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Xero vs Wave Accounting Comparison

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Overview

Category Leaders

Xero is a cloud-based small business accounting software with tools for managing invoicing, bank reconciliation, inventory,...

Category Leaders

Wave is an all-in-one accounting solution for small businesses which combines income and expense tracking, invoicing, receipt...

  • Platforms supported
  • Web-based
  • iPhone app
  • Android app
  • Windows Phone app
  • Typical customers
  • Freelancers
  • Small businesses
  • Mid size businesses
  • Large enterprises
  • Customer support
  • Phone
  • Online
  • Knowledge base
  • Video tutorials
  • Platforms supported
  • Web-based
  • iPhone app
  • Android app
  • Windows Phone app
  • Typical customers
  • Freelancers
  • Small businesses
  • Mid size businesses
  • Large enterprises
  • Customer support
  • Phone
  • Online
  • Knowledge base
  • Video tutorials

Video & Screenshots

Pricing

Starting from

5.50

Per month

  • Free trial available
  • No credit card required
  • Free account
  • Subscription based

Starting from

ic-pricetag

No pricing info

  • Free trial available
  • No credit card required
  • Free account
  • Subscription based

User reviews

4.3

2K

5

4

3

2

1

1,195

555

185

58

75

  • Value for money
  • Ease of use
  • Features
  • Customer support
92%
would recommend this app

4.4

1.2K

5

4

3

2

1

751

319

67

24

42

  • Value for money
  • Ease of use
  • Features
  • Customer support
94%
would recommend this app

Pros

I love the app and gives me accounting on the go. Helps me track invoices and profits with ease.

AR

Anonymous Reviewer

The ease of use and reputation are by far the greatest part of this product. In addition to this, the range of potential integrations is fantastic.

RC

Ryan C.

Really easy to submit expenses, categorise them and check the progress of you submitted expense - super easy to do all from the app.

HS

Holly S.

Pros

It's a great software and works well for my basic use case as a solopreneur. The payments feature is also nice and the reporting is great.

AR

Anonymous Reviewer

I thought it was going to be great when I saw that it functioned with Etsy. And I loved that it is free.

SK

Sarzh K.

This is a user friendly software that I have been using for years. It makes my invoicing very easy and has been great in tracking my finances.

PJ

Paul J.

Cons

There are no delivery notes/packing slips. They tout a "workaround" but be warned, it's exactly 10 extra clicks so it's really not an option if you need this feature.

FM

Fergus M.

Our main complaint is that Xero stopped doing payroll in 2018, so now you have to pay an additional fee to a payroll processor such as Gusto.
AvatarImg

Craig F.

Changing accounting software from Xero is a horrible experience. They make it very difficult to pivot to other software.

CB

Chaz B.

Cons

I am not able to write off a partly paid bill as bad debt if all attempts to reclaim the payment from my clients fail. Sometimes, people pay about 70% and fail to pay for the rest.
AvatarImg

James K.

It can be glitchy at times. I had problems with my transactions imported from my connected bank account, and then when I tried to remove the account and re-connect it, I received error messages.
AvatarImg

Jessica H.

Then, January of 2021, Paypal import was abandoned. Without those 2 features, the software is essentially useless since it creates extra work each month.
AvatarImg

Jesus P.

  • Vendor responds to reviews
  • Last review3 days ago
  • Vendor responds to reviews
  • Last review2 days ago

Key features

  • Total features162
  • "What If" Scenarios
  • 401(k) Tracking
  • ACH Payment Processing
  • API
  • Access Controls/Permissions
  • Account Reconciliation
  • Accounting
  • Accounting Integration
  • Accounts Payable
  • Accounts Receivable
  • Accrual Accounting
  • Activity Dashboard
  • Activity Tracking
  • Ad hoc Reporting
  • Alerts/Notifications
  • Approval Process Control
  • Approval Workflow
  • Asset Accounting
  • Asset Tracking
  • Audit Trail
  • Automated Quoting
  • Automatic Backup
  • Automatic Billing
  • Bank Reconciliation
  • Benefits Management
  • Billing & Invoicing
  • Billing Portal
  • Budgeting/Forecasting
  • CPA Firms
  • Calendar Management
  • Case Management
  • Cash Flow Management
  • Cash Management
  • Cataloging/Categorization
  • Charting
  • Check Printing
  • Check Processing
  • Check Writing
  • Client Management
  • Client Portal
  • Collections Management
  • Compliance Management
  • Consolidation/Roll-Up
  • Construction Breakdowns
  • Contact Database
  • Contact Management
  • Contingency Billing
  • Contract/License Management
  • Core Accounting
  • Cost Tracking
  • Credit Card Processing
  • Cross Ledger Posting
  • Currency Conversion
  • Customer Database
  • Customer History
  • Customer Statements
  • Customizable Branding
  • Customizable Invoices
  • Customizable Reports
  • Customizable Templates
  • Data Import/Export
  • Direct Deposit
  • Discount Management
  • Document Management
  • Document Storage
  • Document Templates
  • Drag & Drop
  • Due Date Tracking
  • Dunning Management
  • Duplicate Payment Alert
  • Electronic Payments
  • Email Management
  • Email Reminders
  • Email Templates
  • Estimating
  • Expense Claims
  • Expense Management
  • Expense Tracking
  • Fee Calculation & Posting
  • Financial Analysis
  • Financial Management
  • Financial Reporting
  • Fixed Asset Management
  • For CPA Firms
  • For Government
  • Forecasting
  • Fraud Detection
  • Fund Accounting
  • General Ledger
  • Hourly Billing
  • Income & Balance Sheet
  • Inventory Control
  • Inventory Management
  • Inventory Optimization
  • Inventory Tracking
  • Invoice Creation
  • Invoice History
  • Invoice Management
  • Invoice Processing
  • Job Costing
  • Kitting
  • Mobile Access
  • Mobile App
  • Mobile Payments
  • Monitoring
  • Multi-Channel Management
  • Multi-Company
  • Multi-Country
  • Multi-Currency
  • Multi-State
  • Nonprofits
  • Online Invoicing
  • Online Payments
  • Order Management
  • Order Processing
  • Order Tracking
  • Overpayment Processing
  • Overrun Reporting
  • PCI Compliance
  • Partial Payments
  • Payment Processing
  • Payroll Management
  • Payroll Reporting
  • Price / Margin Management
  • Pricing Management
  • Product Identification
  • Profit/Loss Statement
  • Progress Tracking
  • Project Accounting
  • Project Billing
  • Project Management
  • Purchase Order Management
  • Quotes/Estimates
  • Real Time Data
  • Real Time Notifications
  • Real Time Reporting
  • Real-time Updates
  • Receipt Management
  • Receivables Ledger
  • Recurring/Subscription Billing
  • Reimbursement Management
  • Reminders
  • Reorder Management
  • Reporting & Statistics
  • Reporting/Analytics
  • Requisition Management
  • Retail Inventory Management
  • Revenue Recognition
  • SSL Security
  • Sales Reports
  • Sales Tax Management
  • Search/Filter
  • Self Service Portal
  • Shipping Management
  • Sourcing Management
  • Spend Management
  • Staff Management
  • Status Tracking
  • Stock Management
  • Supplier Management
  • Tax Calculation
  • Tax Compliance
  • Tax Management
  • Template Management
  • Third Party Integrations
  • Time & Expense Tracking
  • Time Tracking
  • Transaction History
  • Vacation/Leave Tracking
  • Vendor Management
  • W-2 Preparation
  • Wage Garnishment
  • Warehouse Management
  • Total features65
  • "What If" Scenarios
  • 401(k) Tracking
  • ACH Payment Processing
  • API
  • Access Controls/Permissions
  • Account Reconciliation
  • Accounting
  • Accounting Integration
  • Accounts Payable
  • Accounts Receivable
  • Accrual Accounting
  • Activity Dashboard
  • Activity Tracking
  • Ad hoc Reporting
  • Alerts/Notifications
  • Approval Process Control
  • Approval Workflow
  • Asset Accounting
  • Asset Tracking
  • Audit Trail
  • Automated Quoting
  • Automatic Backup
  • Automatic Billing
  • Bank Reconciliation
  • Benefits Management
  • Billing & Invoicing
  • Billing Portal
  • Budgeting/Forecasting
  • CPA Firms
  • Calendar Management
  • Case Management
  • Cash Flow Management
  • Cash Management
  • Cataloging/Categorization
  • Charting
  • Check Printing
  • Check Processing
  • Check Writing
  • Client Management
  • Client Portal
  • Collections Management
  • Compliance Management
  • Consolidation/Roll-Up
  • Construction Breakdowns
  • Contact Database
  • Contact Management
  • Contingency Billing
  • Contract/License Management
  • Core Accounting
  • Cost Tracking
  • Credit Card Processing
  • Cross Ledger Posting
  • Currency Conversion
  • Customer Database
  • Customer History
  • Customer Statements
  • Customizable Branding
  • Customizable Invoices
  • Customizable Reports
  • Customizable Templates
  • Data Import/Export
  • Direct Deposit
  • Discount Management
  • Document Management
  • Document Storage
  • Document Templates
  • Drag & Drop
  • Due Date Tracking
  • Dunning Management
  • Duplicate Payment Alert
  • Electronic Payments
  • Email Management
  • Email Reminders
  • Email Templates
  • Estimating
  • Expense Claims
  • Expense Management
  • Expense Tracking
  • Fee Calculation & Posting
  • Financial Analysis
  • Financial Management
  • Financial Reporting
  • Fixed Asset Management
  • For CPA Firms
  • For Government
  • Forecasting
  • Fraud Detection
  • Fund Accounting
  • General Ledger
  • Hourly Billing
  • Income & Balance Sheet
  • Inventory Control
  • Inventory Management
  • Inventory Optimization
  • Inventory Tracking
  • Invoice Creation
  • Invoice History
  • Invoice Management
  • Invoice Processing
  • Job Costing
  • Kitting
  • Mobile Access
  • Mobile App
  • Mobile Payments
  • Monitoring
  • Multi-Channel Management
  • Multi-Company
  • Multi-Country
  • Multi-Currency
  • Multi-State
  • Nonprofits
  • Online Invoicing
  • Online Payments
  • Order Management
  • Order Processing
  • Order Tracking
  • Overpayment Processing
  • Overrun Reporting
  • PCI Compliance
  • Partial Payments
  • Payment Processing
  • Payroll Management
  • Payroll Reporting
  • Price / Margin Management
  • Pricing Management
  • Product Identification
  • Profit/Loss Statement
  • Progress Tracking
  • Project Accounting
  • Project Billing
  • Project Management
  • Purchase Order Management
  • Quotes/Estimates
  • Real Time Data
  • Real Time Notifications
  • Real Time Reporting
  • Real-time Updates
  • Receipt Management
  • Receivables Ledger
  • Recurring/Subscription Billing
  • Reimbursement Management
  • Reminders
  • Reorder Management
  • Reporting & Statistics
  • Reporting/Analytics
  • Requisition Management
  • Retail Inventory Management
  • Revenue Recognition
  • SSL Security
  • Sales Reports
  • Sales Tax Management
  • Search/Filter
  • Self Service Portal
  • Shipping Management
  • Sourcing Management
  • Spend Management
  • Staff Management
  • Status Tracking
  • Stock Management
  • Supplier Management
  • Tax Calculation
  • Tax Compliance
  • Tax Management
  • Template Management
  • Third Party Integrations
  • Time & Expense Tracking
  • Time Tracking
  • Transaction History
  • Vacation/Leave Tracking
  • Vendor Management
  • W-2 Preparation
  • Wage Garnishment
  • Warehouse Management

Integrations

  • Total integrations1142
  • Adobe Commerce
  • Authorize.Net
  • Dynamics 365
  • Dynamics 365 Business Central
  • FreshBooks
  • Microsoft 365
  • Microsoft Excel
  • NetSuite
  • PayPal
  • QuickBooks Online Advanced
  • Quickbooks Online
  • SAP Business One
  • Sage Intacct
  • Salesforce Sales Cloud
  • Shopify
  • Slack
  • Stripe
  • WooCommerce
  • Xero
  • Zapier
  • Total integrations38
  • Adobe Commerce
  • Authorize.Net
  • Dynamics 365
  • Dynamics 365 Business Central
  • FreshBooks
  • Microsoft 365
  • Microsoft Excel
  • NetSuite
  • PayPal
  • QuickBooks Online Advanced
  • Quickbooks Online
  • SAP Business One
  • Sage Intacct
  • Salesforce Sales Cloud
  • Shopify
  • Slack
  • Stripe
  • WooCommerce
  • Xero
  • Zapier

User reviews that mention these apps

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend7/10

Share this review:

Xero logo

Xero

Competitive Bookkeeping Software

Reviewed 3 years ago

Xero is an excellent option for small businesses, with many integrations and excellent acquisitions that will expand its usefulness over time. A breeze of a company to work with, their training is also simple and pleasant.

Pros

Clear, simple layouts; many app integrations; consistently good customer service; excellent focus on research and development of new features. More robust than softwares like FreshBooks or Wave.

Cons

Less aesthetically appealing than QuickBooks.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

Share this review:

Xero logo

Xero

Web Based Accounting Software

Reviewed 4 years ago
Pros

Web based accounting software that covers many aspects including Core accounting, fund accounting, expense management, budgeting and forecasting, financial reporting, project accounting, billing and invoicing and payroll management.

Cons

Learning the system was a task but after learning all that it had to offer and how to use it this software is an asset to our firm!!!

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend1/10

Share this review:

Xero logo

Xero

Xero Accounting

Reviewed 3 years ago

I don't like Xero at all. There marketing campaigns that say it's the best platform.....Please don't fool yourself Xero Accounting Developers. It is an ugly system with primitive layouts.

Pros

There is absolutely nothing I like about Xero. It looks very old like the layouts were done in the early '90s. It is easy to use but nothing spectacular about this software.

Cons

Lacks basic features like to print a delivery note. Maybe these Americans who have written the code knows nothing about accounting. Please take some lessons from Palladium Accounting, Sage Accounting or OneUp.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

Share this review:

Xero logo

Xero

Full Suite Accounting Software

Reviewed 2 years ago

It works and is now widely used across the world, which makes being able to use it a good skill.

Pros

This enables any small business to manage the income and expenses and full financial statements with relative ease.

Cons

As with any accounting software it is highly dependent on the accounting inputs, which need to be accurate.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

Share this review:

Xero logo

Xero

Accounting Lifesaver!

Reviewed 4 years ago

Automated accounting.

Pros

Xero is incredibly easy to navigate and use. You can automate most tasks and bank feeds and it's insanely affordable considering how much time it saves.

Cons

I had never intended to use payroll within Xero, but once I signed up for the accounting functions I found that payroll was included for five employees. I really like their payroll, it's incredibly functional. But, as we grew the company we had a need to use payroll in more than one state, which Xero cannot handle. I had to migrate our payroll elsewhere because of that, but that is the only reason.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend8/10

Share this review:

Xero logo

Xero

Not bad accounting program

Reviewed 4 years ago
Pros

Good online accounting option for a startup company with basic accounting needs and financial reporting options

Cons

They market this program to handle large companies , but not made for large companies. I hate the reconcilation module