QuickBooks vs Xero vs. Wave: Compare Bookkeeping Services

QuickBooks has the most intuitive and advanced invoicing features. You can send custom invoices, set up recurring invoice templates, match payments, and even batch invoicing (on the advanced plan). These features are a big timesaver for a fast-growing company. Xero has strong accounting features you won’t find with Wave, like inventory management and project management. This more advanced software does come at a price, though — it is more expensive than Wave and also has a learning curve that may take some time to master. Xero does not offer a built-in payroll but integrates nicely with Gusto.

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There were several complaints about either slow responses or long phone support hold times with both Wave and QuickBooks. When you look at user reviews on Capterra, all three platforms have 4 stars (out of 5) for customer support. The key features you need will vary depending on the systems and processes of your business. You can also now integrate your Shopify orders and payouts with Wave, which is a great bonus for small ecommerce stores.

1. Users can sync their favorite small-business payroll software with Wave via Zapier, but doing so isn’t as simple or streamlined as relying on a built-in integration pathway.
2. They’ll automatically transfer tax payments and file the paperwork with your state tax office and the IRS.
3. More specifically, Xero integrates with 800+ business tools, while Wave’s integration options are more limited.

Pilot is not a public accounting firm and does not provide services that would require a license to practice public accountancy. For one, they are the only one out of the three that supports accrual accounting. QuickBooks has the most robust software and professional infrastructure around it. Most accountants, bookkeepers, and financial advisors are familiar with QuickBooks. Migrating systems is a giant headache, so you want to choose the best accounting software that will work as your company grows.

Arizona, California, Florida, Georgia, Illinois, Indiana, Minnesota, New York, North Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin are tax service states. Take note that these charges aren’t from Xero but from payment channels. If you didn’t receive an email don’t forgot to check your the types of accounting — accountingtools spam folder, otherwise contact support.

The 10 Best Accounting Software Programs

Xero has a powerful inventory management feature that can be a useful addition for businesses that want to track services or products with Xero. You can add items, provide information about those items, and attach notes and files to them. You’ll be able to keep track of the items in stock, which items are fast-selling, and even incorporate items into invoices. Wave’s free accounting software is a suitable choice for small, service-based businesses that don’t require advanced features.

You’re happy to pay for great user experience and features

The obvious choice here would be Wave, as it’s free of charge. However, keep in mind the transaction fees can add up, especially if you’re dealing with future value of a single amount a lot of online payments. The best option would be the one that fits your specific business needs.

More Accounting Software Program Reviews

From generating, sending, and tracking invoices to managing your payroll and preparing you for tax season, modern accounting software is your financial Swiss Army knife. Each supports unlimited users, but the higher packages include advanced features, such as multicurrency support, expense claim management, and project tracking. Xero also offers payroll through Gusto at $40 per month, plus $6 per month, per employee.

You have the flexibility to customize your reports as required and save your frequently used reports for quick access. For an additional monthly fee of $7, you can upgrade to Xero Analytics Plus for enhanced business insights. Xero has six mobile apps available for Android or iOS devices. There’s the Xero Accounting app that lets 7 things to do before applying for a business loan you do most of the tasks you can do in the online version. The Expenses mobile app lets you claim expenses and mileage, as well as approve, edit, and decline claims. Other mobile apps include Xero Projects, Xero Me, and Hubdoc.