Accounting in the Cloud: Vendor Shoot-Out Updated
By Kristopher Morrison @KrisJayMorrison | February 23, 2014
(This article has been updated to include Sage One Canadian Addition)
In an earlier article, we wrote about the benefits of cloud-based accounting software. Now, we will compare the three big accounting software providers.
QuickBooks has been one of the most popular and well known accounting softwares for years. Now, Intuit has released QuickBooks Online. They offer three packages; their most popular is QuickBooks Online Essentials costing $19 per month. If you want inventory tracking, you will need to go to their QuickBooks Online Plus package for $29 per month.
While FreshBooks does offer a free package, it is limited in its features. As a business owner, you are more likely to sign up for the Seedling or Evergreen packages, costing $19.95 per month and $29.95 per month respectively. The main differences between these two packages are the number of clients you can manage and the number of staff who can access the accounts.
Wave Accounting is completely free. Some features, such as payroll, are added as a paid module, but otherwise you can sign up and begin using the system without charge.
Sage One's Standard plan runs $24 per month and boasts unlimited online and phone support.
We have spoken with representatives from all four companies to put together a comprehensive list of their features.
Sage One - Canadian Addition
Set-up and admin
|Create Custom Chart of Accounts||Yes||No||Yes||Yes|
|Create Revenue and Expense Accounts||Yes||No||Yes||Yes|
|Set Pricing and Tax for Revenue Accounts||No||No||Yes||No|
|Customer and Expense Management|
|Create and Manage Customers||Yes||Yes||Yes||Yes|
|Create Invoices, Receive Payments and Make Deposits||Yes||Yes||Yes||Yes|
|Create and Manage Statements for Overdue Accounts||Yes||Yes||Yes||Yes|
|Enter and Pay Bills||Yes||Yes||Yes||Yes|
|Print Cheques||Yes||No||Yes - In Payroll||No|
|Set-Up Multiple Bank Accounts||Yes||Yes||Yes||Yes|
|Manage Multiple Currencies||Yes||Yes||Yes||No|
|Reconcile Bank Accounts||Yes||No||Coming early December||Yes|
|Connect to Bank and Import Bank Transactions||Yes||Yes||Yes||Yes|
|Connect to E-Commerce Banks Account (like PayPal)||No||Yes||Yes||Yes|
|Create and Apply Tax Codes to Invoices||Yes||Yes||Yes||Yes|
Track GST, HST and RST Tax Paid
|Automate GST/HST Returns||Yes||No||Included in sales report but not processed within Wave||No|
|Profit and Loss (P&L)||Yes||Yes||Yes||Yes|
|P&L Previous Year Comparison||Yes||No||No||No|
|Accounts Receivables Aging Summary||Yes||Yes||Yes||Yes|
|Open Balance Report||Yes||No||No||Yes|
|Other Popular Features|
|Payroll||Yes||No||Yes - Paid Module||No|
|Automatically Create Record of Employment (ROE)||Yes||No||Done by Wave staff upon request||No|
|Create Estimates and Convert to Invoice||Yes||Yes||Yes||Yes|
|Recurring Expense and Invoice Reminders||Yes||Yes||Yes||No|
|Create and Manage Journal Entries||Yes||No||Yes||Yes|
|Additional Apps Through an Apps Store||Canada coming Soon||Yes||Yes||No|
|Security and Protection Features|
|SSL Encryption||128-bit SSL||256-bit SSL||128-bit SSL||256-bit SSL|
|Active/Active or Similar Content Distribution||Yes||No||No||No|
|Anti-Fraud Detection Features||Yes - Reports to filter suspicious activity||No||Yes - In Payroll and Payments||No|