7 Alternatives to Wave Accounting Software

Now it’s time to find the top Wave competitors that can keep your business from drowning in a sea of challenges.

1. Moon Invoice

First on our list is Moon Invoice, an invoicing and accounting software that is not only perfect for small businesses but also a budget-friendly tool for freelancers.

Affordable pricing, customer support, user-friendliness, and unmatched customizability are reasons why Moon Invoice has topped our list of Wave Accounting alternatives.

It can free you up from manual accounting and keep you tax-ready before the tax season rolls out. The online accounting & invoicing software centralizes your important business and tax data in a way that you can generate high-quality reports with just a few clicks.

Unlike Wave Accounting, you don’t need to waste time or pay extra bucks for some features when using Moon Invoice.

In short, Moon Invoice is the one-stop accounting and invoicing platform for companies that are striving for growth.

Features That Make a Difference:

• Unlimited invoices & Unlimited estimates
• Readymade invoice templates
• GST & eWay Bills
• Tax reports
• Expense tracker
• Bank reconciliation
• Offline access
• Thermal printing
• Payment reminders

What do users appreciate?

👍Quick financial reports, including profit & loss, balance sheets, and tax reports.
👍Smooth integration with other accounting software and payment gateways.
👍Multi-currency support for businesses operating internationally.
👍Cloud storage to save unlimited business data and access them on the go.

What not?

👎The data can be synced only once your internet is restored.

2. FreshBooks

FreshBooks is one of the best alternatives to Wave Accounting software due to its automation and project management capabilities. It is the ideal software to eliminate manual bookkeeping duties and lets you focus on core business operations.

It helps you maintain accurate records of accounts payable and accounts receivables, so that you can easily track business cash flows.

FreshBooks is also miles ahead in terms of delivering customer support compared to Wave software. Also, it provides comprehensive reporting, which can ease your business workload and help you stay on top of your finances. Thus, it is a perfect alternative to Wave Accounting.

Features:

• Accounting
• Invoice & proposals
• Expense tracking
• Online payments
• Time tracking
• Team management
• Reports

What do users appreciate?

👍Customizable invoices, proposals, recurring billing, and payment reminders are some pros of FreshBooks.
👍 The time tracking feature makes it a deal for freelancers and service-oriented businesses.
👍Integrations with third-party apps like PayPal, Stripe, and Google Apps.
👍Enables businesses to manage multiple projects and simultaneously track time and expenses.

What not?

👎FreshBooks only offers 30-day money back guarantee, whereas other software like Moon Invoice has 90-day money back guarantee.
👎Prices are sky-high compared to some competitors, which can be a concern for businesses or startups.

3. Xero

Not happy with the above options? Try an alternative, Xero, which brings an array of accounting features tailored to meet diverse business requirements. If you’ve started a new business and are running tight on a budget, Xero is the Wave alternative you should consider.

It has got every necessary feature to manage your accounting process and get rid of tedious manual entries. Xero, a cloud based accounting software, automates your accounting and invoicing tasks, so that you can save hours on manual bookkeeping.

Another reason to choose Xero over Wave Accounting is that it offers payroll functionality and access to multi-users, making it a great choice for freelancers and contractors.

Features:

• Financial reporting
• Online Invoicing
• Project tracking
• Payroll
• Purchase orders
• Bank connections
• App integrations
• Multiple currencies
• Cloud storage

What do users appreciate?

👍It syncs with your bank accounts and categorizes transactions automatically.
👍It allows multiple team members (or accountants) to use the platform without any extra cost.
👍Advanced filtering options in financial reports to get insights into sales performance.
👍Xero offers integrations with 1,000+ popular apps to run your business smoothly.

What not?

👎Xero does not offer yearly plans. You don’t even get an annual subscription for a premium plan.
👎Customer support is limited to email and chat, as there is no call support.

4. QuickBooks Online

QuickBooks offers similar features to Wave Accounting but at a lower price, meaning you don’t need to spend hefty money.

Designed for large-size businesses, it is a financial management solution to automate your manual accounting & reporting tasks. If you are familiar with Wave Accounting software, you will quickly get used to it.

QuickBooks currently supports payroll services along with automated tax filing, something that is too difficult to use in Wave Accounting. With QuickBooks you can also assign roles and permission for teams working on different projects.

On top of that, QuickBooks has more payment methods than your current accounting software, Wave.

Features:

• Professional invoices
• Invoice tracking
• Customizable reporting
• Sales management
• Payroll Management
• Expense tracking
• Multiple users access
• Inventory management

What do users appreciate?

👍Great tool for collaboration with accountants, bookkeepers, and employees with different access levels.
👍Customer support is responsive by phone, chat, or email, so you quickly get help.
👍The recent introduction of AI-powered automation justifies its worth as a Wave alternative.

What not?

👎Need to pay extra for payroll, advanced reporting, and a few other automation features.
👎Slow performance and unexpected bugs may hamper your business’s progress.

5. Zoho Books

Handing over your accounting and bookkeeping duties to Zoho Books because you are dissatisfied with Wave Accounting isn’t a bad idea. Zoho Books is one of the top Wave accounting competitors with similar offerings and enhanced data security.

The biggest perk you get using Zoho Books is that you will find it easier to manage tax data and comply with local rules and regulations. Besides, this free accounting software does not charge a single penny if you are just getting off the ground. It offers a basic plan at no cost, helping small businesses automate the accounting process even if they are running on a tight budget.

On the negative side, you can’t reach the customer support team as long as you are using the free plan. Some users have also reported difficulties with adding credit notes and a lack of app integrations.

Features:

• Categorize expenses
• Time tracking
• Project management
• Self-service customer portal
• Payment reminders
• Custom reports
• W-9 management
• Recurring expenses

What do users appreciate?

👍 An intuitive user dashboard makes it easy for those without prior business accounting experience.
👍Multi-currency and Multi-language support allow businesses to satisfy their foreign clients.
👍Zoho Books is praised for its automated workflows and AI-powered insights via custom reports.

What not?

👎Zoho Books’ free plan is only available for certain businesses with specific revenue. Plus, no customer support for free users.
👎Users get fewer features on the Mobile app compared to the web app and lack of third-party integrations.

6. Bookkeeper360

Bookkeeper360 is another Wave Accounting alternative that relieves you of conventional bookkeeping tasks. Similar to Wave Accounting, Bookkeeper360 provides automation in accounting, HR, and payroll management.

You can see in-out transactions simply on a mobile app rather than maintaining accounting data on spreadsheets.

Moreover, entrepreneurs or freelancers can integrate platforms like Gusto. You also get financial advice from experts. If you’re frustrated with Wave Accounting, consider switching to Bookkeeper360 instead of hiring an accountant, which would only add to the manual workload.

All in all, if you are searching for advanced accounting features to simplify your overall accounting process, Bookkeeper360 is a far better choice than Wave Accounting.

Features:

• AP and AR Management
• CFO Advisory
• Tax planning
• R&D Tax Credit
• Monthly Financial Reports
• Cashflow Management
• Reimbursable Expenses
• Time Entry Tracking

What do users appreciate?

👍Users get a dedicated U.S.-based accountant to discuss bookkeeping strategies.
👍 Businesses get detailed analytics to gauge their financial performance and make informed decisions.
👍Knowledgeable customer support to provide quick resolutions to your problems.

What not?

👎The software cost is the biggest area of concern for businesses and freelancers.
👎There is no dedicated mobile app, so you cannot access financial data on the go.

7. Bench Accounting

In case you still haven’t found the right accounting software, lastly, you can go with Bench Accounting to replace your current accounting tool. Bench accounting will not only assist you in maintaining the financial records but also provide catch-up bookkeeping for overdue accounts.

This means you get quick help to manage your finances when approaching the tax season. However, the user needs to pay extra to avail catch-up bookkeeping features, which can drain your company’s budget.

What’s more for accountants? You get 1:1 support from an experienced accountant and financial reporting with Bench’s automation. As a result, you can see a clearer picture of your financial health and adjust your pricing strategies.

Features:

• Monthly Bookkeeping
• Catch-up bookkeeping
• Expert consultation
• Real-time reporting
• Categorize transactions
• Tax filing support
• Document management

What do users appreciate?

👍 The accounting platform is easy to navigate, so you can quickly get familiar with it and simplify the bookkeeping.
👍Users can connect with experts to receive guidance on bookkeeping practices and tax filing.
👍Bench accounting offers Catch-up bookkeeping, the biggest pro for those who have overdue accounts.

What not?

👎Businesses preferring accrual adjustments need to pay extra fees starting at $100/month.
👎Communication delays have been reported during the tax season, leading to frustration among users.

Key Limitations of Wave Accounting Software

Below are some limitations of Wave Accounting software that clearly justify why you need to migrate to another similar software.

1. Accounting Features

While you spend so much on its pro plan, you only get a handful of necessary accounting features on Wave. Auto tax filing and one-to-one expert consultation are some necessary features that are still missing on Wave Accounting, emphasizing your need for a switch.

2. Third-Party App Integration

Wave Accounting doesn’t have a long list of third-party apps for seamless integration. This restricts businesses from integrating their favorite apps for payroll management, inventory control, or time tracking, failing to tick all the boxes for modern businesses.

3. Phone Support Unavailable

Wave Accounting also does not offer support over a phone call. So, you can’t make a call to a customer service executive. Instead, you can wait for their replies by email or chat. In case you have queries, it might take hours to resolve them.

4. No Offline Access

Wave Accounting no longer has offline access, meaning you need a stable internet connection to manage tax or accounting data. If offline access is your priority, you need to consider options other than Wave Accounting. Without the internet, it wouldn’t function.

How to Choose the Best Wave Accounting Alternative

Here are some things to keep in mind while opting for alternatives to Wave Accounting.

1. Custom Reports

Discover if the chosen software is capable of generating custom reports. Know how export-friendly the accounting software is. You should be able to download financial reports in any format. In case you fail to do so, consider other software for better insights.

2. Affordability

Browse carefully through the software pricing plan to check whether it aligns with your company’s budget. Some software also comes with a no-cost plan but with only limited access to accounting features. Remember, you may need to pay extra for additional features.

3. Customer Support Availability

Look for the customer support team’s availability and find out whether they are ready to help you around the clock. Check their availability on other platforms like email and chat as well. Otherwise, unattentive support will only halt your operations.

4. Real-time Cloud Sync

Assess the offline accessibility and check how quickly it syncs with cloud storage before finalizing a Wave alternative. Make sure you get unlimited cloud storage to store all your important data securely.

FAQs