Banana Accounting Plus vs Wave

Banana Accounting Plus

Strengths

• +Excel-like interface for quick and easy transaction entry
• +Simple but comprehensive design accessible to non-accountants
• +New balance column and improved error alerts
• +Estimates, Invoices, and Inventory applications
• +Multi-currency support
• +Over 1,000 ready-to-use templates
• +Offline functionality
• +One-month free trial for testing

Limitations

• −Switch from one-time license to subscription model
• −Poor integration with other applications
• −Modest speed and performance

Wave

Strengths

• +User-friendly interface for non-accountants
• +Free plan covers essential features
• +Good mobile app experience
• +Reliable customer support

Limitations

• −Limited advanced accounting features
• −No EU data residency
• −Payroll only available in certain regions
• −Ads in free plan

Banana Accounting Plus

• Free Free No trial period, no registration requiredNo registration required, no personal data needed · 70 transaction limit · Unlimited Cash Book and Timesheet
• Professional CHF 89/year + VAT per yearSuitable for freelancers, start-ups, small businesses, and associations · Turnover up to 100,000 CHF · Standard features for professional results
• Advanced CHF 179/year per yearSuitable for experts and users with turnover over 100,000 CHF · Includes all Professional features · Automated Rules for bank transaction completion

Prices are exclusive of VAT. International pricing may vary.

Wave

• Free Free ForeverUnlimited invoices and estimates · Unlimited expense tracking · Unlimited receipt scanning
• Pro $16 MonthlyAll Free features · Unlimited credit card and bank connections · Automated expense categorization
• Payroll $40 MonthlyFull-service payroll · Tax calculations and filings · Direct deposit
• Advisors On request MonthlyAccess to bookkeeping and accounting coaches · On-demand support · Customized advice

Payroll and Advisors plans require a base fee plus an additional per-employee or per-contractor fee.

Banana Accounting Plus

Accounting

Double-entry accounting with Debit and Credit columns, Income & Expenses accounting, Multi-currency support with automatic exchange rate calculation, VAT management with effective VAT and flat tax rate methods

Invoicing

Professional invoice creation with QR code support for Switzerland, Estimate and delivery note creation, Bulk invoice generation from Excel data (Advanced plan), Automatic conversion of estimates to invoices

Reporting

Customizable professional reports (balance sheet, income statement, transaction journal, budget), Financial reports at a glance, Account details and card views, VAT summaries and reports

Productivity Applications

Timesheet management with automatic monthly reporting, Inventory/Stock management with item tracking and location-based journals, Fixed Asset Register with depreciation tracking, Estimates and invoices management

Data Management

Bank transaction import with ISO 20022 standard (Professional plan), Automated Rules for bank statement transactions, Filter and temporary Sort Rows for quick data review, Digital document linking with PDF attachments

Wave

Accounting

Track income and expenses, Manage multiple businesses, Generate financial reports, Bank reconciliation

Invoicing

Create and send professional invoices, Automate recurring invoices, Track invoice status, Accept credit card payments

Receipts

Scan and upload receipts, Match receipts to transactions, Store receipts digitally, Export receipt data

Payroll

Calculate payroll taxes, Direct deposit for employees, Generate pay stubs, Track employee hours