Wave Accounting vs Kashoo: Best Accounting Software for Small Businesses
As a small business owner, choosing the right accounting software can be a daunting task. With numerous options available, each offering unique features and pricing plans, selecting the best fit for your business needs requires careful consideration. In this article, we will compare two popular accounting software options, Wave Accounting and Kashoo, to help you make an informed decision.
Introduction: The Importance of Choosing the Right Accounting Software
Accounting is a crucial aspect of any business, regardless of its size. As a business owner, you need to keep track of expenses, sales, inventory, and taxes, among other things. Manual accounting can be time-consuming and error-prone, which is why many businesses are turning to automated accounting software to streamline their accounting processes. However, with so many options available, it can be difficult to choose the right accounting software for your business.
When selecting accounting software, it's essential to consider your business's specific needs and requirements. For example, if you have a large inventory, you may need software that can handle inventory management and tracking. If you have multiple locations or employees, you may need software that allows for collaboration and access from different devices. Additionally, you should consider the cost of the software, as well as any ongoing fees or support costs. By carefully evaluating your options and choosing the right accounting software, you can save time, reduce errors, and improve the overall efficiency of your business.
Overview of Wave Accounting and Kashoo
Wave Accounting is a Toronto-based accounting software company that offers free and paid automated accounting and invoicing tools. Founded in 2009, it currently serves over 4 million businesses worldwide. On the other hand, Kashoo is a Vancouver-based accounting software company offering cloud-based accounting and invoicing software. Founded in 2008, it currently serves over 30,000 businesses globally.
Both Wave Accounting and Kashoo offer a range of features to help businesses manage their finances. Wave Accounting's free software includes accounting, invoicing, and receipt scanning tools, while their paid versions offer additional features such as payroll and payment processing. Kashoo's software includes features such as bank reconciliation, expense tracking, and financial reporting.
One key difference between the two companies is their pricing models. While Wave Accounting offers a free version of their software, Kashoo provides a 14-day free trial before requiring users to subscribe to a paid plan. However, Kashoo's pricing plans are generally more affordable than Wave Accounting's paid options, making it a more budget-friendly choice for small businesses.
Features Offered by Wave Accounting and Kashoo
Wave Accounting offers a comprehensive range of features, including automated accounting, invoicing, receipt scanning, payroll management, and payment processing. The software is free to use, with additional paid features such as credit card processing and tax services available. Kashoo also provides a variety of features, including automated accounting, invoicing, receipt tracking, bank reconciliation, and expense tracking. The software offers a 14-day free trial, with different pricing plans based on the number of users and features required.
Wave Accounting uniquely integrates with other business tools such as PayPal, Shopify, and Etsy. This integration allows for seamless transactions and data transfer between platforms, making it easier for businesses to manage their finances. Additionally, Wave Accounting offers a mobile app that allows users to access their accounts and perform tasks on-the-go.
Kashoo, on the other hand, offers a feature called "Smart Inbox," which automatically categorizes and organizes receipts and invoices. This feature saves time and reduces the risk of errors in data entry. Kashoo also offers multi-currency support, making it a great option for businesses that operate internationally. With this feature, businesses can easily manage transactions in different currencies and receive real-time exchange rate updates.
Pricing Comparison Between Wave Accounting and Kashoo
Wave Accounting provides a free accounting software option with additional paid features such as credit card processing and payroll management. Kashoo offers a 14-day free trial, with pricing plans starting at $19.95 per month. Both companies offer affordable pricing plans, making them excellent choices for small businesses with limited budgets.
However, there are some differences between the two software options. Wave Accounting is known for its user-friendly interface and ease of use, making it a great option for those who are new to accounting software. On the other hand, Kashoo offers more advanced features such as inventory management and multi-currency support, making it a better choice for businesses with more complex accounting needs.
Another factor to consider is customer support. Wave Accounting offers email support and a comprehensive knowledge base, while Kashoo provides phone and email support during business hours. Depending on your business's needs, one option may be more appealing than the other.
Ease of Use and User Interface Comparison
Wave Accounting features a simple and user-friendly interface that makes accounting easy for small business owners. The software's dashboard displays the latest financial transactions, account balances, and cash flow, simplifying the management of invoices, expenses, and payments. Kashoo also boasts a user-friendly interface that streamlines accounting for small business owners. Its dashboard showcases the latest financial transactions, account balances, and payments, facilitating the management of accounting tasks.
However, when it comes to ease of use, Wave Accounting has an edge over Kashoo. Wave offers a more intuitive and streamlined user experience, with fewer clicks required to complete tasks. Additionally, Wave provides more customization options, allowing users to tailor the software to their specific business needs.
On the other hand, Kashoo offers more advanced features for accounting professionals, such as double-entry accounting and bank reconciliation. These features may be more suitable for businesses with more complex financial needs. Kashoo also offers a mobile app, which allows users to manage their accounting tasks on-the-go.
Customer Support Comparison
Wave Accounting provides free customer support through email, phone, and live chat, making it easy for users to get help when needed. The company also maintains an online help center with detailed articles and tutorials on various accounting topics. Kashoo offers customer support through email and phone, ensuring users can get assistance when required. The company also features an online help center with detailed articles and tutorials on different accounting subjects.
There are some differences in the level of customer support offered by Wave Accounting and Kashoo. Wave Accounting provides 24/7 customer support through live chat, while Kashoo's customer support is only available during business hours. Additionally, Wave Accounting offers a community forum where users can ask questions and receive answers from other users, a feature that Kashoo does not provide.
Regarding the quality of customer support, Wave Accounting has received high ratings for its customer service, with many users praising the quick response times and the helpfulness of the support team. Kashoo has also received positive feedback for its customer support, though some users have reported longer wait times for responses and less helpful support.
Integrations Offered by Wave Accounting and Kashoo
Wave Accounting integrates with a range of third-party applications, including PayPal, Shopify, and Etsy, among others. The software also has an open API that allows users to build custom integrations. Kashoo integrates with various third-party applications, including Stripe, PayPal, and Square, among others.
Additionally, Wave Accounting offers integration with Google Sheets, enabling users to import and export data between the two platforms. Kashoo also provides integration with HubSpot, allowing users to sync customer data and invoices between the two systems.
Security Features Comparison
Wave Accounting utilizes bank-level security to protect user data, featuring SSL encryption and secure servers. The software also requires two-factor authentication for added security. Similarly, Kashoo employs bank-level security with SSL encryption and secure servers, and it also mandates two-factor authentication for enhanced protection.
However, Wave Accounting offers an additional layer of security by regularly conducting vulnerability scans and penetration testing to identify and address potential security threats. This proactive approach ensures that the software remains up-to-date with the latest security measures and can swiftly respond to any security breaches.
On the other hand, Kashoo provides users with the ability to set up role-based access control, allowing them to manage who has access to sensitive financial information. This feature is particularly useful for businesses with multiple employees who need access to financial data, but not necessarily all of it.
Pros and Cons of Using Wave Accounting for Small Businesses
Pros:
- Free accounting software with additional paid features
- Simple and user-friendly interface
- Integrates with a range of third-party applications
- Offers a mobile app for iOS and Android devices
Cons:
- Limited payroll features
- Reports have limited customization options
- No phone support
Additional Information:
One additional advantage of using Wave Accounting is that it offers a mobile app for both iOS and Android devices, allowing small business owners to manage their finances on-the-go. The app provides access to key features such as invoicing, receipt scanning, and expense tracking, making it easier for business owners to stay on top of their finances even when they are away from their desk.
Pros and Cons of Using Kashoo for Small Businesses
Pros:
- Cloud-based accounting software
- Integrates with a range of third-party applications
- Offers a mobile app for iOS and Android
- Affordable pricing with a free trial period
Cons:
- No live chat support
- No automatic bank feeds feature
- Mobile app has limited features compared to the desktop version
Additional Information:
One additional advantage of using Kashoo for small businesses is its affordability. Compared to other accounting software options, Kashoo offers a relatively low monthly subscription fee, making it a cost-effective choice for small businesses with limited budgets. Additionally, Kashoo provides a free trial period, allowing businesses to test the software before committing to a subscription.
Final Verdict: Which Accounting Software is Better for Small Businesses?
Both Wave Accounting and Kashoo offer excellent accounting software for small businesses, each with unique sets of features and pricing plans. Wave Accounting is an excellent choice for businesses with limited budgets, while Kashoo is ideal for businesses that require a broader range of accounting features. Ultimately, the choice between Wave Accounting and Kashoo depends on your business needs and budget.
It is important to note that both Wave Accounting and Kashoo offer user-friendly interfaces and solid customer support. Wave Accounting has a larger user base and a more established reputation, while Kashoo, though a smaller player in the market, has received positive reviews for its innovative features.
Another factor to consider is the integration with other business tools. Wave Accounting integrates with a wide range of third-party apps, while Kashoo has more limited integration options. If your business relies heavily on other tools such as CRM or project management software, Wave Accounting may be the better choice.
Conclusion: Making the Right Choice for Your Business's Accounting Needs
Choosing the right accounting software for your business is crucial, as it can make a significant difference in your accounting processes. Wave Accounting and Kashoo are both excellent accounting software programs that offer unique sets of features at affordable prices. Evaluate your business's needs and budget to determine which software is right for you.
Consider factors such as the complexity of your accounting needs, desired integrations, pricing, and the level of customer support you require. By making an informed decision, you can ensure that your accounting processes are efficient, accurate, and scalable as your business grows.
