Wave vs QuickBooks Online: Best Accounting for Trades Businesses

As a plumber, electrician, or HVAC business owner, you’re focused on getting jobs done, managing crews, and keeping customers happy—not on spending hours wrestling with your books. Choosing the right accounting software can make all the difference in keeping your finances organized, saving on taxes, and running a profitable trades business.

Two of the most popular options for small businesses are Wave Accounting and QuickBooks Online. But which one is right for your trade business? Let’s break down the pros and cons of each so you can make an informed decision.

Why Trades Businesses Need Strong Bookkeeping Tools

Plumbing, electrical, and HVAC companies face unique bookkeeping challenges:

• Tracking expenses for tools, vehicles, and materials
• Managing invoices and customer payments
• Handling payroll for employees or subcontractors
• Staying compliant with tax requirements

The right software should streamline these tasks, freeing up your time to focus on growing your business.

Wave Accounting for Trades Businesses
Wave Accounting is a free, cloud-based software that’s popular with solo operators and small trades businesses just starting out.

​Pros of Wave for Trades:

• Free basic features: Great for one-person businesses or startups trying to minimize costs.
• Easy invoicing: Quickly create and send invoices for service calls or projects.
• Expense tracking: Connects to your bank and credit cards for simple expense management.
• Simple to use: Wave’s interface is straightforward and beginner-friendly.

Cons of Wave for Trades:

• Limited scalability: Wave doesn’t offer advanced job costing, which many trades businesses need to track profitability on projects.
• Payroll limitations: Payroll is only available in select states and has fewer features compared to other platforms.
• No inventory tracking: If your business sells parts or materials, Wave won’t handle that well.

Best for: Solo plumbers, electricians, or HVAC techs just starting out who want a free, simple system for basic bookkeeping.


QuickBooks Online for Trades Businesses
QuickBooks Online (QBO) is one of the most widely used accounting platforms in the U.S. It’s especially strong for trades businesses that are growing and need more advanced features.

Pros of QuickBooks Online for Trades:

• Job costing and project tracking: Track revenue and expenses per project or job—essential for knowing whether each service call or install is profitable.
• Robust payroll options: QBO integrates with QuickBooks Payroll for paying employees or subcontractors.
• Inventory management: Helps track parts, tools, and supplies if your business sells or uses stock.
• Integrations: Connects with industry-specific apps like Housecall Pro or ServiceTitan, making it easier to manage scheduling, invoicing, and payments.
• CPA and bookkeeper friendly: Most professionals are highly familiar with QBO, making tax prep and bookkeeping smoother.

Cons of QuickBooks Online for Trades:

• Cost: Subscription plans start at a monthly fee, which can be a downside compared to Wave’s free offering.
• Learning curve: While powerful, QBO can feel overwhelming for business owners who want only the basics.

Best for: Growing trades businesses that need advanced reporting, payroll, and job costing—especially those with employees or multiple projects.


Final Thoughts: Which Is Right for Your Trades Business?

• If you’re a solo plumber, electrician, or HVAC tech just starting out, Wave Accounting can cover your basic needs at no cost.
• If you’re running a growing trades business with employees, multiple projects, or need job costing, QuickBooks Online is the stronger choice.

At Lakewood Bookkeeping & Support, we specialize in helping trades businesses choose and manage the right accounting software. Whether you’re looking to save money with Wave or get the most out of QuickBooks Online, we’ll make sure your books are accurate, organized, and working for you.

Need bookkeeping support for your trades business? Contact Lakewood Bookkeeping & Support today to get expert help tailored for plumbers, electricians, and HVAC companies.