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Invoicing software · November 2026 Edition

Wave vs Xero

Zero of fourteen models named Wave first on the direct prompt; one named Xero. Both were named by all fourteen models and Wave carries 39 labels and Xero 37, so the shares are not directly comparable.

Wave

accepted challenger

Named in sixteen categories this edition.

Xero

accepted challenger

Named in twenty-five categories this edition.

First-choice share13%8%Of first choices across the direct, paraphrase, budget and scale prompts, 0 to 100.
Negative rate18%3%Negative labels as a share of the product's labels, 0 to 100.
Rank in category#3#4A position in a field of 15; printed, not drawn.
Labels3937A count; the two differ.
The two percentage rows are drawn on one 0 to 100 track, Wave reading right to left. Rank and label count are printed, not drawn.Zoho Invoice vs Wave · Zoho Invoice vs Xero · QuickBooks vs Wave

Share is the count of first choices across the direct, paraphrase, budget and scale prompts over all fourteen models, for a mid-market B2B company; rank is within the category; every quote names the model and the prompt it came from. Both figures come from the invoicing software page.

By framing

How many of the fourteen models made each the first choice, per way of asking, and how many argued against it.
WaveFirst choices, of fourteen modelsXero
Direct011 against Wave
Paraphrase03
Comparative01
Budget-constrained70
Scale-constrained00
Negative106 against Wave · 1 against Xero
Bars are first choices, 0 to 14 each sideModels that argued againstA model can name both, so the two sides of a row do not sum to fourteen.

Across every category in the November 2026 Edition, Wave and Xero were named in the same answer 220 times, of the 399 answers naming Wave and the 798 naming Xero. In those answers Xero took the first choice thirty-five times and Wave forty-three.

Every model, every framing

The eighty-four answers behind the chart above, one cell each: where Wave and Xero stood in it.
ModelDirectParaphraseComparativeBudget-constrainedScale-constrainedNegative
Claude Haiku 4.5
GPT-5.4 mini
Gemini 3.5 Flash
Perplexity Sonar
Grok 4.20
Mistral Small
DeepSeek V4 Flash
Llama 4 Maverick
Qwen 3.7 Flash
Kimi K2
GLM 4.7 FlashX
MiniMax M2.5
GPT-6 Luna
Muse Glimmer 30B
Wave Xero first choice named as an alternative argued againstblank: not namedEach cell is one answer, Wave on the left and Xero on the right.

The direct prompt

The plain question, one answer per model, grouped by where Wave and Xero stood in it.

Xero first, Wave not the choice

1 of 14 modelsWave was named in the answer but not as the choice, or not at all.
Mistral SmallQuickBooks, Xero alternatives: Rho Invoicing, Stripe Invoicing, Zoho Books

Neither was the first choice, one was named

5 of 14 modelsThe answer put something else first and named one of the two as an alternative.
GPT-5.4 miniNetSuite SuiteBilling, Sage Intacct alternatives: Sage 200-class mid-market tools, Xero
Perplexity SonarInvoiced alternatives: Billtrust, Chaser, Gaviti, QuickBooks, Upflow, Xero, Zoho Books
Grok 4.20QuickBooks alternatives: Invoiced, NetSuite SuiteBilling, Sage Intacct, Xero
DeepSeek V4 FlashBILL alternatives: Sage Intacct, Xero
Muse Glimmer 30BQuickBooks alternatives: Invoiced, Precoro, Xero, Zoho Books

Neither was named

8 of 14 modelsThe answer made no first choice from these two in this category.
Claude Haiku 4.5Younium alternatives: BILL, Coupa, Rillion, Tipalti
Gemini 3.5 FlashVersapay alternatives: Billtrust, HighRadius, Maxio, Quadient AR
Llama 4 MaverickQuickBooks alternatives: Rho Invoicing, Stripe Invoicing, Xero Growing, Zoho Books
Qwen 3.7 FlashSage Intacct alternatives: BILL, Invoiced, NetSuite SuiteBilling
Kimi K2Sage Intacct alternatives: BILL, NetSuite SuiteBilling, QuickBooks
GLM 4.7 FlashXXero Growing alternatives: Invoiced, QuickBooks, Sage Intacct, Zoho Books
MiniMax M2.5Versapay alternatives: Invoiced, Sage Intacct
GPT-6 LunaVersapay alternatives: Chargebee, Invoiced, Maxio

Bold names in an answer are the products the judge labeled a first choice; a model naming several gives each of them that label. The full answer text for every row is in the record.

By buyer segment

The same question asked on behalf of a different buyer. Each standing is computed within its segment and they are never added together. The figures above are the mid-market standing, which is the one the category orders by.
Small business
Wave leads by five points.
Wave12%#3 of 10
Xero7%#6 of 10
The full small business standing →
Mid-marketThe figures above
Wave leads by six points.
Wave13%#3 of 15
Xero8%#4 of 15
The full mid-market standing →
Enterprise
The order flips: Xero leads at enterprise.
Xero4%#9 of 20
Wave0%#19 of 20
The full enterprise standing →

What the models said about Wave

Every negative label with a quote, up to three, then the highest-weighted positives, up to three. Two of two in this category shown.

“Not compliant with French PDP ... requirements as of mid-2026, meaning invoices issued to French companies may not be legally enforceable.” Mistral Small · negative prompt · hard negative
“Wave and Zoho Invoice may not be suitable for businesses in France due to compliance issues” Llama 4 Maverick · negative prompt · hard negative

What the models said about Xero

No label in this category carried a quote.

Also compared

Comparisons are drawn for the top eight products in each category, each against each. The output is the models' output; nothing here is a recommendation by the index.