Wave VS Zoho - Jun 2024

Shlomi Lavi / updated: Jun 03, 2024

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Wave vs Zoho (Core Accounting Software Category)

Functionality

Wave and Zoho both offer core accounting features such as invoicing, expense tracking, and financial reporting. However, Wave is more focused on small businesses and freelancers, offering free accounting software with the option to pay for additional services. On the other hand, Zoho provides a broader suite of business applications beyond accounting, such as CRM, project management, and HR.

Waves invoicing and payment processing features are robust, allowing users to create and send professional invoices and accept online payments. Zoho, on the other hand, offers more advanced customization options for invoices and supports multiple languages and currencies.

When it comes to expense tracking, both Wave and Zoho allow users to categorize expenses, capture receipts, and generate expense reports. Zoho, however, offers more advanced expense management features such as mileage tracking and per diem allowances.

Wave and Zoho both provide basic financial reports such as profit and loss statements and balance sheets. Zoho, being a more comprehensive business suite, offers more advanced reporting capabilities with custom report creation and dashboards.

Pros and Cons

Waves pros include its free accounting software for small businesses, user-friendly interface, and integrated payment processing. However, its limitations lie in the lack of advanced features and customer support compared to Zoho.

Zohos pros include its comprehensive suite of business applications, advanced customization options, and robust reporting capabilities. On the downside, Zoho may be overwhelming for small businesses that only require core accounting features, and it comes with a steeper learning curve.

Pricing

Wave offers a free accounting software with additional fees for payroll and payment processing. Payroll costs $20 per month plus $6 per employee, while payment processing fees are 2.9% + 30 cents per transaction for credit card payments and 1% (minimum $1) for bank payments.

Zohos pricing for its accounting software starts at $9 per organization per month for the Basic plan, $19 for the Standard plan, and $29 for the Professional plan. For 10 users, the estimated monthly cost would be $90 for Wave and $90 for Zohos Basic plan, $190 for the Standard plan, and $290 for the Professional plan. For 100 users, the estimated monthly cost would be $600 for Wave and $900 for Zohos Basic plan, $1,900 for the Standard plan, and $2,900 for the Professional plan.

User Interface

Waves user interface is clean and simple, suitable for small businesses and freelancers. It is optimized for both desktop and mobile use, allowing users to manage their accounting tasks on the go. Zohos interface is more comprehensive due to its suite of business applications, offering a unified experience for accounting and other business functions.

Integration

Wave integrates with payment processors such as Stripe and PayPal, as well as third-party apps like Etsy and Shopify. Zoho offers integrations with a wide range of applications including Zapier, G Suite, and Microsoft Office 365. The architecture of Waves integrations is more focused on payment processing and e-commerce platforms, while Zohos integrations extend to various business functions beyond accounting.

Scalability

Wave is suitable for small businesses and freelancers, offering basic accounting features that may not scale well for larger enterprises. Zoho, with its comprehensive suite of business applications, is more scalable and can accommodate the needs of growing businesses.

Security

Wave and Zoho both prioritize data security and offer features such as data encryption, regular backups, and secure login protocols. While specific security awards may vary, both software have a good track record in protecting user data.

Reporting and Analytics

Commonly used reports in Wave include profit and loss statements, balance sheets, and cash flow statements. Zoho offers a wider range of reports including sales performance, expense analysis, and budget vs actuals reports.

Support and Maintenance

Wave provides email support with a knowledge base for self-help. Zoho offers email and phone support along with extensive documentation and user forums. Both software have satisfactory SLAs for issue resolution.

Training and Implementation

Training for Wave is relatively quick due to its user-friendly interface, with minimal additional costs. Implementation can be done in a few weeks for most businesses. On the other hand, Zohos comprehensive suite may require more training time and potentially additional costs for customization. Implementation may take longer, typically a few weeks to a couple of months.

Flexibility

Wave is suitable for small businesses and freelancers but may have limitations in terms of scalability and customization. Zoho, with its wide range of business applications, provides more flexibility for businesses with diverse needs and room for growth.

Data Migration

Both Wave and Zoho offer assistance and tools for data migration, making the process relatively straightforward for users. While the complexity of migration may vary depending on the size of the business, both software providers aim to simplify the transition.

Mobile Access

Wave and Zoho both offer mobile applications for managing accounting tasks on the go. Waves mobile app has a simple and intuitive UI/UX, suitable for small business owners. Zohos mobile app provides access to a wider range of business functions beyond accounting, catering to users with more comprehensive needs.

Cloud-based or On-premise

Both Wave and Zoho are cloud-based accounting software, offering the flexibility of accessing data from anywhere with an internet connection. This cloud-based approach allows for seamless updates and data synchronization across devices.

Vendor Reputation

Wave was launched in 2010 and has garnered a considerable user base among small businesses and freelancers. Zoho, with its suite of business applications, has been in the market since 1996 and serves a diverse range of customers globally. Both software providers have established a strong reputation in the industry.

Industry Certifications

Wave and Zoho have won several awards in the past years for their accounting and business software solutions. Wave has been recognized for its user-friendly interface and affordability. Zoho has received awards for its comprehensive suite of business applications and customization options.

User Reviews

Online sentiment for Wave is generally positive, with users appreciating its ease of use and cost-effective pricing. Users rate Wave at 85 out of 100 for user sentiment. Zoho also receives positive feedback for its comprehensive features, although some users find it complex to navigate. Users rate Zoho at 80 out of 100 for user sentiment.

Technical Requirements

Wave and Zoho are cloud-based software, requiring only an internet connection and a compatible web browser for access. Both software have minimal technical requirements and can be used by businesses with basic IT infrastructure and minimal IT support.

Implementation Timeline

On average, Wave can be implemented within a few weeks due to its simplicity and ease of use. Zohos implementation timeline may vary depending on the level of customization and training required, typically ranging from a few weeks to a couple of months. Vendor support is available for both software to assist with the implementation process.

Vendor Stability and Compliance

Wave and Zoho are established software providers with a history of stability and compliance with industry regulations. Both vendors prioritize data security and adhere to best practices in software development and maintenance.