Wave is a popular accounting software known for its user-friendly approach to tracking invoices and managing bills. With the introduction of its paid tier, Wave Starter is now limited to a single seat and no longer supports bank account connections. Meanwhile, Wave Pro offers unlimited user access and includes premium features like automated invoice reminders.
- Wave Pro is best for automated bank imports and unlimited user access.
- Wave Starter is best for self-employed individuals wanting to track invoices and bills.
I evaluated each QuickBooks Online plan based on pricing, accounting features, reporting, scalability, automation, usability, and operational fit for different business types. I focused on the real differences that affect day-to-day accounting workflows, including inventory tracking, project profitability, multicurrency support, user limits, reporting depth, workflow automation, and upgrade flexibility.
Instead of repeating vendor marketing copy, I compared how each QuickBooks Online plan fits different business stages and operational needs. I also evaluated where businesses are likely to outgrow a plan and when upgrading to a higher tier makes practical sense.
Because QuickBooks Online pricing, AI features, and promotions can change frequently, I also reviewed the current live QuickBooks pricing and plan information available at the time of writing.
I compared the QuickBooks Online plans by looking at the features that most often affect small business accounting decisions: monthly pricing, number of users, core bookkeeping tools, invoicing, bill management, time tracking, inventory, project profitability, reporting, automation, and scalability.
I also considered which businesses each plan fits best. For example, I looked at whether a plan is better suited for a solo contractor, a small service business, a product-based business, a project-based company, or a more established business with multiple users and more complex workflows.
Finally, I reviewed plan limitations and upgrade triggers, such as when a business needs inventory tracking, more users, class and location tracking, batch workflows, advanced reporting, or stronger access controls. My recommendations are based on practical fit rather than a formal scoring rubric.
Wave Pro | Wave Starter | |
|---|---|---|
2.7 ★ | 2.4 ★ | |
Monthly pricing | $16 | $0 |
Number of users | Unlimited | 1 |
Free trial | ✕ | ✕ |
Money-back guarantee | ✕ | ✕ |
Perform manual bank reconciliation | ✓ | ✓ |
Create and design invoices | ✓ | ✓ |
Send receipt copy via mobile app | ✓ | ✓ |
Create estimates | ✓ | ✓ |
Record payment of sales tax liability | ✓ | ✓ |
Automatic matching of bank transactions | ✓ | ✕ |
Automatic transaction categorization | ✓ | ✕ |
Automatic invoice reminders | ✓ | ✕ |
Assign estimates to projects | ✕ | ✕ |
Manage inventory | ✕ | ✕ |
When to use Wave Pro vs Starter
Wave Pro is the better choice if you’re ready to invest in automation and collaboration while staying within an affordable budget. However, if you’re a freelancer or solopreneur just starting to take your accounting seriously and needing only the essentials, Wave Starter is a solid, no-commitment option.
Pro
I recommend Wave Pro for small businesses requiring invoicing automation and multi-user access with different user roles. It lets you
- connect your bank accounts for automatic transaction imports
- streamline bookkeeping with automated categorization
- send recurring invoices with automated reminders
It’s ideal for newly established businesses that don’t need complex accounting software. Its simplicity makes it accessible to all kinds of users, especially those just starting a business.
Starter
As the free tier, Wave Starter offers essential tools for invoicing, billing, and general accounting. It is limited to only one user, so I highly recommend it to solopreneurs, mom-and-pop shops, and freelancers. And if you ever need more seats, you can easily upgrade to Wave Pro.
My opinion about Wave Starter is mixed. I like that it is free and has simple tools and find it to be the perfect fit for freelancers who aren’t ready to commit to a paid subscription. However, if I were to pick, I’d go with Wave Pro. It offers automation, better expense tracking with bank feeds, invoice reminders, and unlimited receipt scanning — essential features for new and growing businesses.
When to upgrade from Starter to Pro
At some point, Wave Starter subscribers will need to upgrade to the paid version. Here are some instances of when it may be time to upgrade.
- You want to collaborate with your team: Wave Starter is good for only one user. Meanwhile, you’ll get unlimited seats with Wave Pro — plus different user roles, such as admin, editor, payroll manager, and viewer.
- You handle a high volume of expenses: Manually tracking receipts can be difficult to track once they pile up. Wave Pro lets you upload unlimited receipts, scan them with OCR, and automatically generate transactions, ensuring accurate and organized expense records.
- You need automation to save time: Entering transactions and categorizing expenses manually can quickly become overwhelming. Wave Pro streamlines this process with automated bank feeds, transaction matching, and invoice reminders, reducing the time you spend on bookkeeping.
The main differences between Wave Pro vs Starter
My evaluation revealed significant differences in general features, banking, A/P, mobile app, and usability, each of which I will examine in detail below.
Wave Plans Comparison
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Wave Pro $16 per month for unlimited seats
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Wave Starter Free for one user
General features
In my assessment, Wave Pro stands out in areas that cater to businesses needing enhanced collaboration and accounting control. It allows you to add additional team members and restrict their access rights, which I find useful if you want to limit access to specific individuals. Additionally, Wave Pro provides accountant access, which Wave Starter lacks. This feature makes it easier for you to collaborate with an external accountant.
Both perform equally well in basic accounting tasks, such as modifying the chart of accounts and adjusting journal entries. This ensures that even if you’re on the free plan, you can access essential bookkeeping functions.
However, neither tier includes features like account numbers, custom transaction tagging, location/class tracking, or a closing date lock for prior-year transactions. I believe Wave is designed for small businesses with relatively straightforward accounting needs rather than those requiring detailed financial categorization or complex accounting controls.
Banking
The paid plan has a clear advantage in general banking due to its ability to establish a live bank feed, allowing automatic transaction imports from bank and credit card accounts. It also offers automated transaction matching, streamlining bookkeeping by identifying possible matches between imported and manually entered transactions. Wave Starter, in contrast, lacks live bank feeds and automated matching, requiring you to rely solely on manual uploads and categorization.
Where both fall short is in handling deposit transactions. Neither lets you combine multiple checks or cash payments into a single deposit, which could be a drawback if you frequently receive payments in batches. Additionally, they lack advanced reconciliation features, such as accounting for timing differences between bank and book balances or generating reports of outstanding transactions.
A/P
Wave Pro comes with receipt capture and automation, mainly because the mobile app comes with the paid version; however, Wave Starter subscribers can still get the mobile app for $8 a month. Another A/P feature I like in Wave Pro is the ability to email receipts to a designated address, submit them through the app, and have the system read and create transactions from them.
In contrast, Wave Starter offers only limited versions of these features. That makes receipt management more manual.
Both tiers offer the same features for core A/P tasks, including creating and saving vendors, tracking unpaid bills, generating reports, and viewing lists of transactions by vendor. However, neither allows bill attachments to unpaid bills, which could be a drawback if your business prefers keeping digital copies linked to their records.
Mobile app
The mobile app is available for both iOS and Android devices. For Wave Starter, you need to pay $8 monthly to use the app, whereas with Wave Pro, it comes free. The paid tier outperforms the free plan in expense tracking and automation. It offers unlimited receipt scanning and allows users to categorize expenses directly from bank feeds.
Both versions, however, provide the same invoicing and payment processing capabilities, so users can handle basic billing and collections without upgrading to the paid option. Neither includes bill management, time tracking, and financial reporting, so if you need advanced A/P features or financial insights, you may find Wave lacking.
Usability
Wave Pro provides better usability — mainly due to its live chat and email support, which are unavailable in Wave Starter. This makes it easier if you need assistance. However, neither tier offers live phone support and 24/7 assistance, which could be a drawback if you require immediate help.
In general, Wave is easy to set up and navigate, offering features like one-click transaction creation, automatic invoice numbering, and a clean, intuitive dashboard. It is also cloud-based and Mac-compatible, ensuring accessibility across different devices.
However, neither of its plans includes customizable dashboards, formal training, or assisted onboarding. Additionally, you cannot save and return to a bank reconciliation later or import beginning balances, which may limit flexibility for more advanced accounting needs.
How I evaluated Wave’s plans
I used the Fit Small Business accounting software case study to compare Wave’s packages across 13 major accounting functions.
15% of Overall Score
I evaluated pricing by looking at transparency, upgrade costs, and the overall value delivered at each tier. I reviewed vendor pricing pages to confirm whether full pricing, add-ons, and plan limitations are publicly disclosed or gated behind sales conversations. I also compared the cost of upgrading between tiers using a cost-per-feature formula that estimates how much additional functionality each upgrade unlocks relative to price increases.
In addition to subscription costs, I assessed free trials, cancellation policies, and available discounts to understand how easy it is for businesses to test and exit a platform. These factors help determine whether the software delivers clear, predictable pricing and reasonable value as companies grow.
30% of Overall Score
I analyzed how reliably each platform performs essential accounting tasks such as maintaining the general ledger, managing payables and receivables, reconciling bank transactions, tracking inventory, handling fixed assets, and calculating sales tax. I examined whether the system enforces true double-entry accounting, updates financial reports in real time, and provides audit trails for transaction changes.
I also looked at how efficiently businesses can manage vendor bills, issue invoices, reconcile bank feeds, and generate tax or financial reports without manual workarounds. When possible, I reviewed product documentation and walkthroughs to understand how these workflows function in practice. Platforms scored higher when they automate core accounting tasks while maintaining reliable financial accuracy.
15% of Overall Score
I evaluated how effectively each platform reduces manual accounting work through automation. This included reviewing approval workflows, recurring transactions, bulk processing tools, AI-powered features, and the ability to consolidate multiple entities. I looked for tools that automate routine processes such as recurring invoices, scheduled journal entries, or batch transaction imports.
I also examined whether AI tools provide meaningful operational insights, predictive categorization, or anomaly detection rather than simple rule-based automation. Systems scored higher when automation reduced repetitive accounting tasks while maintaining transparency and user control.
15% of Overall Score
I compared reporting capabilities by analyzing how easily businesses can generate financial statements, analyze performance trends, and build custom reports. I reviewed the flexibility of standard financial reports such as the balance sheet, income statement, and cash flow statement, along with the ability to filter, segment, and export data.
I also evaluated dashboard tools, KPI tracking, and the ability to drill down from summary reports into transaction-level details. For more advanced analytics, I looked for forecasting tools, profitability analysis, and integrations with external analytics platforms. Platforms scored higher when reporting tools supported both daily financial oversight and deeper business analysis.
10% of Overall Score
I reviewed how each system protects financial data and maintains accountability within accounting workflows. This included evaluating audit trails, user permissions, period locks, and authentication methods such as two-factor authentication or single sign-on.
I also looked at how clearly systems track user activity and prevent unauthorized changes to financial records. Platforms with stronger monitoring tools, access controls, and compliance readiness scored higher in this category. These features help ensure financial accuracy while protecting sensitive accounting data.
10% of Overall Score
I evaluated how easily each accounting platform connects with other business tools and scales as operational complexity grows. This included reviewing integrations with payroll systems, expense tracking tools, banking providers, e-commerce platforms, and CRM software.
I also examined whether the platform supports multi-currency transactions, APIs for custom integrations, and multi-entity accounting structures. Platforms that integrate easily with operational systems and support higher transaction volumes scored higher. These capabilities help ensure the software can continue supporting a business as it expands.
5% of Overall Score
I assessed usability by examining how easily non-accountants can complete common accounting tasks. I looked at the number of steps required to create invoices, enter bills, reconcile bank accounts, and generate reports. I also reviewed interface design, navigation clarity, mobile capabilities, and the availability of prompts or error guidance during workflows.
Platforms scored higher when they allowed users to complete common accounting tasks quickly with minimal training. These usability factors are important for small businesses that manage accounting internally.
Frequently asked questions (FAQs)
Wave Pro costs $16 a month. It comes with unlimited users and a receipt tracker.
Yes. You can do this by canceling the paid plan to be downgraded to the free plan. Note that if you downgrade to Wave Starter, you’ll lose access to the premium features of Wave Pro.
Wave Starter is good for only one user and lacks the automation present in Wave Pro, such as invoice reminders and expense matching.
Yes. The collaboration features it gives at an affordable price make Wave Pro worth it for small businesses.
Bottom line
Wave provides essential accounting tools that simplify financial management for small businesses. While Wave Starter is a great no-cost option for freelancers and solopreneurs, businesses needing automation, team collaboration, and better cash flow management will benefit from upgrading to Wave Pro.