Bookkeeping Showdown: Wave vs Xero


  • Service Provider

    Recent accounting discussions have abounded and the two big SaaS winners seem to be Wave Accounting and Xero. Was wondering of people with experience with both, which one do you like and why? Obviously, Wave being free and Xero being paid are major factors.



  • Wave is an Invoicing Program:
    You can accept credit cards
    You can connect to your bank account and do basic expense tracking
    Recurring Invoices
    Automatic Payments (this was just released)
    You can do payroll as well however you have to do your taxes etc.



  • Xero is a full accounting program:
    anything you can do with any major accounting program you can do with this including printing checks and deposit slips etc.

    You also have the options of 1000's of add ons so that it will connect with an ERP or CRM or Inventory tracking just to mention a few.


  • Service Provider

    I think Wave is for the person that has a side business and wants to kick out invoices and accept credit cards.

    Real accounting stuff like being able to take a receipt and split it between tax deductible stuff and personal stuff isn't possible with Wave. Another major issue is that there are no backups of your data - nor is it possible for you to make one. I had an invoice just go missing out of wave. Fortunately I had an email correspondence with a client about the invoice, so I knew the invoice date and the invoice number. Even with all that information Wave told me there was no way to get it back and they don't have backups of their system.

    For the positive side of Wave, it's free, they allow you to take credit cards, and they have OCR for receipts, so all you have to do is confirm that Wave read it correctly and it will automatically find the date and total.


  • Service Provider

    @mike-davis said in Bookkeeping Showdown: Wave vs Xero:

    I think Wave is for the person that has a side business and wants to kick out invoices and accept credit cards.

    Real accounting stuff like being able to take a receipt and split it between tax deductible stuff and personal stuff isn't possible with Wave. Another major issue is that there are no backups of your data - nor is it possible for you to make one. I had an invoice just go missing out of wave. Fortunately I had an email correspondence with a client about the invoice, so I knew the invoice date and the invoice number. Even with all that information Wave told me there was no way to get it back and they don't have backups of their system.

    For the positive side of Wave, it's free, they allow you to take credit cards, and they have OCR for receipts, so all you have to do is confirm that Wave read it correctly and it will automatically find the date and total.

    Oh yeah, iOS App for Receipts, that's nice.


  • Service Provider

    @scottalanmiller said in Bookkeeping Showdown: Wave vs Xero:

    Oh yeah, iOS App for Receipts, that's nice.

    But at the end of the day, I don't think anyone with any more than a hobby business should consider it since you can't back it up.

    Why is it Xero vs Wave and not Xero vs FreshDesk?


  • Service Provider

    @mike-davis said in Bookkeeping Showdown: Wave vs Xero:

    @scottalanmiller said in Bookkeeping Showdown: Wave vs Xero:

    Oh yeah, iOS App for Receipts, that's nice.

    But at the end of the day, I don't think anyone with any more than a hobby business should consider it since you can't back it up.

    Why is it Xero vs Wave and not Xero vs FreshDesk?

    Well Wave is free, so that's a big deal. And Xero comes recommended by the bookkeepers that we work with a lot. So they make a lot of sense. FreshDesk .... any compelling features compared to the other two?



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