Last updated: October 2026 | Prices checked against Wave’s and QuickBooks’ official pricing pages
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Wave built its reputation on free accounting software for freelancers and very small businesses. QuickBooks Online is the paid standard most US accountants use, and it now has a free tier of its own. The question for a small business is simple: can you run your books on Wave for free (or nearly free), or do you need what QuickBooks charges for?
Wave vs QuickBooks at a glance
| Wave | QuickBooks Online | |
|---|---|---|
| Free plan | Starter: unlimited invoices, estimates, bills and bookkeeping records | Free: 2 invoices a month, 1 bank connection, top 3 reports |
| Cheapest paid plan | Pro: $19/mo or $190/yr | Simple Start: $38/mo |
| Automatic bank import | Pro | Paid plans |
| Receipt capture | Pro (or add-on on Starter) | Paid plans |
| Online card payments | 2.9% + 60¢ (first 10 a month at 2.9% + 0¢ on Pro) | Rates vary by payment method |
| Payroll | Add-on from $25/mo | Payroll bundles from $88/mo + $6.50 per employee |
| Inventory, projects, budgets | No | Plus and Advanced |
| Best for | Freelancers and tiny service businesses | Growing businesses and anyone with an accountant on QuickBooks |
Wave pricing in 2026
| Wave plan | Price | Key features |
|---|---|---|
| Starter | $0 | Unlimited estimates, invoices, bills and bookkeeping records; mobile invoicing; cash flow dashboard |
| Pro | $19/mo or $190/yr | Everything in Starter, plus automatic bank imports and categorization, unlimited receipt capture, automated late payment reminders |
Card payments: On Starter, online card payments cost 2.9% + 60¢ (3.4% + 60¢ for Amex). On Pro, your first 10 card transactions each month are 2.9% with no fixed fee, then 2.9% + 60¢.
Add-ons: Receipt capture on Starter is an add-on. Wave Payroll starts at $25 a month, and Wave Advisors (a dedicated bookkeeper) starts at $149 a month.
QuickBooks Online pricing in 2026
| QuickBooks plan | Monthly price | Users | Notes |
|---|---|---|---|
| Free | $0 | 1 | 2 invoices a month, 1 bank, no mobile app or integrations |
| Simple Start | $38 | 1 | Real-time P&L, automated bookkeeping |
| Essentials | $85 | 3 | Time on invoices, enhanced reports |
| Plus | $140 | 5 | Inventory, projects, budgets |
| Advanced | $340 | 25 | Automation and permissions |
Cost example: a freelancer sending 15 invoices a month
| Option | Monthly software cost | Notes |
|---|---|---|
| Wave Starter | $0 | Manual bank entry or CSV upload |
| Wave Pro | $19 ($15.83 billed yearly) | Automatic bank feeds and receipts |
| QuickBooks Free | Not enough | Capped at 2 invoices a month |
| QuickBooks Simple Start | $38 | Full bookkeeping, accountant-friendly |
Over a year, Wave Pro billed annually costs $190 against $456 for QuickBooks Simple Start at regular price: a saving of $266.
Features compared
Invoicing
Wave’s free plan allows unlimited invoices and estimates, which is its biggest advantage. QuickBooks’ free plan is only for very occasional invoicing; real use starts at Simple Start.
Bank feeds and bookkeeping
Automatic bank imports are what save you hours each month. Wave includes them on Pro. QuickBooks includes bank feeds and automated categorization on its paid plans and adds bank rules, bill management and deeper reports as you move up.
Growth features
QuickBooks offers inventory, project profitability, budgets, classes and locations, and more users as you grow. Wave doesn’t offer inventory tracking or project accounting, so it suits simple service businesses best.
Payroll
Wave Payroll is an add-on starting at $25 a month. QuickBooks sells payroll bundled with a QuickBooks Online plan. If you want a standalone option, see Gusto vs QuickBooks Payroll.
Accountants
QuickBooks is the default for US accountants. Many accountants will work with Wave reports, but if you plan to hand your books to a CPA, ask which they prefer.
Pros and cons
Wave
Pros
- Genuinely free plan with unlimited invoices
- Pro plan is half the price of QuickBooks Simple Start
- Simple, clean interface
Cons
- Bank auto-import needs Pro
- No inventory or project accounting
- 60¢ fixed fee on most card payments
QuickBooks Online
Pros
- Grows with your business
- Accountant-friendly
- Inventory, projects and automation on higher tiers
Cons
- Free plan is very limited
- Paid plans cost more
- More complex than a freelancer may need
Which should you choose?
Choose Wave if you are a freelancer or small service business with simple finances and want to keep software costs near zero. Upgrade to Pro once manual bank entry starts eating your time.
Choose QuickBooks Online if you sell products, track projects, have employees, or work with an accountant who uses QuickBooks.
Three real-world scenarios
A part-time photographer earning $15,000 a year. She sends about ten invoices a month and enters a handful of expenses. Wave Starter is free and handles everything; she uploads bank statements once a month. Paying $38 a month for QuickBooks would eat a noticeable share of her income.
A cleaning business with 2 employees and growing. The owner spends hours entering bank transactions by hand. Wave Pro at $190 a year adds automatic bank imports and receipt capture, and Wave Payroll is available as an add-on. It remains far cheaper than QuickBooks at this size.
An online shop selling 300 products. The owner needs inventory tracking and cost of goods sold. Wave doesn’t track inventory, so QuickBooks Plus at $140 a month (or a dedicated inventory tool) is the realistic option.
Questions to ask before you sign up
- Do you need inventory or project accounting? If yes, Wave is not the right fit.
- How much time do you spend entering transactions? If it’s more than an hour a month, Wave Pro’s bank feeds pay for themselves.
- How do clients pay you? Wave’s 60¢ fixed card fee adds up on many small invoices; compare with your current processor.
- Does your accountant use QuickBooks? Ask before you commit to either.
- Will you hire employees? Compare Wave Payroll with QuickBooks’ payroll bundles for your state.
Frequently asked questions
Is my data safe in Wave?
Wave uses bank-level encryption and read-only bank connections through providers such as Plaid, similar to other cloud accounting tools. Turn on two-factor authentication for your account.
Is Wave really free?
Yes. The Starter plan is free with unlimited invoices, estimates and bookkeeping records. You pay for card processing, and optional add-ons like receipt capture or payroll.
Can I move from Wave to QuickBooks later?
Yes. You can export your data from Wave and import it into QuickBooks, or ask your accountant to handle the conversion at year end.
Is Wave good for taxes?
Wave produces the profit and loss and balance sheet reports your accountant needs. Neither Wave nor QuickBooks files your income tax return.
What does Wave charge for card payments?
On Starter, 2.9% + 60¢ per card payment (3.4% + 60¢ for Amex). Pro waives the 60¢ fixed fee on the first 10 transactions each month.
The bottom line
Wave is the best free option for simple service businesses, and Wave Pro is a bargain once you want bank feeds. QuickBooks Online is the better long-term system for businesses that are growing or need features Wave doesn’t offer.
Related: QuickBooks vs FreshBooks · QuickBooks Online vs Xero