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Wave Alternatives & Competitors

Tired of using Wave accounting for your SME financials? Here are the 7 best Wave alternatives that provide comprehensive services at a reasonable price.

Best Overall
Best Pricing
Best for Freelancers
4.8
4.5
4.2
Description:

FreshBooks is accounting software built for business owners and their clients. Balancing your books, client relationships, and business isn't easy.

Description:

Xero online accounting software for your business connects you to your bank, accountant, bookkeeper, and other business apps.

Description:

Make tracking receipts, income, bank transactions, and more feel simple with the #1 small business accounting software.

Best Overall
4.8
Description:

FreshBooks is accounting software built for business owners and their clients. Balancing your books, client relationships, and business isn't easy.

Best Pricing
4.5
Description:

Xero online accounting software for your business connects you to your bank, accountant, bookkeeper, and other business apps.

Best for Freelancers
4.2
Description:

Make tracking receipts, income, bank transactions, and more feel simple with the #1 small business accounting software.

Wave Accounting stands out as one of the best micro business accounting services today, mainly because of its free plan, invoicing and comprehensive features.

However, for SMEs looking for Wave alternatives, there are plenty in the market. After rigorous testing, we’ve curated a list of the seven top Wave alternatives.

1. FreshBooks

freshbooks homepage

Best for: Small businesses with single owners looking for a simple accounting solution.

Pricing: $17/mo – $55/mo

Pros

30-day free trial

Affordable pricing

Mobile app

Great customer support

Cons

Doesn’t track inventory

Not suitable for large enterprises

FreshBooks is an accounting software ideal for freelancers or solopreneurs to help them organize and reconcile their books.

Features

  • Automatic time zone change – You can easily schedule meetings even with clients from different time zones. The software auto-detects and converts the time to avoid any confusion.
  • Mobile app – It allows entrepreneurs to create an invoice through the app, giving them more control. The app also allows all the functionalities accessible on the web browser, including invoice editing.
  • Project accounting – FreshBooks provides project management features that work together with invoice tools to manage workflow and timelines.
  • Sales and income tax – With FreshBooks, you can seamlessly apply a sales tax to every transaction involving both customers and vendors. One thing to note is that sales tax varies with state and requires manual adjustment.

FreshBooks Vs Wave

CriteriaFreshBooksWave
Best ForSMEs and solopreneursFreelancers and startups
Standout FeatureProject accountingSales tax estimates
Pricing$17/mo – $55/moFree – $149/mo

Conclusion

Solopreneurs and startups will find FreshBooks ideal because of its project accounting and invoicing tools.

Start your 30-day free trial of FreshBooks!

Start 30-day free trial of FreshBooks

2. Xero

Xero homepage

Best for: SMEs with a couple of employees looking for an ideal alternative to QuickBooks.

Pricing: $15/mo – $78/mo

Pros

30-day free trial

Discount pricing

Onboarding specialists

24/7 online support

Cons

Lacks annual subscriptions

Non-profits have limited features

Xero is an online accounting platform that helps SMEs and growing businesses manage their finances.

Features

  • Integrations – Xero integrates with over 1000 systems, including CRMs, accounting tools, and more.
  • Mobile app – The app offers basic functionality like scanning and sending invoices. However, it lacks advanced features like reporting and payment collection.
  • Project accounting – It offers one of the best project accounting features where entrepreneurs can record inventory and assign project estimates.
  • Inventory tracking – FreshBooks facilitates entering product details and their respective prices into your accounts, enabling you to effectively track all sales transactions associated with those products.

Xero Vs Wave

CriteriaXeroWave
Best ForSmall businessesFreelancers and startups
Standout FeatureProject accountingSales tax estimates
Pricing$15/mo – $78/moFree – $149/mo

Conclusion

Xero fits budget-conscious SMEs that need an accounting and inventory-keeping solution for their daily activities.

Start your 30-day free trial of Xero!

Start 30-day free trial of Xero

3. QuickBooks Online

QuickBooks Online homepage

Best for: Small to mid-sized businesses looking for an accounting and inventory tracking solution.

Pricing: $30/mo – $200/mo

Pros

30-day free trial

Guided setup

Mobile app

Excellent support

Cons

No industry-specific features

No industry-specific features

QuickBooks Online is touted as the industry standard, QuickBooks Online offers an all-rounded accounting and invoicing software.

Features

  • Pro advisor consultation – Entrepreneurs get a session with an expert who guides them on syncing credit cards with bank accounts and more.
  • Mobile check deposit – It allows entrepreneurs to deposit their checks by taking photos and uploading them to QuickBooks.
  • Integrations – QuickBooks integrates with 100+ systems, which include spreadsheets to enhance output.
  • Inventory – Subscribing to the Plus and Advanced plans gives access to inventory accounting. You can track your stocks, create purchase orders and more.

QuickBooks Online Vs Wave

CriteriaQuickBooks OnlineWave
Best ForSmall to mid-sized businessesFreelancers and startups
Standout FeatureMobile check depositSales tax estimates
Pricing$30/mo – $200/moFree – $149/mo

QuickBooks Online fits SMEs because it offers an affordable, all-rounded accounting and inventory solution.

Start 30-day free trial of QuickBooks Online!

Start 30-day free trial of QuickBooks Online

4. Bookkeeper360

Bookkeeper360 homepage

Best for: Small to mid-sized businesses that struggle with bookkeeping and need hands-on expert support.

Pricing: $125/hr to $549/mo

Pros

Free consultation

24/7 support

Dedicated CPA

Offers accrual-based accounting

Cons

No mobile app

No inventory management features

Bookkeeper360 is a bookkeeping service that helps SMEs reconcile their books through a dedicated manager.

Features

  • Dedicated bookkeeper – Signing up for Bookkeeper360 gives you access to a dedicated bookkeeper who will help you develop a strategy that fits your business.
  • Intuitive dashboard – Integrating software like QuickBooks Online makes it easy to analyze the accounts from the Bookkeeper360 dashboard. You can monitor your accounts’ transactions even through a mobile app.
  • HR and payroll – The service processes your staff payroll, including W-2s, benefits, and 1099s. Not only that, entrepreneurs can connect platforms like Gusto.
  • Tax consulting – The service can help SMEs with filing personal and company taxes and even offer advice on tax matters.

Bookkeeper360 Vs Wave

CriteriaBookkeeper360Wave
Best ForSmall and mid-sized enterprisesFreelancers and startups
Standout FeatureDedicated bookkeeperSales tax estimates
Pricing$125/hr to $549/moFree – $149/mo

Conclusion

Bookkeeper360 suits SMEs and mid-sized enterprises that need a hands-on CPA to help streamline their books.

Schedule your call with Bookkeeper360!

Schedule a call with Bookkeeper360

5. 1-800Accountant

1-800Accountant homepage

Best for: SMEs looking for an all-rounded accounting solution at an affordable price.

Pricing: $139/mo – $399/mo

Pros

Flat rate pricing

30-day satisfaction guarantee

Unlimited tax advice

Powered by CPAs

Cons

Annual billing

Bookkeeping is only in top tier plan

1-800Accountant is an online accounting service that helps businesses with bookkeeping, accounting and tax filing.

Features

  • Dedicated CPA – Subscribing to any package gives access to a dedicated accountant who helps reconcile the books. 
  • Payroll and tax filing – Businesses will find that the service will file taxes, offer consultation, and process employee payroll.
  • Mobile app – You can access your accounts via a mobile app on the go. Whether through an Android or iOS mobile device. 
  • Entity formation – 1-800Accountant will help an entrepreneur prepare and file their paperwork with the state. It also provides additional services at a fee, like a registered agent, EIN, and more.

1-800Accountant Vs Wave

Criteria1-800AccountantWave
Best ForFranchises and professional CPAsFreelancers and startups
Standout FeatureDedicated CPA and bookkeeping teamSales tax estimates
Pricing$139/mo – $399/moFree – $149/mo

Conclusion

1-800Accountant suits ecommerce enterprises that process many transactions and need a dedicated bookkeeper to manage the books.

Schedule your free call with 1-800Accountant

Schedule a call with 1-800Accountant

6. Pilot

Pilot homepage

Best for: Fast-growing businesses that need catch-up bookkeeping.

Pricing: $499/mo – $699/mo

Pros

Dedicated bookkeeper

Supports accrual basis accounting

Offers CFO advisory

Discount for pre-revenue companies

Cons

No free trial

Limited email support

Pilot is a bookkeeping service that offers a dedicated expert to fast-growing enterprises to help them streamline their accounts.

Features

  • Dedicated Bookkeeper – Signing up to Pilot gives entrepreneurs access to a dedicated CPA who guides them in streamlining their financials.
  • Tax consulting – The service helps with tax filing, where it assigns a dedicated tax expert to guide on matters of tax.
  • QuickBooks integration – Pilot integrates with QuickBooks online, making it easy to view completed processes made by the CPA on your accounts.
  • ReviewBot – Pilot reviews all transactions made in the books and highlights any errors. It helps simplify correcting missed entries manually.

Pilot Vs Wave

CriteriaPilotWave
Best ForMid-sized to large enterprisesFreelancers and startups
Standout FeatureCFO advisorySales tax estimates
Pricing$499/mo – $699/moFree – $149/mo

Conclusion

Pilot fits fast-growing businesses that need a comprehensive bookkeeping solution with custom features.

7. Bench

Bench Accounting homepage

Best for: SMEs and freelancers with simple accounting needs.

Pricing: $249/mo – $349/mo

Pros

1-month free

One-on-one expert support

Powerful reporting

Catch-up bookkeeping available

Cons

Pricey accrual adjustments

Doesn’t offer CFO consultancy

Bench is an accounting service that helps businesses keep their financials updated and accurate.

Features

  • Catch-up bookkeeping – Entrepreneurs can request catch-up bookkeeping on their overdue accounts, but at an extra cost of $199 monthly. It comes in handy when tax filing dates are nearing.
  • Month-long trial period – Signing up to Bench gives entrepreneurs a 30-day trial period to test out the services. Businesses can access bookkeepers to help them reconcile their financials.
  • Centralized notifications – The platform displays all the notifications on the dashboard, making it easy to view what’s needed.
  • Business and personal accounts integration – You can link your eligible credit cards and personal accounts with the business, and a bookkeeper can assign the transactions correctly.

Bench Vs Wave

CriteriaBenchWave
Best ForFreelancers and SMEsFreelancers and startups
Standout FeatureTax consultingSales tax estimates
Pricing$249/mo – $349/moFree – $149/mo

Conclusion

Bench fits SMEs that want a hands-free approach to bookkeeping since the service provides dedicated accountants.

Which Wave alternative should you use?

While Wave is one of the best accounting services for SMEs, it’s key to consider that businesses have varying needs.

If I had to pick one Wave alternative, I would say QuickBooks online. It has an affordable pricing plan and also an ecosystem of products that businesses can take advantage of.

Pilot would be ideal for larger enterprises with complex financials. It offers dedicated CPAs that can help streamline your books.

However, one thing to note is that Pilot services come at a premium cost. Overall, we recommend these 7 best Wave alternatives because each has its uniqueness in bookkeeping.

So, sign up for one that matches your accounting needs and budget.

Recap of Wave alternatives

  1. FreshBooks
  2. Xero
  3. QuickBooks Online
  4. Bookkeeper360
  5. 1-800Accountant
  6. Pilot
  7. Bench
FreshBooks

FreshBooks is accounting software built for business owners and their clients. Balancing your books, client relationships, and business isn't easy.

Try it free
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