarMoney: 

• Bank reconciliation
• Tax assistance
• Accounts receivable
• ACH payment processing
• Billing and invoicing controls
• Cash management
• Check processing and writing
• Contact database management and organization
• CPA 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?

In the beginning stages of building your business, Wave may provide the basic functionality you need. However, as your business grows, you may need something more robust. If these are some of the features your growing business requires, it may be time for new accounting software:

• You need 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 accounting software, and it’s a great solution for new or small companies. At some point, though, your business may need to upgrade to one of the best accounting software packages with more advanced features and in-depth controls. 

Fortunately, there are many advanced options. Take some time to think about what you need from accounting software regarding price, features and functionality to ensure you find the right software for your business.