Top Wave Accounting Software Alternatives

Wave accounting software alternatives

Wave is a great option if you want free accounting software. Eventually, however, you may find its limited features just don’t cut it anymore. As your business starts to grow, you may require more functionality to better serve your clients and customers.

Consider the following Wave alternatives — each may be a solid next step for your business’s financial accounting needs.

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 business software. It’s a great pick if you don’t need a high level of customer support and don’t mind a relatively high price point.

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

Here are some key features of QuickBooks Online:

• Invoicing controls
• 750-plus integrations
• Estimates and invoicing
• Bank reconciliation
• Chart of accounts
• Contact and project management
• Dozens of report types
• Budgeting tools
• Payroll and inventory management (for an additional fee)
• Tax support and tutorials

This is the price range for QuickBooks Online:

• Four pricing plans
• $35 to $235 per month

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

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: 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
• Expense tracking
• Invoicing capabilities
• Time tracking
• Contact management controls
• Report generation and management

This is the price range for FreshBooks:

• Three pricing plans (custom plans available)
• $21 to $65 per month

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

Xero

Based in New Zealand and founded in 2006, Xero has grown to more than 4.2 million subscribers. Like many of its competitors, Xero is designed for small businesses but offers robust functionality.

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

The software is reasonably priced for the value it provides. If you 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
• Payment processing
• Invoicing
• Billing functions
• Purchase orders and quotes
• Tax calculation tools
• Budgeting tools
• Report generation
• Mobile apps

This is the price range for Xero:

• Three pricing plans
• $20 to $80 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 Online but at a much more affordable price. 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
• Chart of accounts
• Accounts payable
• Report generation
• Project accounting
• Tax support

Here is the price range of Zoho Books:

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

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

Oracle NetSuite

Oracle NetSuite is designed with cloud-based functionality, so you and your employees can access the software from anywhere. It shares many of the same features as enterprise resource planning (ERP) systems, making it a good fit for businesses across various industries. However, it’s best suited for midsize and larger companies.

Oracle NetSuite also has impressive reporting features, customizable process workflows and easy-to-navigate dashboards. These dashboards allow multiple users to access the system 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 functionality
• General ledger controls
• Fixed asset management
• 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 50 Accounting

Sage Accounting’s midsize business product, Sage 50, offers 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 practice detailed financial tracking 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
• Job cost control
• 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 $625 per year

To learn more, check out our full review of Sage 50.

ZarMoney

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

It offers highly rated iOS and Android mobile apps in addition to its desktop version. ZarMoney also provides phone, email and around-the-clock live chat support for its customers.

ZarMoney regularly posts online tutorials and webinars on basic accounting principles — a helpful resource for training your accounting and finance team to use the software effectively.

Here are some of the important features of ZarMoney:

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

This is the price range ZarMoney offers:

• Two plans
• $20 to $350 per month

What is Wave accounting software?

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

Rose Jimenez, chief finance officer of Culture.org, noted that Wave is a viable option for companies with simple transactions and no employees. “Wave is a solid entry-level option for freelancers, solopreneurs and small businesses looking for basic, user-friendly accounting tools without the high costs,” Jimenez explained. “The fact that Wave offers free invoicing, expense tracking and financial reporting is a significant advantage for businesses operating on tight budgets.”

Wave accounting software pros

• Wave is easy to use, with a streamlined user interface.
• It’s 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.
• The software can create financial statements, such as profit and loss statements, balance sheets, and cash flow statements.
• It boasts 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.
• You’ll receive limited customer support with its free plan.
• It has minimal time-tracking and integration support.
• The software doesn’t allow multiple users to access the software simultaneously.

Why many businesses opt for a Wave alternative

Businesses may turn to a Wave alternative for the following reasons:

• Limited features: Despite its usefulness for small and newer businesses, Jimenez cautioned that Wave has limitations for growing businesses and larger companies. For example, Wave’s free version doesn’t include options for payment processing, payroll controls or professional bookkeeping. If you need these features, you’ll have to pay extra. “I’ve seen firsthand when businesses outgrow Wave and need more sophisticated solutions,” Jimenez explained. “One major drawback is the lack of advanced financial features — Wave does not support inventory management, customizable reports or complex financial forecasting.”
• Limited customer service: Jonathan Orze, CFO of InGenius Prep, noted that Wave’s customer support is of particular concern for businesses. According to reports, some tickets take days to receive a response, and contact options are limited unless you pay for premium services. “Unlike some competitors, Wave does not offer live support in its free version, meaning users may need to troubleshoot problems independently or rely on community forums,” Orze explained.
• Limited U.S. support: Jimenez pointed out that Wave’s payroll function is not available in every state — a serious problem for companies with employees in multiple locations. “If a business is scaling operations, expanding into e-commerce or dealing with complex tax structures, Wave can quickly become a bottleneck rather than a tool for financial growth,” Jimenez warned.
• No international support: Additionally, according to Orze, Wave’s payroll feature is only available in select countries; this factor significantly limits its usability for businesses that operate internationally or need a fully integrated payroll system. “This can be a deal-breaker for growing businesses looking for a comprehensive, all-in-one financial management platform,” Orze cautioned.

When is it time to find new accounting software?

You’ll likely know when it’s time to upgrade to a new accounting platform. “In general, companies should look to change accounting software when their current system no longer supports business growth, requires excessive manual work or fails to integrate with essential tools like payroll, inventory or CRM systems,” said Gary Jain, CEO of Ledger Labs.

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

• Employee time-tracking features
• Project management software to juggle ongoing projects
• More complex tools to handle taxes or address other accounting concerns
• Multiple people need to be able to use the software at the same time

Wes Lewins, chief financial officer of Networth, advised seeking a more robust accounting solution when your business hires employees, expands inventory or must deal with multistate tax compliance. “I usually recommend QuickBooks Online for businesses needing robust financial tracking, Xero for those with international needs and NetSuite for larger companies scaling rapidly,” Lewins shared.

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.

Jennifer Dublino contributed to this article.