Use a spreadsheet when the business is simple and you will maintain it consistently. Choose Wave when free invoicing or conventional accounting matters. Choose Accountly when direct T2125 categories and built-in mileage matter more than bank feeds.
Last reviewed: September 20, 2026. Product features and prices can change.
Side-by-side comparison
| Feature | Spreadsheet | Wave | Accountly |
|---|---|---|---|
| Starting cost | No software fee | Starter is $0 | $8 CAD/month billed annually |
| Transaction entry | Manual | Manual on Starter; bank import on Pro | Manual and supported document capture |
| Receipt scanning | Attach files manually | Pro or $11 CAD/month add-on | Included |
| Invoicing | Build or reuse a template | Included | Included |
| Mileage | Build a log | Driversnote integration | Built-in automatic mobile tracking |
| GST/HST | Build calculations | Accounting and sales-tax tools | GST/HST records and reports |
| T2125 categories | Build the mapping | Map from general accounts | Built in |
| Accountant collaboration | Share the file | Available | Invite an accountant |
| Payroll | Build separately | Paid service | No |
| Bank feeds | No | Pro | No |
Wave currently lists Starter at $0 and Pro at $25 CAD monthly or $250 CAD annually per business. See Wave pricing. Accountly offers a 30-day trial and then costs $8 CAD per month when billed annually.
When a spreadsheet is enough
A spreadsheet can work for a small number of transactions when one person maintains it, stores every source document, protects formulas, and reconciles the totals regularly.
It becomes harder to manage when receipts, sales taxes, mixed-use expenses, mileage, multiple income sources, or accountant collaboration increase. The cost is time and control risk rather than a subscription.
When Wave is the better fit
Wave Starter is attractive when free invoicing and bookkeeping are enough. Wave Pro adds bank imports, transaction categorization, receipt capture, and other automation.
Wave uses conventional accounting rather than direct T2125 categories. It also offers mileage through a Driversnote integration rather than native tracking.
When Accountly is the better fit
Accountly organizes transactions into T2125 categories, stores receipt images, records invoices, tracks mileage in its mobile app, and lets users invite an accountant.
Its limitations are equally important: no bank feeds, payroll, automatic platform imports, currency conversion, tax filing, or automatic GST/HST registration alerts.
Compare Accountly’s receipt capture, mileage tracking, and T2125 reports, then start the 30-day trial if those are the parts you need.
Frequently asked questions
Is Wave free?
Wave Starter is $0. Features such as automatic bank imports and included receipt scanning are part of Pro, currently $25 CAD per month or $250 CAD per year in Canada.
Does Wave have mileage tracking?
Wave offers a Driversnote integration. Accountly has built-in mobile mileage tracking, while a spreadsheet requires a manually maintained log or another app.
Does Accountly have bank feeds?
No. Wave Pro is the only option in this comparison with automatic bank imports.
Can a spreadsheet support a T2125?
Yes, if it is complete and the categories are mapped correctly. The spreadsheet does not provide those controls or mappings unless you build and maintain them.
Which option files the tax return?
None of them replaces certified filing software or a tax professional. They prepare and organize records used in the filing process.
The information in this guide is for general informational purposes only and is not intended as accounting, tax, business, or legal advice. Accountly does not provide professional services or act as your accountant, tax advisor, or lawyer. No client relationship is created by your use of this material. Always seek advice from qualified professionals who understand your particular circumstances before acting on any information contained herein.