Quick Verdict
Wave and Xero are closely matched with similar ratings (4.5 vs 4.4). Wave is more affordable at $0/mo vs $13/mo. Both are strong options in the Accounting category. Choose based on your specific needs, team size, and feature priorities.
Wave
Starting Price
$0/mo
Free Tier
Available
Overall Rating
4.5/ 5.0
Integrations
50
Mobile App
Yes
Xero
Starting Price
$13/mo
Free Tier
Not Available
Overall Rating
4.4/ 5.0
Integrations
1000
Mobile App
Yes
Feature Comparison
| Feature | Wave | Xero |
|---|---|---|
| invoicing | ||
| expense tracking | ||
| payroll | paid | paid |
| tax preparation | ||
| bank reconciliation | ||
| financial reports | ||
| inventory tracking | ||
| multi currency |
Best For
Wave
- Solopreneurs and microbusinesses on tight budgets
- Service businesses with simple accounting needs
- Freelancers wanting free invoicing and expenses
Xero
- International businesses needing multi-currency
- Companies wanting clean, modern interface
- Businesses with inventory management needs
Limitations
Wave
- Limited features compared to paid tools
- Revenue from payment processing fees
- Basic reporting capabilities
Xero
- Payroll is separate subscription
- Limited US-specific features vs QuickBooks
- Fewer integrations than QuickBooks