Running an international business comes with unique financial challenges that standard accounting software may not address.
In this post, we'll compare Wave and QuickBooks Online to see which provides better support for multi-currency transactions, tax compliance across borders, and a streamlined experience for users everywhere.
You'll discover the key differences between these two popular platforms when it comes to scaling globally, so you can determine which solution best fits the needs of your growing company.
Introducing Wave and QuickBooks Online: A Guide for International Users
Wave and QuickBooks Online are two popular cloud-based accounting software solutions ideal for small and medium-sized businesses. Both offer easy-to-use platforms accessible from anywhere, with features tailored to simplify financial management for entrepreneurs and small teams.
When operating globally or expanding into new markets abroad, choosing the right financial software is key. Aspects like multi-currency support, international taxation tools, and localized language options enable seamless integration no matter where your business resides.
Below we explore what sets Wave and QuickBooks Online apart when it comes to suitability for international usage. Discover how they compare across critical factors global businesses require from modern financial software.
Discovering WaveApps: A Free Alternative
Wave is a 100% free, cloud-based accounting software ideal for early-stage and bootstrapped small businesses. Standout features include:
- Invoicing and billing
- Bank connections and transactions
- Accounting overview dashboards
- Receipt scanning
- Payroll services
- Payments processing
As Wave is entirely free, it presents an appealing option for solopreneurs and microbusinesses seeking basic financial oversight without a paid subscription.
However, Wave does lack some advanced capabilities larger operations depend on over time, like:
- Robust inventory management
- Customizable reporting
- Expense tracking
- 3rd party integrations
- Time tracking
So while Wave excels at fundamental money management free of charge, growing international companies may desire more sophisticated tools.
Exploring QuickBooks Online vs WaveApps: The Paid Advantage
QuickBooks Online is the leading paid subscription online accounting platform for small business. With 3 pricing plan tiers available, it packs an immense selection of features like:
- Invoicing and payments
- Payroll
- Bank reconciliations
- Expense tracking
- Time tracking
- Inventory management
- Customizable reports
- 3rd party integrations
For multi-national operations, QuickBooks Online enables:
- Multi-currency support
- VAT compliance for over 110 countries
- Translated interfaces in 7 languages
These specialized capabilities provide global businesses essential financial clarity as they traverse different currencies, taxation environments, and languages abroad.
In summary, Wave delivers capable free foundations for early stage ventures, while QuickBooks Online drives more advanced functionalities demanded by mature international companies. Consider which best matches your expanding needs and budget when choosing financial software to fuel overseas growth.
Is Wave accounting as good as QuickBooks?
Wave is best suited for freelancers and small businesses that need an easy-to-use invoicing and accounting solution at a low cost. QuickBooks Online offers more advanced features for medium to large businesses with more complex needs.
Here is a high-level comparison:
Features and Capabilities
- Wave offers basic accounting features like invoicing, expense tracking, bank connections, and financial reporting. QuickBooks Online has more advanced accounting capabilities like inventory management, payroll, and custom reporting.
Ease of Use
- Wave provides an intuitive, user-friendly interface that is easy for non-accountants to navigate. QuickBooks Online can have a steeper learning curve.
Pricing
- Wave is 100% free to use. QuickBooks Online starts at $25/month for simple bookkeeping needs. Pricing scales with business size and feature set.
Ideal User
- Wave is ideal for freelancers, solopreneurs, and very small teams doing basic accounting tasks. QuickBooks Online suits larger businesses with assigned accounting staff.
So in summary - Wave works beautifully for simple use cases, while QuickBooks better meets the needs of mid-sized and enterprise companies. Evaluate your accounting requirements and budget to decide which solution best matches your business needs. Many small firms start with Wave and graduate to QuickBooks as they grow.
Is wave accounting only for US and Canada?
Wave is designed for small businesses in the United States and Canada. When you sign up, you can only select USD or CAD as your business's currency. This limits Wave's accessibility for international users from other countries.
However, if you already have a Wave account set up, you can add additional businesses within your existing account and specify the country and currency when creating each new business profile. So Wave does provide some flexibility if you want to use it to manage multiple international entities. But it still centered around serving US and Canadian companies.
If you're looking for a cloud accounting solution to handle multi-national or non-North American operations, QuickBooks Online may be a better fit. Their global version allows you to conduct business in multiple currencies, produce financial statements tailored to different countries, manage international tax compliance, and more. The global QBO plan also includes support for over 130 currencies.
So in summary:
- Wave only supports USD and CAD as currencies, limiting its usefulness outside the US and Canada
- But existing Wave users can add international businesses within their account
- QuickBooks Online offers full-featured global capabilities for multiple currencies and countries
- Making it better suited for complex international accounting needs
For most small businesses in the US and Canada, Wave provides solid free features. But if you need to handle global financials across borders, QuickBooks Online is likely the way to go. Considering your specific country, currency, reporting, and compliance needs can help determine which one meets your situation best.
What countries support wave accounting?
Wave is currently only available to small businesses in the United States and Canada. This regional availability allows Wave to provide tailored products and personalized support for North American companies.
Specifically, Wave offers free and unlimited invoicing, accounting, and receipt scanning designed for the tax structures and regulations in the US and Canada. Their software integrates with local payment processors and bank accounts to enable easy set up.
Additionally, Wave focuses their marketing, sales, and support efforts on the needs of American and Canadian businesses. With English-speaking customer service teams based in North America, they can provide relevant guidance for regional customers.
So in summary, Wave restricts its services exclusively to the United States and Canada. This strategic choice allows them to develop specialized products and deliver targeted services for small businesses operating in those countries. Expansion to other regions is not a current priority.
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Can QuickBooks be used for international business?
QuickBooks Online offers powerful features for businesses with international operations. It supports multiple currencies so you can invoice customers and pay vendors in local currencies. You can track exchange rates over time to calculate gains and losses. QuickBooks also connects with global payment processors for easier overseas money transfers.
With customizable invoices, estimates, and sales orders, you can tailor transactions to localized formats and languages. Built-in multi-lingual support even lets you switch the interface language at any time.
For more advanced global accounting, QuickBooks lets you set up separate books for each business entity across countries. You maintain local legal compliance while rolling reporting up to a single consolidated company file. Rules-based logic automatically calculates cross-border sales tax and VAT collection.
Whether you have overseas customers, international vendors, or global business entities, QuickBooks Online equips you with borderless accounting software and payments. Sign up for QuickBooks Online Accountant free to access training and certification for supporting international clients. Leverage cloud access to manage finances from anywhere. Automate currency conversions and consolidate reports globally. QuickBooks empowers your accounting team to scale across borders.
Wave Accounting vs QuickBooks: Core Features Face-Off
We analyze Wave and QuickBooks Online's core accounting, payments, reporting, and other features critical for international users.
Accounting and Invoicing Showdown
Wave and QuickBooks Online both provide robust accounting and invoicing capabilities suitable for most small businesses.
Some key differences:
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Custom Invoices: QuickBooks Online has more customizable invoice templates and branding options compared to Wave. This allows businesses to craft professional invoices tailored to their brand.
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Accounts Payable/Receivable: QuickBooks Online has dedicated AR and AP workflows to easily track unpaid customer invoices and money owed to vendors. Wave's AP/AR capabilities are more basic.
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Reporting: QuickBooks' custom reports and visualizations like profit/loss statements are more flexible than Wave's. However, Wave's reporting satisfies most basic business needs.
Both tools handle core tasks like tracking income/expenses, managing bank/credit accounts, and creating quotes and estimates. QuickBooks simply has more advanced accounting options that may benefit larger or more complex organizations.
Overall, Wave provides the essential accounting features for most international users at zero cost, while QuickBooks is better suited for sizable businesses needing robust accounting.
International Payments and Billing: Who Does it Better?
For global businesses, seamless billing and payment processing is critical.
Payments: QuickBooks Online integrates with PayPal, Stripe, and other leading payment gateways to accept credit cards both online and in-person. Local payment options help serve international clients. Wave also offers payment processing through Stripe, but has fewer gateway choices than QuickBooks.
Recurring Billing and Subscriptions: QuickBooks makes recurring billing and subscription payments easy with dedicated workflows to automatically charge clients on schedules. Wave lacks recurring billing capabilities.
Online Billing: Both Wave and QuickBooks provide online payment links to easily request money from customers. QuickBooks delivers more customization and communication tools to polish the client billing experience.
Multi-Currency Support: Wave and QuickBooks handle transactions in multiple currencies smoothly, enabling businesses to send invoices and accept payments from overseas clients.
QuickBooks Online edges out Wave for businesses needing advanced payments, automated billing, and more ways to get paid globally. But Wave satisfies the basic payment and invoicing needs for many international users without monthly software fees.
User Experience: QuickBooks Online vs WaveApps
We evaluate the learning curves, interfaces, implementation, and customer support offered by both platforms.
Kickstarting Your Accounting Software Journey
When starting out with a new accounting software, having a smooth onboarding process is key to getting up and running quickly.
Both QuickBooks Online and Wave offer guided setup workflows to help you migrate existing data or start fresh. QuickBooks provides product tours and "how-to" videos for common tasks, while Wave uses visual cues and tips throughout the interface. Those with no accounting experience may find Wave slightly more intuitive initially.
Customization can empower users to build the workflows that best suit their business. QuickBooks Online lets you tag transactions and create over 100 customizable reports from scratch. WaveApps delivers easy-to-use invoicing, automated reminders and templates, as well as integration with various ecommerce platforms.
Overall, QuickBooks caters well to small businesses seeking greater accounting sophistication, while Wave suits early-stage and cash-based businesses with its simplicity.
Navigating the Interfaces: Simplicity vs. Sophistication
The dashboard is the homebase for daily interactions in your accounting software. Both QuickBooks and Wave provide an overview of key financial metrics, though Wave's is more visual while QuickBooks adds advanced reporting.
In terms of menus and navigation, QuickBooks Online has more features and workflows to manage finances, so new users may be overwhelmed. However, QuickBooks also offers robust customer support resources to guide you. WaveApps prioritizes ease of use with its clean interface, but may lack capabilities for larger businesses.
When recording everyday transactions, WaveApps presents straightforward data entry forms minimizing accounting jargon. In contrast, QuickBooks Online uses traditional accounting terminology which could slow non-accountants down initially.
Overall, WaveApps delivers on fast adoption with its intuitive interface, while QuickBooks Online unlocks greater accounting customization through countless features and reports, at the cost of a steeper learning curve.
QuickBooks vs Wave vs Xero: Multi-Currency Mastery for Global Use
We analyze Wave and QuickBooks Online's key features when it comes to supporting international/multi-currency transactions and localization, with a nod to how Xero compares.
Handling Multiple Currencies with Ease
QuickBooks Online offers robust multi-currency support, enabling businesses to track income and expenses in over 160 currencies. It automatically updates exchange rates daily, so amounts reflect current values when generating financial reports or reconciling transactions. Users can also manually update rates any time.
Wave also handles multiple currencies smoothly. It tracks exchange gains and losses automatically, so companies know the true bottom line. Custom and historic currency rates can be set for accurate reporting. Wave even supports bank feeds with foreign transactions, auto-converting amounts into the home currency.
Xero provides multi-currency tracking as well, including up-to-date exchange rates. But its support for overseas bank feeds is limited compared to QuickBooks and Wave.
Overall, all three platforms allow smooth multi-currency workflows. QuickBooks Online has the edge for easily reconciling imported bank transactions from international sources. Wave is best for manually tracking currency gains/losses at a granular level.
Local Compliance and Global Tax Support
QuickBooks Online enables customization for over 100 countries' tax rules and rates, ensuring compliance wherever users operate. Location-specific sales tax calculations, VAT settings, tax codes, and reporting come built-in based on business type. Automations like free bank feeds, invoicing, and billing further reduce tax workflow headaches.
Wave provides some basic global tax tools, but lacks the depth offered by QuickBooks Online. Users must set up VAT calculations, reporting, and integrations themselves in many cases. However, Wave's accounting feature set may suffice for simpler international needs.
Xero offers robust tax settings as well, on par with QuickBooks. It accommodates various business types across over 100 countries. Location-specific tax rates, codes, rules, and reporting help users stay compliant. The platform even supports complex needs like deferred revenue accounting.
For global companies, QuickBooks Online is the best choice for smoothly managing international tax workflows, ensuring compliance, and eliminating manual work. Xero provides comparable depth for high-end accounting needs. Wave meets simpler multi-currency tracking needs on a budget.
Crossing Borders: Choosing Between Wave and QuickBooks Online for International Business
Quick Recap of Key Differences in International Context
Wave and QuickBooks Online both offer features to support international businesses, but have some key differences.
QuickBooks Online provides robust multi-currency support and automated tax calculations for over 110 countries. This makes tax compliance and financial reporting much easier for global businesses. However, the interface can be complex for basic users.
Wave has a simpler interface and basic multi-currency support. However, users have to handle more tax calculations and financial reporting manually. This can become burdensome for larger international businesses.
So QuickBooks Online reduces accounting complexity for global businesses, while Wave offers easier onboarding for microbusinesses just starting to expand internationally.
Deciding Who Benefits Most: Wave vs QuickBooks for Global Users
Based on the key differences summarized above, here is our recommendation on which solution suits different international user needs:
Wave is ideal for solopreneurs and microbusinesses just beginning to work with international clients. The simple interface and basic multi-currency make it fast to get started. But as compliance needs grow, the manual work can become overwhelming.
QuickBooks Online better serves established small businesses with more complex international operations across multiple countries. The automated global tax engine reduces compliance friction. And the strong reporting supports better financial analysis. The learning curve is steeper, but the long-term productivity gains are worth it for larger globalized businesses.
So in essence: Wave offers better onboarding, while QuickBooks Online enables easier long-term scaling across borders. Evaluate your current and future needs to decide which one delivers the specific benefits most useful for your expanding international business.
