Xero vs Wave
A detailed comparison of Xero and Wave to help you choose the right tool for your needs.
💰 Pricing Comparison
| Plan | Xero | Wave |
|---|---|---|
| Free Tier | ✗ No | ✓ Free accounting and invoicing |
| Lowest Paid | $15/mo | Free |
| Enterprise | $78/mo | Paid payroll available |
⚡ Feature Comparison
| Feature | Xero | Wave |
|---|---|---|
| Invoicing | ✓ | ✓ |
| Bank reconciliation | ✓ | — |
| Expense claims | ✓ | — |
| Purchase orders | ✓ | — |
| Reporting | ✓ | — |
| Payroll | ✓ | — |
| Inventory | ✓ | — |
| Multi-currency | ✓ | ✓ |
| Projects | ✓ | — |
| Mobile app | ✓ | ✓ |
| Accounting | — | ✓ |
| Receipt scanning | — | ✓ |
| Financial reports | — | ✓ |
| Bank connections | — | ✓ |
| Payments | — | ✓ |
| Payroll (paid) | — | ✓ |
| Dashboard | — | ✓ |
| Open Source | ✗ | ✗ |
| Rating | ⭐ 4.3 | ⭐ 4 |
Pros & Cons
Xero
Pros
- ✓ Beautiful interface
- ✓ Great bank reconciliation
- ✓ Large app ecosystem
- ✓ Good for non-US businesses
Cons
- ✗ Limited US payroll
- ✗ Can be pricey
- ✗ Reporting limitations
- ✗ Learning curve
Wave
Pros
- ✓ Completely free
- ✓ Easy to use
- ✓ Good for basics
- ✓ Receipt scanning
Cons
- ✗ Limited features
- ✗ No inventory
- ✗ No time tracking
- ✗ Basic reporting
🏆 The Verdict
Choose Xero if: You need small businesses outside the us. Xero excels with its beautiful interface and great bank reconciliation.
Choose Wave if: You need freelancers and micro-businesses wanting free accounting. Wave stands out with its completely free and easy to use.
Best free option: Wave offers a free tier (Free accounting and invoicing).
❓ Frequently Asked Questions
Is Xero better than Wave?
It depends on your needs. Xero is better for small businesses outside the us, while Wave is better for freelancers and micro-businesses wanting free accounting. Both are excellent tools rated 4.3 and 4 respectively.
Which is cheaper, Xero or Wave?
Xero starts at $15/mo while Wave starts at Free. Wave also has a free tier.
Can I switch from Xero to Wave?
Most tools offer import/export features to help you migrate. We recommend trying Wave's free tier before fully committing to a switch.
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