A detailed comparison of Xero and Wave to help you choose the right tool for your needs.
| Plan | Xero | Wave |
|---|---|---|
| Free Tier | ✗ No | ✓ Free accounting and invoicing |
| Lowest Paid | $15/mo | Free |
| Enterprise | $78/mo | Paid payroll available |
| 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 |
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).
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.
Xero starts at $15/mo while Wave starts at Free. Wave also has a free tier.
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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