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      June 18, 2019

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Xero vs Wave Accounting

To help you find the Best Accounting Software, TopConsumerReviews.com provides you with an in-depth comparison of Xero and Wave Accounting.

To see ALL of our reviews for the Best Accounting Software, please Click Here

Get Your Accounting Software at Quickbooks Today! Whether you're just starting a new business or trying to get your finances organized - business accounting software is a great place to start. There are a number of user friendly, affordable options that allow a company to create invoices, track payables and receivables, run reports, track inventory and much more.

Making the right accounting software choice is an important decision that's dependent on a number of variables. Some of these include the size of business, the number of employees, your desired functions, and your accounting experience. Finding the right accounting software that's flexible and user friendly is imperative to business success.

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Best Reviews

2019

Accounting Software Reviews

4.5 stars
Xero

XERO Visit Site

Cost:

30-day free trial, no credit card required

$9 / mo. - Starter

$30 / mo. - Standard

$70 / mo. - Premium

Xero is one of the "new guys" when it comes to accounting software providers in the U.S., but this hasn't stopped them from making a splash. Named the World's Most Innovative Growth Company by Forbes in 2014 and 2015, Xero connects small businesses with their data "anytime, anywhere, on any device" through their cloud-based accounting software.

Every plan with Xero includes the following:

  • Free unlimited users
  • Unlimited, free 24/7 support
  • Integration with more than 400 apps, such as PayPal and Squarespace
  • Regular, free updates
  • Discounts for multiple organizations
  • World-class data uptime
  • No setup fees or contracts
  • No software to install
  • Cloud-based file storage

Xero does offer a 30-day free trial, with no credit card information required to sign up. After that trial period, customers can choose from three different plans. Regular pricing for those plans is given below, and at the time of our review there was a 30% discount on the first six months of service that brought the prices down even further:

  • Starter: for $9/month, you can create and send 5 invoices, enter and pay 5 bills, reconcile 20 bank transactions, in addition to the features included with every plan. This plan does not include any payroll capabilities, tax filing, or customizable purchase orders.
  • Standard: for $30/month, you get all of the features included in the Starter plan, along with unlimited bill pay and bank transactions. This plan does include payroll for up to 5 employees, customizable purchase orders, and federal and state tax e-file/e-pay.
  • Premium: for $70/month, you get all of the features of the Starter and Standard plans, payroll capabilities for up to 10 employees, as well as the ability to deal with multiple currencies.

One drawback of using Xero is that you'll have to initiate any customer service issues via online chat or through their support email address; if your issue is escalated, you'll get a phone call directly from a representative, but there's no way to initiate a phone call directly to support. Some users may prefer knowing that they can reach a customer service rep a little more directly and easily, but we did find that their live chat was very responsive.

And, if you need a little more month-to-month help with using Xero for your small business, Xero has a network of accountants, bookkeepers, and other advisors who are certified in the use of Xero. Availability is somewhat limited; when we looked at the map of professionals in the U.S., we found less than 100 throughout the country - so you may need to be comfortable with getting that help remotely rather than from an expert near your zip code.

What do users say about Xero's accounting software? Customer reviews are overwhelmingly positive, citing Xero's easy-to-use dashboard that shows your business's bank and credit card balances on one screen whether at your computer or on your mobile device; easy recording that saves time on tracking expenses and deposits; absolute security of your data, which is saved remotely and backed up automatically; no software upgrades required; and, beautiful financial reports, among other praiseworthy qualities.

There's a lot of buzz about Xero as the cloud accounting software of choice, and we can see why. Their pricing is extremely affordable, their features are very robust, and the ability to get help from certified Xero experts is a definite plus. We give them very high marks, and they are definitely worth your consideration when choosing accounting software for your business.

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3 stars
Wave Accounting

WAVE ACCOUNTING Visit Site

Cost:

Free

Wave Accounting is a web based accounting system. There is no software to download as everything is available online. Perhaps its best feature is that it is completely free of charge. The website application is supported by advertisers which appear on their Business Savings feature offering a page full of special offers for Wave users.

Wave Accounting started in 2010 and is based in Toronto. The application is specifically designed for the very small business and owner-operator, with nine employees or less. Wave is designed for the non-accountant because of its overall simplicity and basic features. It's likely that the accounting professional would find it much too limited for their liking, but then again, Wave is not attempting to serve that particular end-user.

Like many new startups, Wave began with very limited features. Over the past few years they really have not changed or updated their offerings to a great extent. One exception is the integrated payroll processing solution that was added for Canadian users and later expanded to the U.S. market. There is a $5 per employee charge for this feature.

Wave Accounting is sort of a jack of all trades and master of none. It offers most of the same features that the best accounting programs and websites offer, but it isn't nearly the best at any of them. It does have the ability to connect the financial institutions you work with, such as banks and credit card companies, enabling you to download your recent transactions.

Overall, Wave Accounting is a very basic, free of charge accounting solution for the smallest of small businesses. If that describes you and your business, you might want to give Wave Accounting a try.

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Continued from above

A number of business accounting software programs exist today that are designed to help small to medium sized businesses. Which accounting software product is right for your company? There are several important factors for you to consider, including:

  • Functionality. Will the accounting software complete all the major functions needed for bookkeeping and accounting for your business?
  • Price. How does the accounting software price compare to those offered by other software companies?
  • Customer Service. Is the customer support for the accounting software available if a question or problem comes up?

TopConsumerReviews.com has reviewed and ranked the best accounting software available today. We hope these reviews help you find the right accounting software that works for your business!

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