Xolo vs Wave: EU Freelancer Invoice & Accounting Made Simple

Any tool that relieves a freelancer’s burden or cost is universally adored –– especially if it’s good.

Wave has long been praised as one of the best ‘free’ accounting & invoicing apps for smaller businesses, but there’s a catch: Wave officially supports users in the U.S. and Canada only. For European freelancers this can be a dealbreaker, as Wave’s best features wash away from shore (like online payments and bank connections). 

So we wave hello at Xolo –– a different solution built for the European freelance community. While Xolo isn’t free, it is cost-effective and combines: invoicing, compliance and tax support into a seamless platform. 

Is Wave’s free platform large enough for European freelancers? Or does Xolo’s full-service approach make more sense?

Let’s find out…  

Wave: A simple breakdown of its freelancer services

Wave is a cloud-based invoicing and accounting app founded in Canada and now owned by H&R Block. It offers free tools for:

• Creating unlimited invoices and estimates
• Tracking income and expenses
• Generating basic financial reports
• Uploading and managing receipts

There’s no subscription fee! Instead, Wave makes money through payment processing fees and paid add-ons like bookkeeping coaching or payroll. Unfortunately, Wave’s payment processing, bank account integration, and payroll tools are restricted to North American users.

While freelancers elsewhere can technically sign up and use Wave for simple invoice templates, you won’t be able to collect payments or connect your bank unless you have a U.S. or Canadian account.

Even more crucially for European freelancers, Wave doesn’t handle VAT. Its tax settings are designed around U.S. sales tax, not EU regulations. You can manually add VAT percentages to invoices, but it won’t automatically calculate, track, or file anything.

Wave is a great free toolkit — if you live in North America.

Xolo: The EU freelancer’s best invoicing and compliance tool

Xolo has been designed for and by freelancers since 2014 right here in Europe.

Xolo Go and Xolo Leap are Xolo’s two service-minded products –– designed to help your business at any stage. Instead of offering just software, they handle your legal and accounting backend so you can focus on your work.

• Xolo Go – Instantly send invoices and manage expenses without needing to register a business
• Xolo Leap – A full-service solution for freelancers who want to form and manage an EU company through Estonia’s e-Residency. Includes a dedicated accountant, business bank account, and tax compliance support at a great monthly price.

Freelancers, expats and digital nomads who want to get paid compliantly and internationally with minimal admin love Xolo’s key advantages:

• Ready-to-use invoicing
• Built-in VAT number and EU IBAN
• Xolo handles tax filings and compliance
• Dedicated accountant (with Xolo Leap)
• Transparent pricing, minimal setup

Xolo isn’t a tool — it’s your compliance and business partner.

Xolo vs Wave: A quick comparison guide

Focusing on EU freelancers, our comparison guide will centre around the features and services available to local users. If you’re in North America, Wave services will be stronger in many areas. 

We’ll compare Wave with Xolo Go (one of Xolo’s two products), which allows freelancers to create and send invoices and track annual expenses. 

International payments and supported currencies make a difference

Global freelancers often juggle clients across different countries and currencies. Waves supports invoices in multiple currencies, but only processes payments in USD or CAD (requiring a North American bank account). 

Xolo supports payments in six major currencies, and offers users a euro IBAN. It lets clients pay quickly and with minimal effort –– bank transfer or card payments –– and is fully integrated with Europe’s SEPA payment system. 

For cross-border freelancers, that’s the difference between getting paid easily and losing money on a poor exchange rate.

Which freelancers should be choosing Wave’s services? 

👩‍💻 We’d choose Wave if:

• You’re based in the U.S. or Canada
  
• You want a free DIY solution
• You’re comfortable handling your own taxes and bookkeeping

🌍 We’d choose Xolo if:

• You’re a European freelancer or digital nomad
  
• You want invoicing, payments, and VAT compliance handled automatically
• You prefer focusing on your work rather than dealing with tax rules

Xolo is especially ideal for cross-border freelancers — those who invoice international clients but want to remain compliant under EU law.

Do Wave and Xolo work together?

No. 

Both tools serve similar purposes — invoicing and financial management. If you use Xolo, Wave adds little value, since Xolo already handles compliance and payments. Conversely, Wave users in North America wouldn’t benefit from Xolo’s EU-focused service.

If you’re in Europe and thinking about integrating tools, Xolo + project management apps (like Notion or Trello) is a smarter pairing.

For European freelancers, Xolo wins on practicality

Wave’s free model is undeniably attractive, but its U.S./Canada-only focus and lack of VAT support make it impractical for European freelancers.

Xolo was designed for global freelancers who want to invoice legally, receive payments easily, and stay compliant without an accountant.

If you’re freelancing in Europe, Xolo is all-around better.

Create your first compliant invoice in minutes — no company registration required.

 👉 Get started with Xolo Go

Related Reads on blog.xolo.io:

• Xolo vs Zoho: Which Solution Is Best for European Freelancers?
  
• How to Invoice International Clients Legally Without a Company
• Xolo Go vs Xolo Leap: Which Is Right for You?