Xero vs Wave
Detailed comparison to help you choose the right tool for your needs
W
Wave
Free accounting and invoicing for small businesses
4.4
Editorial RatingQuick Comparison
Rating
4.3
vs4.4
Starting Price
$29
vsFree
Pricing Model
paid
vsfree
Feature
Xero
Wave
Invoicing
Bank Reconciliation
Expense Claims
Multi-Currency
Payroll
Project Tracking
Accounting
Receipt Scanning
Financial Reporting
Payment Processing
Xero Pros
- Unlimited users on all plans
- Clean and intuitive interface
- Over 1000 third-party integrations
- Strong multi-currency support
- Excellent bank feed connections globally
- Real-time collaboration with accountants
Xero Cons
- Invoice limits on the Starter plan
- Payroll is an add-on in most regions
- Reporting can feel limited vs QuickBooks
- No built-in time tracking
- Inventory management is basic
- US market features lag behind other regions
Wave Pros
- Core accounting and invoicing are completely free
- No client or invoice limits
- Clean and simple interface
- Good for freelancers and solopreneurs
- Receipt scanning via mobile app
- No credit card required to start
Wave Cons
- Limited integrations compared to competitors
- No inventory management
- Payroll is a paid add-on
- Payment processing fees are standard not discounted
- No project tracking or time tracking
- Reporting is fairly basic