Best Accounting Software Compared
| Software | Monthly Price | Best For | GST/HST | Payroll | Bank Feeds | Users |
|---|---|---|---|---|---|---|
| Wave | Free | Freelancers, sole props | Yes | $40/mo add-on | Yes | Unlimited |
| QuickBooks Online | $22–$65/mo | Growing businesses | Yes | $22/mo add-on | Yes | 1–25 |
| FreshBooks | $22–$60/mo | Service businesses | Yes | Yes (add-on) | Yes | 1–15 |
| Xero | $18–$54/mo | Growing businesses | Yes | Gusto integration | Yes | Unlimited |
| Sage | $25–$55/mo | Manufacturing, inventory | Yes | Built-in | Yes | 1–many |
| Kashoo | $22/mo (flat) | Simple businesses | Yes | No | Yes | 1 |
Feature Comparison
| Feature | Wave | QuickBooks | FreshBooks | Xero | Sage |
|---|---|---|---|---|---|
| Invoicing | Unlimited | Unlimited | 5–500 | Unlimited | Unlimited |
| Expense tracking | Yes | Yes | Yes | Yes | Yes |
| Receipt scanning | Yes | Yes (mobile) | Yes (mobile) | Yes (Hubdoc) | Yes |
| Bank reconciliation | Yes | Yes | Yes | Yes | Yes |
| GST/HST reports | Yes | Yes | Yes | Yes | Yes |
| Inventory tracking | No | Yes (Plus/Advanced) | No | Yes | Yes |
| Project tracking | No | No (Plus has) | Yes | Yes | No |
| Multi-currency | No | Yes (Essentials+) | Yes | Yes | Yes |
| Recurring invoices | Yes | Yes | Yes | Yes | Yes |
| Time tracking | No | Yes (Essentials+) | Yes | Yes | No |
| Financial reports | Basic | Comprehensive | Basic | Comprehensive | Comprehensive |
| Mobile app | Yes | Yes | Yes | Yes | Yes |
| Number of users | Unlimited | 1–25 | 1–15 | Unlimited | Varies |
Pricing Details
QuickBooks Online (Canada)
| Plan | Monthly Price | Users | Invoices | Key Features |
|---|---|---|---|---|
| Simple Start | $22/mo | 1 | Unlimited | Basic bookkeeping, invoicing, bank feeds |
| Essentials | $40/mo | 3 | Unlimited | + Bill management, time tracking, multi-currency |
| Plus | $55/mo | 5 | Unlimited | + Inventory, project tracking, budgets |
| Advanced | $65/mo | 25 | Unlimited | + Custom reports, batch invoicing, workflows |
FreshBooks (Canada)
| Plan | Monthly Price | Billable Clients | Key Features |
|---|---|---|---|
| Lite | $22/mo | 5 | Invoicing, expenses, time tracking |
| Plus | $36/mo | 50 | + Proposals, recurring invoices, late fees |
| Premium | $60/mo | 500 | + Project tracking, profitability reports |
| Select | Custom | Unlimited | + Dedicated support, custom onboarding |
Xero (Canada)
| Plan | Monthly Price | Key Limits | Features |
|---|---|---|---|
| Starter | $18/mo | 20 invoices/month | Basic bookkeeping |
| Standard | $38/mo | Unlimited | Full features, multi-currency |
| Premium | $54/mo | Unlimited | + Multi-currency, expense claims |
Best Software by Business Type
| Business Type | Best Choice | Why |
|---|---|---|
| Freelancer/sole prop (simple) | Wave | Free, unlimited invoicing |
| Freelancer (time billing) | FreshBooks | Best time tracking + invoicing |
| Small retail/e-commerce | QuickBooks Plus | Inventory + POS integration |
| Service business | FreshBooks or QuickBooks | Project tracking, invoicing |
| Growing business (5+ employees) | QuickBooks or Xero | Multi-user, payroll, scalable |
| Manufacturing | Sage | Inventory, job costing |
| Contractors | QuickBooks | Job costing, estimates |
| Restaurants/food service | Wave or QuickBooks | POS integration |
| Professional services (law, accounting) | Xero or QuickBooks | Time billing, trust accounting |
Annual Cost Comparison
| Software | Annual Cost | Payroll Add-On | Total (with payroll) |
|---|---|---|---|
| Wave | $0 | $480/yr | $480/yr |
| QuickBooks Simple Start | $264/yr | $264/yr | $528/yr |
| QuickBooks Essentials | $480/yr | $264/yr | $744/yr |
| FreshBooks Lite | $264/yr | N/A | $264/yr |
| Xero Standard | $456/yr | Third-party | $456+ |
| Sage | $300–$660/yr | Built-in | $300–$660/yr |