Xero vs Wave 2026: Pricing, Features & Best Choice
Xero is a premium cloud accounting platform with advanced features and multi-currency support ideal for growing businesses, while Wave is a free-to-use solution best suited for freelancers and small startups with basic accounting needs. Xero costs $13-62/month while Wave remains completely free.
Xero
Cloud-native accounting platform designed for small businesses with intuitive UI and strong mobile-first capabilities.
Growing small businesses, e-commerce stores, agencies, and companies with multi-currency or international transactions needing professional accounting capabilities.
Wave
Free cloud-based accounting software for small businesses and freelancers
Freelancers, sole proprietors, small service-based businesses, and startups operating domestically with simple accounting needs and minimal budgets.
Quick Answer
AI SummaryXero is a premium cloud accounting platform with advanced features and multi-currency support ideal for growing businesses, while Wave is a free-to-use solution best suited for freelancers and small startups with basic accounting needs. Xero costs $13-62/month while Wave remains completely free.
Our Verdict
AI-assistedChoose Xero if you're a growing business needing advanced features, multi-currency transactions, inventory management, and payroll processing—the paid tiers justify costs for scale. Choose Wave if you're a freelancer, sole proprietor, or early-stage startup operating on a tight budget with straightforward domestic invoicing and expense tracking needs.
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Choose Xero if
Best pickGrowing small businesses, e-commerce stores, agencies, and companies with multi-currency or international transactions needing professional accounting capabilities.
Choose Wave if
Freelancers, sole proprietors, small service-based businesses, and startups operating domestically with simple accounting needs and minimal budgets.
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Key Differences at a Glance
- Pricing Model:✓ Wave wins(Free (with optional paid add-ons) vs $13-62/month (tiered plans))
- Multi-Currency Support:✓ Xero wins(140+ currencies supported vs Single currency only)
- User Seats (Starter Plan):✓ Wave wins(Unlimited users free vs 3 users included)
Key Facts & Figures
65 numeric metrics compared
| Metric | Xero | Wave | Ratio |
|---|---|---|---|
| AI Automation Growth (YoY)(%) | 61% growth | — | — |
| Expense Tracking Support Score(%) | 68.92% | — | — |
| Additional Team Member Cost(USD/month) | $3-5 | — | — |
| US Market Users(millions) | 1.2M | — | — |
| Mobile App Rating (iOS)(stars) | 4.6/5.0 | — | — |
| Free Trial Period(days) | 30 days | No trial needed (free forever) | — |
| Base Monthly Subscription Price(USD) | $11 | — | — |
| Cost Per Additional User(USD/month) | $8-15 (Standard plan) | — | — |
| Number of Supported Currencies(currencies) | 130 | — | — |
| Bank Feed Integration Partners(institutions) | 7,000+ | — | — |
| Customer Satisfaction Score(G2 rating (out of 5)) | 4.7/5 (G2 2024) | — | — |
| Monthly Cost (Starter Plan)(USD) | $13/month | Free | |
| Currency Support(currencies) | 140+ currencies | 1 currency | |
| Maximum Users (Free/Starter)(users) | 3 users | Unlimited users | — |
| Invoice Templates(count) | 12+ | 3 templates | |
| Starting Monthly Price(USD) | $11 | — | — |
| API Rate Limit(requests/second) | 60 (standard tier) | — | — |
| Pre-Built Integrations(count) | 1,000+ | — | — |
| Average Onboarding Time(days) | 1-2 weeks | — | — |
| Countries Supported(countries) | 180+ countries | — | — |
| Standard Plan Concurrent Users(users) | 5 users | — | — |
| Mobile App iOS Rating(stars) | 4.7/5 (45K reviews) | 4.3/5 (8,900+ reviews) | |
| API Endpoints Available(count) | 180+ | — | — |
| Starting Price(USD/month) | $11 | — | — |
| Customer Support Response Time(hours) | 24-48 hours | — | — |
| Pre-Built Reports(count) | 40+ | — | — |
| Starting Monthly Price (USD)(USD) | $11 | — | — |
| Global User Base(millions) | 3.7M+ users | — | — |
| Mobile App Rating (iOS/Android)(stars out of 5) | 4.7/5 | — | — |
| Countries/Regions Supported(count) | 120+ | — | — |
| API Free Tier Monthly Calls(calls/month) | 60,000 | — | — |
| Base Monthly Cost(USD) | $13-62 depending on plan | $0 (free) | |
| Number of Integrations(count) | 1000+ | 100+ | |
| Supported Currencies(count) | 150+ | 1 (USD or CAD) | |
| Users on Free/Base Plan(users) | 1 user | 2 users | |
| Custom Financial Reports(count) | 50+ customizable reports | 8 standard reports | |
| Bank Feed Automation(hours saved/month) | Advanced automation saves ~8 hours | Basic reconciliation | |
| Invoice Limit (Free Plan)(count) | Varies by Starter plan | Unlimited | — |
| Third-Party Integrations(count) | 800+ | 150+ integrations | |
| System Uptime SLA(percent) | 99.5% | — | — |
| Countries with Localized Compliance(count) | 190+ | — | — |
| Free Plan Cost(USD/month) | $0/month (full features) | $0/month (full features) | |
| Entry-Level Paid Plan(USD/month) | $20/month (Wave Money) | $20/month (Wave Money) | |
| Starting Price (Monthly)(USD) | Free | Free | |
| Available Integrations(count) | 40+ | 40+ | |
| Financial Report Types(types) | 4 basic reports | 4 basic reports | |
| Base Monthly Cost (Entry Plan)(USD) | $0/month | $0/month | |
| Maximum Monthly Plan Cost(USD) | $15/month (payroll add-on) | $15/month (payroll add-on) | |
| Number of Available Integrations(count) | 100+ integrations | 100+ integrations | |
| Proposal & Contract Templates Included(count) | 0 (third-party tools required) | 0 (third-party tools required) | |
| Registered User Base(millions) | 5+ million | 5+ million | |
| Starting Monthly Cost(USD) | Free forever | Free forever | |
| Invoice Templates Available(templates) | 20+ templates | 20+ templates | |
| Monthly Cost (Basic Plan)(USD) | Free | Free | |
| Annual Cost (Recommended Plan)(USD) | $0/year | $0/year | |
| Financial Reports Available(count) | 5 standard reports | 5 standard reports | |
| Concurrent Users (Free Tier)(users) | Unlimited | Unlimited | |
| Bank Connection Speed(days) | 1 day (real-time) | 1 day (real-time) | |
| Base Annual Cost(USD) | $0 | $0 | |
| Monthly Cost (Entry Plan)(USD) | $0 | $0 | |
| Automation Rules(count) | 0 (manual only) | 0 (manual only) | |
| Mobile App Rating(stars) | 4.2/5 (15,000 reviews) | 4.2/5 (15,000 reviews) | |
| Concurrent Users Supported(users) | 1-2 effectively | 1-2 effectively | |
| Third-Party App Integrations(integrations) | 25 native integrations | 25 native integrations | |
| Annual Cost (Budget Business)(USD) | $0-$240 (optional add-ons) | $0-$240 (optional add-ons) |
Sourced from publicly available data ·
Key Differences
7 attributes compared head-to-head
- $13-62/month (tiered plans)Pricing ModelFree (with optional paid add-ons)(winner)
- 140+ currencies supported(winner)Multi-Currency SupportSingle currency only
- 3 users includedUser Seats (Starter Plan)Unlimited users free(winner)
- 15+ templates with advanced branding(winner)Invoice Customization Options5 basic templates
- Built-in (on paid plans)(winner)Inventory ManagementNot available
- Available on all paid plans(winner)API AccessLimited API functionality
- Full payroll processing included(winner)Payroll IntegrationPayroll add-on available (paid)
- Pricing Model
Xero
$13-62/month (tiered plans)
Wave
Free (with optional paid add-ons)(winner)
- Multi-Currency Support
Xero
140+ currencies supported(winner)
Wave
Single currency only
- User Seats (Starter Plan)
Xero
3 users included
Wave
Unlimited users free(winner)
- Invoice Customization Options
Xero
15+ templates with advanced branding(winner)
Wave
5 basic templates
- Inventory Management
Xero
Built-in (on paid plans)(winner)
Wave
Not available
- API Access
Xero
Available on all paid plans(winner)
Wave
Limited API functionality
- Payroll Integration
Xero
Full payroll processing included(winner)
Wave
Payroll add-on available (paid)
Full Comparison
| Attribute | Xero | Wave |
|---|---|---|
| AI Automation Growth (YoY)(%) | 61% growth | — |
| Maximum User Capacity (Advanced Tier)(users) | Unlimited/Higher | — |
| Multi-Entity Support | Native multi-entity support | — |
| Maximum Concurrent Users(users) | 5 (Standard), Unlimited (Premium) | — |
| Maximum Users (Standard Tier)(users) | Unlimited (all tiers) | — |
| Maximum User Accounts(users) | Unlimited | — |
Show 1 more attributeConcurrent Users Supported(users) 1-2 effectively — | ||
| 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 | — |
| Additional Team Member Cost(USD/month) | $3-5 | — |
| Base Monthly Subscription Price(USD) | $11 | — |
| Cost Per Additional User(USD/month) | $8-15 (Standard plan) | — |
| Monthly Cost (Starter Plan)(USD) | $13/month | Free(winner) |
| Starting Monthly Price(USD) | $11 | — |
Show 15 more attributesStarting Price(USD/month) $11 — Free Plan Available No — Starting Monthly Price (USD)(USD) $11 — Base Monthly Cost(USD) $13-62 depending on plan $0 (free) Free Plan Cost(USD/month) $0/month (full features) — Entry-Level Paid Plan(USD/month) $20/month (Wave Money) — Starting Price (Monthly)(USD) Free — Base Monthly Cost (Entry Plan)(USD) $0/month — Maximum Monthly Plan Cost(USD) $15/month (payroll add-on) — Starting Monthly Cost(USD) Free forever — Payment Processing Fee(%) 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 — | ||
| Mobile Accounting Features | Comprehensive accounting-focused | — |
| AI Document Processing(capability level) | LLM-powered (2026) | — |
| Bank Feed Automation(hours saved/month) | Advanced automation saves ~8 hours(winner) | Basic reconciliation |
| Automated Workflows(null) | Basic (invoicing only) | — |
| Setup Complexity(complexity score) | Moderate to high | — |
| Data Migration Support | Standard tools included | — |
| Free Trial Period(days) | 30 days | No trial needed (free forever) |
| Free Trial Duration(days) | Unlimited (free tier) | — |
| Invoice Branding Control | Available (Select tier+) | — |
| Invoice Templates Available(templates) | 20+ templates | — |
| Multi-Currency Support(currencies) | 200+ with live exchange rates | — |
| Number of Supported Currencies(currencies) | 130 | — |
| US Market Users(millions) | 1.2M | — |
| Native Payroll Integration (US) | Third-party required | — |
| Currency Support(currencies) | 140+ currencies(winner) | 1 currency |
| Invoice Templates(count) | 12+(winner) | 3 templates |
| Built-in Payroll Integration(text) | Third-party add-on (Guidepoint, Namely) | — |
| Supported Currencies(count) | 150+(winner) | 1 (USD or CAD) |
Show 16 more attributesInvoice Limit (Free Plan)(count) Varies by Starter plan Unlimited Real-time Collaboration Features(capability level) Full (multi-user simultaneous editing) — Invoice Creation Limit (Free)(invoices/month) Unlimited — Contract Management Not available — Time Tracking Integration Not available — 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(available) No — Time Tracking Hours Capacity(Unlimited/Not Available) Not available — Automation Rules(count) 0 (manual only) — Mobile App Capability Receipt capture and invoice viewing — | ||
| Mobile App Rating (iOS)(stars) | 4.6/5.0 | — |
| Mobile App iOS Rating(stars) | 4.7/5 (45K reviews)(winner) | 4.3/5 (8,900+ reviews) |
| Mobile App Rating (iOS/Android)(stars out of 5) | 4.7/5 | — |
| Mobile App Rating(stars) | 4.2/5 (15,000 reviews) | — |
| API Rate Limits(requests/second) | Unlimited | — |
| Bank Feed Integration Partners(institutions) | 7,000+ | — |
| API Rate Limit(requests/second) | 60 (standard tier) | — |
| API Endpoints Available(count) | 180+ | — |
| Customer Satisfaction Score(G2 rating (out of 5)) | 4.7/5 (G2 2024) | — |
| Mobile App Invoice Creation(capability) | Full capability with offline mode | — |
| Maximum Users (Free/Starter)(users) | 3 users | Unlimited users |
| Concurrent Users Included(users) | Unlimited users | — |
| Concurrent Users (Free Tier)(users) | Unlimited | — |
| Inventory Management | Built-in | Not available |
| Pre-Built Integrations(count) | 1,000+ | — |
| Number of Integrations(count) | 1000+(winner) | 100+ |
| Third-Party Integrations(count) | 800+(winner) | 150+ integrations |
| Average Onboarding Time(days) | 1-2 weeks | — |
| Maximum Entities Supported(entities) | Unlimited organizations | — |
| Mobile App Receipt Capture(availability) | Yes (Snap Invoice) | — |
| Countries Supported(countries) | 180+ countries | — |
| Standard Plan Concurrent Users(users) | 5 users | — |
| On-Premises Deployment Available | No (Cloud only) | — |
| On-Premise Deployment | Not available | — |
| User Interface Rating(stars out of 5) | 4.7/5 | — |
| Customer Support Response Time(hours) | 24-48 hours | — |
| Pre-Built Reports(count) | 40+ | — |
| Custom Financial Reports(count) | 50+ customizable reports(winner) | 8 standard reports |
| Financial Reports Available(count) | 5 standard reports | — |
| Global User Base(millions) | 3.7M+ users | — |
| Countries/Regions Supported(count) | 120+ | — |
| API Free Tier Monthly Calls(calls/month) | 60,000 | — |
| Customer Support Hours(hours/week) | 168 (24/7) | — |
| Users on Free/Base Plan(users) | 1 user | 2 users(winner) |
| Mobile App Functionality | Full accounting and expense tracking | Full accounting and invoicing |
| System Uptime SLA(percent) | 99.5% | — |
| Countries with Localized Compliance(count) | 190+ | — |
| Accounting Standard | Double-entry bookkeeping | — |
| Tax Report Generation | Yes (P&L, balance sheet, tax forms) | — |
| Maximum User Seats Included(users) | Unlimited | — |
| Invoice Payment Processing | Not included (requires separate payment processor) | — |
| Client Portal Feature | Not available | — |
| Registered User Base(millions) | 5+ million | — |
| Payroll Integration | No | — |
| Bank Connection Speed(days) | 1 day (real-time) | — |
| Third-Party App Integrations(integrations) | 25 native integrations | — |
| Annual Cost (Budget Business)(USD) | $0-$240 (optional add-ons) | — |
XeroWaveShow 1 more attribute
Show 15 more attributes
Show 16 more attributes
Pros & Cons
11 pros·7 cons across both
Xero
Pros
- 140+ currency support for international businesses
- Built-in inventory management and tracking
- Multi-user collaboration (3+ users on starter plan)
- Full payroll processing and integration
- Advanced automation rules and workflows
- Real-time profit & loss reporting
Cons
- $13-62/month subscription cost can strain startup budgets
- Steeper learning curve for users new to accounting software
- Complex feature set may be overkill for simple sole proprietor operations
Wave
Pros
- Completely free core accounting features (invoicing, expense tracking, financial reports)
- Unlimited users at no cost—entire team can access accounts
- No credit card required to start
- Clean, intuitive interface requires minimal accounting knowledge
- Integrated payment processing (2.2% + $0.50 per transaction in US)
Cons
- Limited to single-currency accounting—no multi-currency support
- No inventory management features built-in
- Limited API access and third-party integrations
- Fewer customization options for invoices and reports
Frequently Asked Questions
5 questions
Wave is completely free for core accounting features including invoicing, expense tracking, and financial reporting. Xero offers a free trial (30 days) but requires a paid subscription ($13-62/month) after that. Wave's free model makes it ideal for cost-conscious startups, while Xero's premium pricing reflects its advanced capabilities.
Resources & Learn More
Curated sources to dive deeper
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