Shlomi Lavi /
Apr 14, 2022
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Bottom Line: Which is Better - Xero or Wave Accounting?
Wave Accounting is more expensive to implement (TCO) than Xero, and Wave Accounting is rated higher (97/100) than Xero (94/100). Xero offers users more features (13) than Wave Accounting (5).
Looking for the right Core Accounting solution for your business? Buyers are primarily concerned about the real total cost of implementation (TCO), the full list of features, vendor reliability, user reviews, and the pros and cons. In this article we compare between the two software products:
Xero Vs. Wave Accounting
Xero : Xero was founded in July 2006 by successful technology entrepreneur Rod Drury and specialist small business accountant Hamish Edwards. Xero is listed on the New Zealand Stock Exchange and the Australian Securities Exchange and is a fast growing company with teams in Wellington, Auckland, Melbourne, Sydney, Brisbane, San Francisco, and Milton Keynes...
Wave Accounting: Wave Accounting is an awesome, cloud-based, integrated software and tools for small businesses. So far, that includes Invoicing, Accounting, Payroll, Payments and more, plus Personal Finance Software, too.
Who is more expensive? Xero or Wave Accounting?
The real total cost of ownership (TCO) of Core Accounting software includes the software license, subscription fees, software training, customizations, hardware (if needed), maintenance and support and other related services. When calculating the TCO, it's important to add all of these ”hidden costs” as well. We prepared a TCO (Total Cost) calculator for Xero and Wave Accounting.
Xero price starts at $12 per month , On a scale between 1 to 10 Xero is rated 2, which is much lower than the average cost of Core Accounting software. Wave Accounting accurate pricing info is available upon request (they don't share it publicly), however , On a scale between 1 to 10 Xero is rated 2, which is much lower than the average cost of Core Accounting software.
Bottom line: Wave Accounting is more expensive than Xero.
Which software includes more/better features?
We've compared Xero Vs. Wave Accounting based on some of the most important and required Core Accounting features.
Xero: this software is considered "feature-rich" with more than 10 important features, here is a partial list: Accounts Payable, Accounts Receivable, Billing & Invoicing, Budgeting & Forecasting, Fixed-Assets, Purchase Orders, Data Analysis Tools, Forecasting.
Wave Accounting: Accounts Payable, Accounts Receivable, Balance Sheet, Billing & Invoicing, Tax compliance.
Target customer size
Xero is best for small businesses, freelancers and non-profit organizations. Wave Accountancy is perfect for small to medium companies with 9 or much less workers.