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Compare accounting software side by side — pricing, features, pros & cons. Find the best fit for your business with detailed comparisons of QuickBooks, Xero, Wave, FreshBooks and more.

Verdict

The best accounting software depends on your business size, budget, and needs. QuickBooks Online is the industry standard with the most features and integrations. Xero offers unlimited users and strong multi-currency support. FreshBooks has the best invoicing experience for freelancers. Wave is free for US and Canada-based sole proprietors.

Select tools:
FeatureMercuryBrexNovoRelay
Starting PriceFree · From $299/moFree · From $0/moFreeFree · From $30/mo
BaseFreeFreeFreeFree
Mercury Pro$299/mo$12/mo—$30/mo
Best ForSmall BizSmall BizFreelancers, Small BizSmall Biz
RegionsUSUSUSUS
PlatformsWeb, Ios, AndroidWeb, Ios, AndroidWeb, Ios, AndroidWeb, Ios, Android
Key Features
  • •Business checking and savings accounts with FDIC pass-through coverage
  • •Free domestic and international wires on the base tier
  • •Developer API with SDK support for automated banking workflows
  • •Mercury Pro tier with NetSuite integration and dedicated relationship manager
  • •Global multi-currency corporate cards with virtual and physical issuance
  • •AI-powered expense categorization and compliance rule engine
  • •Custom expense policies with automated review (Premium tier)
  • •Travel booking and expense management in one platform
  • •Completely free business checking with no monthly fees or minimum balance
  • •Free ATM fee refunds up to $7 per month at any in-network ATM
  • •Direct integrations with Stripe, Shopify, PayPal, and QuickBooks
  • •Same-day ACH transfers (1.5% surcharge)
  • •Up to 20 individual checking accounts for fund separation by purpose
  • •Up to 2 savings accounts with competitive APY
  • •Team debit cards with per-account access controls
  • •Relay Pro tier for faster ACH and outgoing wires from $30/month
Pros
  • +Developer-friendly API with SDKs makes it the best choice for tech-forward startups that want to automate banking workflows
  • +Free domestic and international wires save significant costs compared to traditional banks that charge $15–$50 per wire
  • +Fast and straightforward approval process for LLCs and Delaware C-corps — accounts open in days, not weeks
  • +Global multi-currency card issuance makes it ideal for startups with international contractors, remote teams, or overseas spending
  • +AI-driven expense automation reduces manual reconciliation — transactions are categorized, flagged, and synced to accounting software
  • +High credit limits tied to cash balance rather than personal credit history, which is crucial for early-stage startups with limited credit profiles
  • +Simplest onboarding process for solo operators — apply online and get approved quickly with no minimum deposit
  • +Free ATM fee refunds up to $7/month effectively eliminate ATM costs for most freelancers and sole proprietors
  • +Strong e-commerce integrations with Stripe, Shopify, and PayPal make it a natural choice for online sellers and freelancers
  • +Multi-account structure (up to 20 checking accounts) is ideal for profit-first budgeting — separate accounts for taxes, payroll, operating expenses, and profit make cash management visual and intentional
  • +Free tier is genuinely capable — 20 checking accounts, 2 savings accounts, and team debit cards at no monthly cost
  • +Designed for cash-flow-conscious businesses with up to ~100 employees — scales beyond solo-founder tools like Novo
Cons
  • −No cash deposit support — Mercury is not suitable for businesses that handle physical cash
  • −Does not serve sole proprietorships or unregistered businesses; you need a formal business entity (LLC, Corp) to open an account
  • −Certain high-risk industries (crypto, cannabis, adult entertainment) are explicitly excluded during onboarding
  • −Per-user pricing ($12/user/month on Premium) scales up quickly as your team grows, making it expensive for larger teams
  • −Dropped bootstrapped small-business customers in 2022 to focus exclusively on VC-backed startups — not accessible to most small businesses
  • −Lacks core banking features like savings accounts, checking account functionality is limited compared to Mercury or Novo
  • −No corporate card offering — only a debit card, which limits spend management and expense tracking capabilities
  • −Minimal expense management features compared to dedicated tools like Brex or Ramp, with no AI categorization or policy controls
  • −Not designed for multi-employee businesses — no team-based roles, no multi-user card controls, and no approval workflows
  • −Multi-account system can be more complexity than solo operators or freelancers need — Novo's simpler single-account approach is better for sole proprietors
  • −Fewer advanced spend management features compared to Brex or Ramp — no AI categorization, no corporate card programs, no travel booking
  • −Pro tier is needed for wire transfers and faster ACH, which are free on Mercury's base tier
Integrations10+ integrations10+ integrations10+ integrations10+ integrations
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