software
Wave vs Xero 2026: Free vs Paid Accounting
Xero is a cloud-based accounting platform with advanced automation and multi-currency support, while Wave is a free accounting software designed for small businesses and freelancers with basic invoicing and bookkeeping features. Xero charges from $13/month while Wave remains completely free.
Wave
Free cloud accounting software for freelancers and small businesses with invoicing and basic bookkeeping.
Freelancers, sole proprietors, small service-based businesses, and startups with minimal accounting complexity and no international revenue
Score63%
VS
Xero
Cloud accounting platform with advanced automation, multi-currency support, and inventory management for growing businesses.
Growing businesses, e-commerce companies, international operations, and organizations requiring advanced accounting automation and multi-currency transactions
Score63%
Quick Answer
AI SummaryXero is a cloud-based accounting platform with advanced automation and multi-currency support, while Wave is a free accounting software designed for small businesses and freelancers with basic invoicing and bookkeeping features. Xero charges from $13/month while Wave remains completely free.
Our Verdict
AI-assistedChoose Wave if you're a freelancer, sole proprietor, or startup with minimal accounting needs and a tight budget—its free tier covers basic invoicing, expense tracking, and financial reports. Choose Xero if you need advanced automation, multi-currency transactions, inventory management, or plan to scale your business beyond $100K annual revenue.
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Wave
6.5/10
Xero
8.5/10
Choose Wave if
Freelancers, sole proprietors, small service-based businesses, and startups with minimal accounting complexity and no international revenue
Choose Xero if
Best pickGrowing businesses, e-commerce companies, international operations, and organizations requiring advanced accounting automation and multi-currency transactions
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Key Differences at a Glance
- Pricing Model:✓ Wave wins(Completely free vs $13-$130/month (3 paid plans))
- Multi-Currency Support:✓ Xero wins(190+ currencies supported vs Single currency only)
- Automation Features:✓ Xero wins(Bill Pay, recurring invoices, bank feeds automation vs Basic manual entry)
Key Facts & Figures
81 numeric metrics compared
| Metric | Wave | Xero | Ratio |
|---|---|---|---|
| Monthly Cost (Starter Plan)(USD) | Free | $13/month | |
| Currency Support(currencies) | 1 currency | 140+ currencies | |
| Maximum Users (Free/Starter)(users) | Unlimited users | 3 users | — |
| Free Plan Cost(USD/month) | $0/month (full features) | — | — |
| Entry-Level Paid Plan(USD/month) | $20/month (Wave Money) | — | — |
| Starting Price (Monthly)(USD) | Free | $13/month (Early plan) | |
| Available Integrations(count) | 40+ | — | — |
| Financial Report Types(types) | 4 basic reports | — | — |
| Free Trial Period(days) | Permanent (no expiry) | 30 days | — |
| Base Monthly Cost (Entry Plan)(USD) | $0/month | — | — |
| Maximum Monthly Plan Cost(USD) | $15/month (payroll add-on) | — | — |
| Number of Available Integrations(count) | 100+ integrations | — | — |
| Proposal & Contract Templates Included(count) | 0 (third-party tools required) | — | — |
| Registered User Base(millions) | 5+ million | — | — |
| Starting Monthly Cost(USD) | Free forever | — | — |
| Invoice Templates Available(templates) | 20+ templates | — | — |
| Free Trial Duration(days) | Unlimited (free tier) | 30 days | — |
| Monthly Cost (Basic Plan)(USD) | Free | — | — |
| Annual Cost (Recommended Plan)(USD) | $0/year | — | — |
| Financial Reports Available(count) | 5 standard reports | — | — |
| Concurrent Users (Free Tier)(users) | Unlimited | — | — |
| Mobile App iOS Rating(stars) | 4.3/5 (8,900+ reviews) | 4.7/5 (45K reviews) | |
| Bank Connection Speed(days) | 1 day (real-time) | — | — |
| Base Annual Cost(USD) | $0 | — | — |
| Monthly Cost (Entry Plan)(USD) | $0 | — | — |
| Invoice Templates(count) | 3 templates | 12+ | |
| Automation Rules(count) | 0 (manual only) | — | — |
| Third-Party Integrations(integrations) | 150+ integrations | 800+ | |
| Mobile App Rating(stars) | 4.2/5 (15,000 reviews) | — | — |
| Concurrent Users Supported(users) | 1-2 effectively | — | — |
| Annual Cost (Budget Business)(USD) | $0-$240 (optional add-ons) | — | — |
| Base Monthly Cost(USD) | $0 | $13 | |
| Number of Integrations(count) | 100+ | 1000+ | |
| Supported Currencies(currencies) | 1 (USD or CAD) | 160+ | |
| Users on Free/Base Plan(users) | 2 users | 1 user | |
| Custom Financial Reports(count) | 8 standard reports | 50+ customizable reports | |
| Bank Feed Automation(hours saved/month) | Basic reconciliation | Advanced automation saves ~8 hours | |
| Invoice Limit (Free Plan)(count) | Unlimited | Varies by Starter plan | — |
| Maximum Supported Currencies(currencies) | 5 currencies | 190+ currencies | |
| App Store Rating (iOS)(stars) | 4.2/5 | 4.6/5 | |
| Integrated Third-Party Apps(apps) | 100+ integrations | 1,000+ integrations | |
| Number of Supported Currencies(currencies) | 1 (local only) | 190+ | |
| Annual Cost (Entry Level)(USD) | $0 | $156 | |
| Maximum Invoice Amount(USD) | $9,999 | Unlimited | — |
| Third-Party App Integrations(count) | 100+ | 1,000+ | |
| Users (Global)(millions) | 3+ million | 3.6+ million | |
| AI Automation Growth (YoY)(%) | 61% growth | 61% growth | |
| Expense Tracking Support Score(%) | 68.92% | 68.92% | |
| Additional Team Member Cost(USD/month) | $3-5 | $3-5 | |
| US Market Users(millions) | 1.2M | 1.2M | |
| Mobile App Rating (iOS)(stars) | 4.6/5.0 | 4.6/5.0 | |
| Base Monthly Subscription Price(USD) | $11 | $11 | |
| Cost Per Additional User(USD/month) | $8-15 (Standard plan) | $8-15 (Standard plan) | |
| Bank Feed Integration Partners(institutions) | 7,000+ | 7,000+ | |
| Customer Satisfaction Score(G2 rating (out of 5)) | 4.7/5 (G2 2024) | 4.7/5 (G2 2024) | |
| Starting Monthly Price(USD) | $11 | $11 | |
| API Rate Limit(requests/second) | 60 (standard tier) | 60 (standard tier) | |
| Pre-built Integrations(integrations) | 1,000+ | 1,000+ | |
| Average Onboarding Time(days) | 1-2 weeks | 1-2 weeks | |
| Countries Supported(countries) | 180+ countries | 180+ countries | |
| Standard Plan Concurrent Users(users) | 5 users | 5 users | |
| API Endpoints Available(endpoints) | 180+ | 180+ | |
| Starting Price(USD/month) | $11 | $11 | |
| Customer Support Response Time(minutes) | 24-48 hours | 24-48 hours | |
| Pre-Built Reports(count) | 40+ | 40+ | |
| Global User Base(millions) | 3.7M+ users | 3.7M+ users | |
| Mobile App Rating (iOS/Android)(stars out of 5) | 4.7/5 | 4.7/5 | |
| Countries/Regions Supported(countries) | 120+ | 120+ | |
| API Free Tier Monthly Calls(calls/month) | 60,000 | 60,000 | |
| System Uptime SLA(percent) | 99.5% | 99.5% | |
| Countries with Localized Compliance(count) | 190+ | 190+ | |
| Global Active Users(millions) | 1.9 million | 1.9 million | |
| Starting Monthly Price (AUD)(AUD) | $13 | $13 | |
| Cloud Infrastructure Uptime(percent) | 99.5% | 99.5% | |
| Countries with Bank Feed Support(countries) | 90+ | 90+ | |
| Max Users on Starter Plan(users) | 1-3 limited (unlimited on higher tiers) | 1-3 limited (unlimited on higher tiers) | |
| Starting Monthly Price (USD)(USD) | $13/month | $13/month | |
| Pro Tier Monthly Price (USD)(USD) | $66/month | $66/month | |
| Bank Feed Integrations(institutions) | 1,200+ (US/UK/AU/NZ) | 1,200+ (US/UK/AU/NZ) | |
| iOS Mobile App Rating(stars (out of 5)) | 4.6 stars (18,000+ reviews) | 4.6 stars (18,000+ reviews) | |
| Native Third-Party Integrations(integrations) | 500+ native integrations | 500+ native integrations |
Sourced from publicly available data ·
Key Differences
7 attributes compared head-to-head
Xero leads1 tie
Wave
Attribute
Xero
- Completely free(winner)Pricing Model$13-$130/month (3 paid plans)
- Single currency onlyMulti-Currency Support190+ currencies supported(winner)
- Basic manual entryAutomation FeaturesBill Pay, recurring invoices, bank feeds automation(winner)
- Not availableInventory ManagementAdvanced inventory tracking with stock levels(winner)
- 3+ million usersUser Base3.6+ million users
- Limited API capabilitiesAPI AccessComprehensive REST API for integrations(winner)
- $9,999 per invoice (free tier limit)Maximum Invoice ValueUnlimited invoice amounts(winner)
- Pricing Model
Wave
Completely free(winner)
Xero
$13-$130/month (3 paid plans)
- Multi-Currency Support
Wave
Single currency only
Xero
190+ currencies supported(winner)
- Automation Features
Wave
Basic manual entry
Xero
Bill Pay, recurring invoices, bank feeds automation(winner)
- Inventory Management
Wave
Not available
Xero
Advanced inventory tracking with stock levels(winner)
- User Base
Wave
3+ million users
Xero
3.6+ million users
- API Access
Wave
Limited API capabilities
Xero
Comprehensive REST API for integrations(winner)
- Maximum Invoice Value
Wave
$9,999 per invoice (free tier limit)
Xero
Unlimited invoice amounts(winner)
Full Comparison
| Attribute | Wave | Xero |
|---|---|---|
| Monthly Cost (Starter Plan)(USD) | Free(winner) | $13/month |
| Free Plan Cost(USD/month) | $0/month (full features) | — |
| Entry-Level Paid Plan(USD/month) | $20/month (Wave Money) | — |
| Base Monthly Cost (Entry Plan)(USD) | $0/month | — |
| Maximum Monthly Plan Cost(USD) | $15/month (payroll add-on) | — |
Show 18 more attributesStarting Monthly Cost(USD) Free forever — Payment Processing Fee(% + fixed) 2.2% + $0.50 per transaction — Monthly Cost (Basic Plan)(USD) Free — Annual Cost (Recommended Plan)(USD) $0/year — Base Annual Cost(USD) $0 — Monthly Cost (Entry Plan)(USD) $0 — Base Monthly Cost(USD) $0 $13 Annual Cost (Entry Level)(USD) $0 $156 Payment Processing Fees(percent + fixed) 2.2% + $0.50 2.4% (Xero Payments) Additional Team Member Cost(USD/month) $3-5 — Base Monthly Subscription Price(USD) $11 — Cost Per Additional User(USD/month) $8-15 (Standard plan) — Starting Monthly Price(USD) $11 — Starting Price(USD/month) $11 — Free Plan Available No — Starting Monthly Price (AUD)(AUD) $13 — Starting Monthly Price (USD)(USD) $13/month — Pro Tier Monthly Price (USD)(USD) $66/month — | ||
| Currency Support(currencies) | 1 currency | 140+ currencies(winner) |
| Inventory Management | Not available | Advanced tracking with stock levels |
| Invoice Creation Limit (Free)(invoices/month) | Unlimited | — |
| Contract Management | Not available | — |
| Time Tracking Integration | Not available | — |
Show 23 more attributesTime Tracking Capability Manual entry only — Available Integrations(count) 40+ — Financial Report Types(types) 4 basic reports — Number of Available Integrations(count) 100+ integrations — Proposal & Contract Templates Included(count) 0 (third-party tools required) — Client Portal Capabilities(features) Invoice viewing, payment acceptance — Time Tracking Feature(available) Not included — Built-in Inventory Management No — Time Tracking Hours Capacity(Unlimited/Not Available) Not available — Invoice Templates(count) 3 templates 12+ Automation Rules(count) 0 (manual only) — Mobile App Capability Receipt capture and invoice viewing — Mobile App Functionality(percentage) Full accounting and invoicing Full accounting and expense tracking Invoice Limit (Free Plan)(count) Unlimited Varies by Starter plan Maximum Supported Currencies(currencies) 5 currencies 190+ currencies Number of Supported Currencies(currencies) 1 (local only) 190+ Maximum Invoice Amount(USD) $9,999 Unlimited Third-Party App Integrations(count) 100+ 1,000+ Native Payroll Integration (US) Third-party required — Built-in Payroll Integration(text) Third-party add-on (Guidepoint, Namely) — Multi-Currency Support(currencies) 160+ currencies — Bank Feed Integrations(institutions) 1,200+ (US/UK/AU/NZ) — Invoice OCR/Automation(capability level) Manual entry + basic matching — | ||
| Maximum Users (Free/Starter)(users) | Unlimited users | 3 users |
| Concurrent Users Included(users) | Unlimited users | — |
| Concurrent Users (Free Tier)(users) | Unlimited | — |
| Unlimited Users (Free/Entry Plan)(users) | Yes, unlimited | No, 1-3 users max |
| Max Users on Starter Plan(users) | 1-3 limited (unlimited on higher tiers) | — |
| Accounting Standard | Double-entry bookkeeping | — |
| Tax Report Generation | Yes (P&L, balance sheet, tax forms) | — |
| Starting Price (Monthly)(USD) | Free(winner) | $13/month (Early plan) |
| Maximum User Seats Included(users) | Unlimited | — |
| Invoice Payment Processing | Not included (requires separate payment processor) | — |
| Client Portal Feature | Not available | — |
| Free Trial Period(days) | Permanent (no expiry) | 30 days |
| Data Migration Support | Standard tools included | — |
| Registered User Base(millions) | 5+ million | — |
| Global User Base(millions) | 3.7M+ users | — |
| Invoice Templates Available(templates) | 20+ templates | — |
| Invoice Branding Control | Available (Select tier+) | — |
| Free Trial Duration(days) | Unlimited (free tier) | 30 days |
| Financial Reports Available(count) | 5 standard reports | — |
| Custom Financial Reports(count) | 8 standard reports | 50+ customizable reports(winner) |
| Pre-Built Reports(count) | 40+ | — |
| Mobile App iOS Rating(stars) | 4.3/5 (8,900+ reviews) | 4.7/5 (45K reviews)(winner) |
| Mobile App Rating(stars) | 4.2/5 (15,000 reviews) | — |
| App Store Rating (iOS)(stars) | 4.2/5 | 4.6/5(winner) |
| Mobile App Rating (iOS)(stars) | 4.6/5.0 | — |
| Mobile App Rating (iOS/Android)(stars out of 5) | 4.7/5 | — |
| Payroll Integration | No | — |
| Bank Connection Speed(days) | 1 day (real-time) | — |
| Maximum User Accounts(users) | Unlimited | — |
| Concurrent Users Supported(users) | 1-2 effectively | — |
| Maximum User Capacity (Advanced Tier)(users) | Unlimited/Higher | — |
| Multi-Entity Support | Native multi-entity support | — |
| Maximum Concurrent Users(users) | 5 (Standard), Unlimited (Premium) | — |
Show 1 more attributeMaximum Users (Standard Tier)(users) Unlimited (all tiers) — | ||
| Third-Party Integrations(integrations) | 150+ integrations | 800+(winner) |
| Automated Workflows(null) | Basic (invoicing only) | — |
| Bank Feed Automation(hours saved/month) | Basic reconciliation | Advanced automation saves ~8 hours(winner) |
| AI Document Processing(capability level) | LLM-powered (2026) | — |
| Countries with Bank Feed Support(countries) | 90+ | — |
| Annual Cost (Budget Business)(USD) | $0-$240 (optional add-ons) | — |
| Number of Integrations(count) | 100+ | 1000+(winner) |
| Pre-built Integrations(integrations) | 1,000+ | — |
| Supported Currencies(currencies) | 1 (USD or CAD) | 160+(winner) |
| Countries/Regions Supported(countries) | 120+ | — |
| Users on Free/Base Plan(users) | 2 users(winner) | 1 user |
| Integrated Third-Party Apps(apps) | 100+ integrations | 1,000+ integrations(winner) |
| API Rate Limits(requests/minute) | Unlimited | — |
| Bank Feed Integration Partners(institutions) | 7,000+ | — |
| Customer Support Availability | Email only | 24/7 phone + email + chat |
| Customer Support Hours(hours/week) | 168 (24/7) | — |
| Users (Global)(millions) | 3+ million | 3.6+ million(winner) |
| AI Automation Growth (YoY)(%) | 61% growth | — |
| Expense Tracking Support Score(%) | 68.92% | — |
| US Tax & Payroll Integration Strength | Good but secondary focus | — |
| Accountant Platform Included | Separate paid tool | — |
| Market Position for eCommerce | Strong alternative | — |
| Mobile Accounting Features | Comprehensive accounting-focused | — |
| iOS Mobile App Rating(stars (out of 5)) | 4.6 stars (18,000+ reviews) | — |
| Setup Complexity(complexity score) | Moderate to high | — |
| US Market Users(millions) | 1.2M | — |
| Customer Satisfaction Score(G2 rating (out of 5)) | 4.7/5 (G2 2024) | — |
| Mobile App Invoice Creation(capability) | Full capability with offline mode | — |
| API Rate Limit(requests/second) | 60 (standard tier) | — |
| Average Onboarding Time(days) | 1-2 weeks | — |
| Maximum Entities Supported(entities) | Unlimited organizations | — |
| Mobile App Receipt Capture(availability) | Yes (Snap Invoice) | — |
| Mobile App Invoice Management(capability) | Full invoicing, payments, expense tracking | — |
| Countries Supported(countries) | 180+ countries | — |
| Standard Plan Concurrent Users(users) | 5 users | — |
| API Endpoints Available(endpoints) | 180+ | — |
| On-Premises Deployment Available | No (Cloud only) | — |
| On-Premise Deployment | Not available | — |
| User Interface Rating(out of 5 stars) | 4.7/5 | — |
| Customer Support Response Time(minutes) | 24-48 hours | — |
| API Free Tier Monthly Calls(calls/month) | 60,000 | — |
| System Uptime SLA(percent) | 99.5% | — |
| Cloud Infrastructure Uptime(percent) | 99.5% | — |
| Real-time Collaboration Features | Full (multi-user simultaneous editing) | — |
| Countries with Localized Compliance(count) | 190+ | — |
| Global Active Users(millions) | 1.9 million | — |
| Native Third-Party Integrations(integrations) | 500+ native integrations | — |
WaveXeroMonthly Cost (Starter Plan)(USD)
Free
$13/month
Free Plan Cost(USD/month)
$0/month (full features)
—
Entry-Level Paid Plan(USD/month)
$20/month (Wave Money)
—
Base Monthly Cost (Entry Plan)(USD)
$0/month
—
Maximum Monthly Plan Cost(USD)
$15/month (payroll add-on)
—
Show 18 more attributes
Starting Monthly Cost(USD)
Free forever
—
Payment Processing Fee(% + fixed)
2.2% + $0.50 per transaction
—
Monthly Cost (Basic Plan)(USD)
Free
—
Annual Cost (Recommended Plan)(USD)
$0/year
—
Base Annual Cost(USD)
$0
—
Monthly Cost (Entry Plan)(USD)
$0
—
Base Monthly Cost(USD)
$0
$13
Annual Cost (Entry Level)(USD)
$0
$156
Payment Processing Fees(percent + fixed)
2.2% + $0.50
2.4% (Xero Payments)
Additional Team Member Cost(USD/month)
$3-5
—
Base Monthly Subscription Price(USD)
$11
—
Cost Per Additional User(USD/month)
$8-15 (Standard plan)
—
Starting Monthly Price(USD)
$11
—
Starting Price(USD/month)
$11
—
Free Plan Available
No
—
Starting Monthly Price (AUD)(AUD)
$13
—
Starting Monthly Price (USD)(USD)
$13/month
—
Pro Tier Monthly Price (USD)(USD)
$66/month
—
Currency Support(currencies)
1 currency
140+ currencies
Inventory Management
Not available
Advanced tracking with stock levels
Invoice Creation Limit (Free)(invoices/month)
Unlimited
—
Contract Management
Not available
—
Time Tracking Integration
Not available
—
Show 23 more attributes
Time Tracking Capability
Manual entry only
—
Available Integrations(count)
40+
—
Financial Report Types(types)
4 basic reports
—
Number of Available Integrations(count)
100+ integrations
—
Proposal & Contract Templates Included(count)
0 (third-party tools required)
—
Client Portal Capabilities(features)
Invoice viewing, payment acceptance
—
Time Tracking Feature(available)
Not included
—
Built-in Inventory Management
No
—
Time Tracking Hours Capacity(Unlimited/Not Available)
Not available
—
Invoice Templates(count)
3 templates
12+
Automation Rules(count)
0 (manual only)
—
Mobile App Capability
Receipt capture and invoice viewing
—
Mobile App Functionality(percentage)
Full accounting and invoicing
Full accounting and expense tracking
Invoice Limit (Free Plan)(count)
Unlimited
Varies by Starter plan
Maximum Supported Currencies(currencies)
5 currencies
190+ currencies
Number of Supported Currencies(currencies)
1 (local only)
190+
Maximum Invoice Amount(USD)
$9,999
Unlimited
Third-Party App Integrations(count)
100+
1,000+
Native Payroll Integration (US)
Third-party required
—
Built-in Payroll Integration(text)
Third-party add-on (Guidepoint, Namely)
—
Multi-Currency Support(currencies)
160+ currencies
—
Bank Feed Integrations(institutions)
1,200+ (US/UK/AU/NZ)
—
Invoice OCR/Automation(capability level)
Manual entry + basic matching
—
Maximum Users (Free/Starter)(users)
Unlimited users
3 users
Concurrent Users Included(users)
Unlimited users
—
Concurrent Users (Free Tier)(users)
Unlimited
—
Unlimited Users (Free/Entry Plan)(users)
Yes, unlimited
No, 1-3 users max
Max Users on Starter Plan(users)
1-3 limited (unlimited on higher tiers)
—
Accounting Standard
Double-entry bookkeeping
—
Tax Report Generation
Yes (P&L, balance sheet, tax forms)
—
Starting Price (Monthly)(USD)
Free
$13/month (Early plan)
Maximum User Seats Included(users)
Unlimited
—
Invoice Payment Processing
Not included (requires separate payment processor)
—
Client Portal Feature
Not available
—
Free Trial Period(days)
Permanent (no expiry)
30 days
Data Migration Support
Standard tools included
—
Registered User Base(millions)
5+ million
—
Global User Base(millions)
3.7M+ users
—
Invoice Templates Available(templates)
20+ templates
—
Invoice Branding Control
Available (Select tier+)
—
Free Trial Duration(days)
Unlimited (free tier)
30 days
Financial Reports Available(count)
5 standard reports
—
Custom Financial Reports(count)
8 standard reports
50+ customizable reports
Pre-Built Reports(count)
40+
—
Mobile App iOS Rating(stars)
4.3/5 (8,900+ reviews)
4.7/5 (45K reviews)
Mobile App Rating(stars)
4.2/5 (15,000 reviews)
—
App Store Rating (iOS)(stars)
4.2/5
4.6/5
Mobile App Rating (iOS)(stars)
4.6/5.0
—
Mobile App Rating (iOS/Android)(stars out of 5)
4.7/5
—
Payroll Integration
No
—
Bank Connection Speed(days)
1 day (real-time)
—
Maximum User Accounts(users)
Unlimited
—
Concurrent Users Supported(users)
1-2 effectively
—
Maximum User Capacity (Advanced Tier)(users)
Unlimited/Higher
—
Multi-Entity Support
Native multi-entity support
—
Maximum Concurrent Users(users)
5 (Standard), Unlimited (Premium)
—
Show 1 more attribute
Maximum Users (Standard Tier)(users)
Unlimited (all tiers)
—
Third-Party Integrations(integrations)
150+ integrations
800+
Automated Workflows(null)
Basic (invoicing only)
—
Bank Feed Automation(hours saved/month)
Basic reconciliation
Advanced automation saves ~8 hours
AI Document Processing(capability level)
LLM-powered (2026)
—
Countries with Bank Feed Support(countries)
90+
—
Annual Cost (Budget Business)(USD)
$0-$240 (optional add-ons)
—
Number of Integrations(count)
100+
1000+
Pre-built Integrations(integrations)
1,000+
—
Supported Currencies(currencies)
1 (USD or CAD)
160+
Countries/Regions Supported(countries)
120+
—
Users on Free/Base Plan(users)
2 users
1 user
Integrated Third-Party Apps(apps)
100+ integrations
1,000+ integrations
API Rate Limits(requests/minute)
Unlimited
—
Bank Feed Integration Partners(institutions)
7,000+
—
Customer Support Availability
Email only
24/7 phone + email + chat
Customer Support Hours(hours/week)
168 (24/7)
—
Users (Global)(millions)
3+ million
3.6+ million
AI Automation Growth (YoY)(%)
61% growth
—
Expense Tracking Support Score(%)
68.92%
—
US Tax & Payroll Integration Strength
Good but secondary focus
—
Accountant Platform Included
Separate paid tool
—
Market Position for eCommerce
Strong alternative
—
Mobile Accounting Features
Comprehensive accounting-focused
—
iOS Mobile App Rating(stars (out of 5))
4.6 stars (18,000+ reviews)
—
Setup Complexity(complexity score)
Moderate to high
—
US Market Users(millions)
1.2M
—
Customer Satisfaction Score(G2 rating (out of 5))
4.7/5 (G2 2024)
—
Mobile App Invoice Creation(capability)
Full capability with offline mode
—
API Rate Limit(requests/second)
60 (standard tier)
—
Average Onboarding Time(days)
1-2 weeks
—
Maximum Entities Supported(entities)
Unlimited organizations
—
Mobile App Receipt Capture(availability)
Yes (Snap Invoice)
—
Mobile App Invoice Management(capability)
Full invoicing, payments, expense tracking
—
Countries Supported(countries)
180+ countries
—
Standard Plan Concurrent Users(users)
5 users
—
API Endpoints Available(endpoints)
180+
—
On-Premises Deployment Available
No (Cloud only)
—
On-Premise Deployment
Not available
—
User Interface Rating(out of 5 stars)
4.7/5
—
Customer Support Response Time(minutes)
24-48 hours
—
API Free Tier Monthly Calls(calls/month)
60,000
—
System Uptime SLA(percent)
99.5%
—
Cloud Infrastructure Uptime(percent)
99.5%
—
Real-time Collaboration Features
Full (multi-user simultaneous editing)
—
Countries with Localized Compliance(count)
190+
—
Global Active Users(millions)
1.9 million
—
Native Third-Party Integrations(integrations)
500+ native integrations
—
Pros & Cons
10 pros·6 cons across both
Wave
+5-3
Pros
- Completely free forever with no feature restrictions for core accounting
- Simple, intuitive interface with minimal learning curve for non-accountants
- Integrated payment processing with 2.2% + $0.50 transaction fees
- Mobile app available on iOS and Android for on-the-go invoicing
- Supports up to 50 expense categories for detailed tracking
Cons
- Single currency limitation makes it unsuitable for international businesses
- No inventory management or advanced automation capabilities
- $9,999 maximum invoice amount on free plan limits high-value transactions
Xero
+5-3
Pros
- Supports 190+ currencies with automatic exchange rate conversion
- Advanced automation including recurring invoices, bill pay, and bank feed matching
- Built-in inventory management with real-time stock level tracking and SKU organization
- Comprehensive API for custom integrations with 1,000+ third-party apps
- Multi-entity consolidation allowing management of multiple companies in one account
Cons
- Minimum $13/month cost eliminates free option, totaling $156/year at entry level
- Steeper learning curve due to advanced features and accounting terminology
- Limited payroll support in some regions; requires separate Xero Payroll subscription
Frequently Asked Questions
5 questions
Wave supports only a single currency (your local currency), making it unsuitable for international businesses. Xero, by contrast, handles 190+ currencies with automatic exchange rate conversion, making it the better choice for companies with multi-country operations or clients abroad.
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Where to Buy
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Wikipedia
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Wave on Wikipedia (opens in new tab)
Free cloud accounting software for freelancers and small businesses with invoicing and basic bookkeeping.
- W
Xero on Wikipedia (opens in new tab)
Cloud accounting platform with advanced automation, multi-currency support, and inventory management for growing businesses.
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