Both packages are with unlimited number of society/association members:
With QuickBooks Online Accounting Software
With WaveApps Online Accounting Software
WaveApps is equally robust with all the everyday features and gets five stars for simplicity. Ideal for small societies/associations (around 50-60 units) where one of the members or a staff member, rather than a professional bookkeeper, enters data into the accounts.
Automated recurring invoicing, direct downloading of bank transactions, recording and classifying receipts and expenses, generating a bunch of reports, multiple users, secure access and backups, mobile apps, and more, are all included in WaveApps.
However, some of the features (not an exhaustive list) in QuickBooks Online that are not available in WaveApps:
(a) Location and Class Tracking: Breaking up and classifying receipts and expenditures to locations or departments or buildings within the society/association and generating reports based on location and class. This feature is useful for very large societies/associations with several buildings under their management, if they wish to have such reports generated.
(b) Budget Creation: Facility to create society/association budgets based on historical amounts or from scratch with facility to sub-divide it based on location and class. WaveApps alternative is to create budgets outside of the accounting system.
(c) Reconciliation of Accounts: Streamlined process to reconcile accounts to ensure the accuracy of accounting records. In WaveApps it is a rather manual process.
(d) Payroll Accounting: Integrated with accounting and available optionally (at an extra cost) in QuickBooks, is currently not available in WaveApps for India but maybe implemented in future. With only a few staff members, one may not need a full-fledged payroll accounting add-on.
(e) Time Tracking: Giving employees and sub-contractors limited access to enter time worked. WaveApps alternative is to use external time-tracking sheets, if you at all need to keep such records.
(f) Recurring Invoicing: Both QuickBooks and WaveApps have a superb system of sending out recurring invoices automatically. WaveApps additionally lets you set non-payment reminders to be sent automatically, not available in QuickBooks where reminders have to be sent manually.
However, any change in recurring invoices, e.g. due to change in maintenance charges, can be updated in QuickBooks in one click for all members, but requires editing each member’s invoice individually in WaveApps. Being a small society/association, it may not be too much of a burden to edit the recurring invoices once in a while.
(g) Audit Trail: Audit log of each financial transaction as it is added, changed or deleted. Lets you see who made the changes and exactly what changes were made. Feature is useful where multiple users update accounting records, it is not available in WaveApps.
In addition to being a Certified ProAdvisor and Gold Member of QuickBooks Online, Coop Manager is a member of the WaveApps ProNetwork too.