Wave is free to start and built for very small businesses in the US and Canada. QuickBooks costs more, and in return gives you more users, more reports and more room to grow. Here is where the line falls for a small business.
The short verdict
- Pick Wave if you are in the US or Canada, you run a small business with simple books, and keeping costs low matters most.
- Pick QuickBooks if you need several users, inventory or project tracking, you are outside North America, or your accountant works in QuickBooks.
Who can use each one
Wave is available only to businesses in the United States and Canada, and not in US territories. QuickBooks Online has separate country sites with their own plans and prices. If you are elsewhere, Wave is not an option.
Prices and plans
As of October 2026, from each vendor's pricing page. Prices change often, and both run offers for new customers.
- Starter: free. Unlimited estimates, invoices, bills and bookkeeping records. Automatic bank import is a Pro feature.
- Pro: 19 US dollars a month, or 190 dollars a year. Adds automatic bank import, automatic sorting of transactions, unlimited receipt capture and late payment reminders.
- In Canada, Pro is 25 Canadian dollars a month, or 250 a year.
QuickBooks Online (US prices)
- Free: 0 dollars, 1 user, 1 bank connection, 2 invoices a month unless you turn on QuickBooks Payments, no mobile app.
- Simple Start: 38 dollars a month, 1 user.
- Essentials: 85 dollars a month, 3 users.
- Plus: 140 dollars a month, 5 users, with inventory and project profitability.
- Advanced: 340 dollars a month, 25 users.
The two free plans are quite different. Wave Starter has no invoice cap, and bank import is not automatic. QuickBooks Free connects one bank but limits invoices unless you use its payments service.
Getting paid online
Wave's payment fees, as of October 2026:
- Cards on Starter: 2.9% plus 60 cents (Amex 3.4% plus 60 cents).
- Cards on Pro: the first 10 card payments each month without the 60 cent part, then the Starter rate.
- Bank payments: 1% per transaction, with a 1 dollar minimum.
QuickBooks Payments sets its own rates. Check the current rates on the QuickBooks Payments page or in your account. If most of your income arrives by card, work out the fees on a typical month in both tools. They can cost more than the plan.
Payroll
Both offer payroll at extra cost.
- Wave: in the US, 40 dollars a month plus 6 dollars per active employee and 6 dollars per contractor paid. In Canada, 25 Canadian dollars a month plus the same per-person fees, in every province and territory except Quebec. Source: Wave payroll, as of October 2026.
- QuickBooks: in the US, payroll is sold in bundles with accounting. The bundle with Simple Start is 88 dollars a month plus 6.50 dollars per employee, as of October 2026. Source: QuickBooks payroll pricing.
Payroll rules are strict and differ by state and country. Ask an accountant to check your set-up before your first pay run. How to hire your first employee covers the steps around it.
How to decide
- Check your country first. Wave only works in the US and Canada.
- Count the people who need to log in.
- Decide if you need inventory or project tracking. Those point to QuickBooks.
- Estimate a month of online payment fees in each tool.
- Ask your accountant which tool they prefer to work with.
Wave can be enough for a long time if your books stay simple. When you hire or add stock, look again. Either way, keep the habits from bookkeeping basics, and see Wave vs FreshBooks or QuickBooks alternatives for small business if you want more options.