There are no monthly fees or minimum balances, and it’s FDIC insured. Wave Money, the business banking feature offered by Wave, is a bank account with built-in bookkeeping.
Xero has three plans to choose from and their Growing Plan, which costs $32 per month, is their most popular option. On the other hand, Xero costs between $11 and $62 per month. Wave is a freemium tool, meaning that the accounting, invoicing, and receipt capture features are free. You can also add payroll, as well as bookkeeping, tax, and accounting services, onto your free base plan.Ĭustomers 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. Though basic compared with its more expensive counterparts, Wave has everything you need to get up and running with accounting quickly. Wave is the best accounting software for freelancers and small service-based businesses. It’s correspondingly more difficult to use, but most businesses will likely find it more valuable. Invoicing is easy, there are more than 50 accounting and financial reports, and you have the ability to track and manage inventory.Ĭompared with Wave, Xero is a more sophisticated product overall. Xero pricing runs from $11 per month to $62 per month, which is incredibly affordable for the features and power that you get in return. We broadly recommend Xero to all small businesses.
Your ultimate goal is ease of use and flexibility.You want the flexibility to add only the paid features that you need.You’re a freelancer or have a small, service-based business.
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