Wave vs Xero — Which One Wins?
Pick Wave if: Solopreneurs and tiny businesses that want genuinely free accounting without the ‘free trial’ bait-and-switch
Pick Xero if: International small businesses that need multi-currency support and a cleaner UI than QuickBooks
Our take: Wave is easier to pick up, but Xero is more powerful long-term.
| Wave | Xero | |
|---|---|---|
| Pricing | Free accounting and invoicing | Payroll $20/mo + $6/person | 30-day free trial | Starter $15/mo |
| Features | Free invoicing and accounting, Receipt scanning, Financial reports, Bank connections, Payroll services (paid add-on) | Bank reconciliation, Invoicing and quotes, Inventory management, Multi-currency support, 1,000+ third-party integrations |
| Best for | Solopreneurs and tiny businesses that want genuinely free accounting without the ‘free trial’ bait-and-switch | International small businesses that need multi-currency support and a cleaner UI than QuickBooks |
| Learning Curve | Easy | Medium |
The Real Difference
Both offer free tiers, so the real question is what you get when you start paying.
Wave stands out with Free invoicing and accounting and Receipt scanning. Xero counters with Inventory management and Multi-currency support.
Wave's Achilles heel: no inventory tracking, no project costing, no time tracking — you get what you pay for (nothing). Xero's: the starter plan limits you to 20 invoices/month — most businesses outgrow it in the first quarter. Pick whichever weakness you can live with.
Bottom Line
If you value free invoicing and accounting and solopreneurs and tiny businesses, go with Wave. If international small businesses that matters more, Xero is your pick. Neither is a bad choice — but one will fit your workflow better.