Cheqbook vs Wave Accounting
Cheqbook
Cheqbook is much faster and easier to pick up for business owners while having the pro features that CPAs and bookkeepers need. We have found we can save business owners two weeks a year through our patent pending import and smart categorization. We built Cheqbook out of our own accounting firm here in Hawaii when we couldn't recommend any of the online solutions.
Wave
Wave Accounting set out to bring the success that Mint.com in personal accounting to business accounting. It is a free service that generates revenue supported by advertisements. Wave Accounting's interface is easy-to-use and the price is right. Key features, such as bank reconciliation and cash based accounting, keep it from being compelling. There is also concern about what part of your business data is shared with advertisers.
| Cheqbook | Wave Accounting | |
|---|---|---|
| AccuScore Smart Categorization | ✓ | |
| Unlimited Simultaneous Users in all plans | ✓ | ✓ |
| Is it fully functional accounting software? | ✓ | ✓ |
| Accrual Accounting | ✓ | ✓ |
| Cash reports | ✓ | |
| Journal Entries | ✓ | ✓ |
| Can Reverse | ✓ | |
| Memos by line item | ✓ | |
| Duplicate | ✓ | |
| Chart of Accounts | ✓ | ✓ (limited) |
| Add and Edit Chart of Accounts | ✓(only custom items) | ✓ (but not edit) |
| Assign default tax code | ✓ | |
| Easily access balance and transaction history | ✓ | ✓ |
| Reconciliation | ✓ | |
| Find matching transactions | ✓ | ✓ |
| Suggest transactions to create | ✓ | ✓ |
| Enter transactions from the reconciliation page | ✓(edit only) | ✓ |
| Split transactions (associate more than one account with a transaction) | ✓ | kind of |
| Assign taxes | ✓ | ✓ |
| Enter in payments from customers or payments to vendors | ✓ | ✓ |
| Create automation rules | ✓ | |
| Import Contacts | ✓ | |
| Import Bank Statements (format) | ✓(OFX, QFX, IFX) | ✓ (QFX, QBO, OFX, CSV, ASO ) |
| Sync with Bank/Credit Card | ✓ | ✓ |
| Import Items (products / services) | ✓ | |
| Host invoices online for customers to view | ✓ | ✓ |
| Estimates | ✓ | ✓ |
| Drafts | ✓ | ✓ |
| Attach documents to income transactions | ✓ | |
| Attach documents to expense transactions | ✓ | ✓ |
| Attach documents to other types of transactions | ✓ | |
| Can attach multiple documents to a single transaction | ✓ | |
| Basic reports | ✓ | ✓ |
| Customization of reports | ✓ | limited |
| Advanced reports | ✓ | |
| Batch edit transactions | ✓ | ✓ |
| Customize your email on a per invoice basis | ✓ | ✓ |