Introduction
When it comes to accounting software, there are many competent options to choose from. QuickBooks and Wave are two popular choices for individuals and small businesses. In this blog post, we will take a deep dive into the pricing structures of both platforms, and determine which one offers the best value.
QuickBooks
QuickBooks offers a range of pricing plans to suit different business needs. Let's take a look at their most popular plans:
| Plan Name | Price per Month | Max Users | Features |
|---|---|---|---|
| Simple Start | $25 per month | 1 | Track income, expenses, and mileage. |
| Essentials | $40 per month | 3 | Manage and pay bills, track time and projects. |
| Plus | $70 per month | 5 | Track inventory, create purchase orders, prepare 1099s. |
Wave
Wave, on the other hand, positions itself as a free accounting software, but there are some key features that require additional fees. Let's compare their pricing plans:
| Plan Name | Price | Features |
|---|---|---|
| Wave Accounting | Free | Invoicing, expenses, and accounting reports. |
| Wave Payroll | Starts at $20/month plus $6 per employee per month | Payroll processing and tax filing. |
| Wave Payments | 2.9% + 30 cents per transaction for credit card processing | Accept credit cards and bank payments. |
Comparison
At first glance, Wave appears to be the cheaper option, but it's important to consider your business needs before making a decision. If your business requires payroll processing and tax filing, Wave's payroll plan can quickly become more expensive than QuickBooks' Plus plan. Additionally, QuickBooks' inventory management features may be a crucial factor for certain businesses.
Conclusion
Ultimately, the "best" accounting software for your business depends on your specific needs and budget. If you're a solopreneur or small business with simple accounting needs, Wave's free plan may be sufficient. On the other hand, if you require payroll processing or inventory management, QuickBooks may be the way to go.