5 Best Wave Accounting Alternatives

There is no doubt that you need a professional online accounting solution to manage your company’s day-to-day financial activities. However, small companies and businesses usually prefer cost-effective and easy-to-operate options to cater to their needs. Wave is free of cost and effective accounting software that offers a bunch of free services from sending invoices, tracking expenses, and generating financial reports. 

If you’re a small company and at the beginning of your journey, then free software solutions are the best option, but as your business grows, you need a more advanced solution with increased capabilities. After all, free versions have limitations associated with them. 

There are many alternatives to wave for meeting your accounting needs. Today, we’re going to explore some of the top-notch wave alternatives to help you grow confidently.

Wave Accounting Software Overview

Wave accounting is easy to use and good software for small businesses. It offers a whole multitude of features for performing accounting tasks. But wave accounting has some limitations. Some are 

• Lack of payment processing fee options
• No payroll controls
• Unavailability of professional bookkeeping

If you want all of these features, you have to pay extra. As far as small businesses are concerned, wave accounting is a good option initially, but later, if your business grows, you need more advanced features.

Features

• Customizable invoices
• Invoice scheduling
• Recurring billing
• Online client portal for invoices
• Estimates
• Invoice payment reminders
• Accounts payable
• Expense tracking

Pricing

• Payments

2.9% + $0.60

3.4%+ $0.60 for AMEX transaction

• Payroll

$35 + $6 for active employee and $6 for independent contractor

• Advisors

Bookkeeping support at $149/month 

Accounting and payroll coaching $329/month

Pros

• streamlined user interface
• solid invoicing features
• Expense tracking
• Cash flow statements
• Positive online reviews

Cons

• No project management tools 
• Minimal time-tracking and integration support
• No access to multiple users
• Slow customer support

Top Five Best Wave Accounting Alternatives and their Individual Overview

1-ZarMoney

When it comes to the best online accounting software, ZarMoney is a name that is mentioned among the top ones. It is the leading accounting software for businesses of all scales. ZarMoney is cloud-based accounting software available as SAAS (Software As A Service), serving as a centralised platform for the accounting needs of any business. ZarMoney is a sound alternative to Wave Accounting because of its comprehensive functions. Any eligible user can view their business-related activities. In addition, it can be used to perform the company's financial transactions, such as sending invoices, managing purchase orders, collecting receivables, and more.

ZarMoney has a user-friendly interface, so even if you aren't tech-savvy or you don't have an accounting background, you can quickly get used to its processes. In addition, ZarMoney caters to the needs of businesses in all verticals and can be accessed from anywhere in the world.

Features

•     Seamless Invoicing and Billing
•     Bank Synchronisation
•     Account Reconciliation
•     Automated Tax Calculation & Payment
•     Dynamic Statements
•     Payables Calendar
•     Financial Reporting

Top Three Features

1. Bank Synchronisation

ZarMoney’s centralised cloud-based system helps you operate the banking operations of the company worldwide by connecting to 9,600 financial institutions worldwide. You can manage transactions on one platform and even amend them as per your choice 

2. Automatic Tax Calculation & Payment

ZarMoney features enable you to manage tax calculations and paperwork instantly. You can disable this function. ZarMoney is a one-stop solution that facilitates businesses with seamless accounting. Also, it helps ensure compliance with regional rules.

3. Financial Reporting

ZarMoney facilitates its users with multiple features to help you make forecasts and provide historical insights into financial data. You can make data-driven choices and develop reports.

Pricing

ZarMoney has three pricing plans 

•     Entrepreneur: $15 / month / 1 user
•     Small Business: $20 / month / 2 users
•     Enterprise: $350 / month / 30+ users
•     Free trial

Pros

•     Optimised professional accounting
•     Affordable
•     Ease of use
•     Feature-rich
•     Easy setup.
•     Great Customer service as humans deal and talk for issue resolving and troubleshooting.

Cons

•     No manual input option.

Integrations

•     Gusto
•     PayPal
•     Stripe
•     Zapier
•     Google Calendar
•     Quickbooks Payments
•     Braintree
•     Authorize.Net
•     CyberSource
•     MMC Receipt

Average Rating From Top 3 Software Directories

ZarMoney’s average rating, according to the top three software directories, stands at 4.73.

Customer Support

•     Knowledge Base
•     FAQs/Forum
•     Phone Support
•     Email/Help Desk
•     Chat
•     24/7 (Live rep)

Support Platforms

•     Web
•     Mac
•     Windows
•     Linux
•    Chromebook

Bottom Line

ZarMoney is cloud-based accounting software designed specifically for small businesses. It allows you to view your company's accounting information from any location in the globe as long as you have an internet connection. ZarMoney has all of the accounting management capabilities that small businesses require. It's a simple solution with an easy-to-use UI. Its guided navigations make it a user-friendly program that is simple to adopt and quick to provide results.

ZarMoney is the number one choice when choosing accounting software for a small enterprise. The tool has a wide range of features - helping small businesses streamline accounting workflows via a single platform. 

2-Xero

Small business owners and accountants can benefit from this online accounting software. Xero is accessible via a PC or mobile device with an internet connection. The tool helps you update a company's financials and cash flow in real-time. Transactions from bank accounts are imported with ease. Furthermore, there are no limits to how many people can log in. Over 1,000 third-party business applications can be integrated with Xero and multiple currency support options. It's one of the decent alternatives for small firms out there.

Features

•     Accounting dashboard
•     Contact management
•     Bill payment
•     Bank connections
•     Project tracking
•     Bank reconciliation
•     Quotes and estimates
•     Multi-currency support
•     Manage fixed assets
•     Analytics and reporting

Top Three Features

You can track your finances daily using the accounting dashboard: Also, you can track bank balance, invoices, bills, and more.

•     Gain insight into your sales and spending.
•     View your account balance and reconciliations.
•     Track areas of your business
•     Customize the dashboard to monitor the KPIs. 

By Xero’s contact management, see details of a customer’s or supplier’s sales, invoices, and payments in one place.

•     See transaction history
•     Get a complete picture of a contact’s history.
•     Generate lists and groups from saved searches.
•     See all your email correspondence in Xero.

Pay and get paid in over 160 currencies with multi-currency accounting. Use instant currency conversions.

•     Xero converts international transactions for you.
•     View rate change updates
•     See how currency markets affect cash flow or profit. 

Pricing

•     Starter: $22 / month
•     Standard: $35 / month
•     Premium: $47 / month
•     Free trial

Pros

•     Recurring transactions.
•     Easy to set up.
•     Affordable price.

Cons

•     Impossible to assess subsidiaries' performance in real-time.
•     Limited bank connections.
•     Tedious to remove transactions.

Integrations

•     Google Drive
•     PayPal
•     Dropbox Business
•     Google Workspace
•     Microsoft 365
•     Google Forms
•     Mailchimp
•     QuickBooks Time
•     Shopify
•     FreshBooks
•     Zoho CRM
•     Zapier

Average Rating From Top 3 Software Directories

Xero’s average rating, according to the top three software directories, stands at 4.23.

Customer Support

•     Email/Help Desk
•     Chat
•     Knowledge Base
•     FAQs/Forum
•     24/7 (Live rep)

Support Platforms

•     Web
•     Mac
•     Windows
•     Linux
•     Android
•     IPhone/IPad

Bottom Line

Xero is sleek and intelligent accounting software that aims to improve the workflows of small businesses and their accounting practices while also assisting them in growing and thriving.

The Xero is a basis for firms to develop smooth accounting workflows in their organizations. It links businesses to their bank and third-party apps, ensuring that everything is secure and accessible.

Small businesses can use Xero to access effective compliance solutions, intelligent practice management software, and a cloud-based single accounting ledger for all of their clients in one place.

3-Quickbooks Online

As the name indicates, Quickbooks online is accounting software that assists businesses in their day-to-day tasks like accounting, income, expense tracking, payroll, and many more. The online interface of software displays all the features to perform different tasks. Above all, it comes with auto-synchronization features.

On-the-go software offers making sales receipt capturing, cost monitoring, cash flow management, account balance tracking, time tracking, transaction analysis, purchase order management, client communications, and more. In addition, small business owners can perform these tasks on native mobile apps for Android and iOS.

Features of Quickbooks online

• Creating Invoices
• Expense Tracking
• Bank Feeds
• GST & VAT
• Inventory Management
• Capture & Organize Receipts
•   Mobile App
• Insights & Reports
• Multi-currency Support

Top Three Features

Quickbooks Online facilitates its users with an expense tracking feature.Through this feature, users can easily import and classify expenses automatically. Users can approve or change the automatic categorization or make their guidelines. Users may even reclassify transactions in bulk. 

The chart of accounts simplifies information and provides a quick overview of the accounting process to users. As a result, decisions can be taken more effectively because of the time saved by not having to analyse a large amount of data and compile reports. If you use Quickbooks Online, you don't have to employ accountants or experts to set up your accounts.

Quickbooks simplify banking for you and help in reconciliation. It categorises inbound and outbound transactions and gives you a complete picture of your money.

Pricing

Monthly:

• Simple Start: $17/month
• Essentials: $26 / month
• Plus: $36/ month

Free 30 days trial

Pros

•     Advanced Search Feature.
•     Expense Tracking.
•     Quick transaction reports.

Cons

•     Too many error messages.
• a limited number of fields.

Integrations

•     WordPress
•     PayPal
•     MailChimp
•     Salesforce Sales Cloud
•     QuickBooks Time
•     Wix
•     Shopify
•     Gusto
•     Rippling
•     Zoho CRM
•     Zapier

Average Rating From Top 3 Software Directories

According to the top three software directories, Quickbook's average rating stands at 4.00.

Customer Support

•     Email/Help Desk
•     Chat
•     Phone Support
•     24/7 (Live rep)
•     FAQs/Forum
•     Knowledge Base

Support Platforms

•     Web
•     Mac
•     Windows
•     Linux
•     Chromebook
•     IPhone/IPad
•     Android

Bottom Line

QuickBooks Online is a small business accounting software that is smart and simple. QuickBooks is a one-stop platform that can perform all accounting tasks such as expense tracking, customizing invoices, generating reports, and so much more.

QuickBooks Online organizes everything, so you'll always have what you need when you need it. In addition, it syncs with your bank and favorite applications to keep your books updated. QuickBooks is an easy online solution to manage your business's all accounting needs in one place. 

4- ZipBook

ZipBooks is accounting software for small businesses that are smart and elegant.

Zipbooks make it easier than ever to create invoices and track them online. This software has a more user-friendly interface and a cleaner structure, and it works on any device. ZipBooks never adds watermarks to bills, sells your information, and never sends you "partner" mailings.

ZipBooks includes all the capabilities you'd expect from a mature accounting software package, such as automated transaction import, bank account reconciliation, and custom reporting. In addition, accountants using ZipBooks benefit from features including built-in time tracking, client messaging, payroll integration, and more - making it an ideal choice for small businesses.

Features

•     Accountant Access
•     Accounts Receivable
•     Bank Connections
•     Bank Reconciliation
•     Auto-Categorization
•     Chart of Accounts
•     Project Accounting
•     Tagging

Top Three Features

ZipBooks provides access to experts and all the necessary data to solve the issues that will help you run your business smoothly.

ZipBooks strives to avoid repetitive data entry duties in your bookkeeping process because ZipBooks is all about helping you save time. Also, a powerful supercomputer categorises transactions and implements best accounting practices.

3. Tagging

ZipBooks gets the information you need in a snap by tagging all transactions that are related to that location. You can quickly get the information you need by tagging all relevant transactions.

Pricing

•     Starter: Free
•     Smarter: $15 / month
•     Sophisticated: $35 / month
•     Accountant: Custom Pricing
•     Free trial

Pros

•     Easy invoice automation.
•     Business reports are available any day.
•     Feedback Functionality available.

Cons

•     The customer service is appalling.
•     Only supports American Banks.
•     Lack of export options. 

Integrations

•     Google Drive
•     PayPal
•     Slack
•     Google Workspace
•     Asana
•     Spiceworks
•     Gusto

Average Rating From Top 3 Software Directories

ZipBook’s average rating, according to the top three software directories, stands at 4.57.

Customer Support

•     Email/Help Desk
•     FAQs/Forum
•     Knowledge Base
•     Chat

Support Platforms

•     Web
•     Mac
•     Windows
•     Linux
•     Chromebook
•     IPhone/IPad

Bottom Line

ZipBooks is a cloud-based accounting, invoicing, and time-tracking system for small businesses. ZipBooks makes it easier to run your business. Users can create tasks, assign them to team members, and check their progress using a real-time dashboard with ZipBooks.

Zipbook's key features like users can keep precise and accurate records of working time and expenses. In addition, customers can be invited to give feedback, real-time business spending reports, and more, providing much ease to small businesses. Also, users can add themes, logos, and messages to their emails and invoices.

 It's simple to get paid using a credit card or PayPal. However, ZipBooks provides:

• Powerful, easy-to-understand reports.
• Industry best practices.
• Smart recommendations to help you make even better decisions.
  
  

5- FreshBooks

FreshBooks is a cloud-based accounting system created specifically for small businesses. FreshBooks helps you automate manual time-taking tasks and gives you more time for crucial accounting matters. Automating daily accounting tasks, including invoicing, payment acceptance, cost monitoring, billable time tracking, and financial reporting.

FreshBooks is explicitly built for service-based businesses. FreshBooks is developed exclusively for you if you are a business that is worried about employing more human resources for our firm's accounting management – OR if your business's accounting management isn't transparent and you are worried about any loopholes. Then, choosing suitable accounting software for your company is essential. Map your business accounting needs with Freshbook's features and decide whether it is a good fit for your business or not.

Features

•     Balance Sheet
•     General Ledger
•     Accounts Payable
•     Accountant Access
•     Trial Balance
•     Cost of Goods Sold
•     Chart of Accounts
•     Journal Entries
•     Automated Bank Reconciliation
•     Tracking Payments
•     Tax Calculation

Main Three Features

The accounts payable feature eases up your accounting management in the following way:

1.  It is easing up the process of paying bills and rent.
2.  Automating Accounts Payable, scan and save paper and digital bills and receipts or forward them through email to your account.
3.  Given your on-time tax payment facility, run reports such as Profit & Loss and Cash Flow Statement to see where you are at tax time.

FreshBooks Bank Reconciliation can help you organize your transactions quickly and easily.

1.  Financial transactions are imported and categorized according to the purpose of the transaction.
2. Equity, transfers, and refunds can all be easily identified and classified.
3. Create a summary report and save it as an Excel spreadsheet.

With Freshbooks, you can easily keep track of payments.

1. FreshBooks' Credits function lets you keep track of prepayments, overpayments, and credits notes, which you may apply to future invoices.
2.  Maintain track of all Credits for specific clients, so you always know where you stand.

Price Plans

•     Lite: $6 / month
•     Plus: $10 / month
•     Premium: $20 / month
•     Select: Custom Pricing
•     Free trial

Pros

•     Quick invoice delivery and tracking.
•     User-friendly interface.
•     Task automation.

Cons

•     Fewer bank connections.
•     Users can’t shift to other software.
•     Expensive to expand.

Integrations

•     Google Drive
•     PayPal
•     Slack
•     Google Workspace
•     Trello
•     WordPress
•     MailChimp
•     Shopify
•     Zip Recruiter
•     Zapier
•     Hubspot CRM
•     Calendly

Average Rating From Top 3 Software Directories

FreshBook's average rating, according to the top three software directories, stands at 4.54.

Customer Support

•     Email/Help Desk
•     Phone Support
•     Chat
•     FAQs/Forum
•     Knowledge Base

Support Platforms

•     Web
•     Mac
•     Windows
•     Linux
•     Chromebook
•     IPhone/IPad
•     Android

Bottom Line

Freshbook is a cloud-based accounting and invoicing service. Therefore, accounts administration should be a straightforward procedure to minimize complications.

FreshBooks is great for firms that struggle with accounting management. FreshBooks is a cloud-based accounting software built specifically for companies to make account administration easier.

Freshbooks features a highly user-friendly design that is simple to use and browse. So, even if you are not tech-savvy, you may readily grasp the Freshbook working environment. Freshbook automates several accounting procedures that would otherwise be done by hand. Freshbook integrates with multiple platforms, making it a popular offering.

Freshbook upholds a longstanding heritage of offering exceptional customer service and maintenance support.

Final Verdict

The best accounting software comes up with many features that ease your daily data entry requirement. With much-needed flexibility and freedom, you can focus on core business tasks that eventually gives you an advantage in the competitive market. We’ve explored the top five best wave accounting alternatives that are going to transform your growing business needs. Also, each software offers a free trial so, don’t worry and take your decision after selecting your choice of interest. 

If you leave for us to guide you then Zarmoney is the best bet for you. It is easy to use and includes wide functionality and scalability to cater to all your business’s accounting needs. Overall, Zarmoney has outstanding reviews, affordable pricing, and an interactive user-friendly dashboard. It’s an economical and rewarding choice for small businesses.