Xero wins on more features overall (7 vs 5, 7 tied). Below is the full feature-by-feature breakdown.
| Feature | Wave | Xero |
|---|---|---|
| Free plan |
✓ Yes
|
✗ No
30-day trial only
|
| Entry paid plan |
✓ Yes
Pro Plan US$16/mo (about AU$25)
|
— Paid add-on
AU$35/mo Starter, AU$70/mo Standard
|
| Download PDF without signup |
✗ No
Requires signup to generate invoices
|
✗ No
|
| Feature | Wave | Xero |
|---|---|---|
| Unlimited invoices |
✓ Yes
|
— Limited
Starter plan caps at 20 invoices/month
|
| Custom logo & branding |
✓ Yes
|
✓ Yes
|
| Recurring invoices |
✓ Yes
|
✓ Yes
|
| Email invoices to clients |
✓ Yes
|
✓ Yes
|
| Multi-currency |
✓ Yes
|
— Paid add-on
Premium plan only
|
| Client management |
✓ Yes
|
✓ Yes
|
| Feature | Wave | Xero |
|---|---|---|
| ATO-compliant GST invoices |
— Limited
No automatic ATO Tax Invoice wording
|
✓ Yes
|
| ABN field built in |
✗ No
Manual workaround needed
|
✓ Yes
|
| Australian-focused support |
✗ No
No AU-based support
|
✓ Yes
|
| Feature | Wave | Xero |
|---|---|---|
| Bank reconciliation |
— Limited
AU bank feeds are limited
|
✓ Yes
|
| Expense tracking |
✓ Yes
|
✓ Yes
|
| Payroll |
✗ No
US/Canada only
|
— Paid add-on
+AU$10/mo per employee
|
| Inventory tracking |
✗ No
|
✓ Yes
|
| Feature | Wave | Xero |
|---|---|---|
| Stripe payments |
— Limited
Wave Payments only — no direct Stripe integration
|
✓ Yes
|
| Mobile app |
✓ Yes
|
✓ Yes
|
| Feature | Wave | Xero |
|---|---|---|
| Setup time |
— Limited
~10 min signup + business setup
|
✗ No
Days — requires chart of accounts setup
|
Neither tool fits your invoicing-only workflow? Try InvoiceSonic — free for unlimited ATO-compliant tax invoices, no signup required.
Create a free invoice now →Wave starts at Free (Pro Plan US$16/mo); Xero starts at AU$35/mo (Starter). Wave offers free forever. Xero offers 30-day free trial.
For ATO-compliant GST: Wave = limited, Xero = yes. For native ABN field: Wave = no, Xero = yes. If you operate in Australia and either tool falls short here, InvoiceSonic handles both natively — and it's free.
Most freelancers want fast invoicing without paying for full accounting. Between these two, Xero wins more categories overall. But if you're a freelancer who just wants ATO-compliant tax invoices for free, InvoiceSonic is purpose-built for that workflow.
Both Wave and Xero let you export client lists and invoice history (usually as CSV). Migration takes an afternoon for most small businesses. If you're considering switching anyway, it might be worth evaluating InvoiceSonic as a free alternative for invoicing while keeping your accountant's tool of choice for bookkeeping.
Both tools are accounting-first platforms; their invoicing modules are a subset of what they do. If invoicing is your only need, a free dedicated invoice generator like InvoiceSonic is usually faster, cheaper, and more focused — without paying for bookkeeping, payroll, or inventory features you won't use.
Yes — InvoiceSonic is free for unlimited Australian-compliant invoices with no signup required for PDF download. You can run it alongside or instead of paid accounting platforms.