#29 Is QuickBooks Online better than Wave?

by | Jul 21, 2020

#29 Is QuickBooks Online better than Wave?

When deciding what accounting software to use, it can be confusing and hard to compare one to another without diving in and actually using them. I have used several, and today we’re going to compare two I have used and have quite a bit of experience with. No one wants to make this seemingly daunting task any harder than it has to be, and I’m going to share a couple time hacks to help you make it even faster! We’ll talk about how each of these cloud based systems can feel almost automatic once you’ve set things up the way you’d like, how to integrate each of these with the platform you sell from, and how to know which one is best for you, because December 31st isn’t the only time you should be looking at your numbers and reports. Are you using the accounting software that’s best for your business? 

What we’re talking about

  • It’s Almost Automated – Two Cloud Based Accounting Software Systems
  • Integrations With Your Selling Platform
  • Thinking Long Term – Which Will Serve You Best

It’s Almost Automated – Two Cloud Based Accounting Software Systems 

Most people aren’t thinking of what accounting software they want to use when they start their business. It’s something that happens over time, out of necessity, unless you’re a numbers geek like me, and enjoy that kind of thing. So, it may come as a pleasant surprise to find out that QuickBooks Online (not to be confused with any of the other QuickBooks products) and Wave are both able to automatically download your bank transactions, sales, refunds, etc. and load it into your accounting system. Both are cloud based, and you can access the information in your system from their website, as well as their app. 

Integrations With Your Selling Platform

The last thing you want when you’ve got a booming business is to worry about the tedious task of entering each sale, breaking out the sales tax, and fees from collecting the money from the invoice. While Wave, a free accounting software system has some integrations that work with various selling platforms such as Etsy, Square, etc. But QuickBooks Online, although it’s a paid accounting software system, has many more platforms it integrates with. This is something you’ll want to check into before making the final decision of which system to ultimately go with.

Thinking Long Term – Which Will Serve You Best

Free always sounds good, but when deciding on which software system to choose, the thing you want to keep in mind is what your long term goals are. Will you have multiple locations? Do you need your expense categories subdivided? How detailed do your reports need to be? Which system works with the platform that brings in the most money for you? Is the free software worth the amount of time it will take you to manually do some of the functions the paid one does automatically? Don’t forget that the cost of the system can be expensed out! Click here to subscribe
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