5 Best Wave Accounting Alternatives

While Wave Accounting is a popular choice, the demand for efficient and affordable accounting software keeps rising, especially for startups and small businesses. The market is rich with online accounting software products, each offering unique financial management capabilities. Some focus on complex accounting features, while others prioritize affordability and ease for daily accounting tasks. 

If you're searching for cloud-based software that better handles your finances, exploring Wave Accounting alternatives might be the answer. Take a look and see what works best for your finances!

Table of Contents

Here’s our complete list of the best Wave Accounting alternatives in 2024:

1. ZarMoney
2. Xero
3. Quickbooks Online
4. ZipBooks 
5. Freshbooks

1. ZarMoney

Overview of ZarMoney

ZarMoney stands out among Wave Accounting alternatives with its comprehensive, cloud-based solution for various business accounting needs. Like Wave, it offers core accounting features but excels in managing invoices, purchase orders, expense tracking, and online payments. ZarMoney is user-friendly for beginners and includes custom invoicing, thorough bank reconciliation, and detailed financial reports. It's more than just accounting software; it's a versatile platform suited for individuals and expanding businesses, ensuring efficient financial management.

Features of ZarMoney

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

Top Three Features

1. Smooth Bank Integration

ZarMoney connects with over 9,600 global financial institutions through its unified cloud-based system. This lets you handle the company's banking operations from anywhere and modify transactions directly on the platform
2. Accurate Tax Management

Taxes can be complex, but not with ZarMoney. ZarMoney simplifies tax calculations and related paperwork. Opt in or out as needed. This software ensures smooth accounting while staying in line with regional tax guidelines, making it a must-have accounting software for businesses.

3. Advanced Financial Reporting

ZarMoney offers clear financial insights for all types of businesses. With its tools, you can fully view your financial history and predict upcoming trends. More than just a software, ZarMoney acts as a strategic financial partner for smart business choices.
Pros of ZarMoney

• Optimized professional accounting
• Affordable Pricing Structure
• Plug-and-Play Functionality
• Feature-rich Capabilities
• Reliable Human Support.

Cons of ZarMoney

• Requires an internet connection for cloud-based functionalities.
• It might have a learning curve for those new to payroll platforms.

Pricing of ZarMoney

ZarMoney has three pricing plans

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

Integrations of ZarMoney

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

Rating

ZarMoney’s average rating, according to the top three software directories, is 4.7.

Testimonials

Customer Support of ZarMoney

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

Bottom Line

ZarMoney distinguishes itself as a top solution for high-quality accounting capabilities, dealing adeptly to the diverse needs of both small and large enterprises. Its user-friendly design ensures a smooth experience, even for those just starting online accounting. Positioned as the leading alternative to Wave Accounting, ZarMoney offers a extensive and affordable platform that expedites business financial management with remarkable efficiency.

2. Xero

Overview of Xero

Xero is a Wave Accounting Alternative, for business sizes, including small startups, medium-sized businesses, and even large enterprises. It keeps financials and cash flow updated in real time, positioning it as a reliable online accounting software. Its cloud-based nature enables easy access from both PC and mobile devices, facilitating easy import of bank transactions. A standout feature is the unlimited user login, making it team-friendly. Xero's compatibility with over 1,000 third-party business apps and its support for multiple currencies make it a versatile and user-friendly choice for small businesses.

Features of Xero

• 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

1. All-Inclusive Financial Tools

Xero, as a Wave Accounting alternative, delivers a complete financial management solution suitable for various business sizes, from startups, mid sized businesses to larger businesses.

2. Unlimited Invoicing & Expense Tracking

Xero sets itself apart with its capacity for unlimited invoices, The platform allows customizable invoice templates, perfect for businesses handling numerous clients. Xero also offers in-depth expense tracking, aiding effective business accounting and spending oversight.

3. Integration Flexibility & Collaborative Access

Xero's cloud-based accounting software integrates effortlessly with project management and inventory tracking systems, aligning perfectly with modern business owner’s needs.

Pros of Xero

• Recurring transactions.
• Easy to set up.
• Integration flexibility.

Cons of Xero

• It is impossible to assess subsidiaries' performance in real time.
• Limited bank connections.
• Tedious to remove transactions.

Pricing of Xero

• Early: $15
• Growing: $42
• Established: $78

Integrations of Xero

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

Rating

Xero has been given average rating of 4.4 out of 5 by its patrons according to Software advice.

Customer Support of Xero

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

Testimonials

Bottom Line

Xero is our second pick when considering Wave Accounting alternatives. With tools for unlimited invoices, detailed financial reporting, and third-party app compatibility, Xero is well suited for small to medium sized businesses. This renowned platform is recognized for its abilities in generating invoices, monitoring expenses, and harmonizing bank statements.

3. Quickbooks Online

Overview Of QuickBooks Online

QuickBooks Online is an online accounting software that is used by small to medium sized businesses as a Wave Accounting alternative. It simplifies tasks like accounting, managing income, and expense tracking.

QuickBooks Online accounting uses cloud-based technology to offer key features that help businesses operate smoothly. It handles sales receipt recording, cash flow checks, account balance monitoring, detailed transaction reviews, and effective expense management.

Its user-friendly interface neatly lays out all the necessary tools for diverse financial tasks, One of its notable functions is the auto-synchronization feature, ensuring data is always up-to-date.

Features of Quickbooks Online

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

Top Three Features

1. Efficient Expense Management

A notable feature of QuickBooks Online is its expense tracking feature. It enables users to import and auto-categorize expenses swiftly. Moreover, the flexibility to adjust or redefine categories, and even the option to bulk edit transactions, provides more control over financial records.

2. Financial Overview with Charts of Accounts

QuickBooks Online's chart of accounts is a game-changer. It neatly condenses data, giving users an immediate insight into their financial standing. This Wave accounting alternative not only fast-tracks decision-making but also eliminates the need for external accounting experts. 

3. Detailed Financial Reports

QuickBooks Online excels in providing detailed financial reports, allowing business owners to understand their financial health and make informed decisions. These insights are vital for ensuring stable cash flow and effective financial management within any business.

Pros of Quickbooks Online

• Custom invoices
• Expense Tracking
• Quick transaction reports

Cons of Quickbooks Online

• Too many error messages.
• a limited number of fields.
• File size issues

Pricing of QuickBooks Online

• Simple Start: $18
• Essentials: $27
• Plus: $38

Integrations

• PayPal 
• WordPress
• Mailchimp
• QuickBooks Time
• Wix
• Rippling
• Shopify
• Eventbrite
• Gusto
• Vagaro
• Time tracker

Rating

QuickBooks online has been given a rating of 4.3 out of 5 on Software advice.

Testimonials

Customer Support of QuickBooks Online

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

Bottom Line

QuickBooks Online is recognized as a prominent third choice for a Wave Accounting alternative, catering to business owners with its user-friendly interface. From expense tracking to all of its invoicing features, this online accounting software makes financial management effortless.

Whether you're handling online payments, payroll,  bank reconciliation, or generating professional financial reports, QuickBooks Online provides efficient accounting solutions for businesses of small to medium size.

4. ZipBooks

Overview of ZipBooks

ZipBooks is a great Wave Accounting alternative for small businesses that have just entered the business sector. Being a well-equipped accounting software, Zipbooks makes creating invoices and tracking them online easier than ever. 

This wave accounting alternative 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.

It offers everything from automated transaction import and bank account reconciliation to custom reporting. With tools like built-in time tracking, client messaging, payroll integration, and more - making this accounting software an ideal choice for all types of businesses.

Features of ZipBooks

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

Top Three Features

1. Detailed Expense Tracking

ZipBooks offers an extensive expense tracking system that allows businesses, especially midsize ones, to monitor and categorize their expenses. By providing a clear picture of outgoings, it aids in better financial management.

2. Insightful Online Accounting Reports

The importance of informed decision-making in business cannot be stressed enough. ZipBooks facilitates this with its transparent online accounting reports, providing business owners with a concise overview of their financial health and performance metrics.

3. Efficient Credit Card Processing

Cash flow is important for any business. ZipBooks simplifies the payment process with its integrated credit card processing feature, ensuring quick and efficient transactions. This not only facilitates revenue collection but also improves the customer payment experience.

Pros of ZipBooks

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

Cons of ZipBooks

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

Pricing of ZipBooks

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

Integrations of ZipBooks

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

Rating

ZipBooks' average rating, according to the software advice is 4.5.

Testimonials

Customer Support of ZipBooks

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

Bottom Line

As a substitute for Wave Accounting, ZipBooks is ranked fourth. It simplifies the business operations by offering an intuitive platform for invoicing, time-tracking, and expense management. With ZipBooks, small businesses can efficiently delegate tasks, monitor team progress with a real-time dashboard, and maintain accurate records of work hours and expenses.

Further Improving its offerings, ZipBooks enables users to personalize their communication by adding themes, logos, and custom messages to emails and invoices. Another notable feature allows customers to provide direct feedback, ensuring businesses always stay connected and responsive. 

5. FreshBooks

Overview of FreshBooks

FreshBooks offers a innovative approach to financial tasks, establishing itself as a prominent alternative to Wave Accounting. FreshBooks optimize accounting processes by Automating daily accounting tasks, including invoicing, payment acceptance, cost monitoring, billable time tracking, and financial reporting. 

As businesses navigate their accounting needs, FreshBooks' key features present an efficient platform to ensure optimized financial management.

Features of FreshBooks

• 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

Top Three Features

1. Accounts Payable & Expense Management

For business owners, ensuring bills and rents are paid on time is critical to maintaining a healthy financial status. FreshBooks offers an advanced accounts payable feature that not only simplifies the process of paying these obligations but also allows for automated expense tracking. FreshBooks also provides detailed accounting reports, such as the Profit & Loss and Cash Flow Statement, helping businesses to be prepared come tax time.

2. Automated Bank Reconciliation

FreshBooks' Bank Reconciliation feature helps you efficiently organize your transactions. It imports financial transactions and categorizes them based on their purpose, supporting advanced features like double-entry accounting. This makes it easy to identify and classify equity, transfers, and refunds. FreshBooks lets you create a summary report and save it as an Excel file, ensuring that you have a clear view of your financial health.

3. Tracking Payments

Managing payments can be challenging for many businesses. FreshBooks simplifies this process with its Credits feature, which allows businesses to track prepayments, overpayments, and credit notes. This feature also enables businesses to apply these credits to upcoming invoices, helping with smooth financial operations. A standout feature of FreshBooks is its capability to track all Credits for individual clients, making it easier to understand your financial dealings with each customer.

Pros of FreshBooks

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

Cons of FreshBooks

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

Pricing

• Lite $7.60 / month
• Plus $13.20 / month
• Premium $24 / month

Integrations of FreshBooks

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

Rating

The average rating for FreshBooks is 4.5 out of 5.

Testimonials

Customer Support of FreshBooks

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

Bottom Line

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 and it is well suited for small to medium sized businesses. It automates several accounting procedures and integrates with multiple platforms, making it a popular offering.

Comparing Wave Accounting Alternatives

Best of Best

1. ZarMoney

ZarMoney is at the top of the list of alternatives to Wave Accounting because of its superior accounting and reporting capabilities for modern businesses.. It uses a double-entry system for accurate financial records and provides detailed financial reports. Its cloud-based nature ensures real-time updates and collaboration. Its ability to integrate with third-party apps improves its utility beyond just accounting.

2. QuickBooks Online

QuickBooks Online is a known alternative to Wave Accounting. With a solid accounting core, it delivers extensive financial reports essential for businesses. Its online payment features, including handling credit card transactions, smooth finances. It also has an efficient inventory management system helping businesses keep the right stock levels to meet customer needs.

3. FreshBooks

FreshBooks is a Wave Accounting substitute that prioritizes efficiency and makes sure businesses have a consistent cash flow by automatically reminding them when it's time to pay. The software's compatibility with project management tools offers a holistic approach, blending financial and operational tasks.

Conclusion 

The right accounting software simplifies data entry and offers flexibility, letting businesses concentrate on essential tasks in a demanding market. Among the top Wave Accounting alternatives we evaluated, all provide a free trial for a hands-on experience.

However, if we were to recommend the top pick, it would be ZarMoney. This accounting software is exceptional because of its scalable design, smooth operation, and user-friendly interface, which make it appropriate for a range of business sizes.. With positive reviews, affordable pricing, and a user-friendly dashboard, ZarMoney is a cost-effective and reliable choice.

Frequently Asked Questions (FAQs)

1. Why is ZarMoney considered a top Wave Accounting alternative?

ZarMoney offers extensive accounting features with a user-friendly interface, making it an optimal choice for businesses of all sizes.

2. How does ZarMoney's pricing compare to Wave Accounting?

ZarMoney is a good choice for many businesses since it offers a combination of features that are cost-effective, even if both platforms have comparable pricing.

3. How easy is it to set up ZarMoney for my business?

Setting up ZarMoney is pretty easy, with guided tutorials and customer support to assist you throughout the process.

4. How can accounting software assist in better financial management for modern businesses?

Modern software, like ZarMoney, not only provides essential accounting functions but also offers tools designed for current business needs, ensuring extensive financial management.

5. Are there any Free Wave alternatives?

Many leading alternatives provide trial versions, giving users a glimpse of their capabilities. ZarMoney, for instance, offers a trial that showcases its extensive feature set.

6. How does ZarMoney's financial reporting stack up against Wave Accounting?

ZarMoney provides detailed financial reports designed to modern business needs, often considered more extensive than Wave's.

7. Can Wave Accounting Alternatives Handle Inventory Management?

Yes, some Wave Accounting alternatives include inventory management features such as ZarMoney. This is particularly useful for businesses that need to track and manage their stock levels.

8. What Are the Key Features of ZarMoney as a Wave Accounting Alternative?

ZarMoney offers an array of key features, including bank synchronization, automatic tax calculation and payment, financial reporting, and more. These features enable businesses to facilitate their accounting workflows and maintain compliance with regional rules.

9. Are Wave Accounting Alternatives Suitable for Small Businesses?

Yes, Wave Accounting alternatives like ZarMoney are often designed to cater to small businesses, providing essential accounting features along with scalability as the business grows.