Wave Accounting’s free plan includes the most important financial reports for businesses of all sizes: Profit and loss statements, balance sheets, and cash flow statements. However, Wave’s unlimited invoices will work better for small businesses, freelancers and contractors that send more than 20 invoices a month. Xero’s invoice limit could still work for some small businesses, especially businesses looking for an alternative to FreshBooks (which offers unlimited invoices while limiting the number of clients you can invoice each month). Wave’s invoices can be easily configured to accept payments. With Xero’s cheapest plan, however, you can send only 20 invoices and quotes a month.įigure B Wave users can create and customize invoices from the software’s user-friendly dashboard. With Wave Accounting, you can send as many invoices as you want to as many customers a month as you need to. Unlimited invoicingĪlthough Xero has more accounting features than Wave, Wave beats out Xero in one crucial category: Unlimited invoices. In short, while Wave does quite a lot for business owners (especially considering its free cost), it can’t compare to Xero for sheer features.įigure A Xero’s comprehensive but easy-to-scan dashboard ensures users can access all their most important financial data upfront while quickly accessing crucial financial tools. Employee expense tracking and reimbursement.Xero’s higher-tier plans add accounting tools like the following: Automatic bill payments, including batch payments.Every Xero plan-including the cheapest, which costs $13 a month ($143 a year, free trial included)-has the same accounting features as Wave, and then some: However, of the two products, Xero is undeniably the more fully featured accounting software. Wave Accounting’s expense categorization, receipt scanning, income tracking, bank reconciliation and basic reporting tools should be enough for many service-based freelancers who want to keep an eye on their finances without adding money-management software to their budgets. Wave Accounting has an impressive amount of accounting and bookkeeping tools, especially considering its price. Xero: Feature comparison Overall accounting features We examine some of their key differences below. However, they differ in terms of features, plans and integrations. Wave Accounting and Xero both offer cloud-based accounting services like bank reconciliation, income tracking, invoicing and more. Should your business use Wave Accounting or Xero?.Skip to the end of our review for an at-a-glance summary of which product is right for which businesses. Xero review covers each product’s strengths and weaknesses, delves into their top features and explains their pricing structures. Trying to decide whether Wave Accounting or Xero will be the best fit for your business? Our Wave vs. It’s also incredibly fully featured with built-in inventory management, time tracking and project management. While Xero isn’t free, its $13 a month starting price is one of the lowest of any paid accounting software product. Wave Accounting is a free-for-life accounting software solution that helps freelancers and microbusiness owners track their income and expenses, send invoices, accept online payments and run payroll through Wave Payroll. For more info, visit our Terms of Use page. This may influence how and where their products appear on our site, but vendors cannot pay to influence the content of our reviews. We may be compensated by vendors who appear on this page through methods such as affiliate links or sponsored partnerships. Wave's free accounting software helps freelancers and microbusinesses save on bookkeeping while Xero is more scalable and fully featured for small, midsize and some large businesses. Xero (2023): Accounting Software Comparison
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