Wave vs Xero

Compared on	Wave Free plan · from $15.83/mo VisitRemove	Xero From $27/mo VisitRemove
What it is	Free invoicing and double-entry bookkeeping for small businesses, with a $19 Pro plan for bank sync	Cloud accounting with three US plans, no per-user fees, Gusto payroll and the JAX AI assistant
Free plan	Starter: unlimited estimates, invoices, bills and bookkeeping records; mobile invoicing; optional online payments at 2.9% + $0.60 per card transaction (3.4% + $0.60 for Amex). No automatic bank import or auto-categorisation; receipt capture is an $8/month add-on; collaborators limited to payroll manager or Block Advisors tax pro access.	No
Cheapest paid plan	$15.83/mo billed annually (Pro)Wave pricing	$27/mo (Early)Xero pricing
What it covers	Per business; $190 billed yearly. Card fees drop to 2.9% + $0 on the first 10 transactions each month. Canadian price CA$25/month or CA$250/year.	Per organization, no per-user licence fees; send quotes and 20 invoices, enter 5 bills; auto-reconcile is a $5/month add-on. Promotion: 90% off ($2.70/month) for the first 6 months for new US customers, until 2 November 2026.
Free trial	None stated	One month free on any Xero plan
Platforms	Web, iOS, Android	Web
Integrations (vendor's figure)	Not stated	Integrate with 1000+ apps
Open source	No	No
Good for	Freelancers and sole owners who want free invoicing and bookkeeping Small businesses in the US or Canada that invoice often on a small budget Owners who want a bookkeeper to keep the books for them	Small businesses that want several people in the books without per-user fees Businesses that work closely with an accountant or bookkeeper Companies that bill or pay in foreign currencies
Watch out for	Automatic bank imports and transaction categorisation need the Pro plan Receipt capture costs $8 a month on the free plan Its pages do not describe AI features, multi-currency or inventory tracking	Early caps you at 20 invoices and 5 bills, and auto-reconcile costs $5 a month extra Multi-currency, projects and expense claims need Established ($97/mo) Payroll costs $36 a month plus $6 per person through Gusto
Made by	Wave Financial Inc.	Xero Limited

Entry prices are the cheapest paid plan, as each vendor publishes it; “What it covers” says what that price is per (a user, a channel, a brand, a number of contacts). The sources are listed on each tool's page.

Every tool in accounting and invoicing software is on its category page, with the written head-to-heads on Compare.