Even when it comes to choosing the ideal online accounting solution, the most important question for businesses, aside from getting software that has the most essential features, is the price tag of the solution. Let us rephrase the question: would you prefer almost complete software for a monthly price or a free solution without some essential features? This is the case of two very similar accounting solutions, super basic Kashoo and free of charge Wave; both of them have features that are not present in the other and both of them want to convince small business owners.
|Free Trial||Free Trial||Free Trial|
|Time Sheet Sharing|
|Multiple Tax Rates|
|Windows Mobile App|
|Receipt Processing||iOS only|
|Integrations & Extra Services|
|Paper Invoice Service|
|Credit Card Payments|
|Lowest Price||$16/mo||Free of Charge|
|1 Month Plan||$29.95/mo||n/a|
|3 Months Plan||n/a||n/a|
|6 Months Plan||n/a||n/a|
|1 Year Plan||$24.99/mo ($299.95)||n/a|
|Free Trial||14 days|
|Money-Back Guarantee||30 days|
Online accounting solution Kashoo originates from Canada and has been on the accounting market since 2008. The motto of the company is simplicity, which clearly shows in this software made for sole proprietors and small businesses. Despite its rather dull design, every single feature you need to run a successful business is here: invoices, bills and expenses even in different currencies and with multiple tax rates. There is also a rather primitive, but perfectly functioning projects feature, automated report generation, and an inventory to which you can add the items you sell. Unlike many similar accounting solutions Kashoo allows you to create and print checks as well.
Kashoo has two applications developed for Android and iOS platforms, but only the app for the latter platform serves as a complete substitute of the desktop version thanks to its capability to send invoices and process captured receipts. This software only integrates with four third party applications and services available in the U.S., but an API is also offered and supported. Even though the customer service is not available 24/7, you have every contact method you need: email, phone, live chat. Furthermore, as a Kashoo client you get access to a detailed knowledge base called Kashoo U. As a new subscriber you have a 14-day trial period, after which you can choose from the monthly subscription for $29.95 per month or the pre-paid annual subscription for $25 per month ($299.95 per year) the fee of which can be reduced by 66% during tax time.
Wave is also a Canada-based accounting solution and is intended for entrepreneurs, freelancers and businesses with 9 employees or less. Like Kashoo, this is also software that wants to keep things as simple as possible, therefore it mostly focused on the most essential accounting features: (recurring) multi-currency invoices, estimates and bills, basic reports (with the exception of profit & loss) and an inventory. There is also a receipt processing feature which allows you to upload your receipts either from your computer or from your mobile device. If you want to get paid faster, you can add the online payment option to your invoices which costs 2.9% + $0.30 per transaction.
Wave Accounting only integrates with three different third party services, but as the company offers and supports an API this number is very likely to grow in the future. You can access your account using mobile applications, and manage your invoicing, receipts, payments and payroll. But if you have an Android device, you can only use Receipts by Wave which, by the way, is quite fast and effective. However, Wave’s greatest weapon against its competitors is its pricing policy: the software costs $0.00 for unlimited access, users, clients and the most essential accounting features. Unfortunately this comes at a price: even though Wave provides many forms of customer support like an FAQ, forums, tutorials and social media coverage, you have to pay $9 per month for chat support and $19 per month to include phone support as well.
Like we said before, it is quite hard to decide which solution is the better. Kashoo is the perfect example of a super simplistic online accounting solution that has everything you need to keep everything organized. You can create multi-currency invoices, bills, expenses, but you can also print checks, start new projects, or even add items to your inventory. And for a rather generous subscription fee, which may be reduced if you create an account during tax time, you get the software, mobile applications, and a complete customer service. Wave Accounting is completely free of charge with the exception of the online payment option and the addition of certain customer service contact methods like phone and chat. But regardless of its non-existing price you will get perfectly functioning software that knows all the essential features like invoicing, quoting, billing and managing expenses either on desktop or on mobile.