Wave vs Square
Detailed comparison to help you choose the right tool for your needs
W
Wave
Free accounting and invoicing for small businesses
4.4
Editorial RatingQuick Comparison
Rating
4.4
vs4.6
Starting Price
Free
vsFree
Pricing Model
free
vsfreemium
Feature
Wave
Square
Invoicing
Accounting
Receipt Scanning
Financial Reporting
Payment Processing
Payroll
POS System
Online Store
Inventory Management
Team Management
Wave Pros
- Core accounting and invoicing are completely free
- No client or invoice limits
- Clean and simple interface
- Good for freelancers and solopreneurs
- Receipt scanning via mobile app
- No credit card required to start
Wave Cons
- Limited integrations compared to competitors
- No inventory management
- Payroll is a paid add-on
- Payment processing fees are standard not discounted
- No project tracking or time tracking
- Reporting is fairly basic
Square Pros
- Free POS system with no monthly fees
- Excellent hardware options for in-person payments
- Integrated online and offline selling
- Fast next-day deposits as standard
- Easy to set up and start accepting payments
- Growing ecosystem with payroll, banking, and loans
Square Cons
- Processing fees are higher than negotiated merchant accounts
- Limited customization on the free tier
- Account stability issues reported by some merchants
- International availability is limited
- Advanced features require paid add-ons
- Not ideal for high-volume or enterprise businesses