![]() ![]() Xero offers these three crucial reports with every plan, but even its basic plan users can get cash-flow forecasting 30 days into the future (that limit extends to 90 days with the Established plan). Wave Accounting’s free plan includes the most important financial reports for businesses of all sizes: Profit and loss statements, balance sheets, and cash flow statements. However, Wave’s unlimited invoices will work better for small businesses, freelancers and contractors that send more than 20 invoices a month. Xero’s invoice limit could still work for some small businesses, especially businesses looking for an alternative to FreshBooks (which offers unlimited invoices while limiting the number of clients you can invoice each month). Wave’s invoices can be easily configured to accept payments. With Xero’s cheapest plan, however, you can send only 20 invoices and quotes a month.įigure B Wave users can create and customize invoices from the software’s user-friendly dashboard. With Wave Accounting, you can send as many invoices as you want to as many customers a month as you need to. Unlimited invoicingĪlthough Xero has more accounting features than Wave, Wave beats out Xero in one crucial category: Unlimited invoices. In short, while Wave does quite a lot for business owners (especially considering its free cost), it can’t compare to Xero for sheer features.įigure A Xero’s comprehensive but easy-to-scan dashboard ensures users can access all their most important financial data upfront while quickly accessing crucial financial tools. Employee expense tracking and reimbursement.Xero’s higher-tier plans add accounting tools like the following: Automatic bill payments, including batch payments.Every Xero plan-including the cheapest, which costs $13 a month ($143 a year, free trial included)-has the same accounting features as Wave, and then some: However, of the two products, Xero is undeniably the more fully featured accounting software. Wave Accounting’s expense categorization, receipt scanning, income tracking, bank reconciliation and basic reporting tools should be enough for many service-based freelancers who want to keep an eye on their finances without adding money-management software to their budgets. Wave Accounting has an impressive amount of accounting and bookkeeping tools, especially considering its price. Xero: Feature comparison Overall accounting features We examine some of their key differences below. ![]() However, they differ in terms of features, plans and integrations. ![]() Wave Accounting and Xero both offer cloud-based accounting services like bank reconciliation, income tracking, invoicing and more.
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