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Head-to-head comparison
| Category | Wave | QuickBooks Online |
|---|---|---|
| Starting price | $0 (Starter, unlimited invoices) | $38/mo (Simple Start); $20/mo Solopreneur for solo users |
| Free plan | Yes — unlimited invoices, estimates, bills + bookkeeping | Limited (1 user, 2 invoices/month) |
| Bookkeeping | Free double-entry bookkeeping | Full double-entry + deepest reporting of any tool here |
| Time tracking | No native time tracking on any plan | Available; employee time on invoices from Essentials ($85/mo) |
| Payroll | Not offered | Available as paid add-on |
| Multi-user | Built for solo operators | Scales to 25 users on Advanced ($340/mo) |
| Integrations | Core integrations only | 750+ integrations |
| Payouts | Online-payment payouts to US/CA banks only | Broader payment and banking options |
| Biggest limitation | Solo-focused; no time tracking, no payroll | Six straight years of price increases; real learning curve |
Pricing: $0 vs $38/mo
Wave’s Starter plan is free forever: unlimited invoices, estimates, bills, and full double-entry bookkeeping. The $19/mo Pro plan adds receipt capture and lower processing fees. Wave earns from payment processing (2.9% + $0.60 per card transaction on Starter) rather than subscriptions.
QuickBooks Online starts at $38/mo for Simple Start, with a $20/mo Solopreneur plan for one-person businesses. Prices rose in August 2026 (Plus is now $140/mo, Advanced $340/mo) — the sixth straight year of increases, and the main thing to weigh against Wave’s $0.
Where each one wins
Wave wins on price — obviously
There’s no contest at $0: unlimited invoicing plus real double-entry bookkeeping, free. For solo freelancers who don’t bill hourly and whose banks are in the US or Canada, Wave handles invoicing and year-end books without a subscription. It’s the rational starting point.
QuickBooks wins on ceiling
Wave is solo-focused by design; QuickBooks is built to grow with you. Payroll, inventory, 25 users, 750+ integrations, batch invoicing, and the deepest reporting we cover — plus it’s the software your accountant already knows. When free starts costing you time, QuickBooks is the upgrade.
Our verdict
Choose Wave if you’re solo and your needs are invoices plus basic books — bank the savings. Choose QuickBooks Online when growth forces the issue: employees, inventory, collaborators, or an accountant. The good news: starting free on Wave doesn’t lock you in, and QuickBooks’ $20/mo Solopreneur plan is a gentle on-ramp when you’re ready.
Frequently asked questions
Is Wave really a QuickBooks alternative?
For invoicing and basic bookkeeping at $0, yes — Wave’s free double-entry books cover what many solo freelancers need. It stops being an alternative when you need payroll, inventory, multi-user access, or time tracking; that’s QuickBooks territory.
When should I switch from Wave to QuickBooks?
The usual triggers: hiring your first employee or contractor (payroll), selling physical products (inventory), adding collaborators who need access (multi-user), or getting an accountant who works in QuickBooks. Until then, Wave’s $0 price is hard to argue with.
Is QuickBooks worth paying for when Wave is free?
Only when you’ll use what you’re paying for. If your needs are invoices plus year-end books, Wave does it free. QuickBooks earns its subscription when your finances get complicated enough that free tools start costing you time — or accountant fees.
Can I migrate from Wave to QuickBooks later?
Yes. Export your Wave data (invoices, customers, chart of accounts as CSV) and import it into QuickBooks; both support standard formats. Starting on Wave doesn’t lock you out of QuickBooks later — many freelancers follow exactly this path.