Xero vs Wave Accounting: Which is Better?

Xero Vs Wave Accounting

Welcome to Startup Savant’s comparative Xero vs Wave Accounting article where we breeze through their commonalities, differences, service packages and pricing to help you determine which, or if either, account software solution is right for your platform. Enjoy!

What Xero & Wave Accounting Have In Common

What Sets Them Apart

  • Supports multiple-user interface so you can share your files with your team or accountant and collaborate.
  • Easily convert your QuickBooks files through Xero’s free QuickBooks conversion tool.
  • Has an inventory management feature that updates you of your transactions and incurred expenses.
  • Gives you the option to create your own schedule of expenses.
  • Has a dashboard that basically stores everything about your financial status.
  • Allows you to customize your invoices, Wave Accounting lacks this feature.
  • Wave Accounting is totally free, you don’t have to pay for anything.
  • Provides you with a “Get Started Guide” so learning how to use the software won’t be difficult.
  • Offers premium tools which you can add at an affordable price.

Pricing: Xero vs Wave Accounting

XERO STARTS AT $6.30

Xero has 3 accounting plans: Starter, Standard and Premium. Aside from their feature-wall, what you can skipp to is looking at the extras you get included in the Standard and Premium. If those don’t apply then for a mere $6 and change you can get up and running in no time at all.

All three plans have a free trial, which is an advantage for those who are in the process of choosing accounting software which is a nice bonus. Also, keep in mind that the prices shown above are based on the US market, plan pricing will vary depending on your location.

For an in depth look at the features you get with Xero, check out our comprehensive review.

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WAVE ACCOUNTING STARTS AT $0

This is where things get easy. It’s completely free and that’s no gimmick. Where costs come in is when you need more services, or better services and choose to upgrade into their more premium features.

Integrating a payroll system is important if you have employees and Wave Accounting offers this for $19 every month. Want to add a credit card system into your account? The fee per transaction is 2.9% + 30 cents. Like the payroll system, the premium support is priced at $19 per month.

For an in depth look at the features you get with Wave Accounting, check out our comprehensive review.

Which Should You Choose?

Based on the information and screenshots above, which one feels better suited to your current needs? While Xero is far more extensive and comprehensive, Wave Accounting is simpler, more streamlined and easier to jump right into.

What’s most important though is that you get the best tools to help you grow and manage financials, so be sure to do your homework and research until you’re satisfied.

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