Powerful, cloud-based accounting software that perfectly integrates with Wave’s suite of free tools to help you run your business better. Unlimited, secure and reliable bank connections, free of charge. Designed to be easy for freelancers and small business owners to use, while making accountants happy with robust reports and functionality. These advanced features are perfect for sophisticated business operations, manufacturing businesses, and product-based companies. Wave is extremely user-friendly and can be quickly learned, mastered, and used to perform basic accounting tasks.
These „connector“ apps let you send data from one app to the other automatically. Xero integrates with 800+ third-party apps and tools to streamline your workflows. Additionally, the software integrates with thousands of more apps via Zapier. Wave is designed for ease of use and is accessible to those with no prior accounting software experience.
This is where Wave’s automatic bank feeds, payroll and add-on services such as accounting advice are available. In June 2020, Wave launched Wave Money as “the future of small business banking”. Xero’s users say it’s easy to use and has good accounting and bookkeeping capabilities. Most found the price to be acceptable, with some complaints about issues they ran into while trying to switch to a lower pricing tier. More than 70% loved the customer service and felt their representatives were extremely helpful.
Can I access Xero and Wave on my mobile device?
This is a common fee for processing credit cards that you’ll find on any site. Wave Accounting, on the other hand, only syncs with Wave Payroll. Users can connect their favorite small-business payroll software to Wave through Zapier, but it’s not as easy or streamlined as using a built-in connection path.
- When you look at user reviews on Capterra, all three platforms have 4 stars (out of 5) for customer support.
- Wave is the better alternative if recurring payments or subscriptions are a key part of your business plan.
- Wave is ideal software for business owners who are new to business, accounting, and/or for people who have no experience using accounting software.
Pay only 2.9% + 60¢ per transaction with no subscription fees or hidden charges (3.4% + 60¢ per transaction for American Express cards). With more than 1,000 connections, Xero makes it almost certain that users can pair their accounting software with any business app they want. By cutting down on the amount of manual data entry, Xero’s integrations save users time and make it less likely that financial mistakes will happen. The Xero vs. Wave comparison table shows how these two accounting software programs are different. Xero has a lot of tools that are good for small to medium-sized businesses that need to do advanced accounting. This makes it a great choice for freelancers, startups, and small businesses that want simple tools for managing their finances.
Xero & Wave Feature Comparison
If you’re new to accounting software, Wave may be a great starting point, especially if you don’t have the time to invest in learning a more complex solution. The software must also have a mobile app to enable users to perform accounting tasks even when away from their laptops or desktops. Support 1099 vs w2 network refers to a community of software users that can extend professional help to businesses. Having an independent software expert perform the bookkeeping is good for overall ease of use. Lastly, our expert opinion score is our subjective rating based on our experience in trying the software.
Xero Basic Features
There are three invoice templates you can customize to meet your specific needs. Wave offers only email and live chat support to users of their paid services. Users of the free software can’t get assistance from a live agent. They can chat with the chatbot or look for help in the self-service Help Center.
Trending Accounting Software News
Wave lets you make unlimited bank and credit card connections to track your transactions. All debit card purchases automatically will get logged and categorized. You’ll be able to reconcile your accounts, set up automatic payments, and track your invoices. These apps let you perform accounting tasks, such as creating invoices, reconciling bank transactions, and managing expenses. The Xero desktop apps can be a useful tool for users who prefer a more traditional, desktop-based experience. The Established plan costs $70/month and introduces more advanced features such as multiple currency support, project management, expense claims, and in-depth analytics.
The reporting section is a bit thin, but you can export all your information to run more advanced reports in other applications. To read further into Wave, check out our full-length Wave review. Xero has a full-featured marketplace, exceptional reporting, and highly customizable invoices and dashboards.
Wave Accounting vs. Xero: Pricing
With the invoicing tool, you can take care of billing your clients with ease. Let’s delve into the full list pros and cons of Wave vs Xero to find out more about the perks that will serve your business best. We’ll share our latest software reviews, technology tips, and deals. Customers we interviewed were all extremely complimentary of Wave and indicated that they had neither the need nor the desire to switch to a new software anytime soon. In the realm of business operations, even the smallest details can have a significant impact on efficiency and cost savings. From EY to PwC and Netsuite to Oracle the accounting tech industry are working on amazing AI offerings.
But the lack of live phone support is one of its biggest drawbacks. Although they offer comparable accounting features, the features of Xero vs. Wave you need may vary depending on your business processes, systems, and needs. For example, Wave has great invoicing features, while Xero is superior when it comes to inventory management features. If you run an e-commerce or physical products business, you shouldn’t use Wave. The platform is designed for service businesses and has minimal inventory management features.
It integrates with Gusto (for additional fees) for all your payroll processing needs. While offering a rich array of accounting features, both Xero and Wave have differences that can serve unique business needs. However, the key deciding factors come down to the pricing structure, number of users, accessibility, specialized accounting features, and customer support. Wave’s reporting features are also easy to use but lack depth when it comes to sales tax, inventory, and employee data. This could work well for freelancers, solopreneurs, and businesses with only a couple of employees. Larger businesses — even startups — will not find Wave’s offering here to meet their needs.