Class Super or Wave? How to Pick the Right Fit for Your Team
Is Class Super or Wave the better investment for your business? Compare pricing, total cost of ownership, and feature value side by side - with expert analysis from our Harvard-educated consultants.
Feature Comparison
Side-by-side feature analysis for Class Super and Wave.
Invoicing
Class Super
Class Super provides invoicing functionality, popular with Financial Services businesses
Wave
Completely free accounting and invoicing with no feature limitations, hidden fees, or artificial caps on transactions or customers
Wave highlights invoicing as a core strength. Class Super offers the capability but does not position it as a primary differentiator.
Expense tracking
Class Super
Investment portfolio tracking with real-time valuations across shares, property, managed funds, and term deposits provides consolidated visibility
Wave
Receipt scanning via mobile app uses OCR to extract expense details automatically, reducing manual data entry
Both platforms are strong here. Class Super emphasises this as a core strength, and Wave also invests heavily in expense tracking. Review each platform's approach to see which aligns with your team's workflow.
Bank reconciliation
Class Super
Purpose-built for SMSF administration with automated data feeds from banks, brokers, and share registries reducing manual data entry
Wave
Limitation: Australian-specific features like BAS preparation, STP compliance, and local bank feeds are limited or absent compared to Xero and MYOB
Class Super highlights bank reconciliation as a core strength. Wave offers the capability but does not position it as a primary differentiator.
Payroll
Class Super
Class Super provides payroll functionality, popular with Financial Services businesses
Wave
Wave Payroll (available in select regions) integrates directly into the accounting platform for seamless wage expense tracking
Wave highlights payroll as a core strength. Class Super offers the capability but does not position it as a primary differentiator.
Tax reporting and BAS
Class Super
ATO compliance reporting generates the specific returns and statements required for self-managed super funds in Australia
Wave
Financial reporting with profit and loss, balance sheet, and sales tax reports covers the basics without needing a separate reporting tool
Both platforms are strong here. Class Super emphasises this as a core strength, and Wave also invests heavily in tax reporting and bas. Review each platform's approach to see which aligns with your team's workflow.
Multi-currency support
Class Super
Class Super offers multi-currency support capabilities. Support depth and SLA commitments vary by plan
Wave
Wave offers multi-currency support capabilities. Support depth and SLA commitments vary by plan
Day-to-day multi-currency support workflows feel different between Class Super and Wave - watch a recorded walkthrough of each before judging which fits your team.
Inventory management
Class Super
Class Super provides inventory management functionality, popular with Financial Services businesses
Wave
Limitation: No inventory management, purchase orders, or project tracking, limiting Wave to pure invoicing and bookkeeping
inventory management support varies across Class Super and Wave's plan tiers. Check whether the capabilities you need are on the plan you can actually afford.
Project accounting
Class Super
Limitation: Niche platform focused exclusively on SMSF administration, with no applicability to other accounting or finance workflows
Wave
Completely free accounting and invoicing with no feature limitations, hidden fees, or artificial caps on transactions or customers
Wave highlights project accounting as a core strength. Class Super offers the capability but does not position it as a primary differentiator.
Budgeting and forecasting
Class Super
Class Super provides budgeting and forecasting functionality, popular with Financial Services businesses
Wave
Wave provides budgeting and forecasting functionality, popular with Professional Services businesses
Both Class Super and Wave address budgeting and forecasting. The right choice depends on whether you prioritise depth of functionality or breadth of your overall platform.
API and integrations
Class Super
Class Super supports 27+ native integrations, covering the most common tools in a mid-market tech stack
Wave
Limitation: Third-party integrations are minimal, with most connections requiring Zapier rather than native integrations
Both platforms have similar integration breadth (27 and 33 native connectors respectively). Either will connect to the major tools in a mid-market stack.
Ease of setup
Class Super
Class Super provides onboarding resources. Setup complexity depends on your configuration requirements
Wave
Wave provides onboarding resources. Setup complexity depends on your configuration requirements
Day-to-day ease of setup workflows feel different between Class Super and Wave - watch a recorded walkthrough of each before judging which fits your team.
Value for money
Class Super
Per-fund pricing, typically from approximately $33-55/fund/month (AUD) depending on volume and plan. Pricing scales with number of funds under administration. Contact Class for current volume-based pricing.
Wave
Accounting and invoicing are completely free. Payment processing at 2.9% + $0.60 per transaction. Payroll available in US and Canada only. No Australian payroll support.
Pricing models differ significantly. Compare the total cost of ownership including add-ons and per-user fees, not just the headline price.
Pricing Comparison
General pricing information for each platform.
Class Super
Per-fund pricing, typically from approximately $33-55/fund/month (AUD) depending on volume and plan. Pricing scales with number of funds under administration. Contact Class for current volume-based pricing.
These figures are estimates based on publicly available pricing. Actual costs depend on your usage, team size, and any negotiated rates.
Wave
Accounting and invoicing are completely free. Payment processing at 2.9% + $0.60 per transaction. Payroll available in US and Canada only. No Australian payroll support.
Pricing may vary based on team size, features, and region. Contact the vendor for the latest Australian pricing.
Pros & Cons
An honest look at the strengths and limitations of each platform.
Class Super
Pros
- Purpose-built for SMSF administration with automated data feeds from banks, brokers, and share registries reducing manual data entry
- ATO compliance reporting generates the specific returns and statements required for self-managed super funds in Australia
- Investment portfolio tracking with real-time valuations across shares, property, managed funds, and term deposits provides consolidated visibility
- Member benefit statements, pension calculations, and contribution tracking handle the complexity of multi-member fund administration
- Audit file preparation with standardised export formats streamlines the annual SMSF audit process for fund auditors
Cons
- Niche platform focused exclusively on SMSF administration, with no applicability to other accounting or finance workflows
- Pricing is per fund and can be substantial for practices managing large portfolios of SMSFs
- Learning curve is significant for new users due to the complexity of SMSF regulations and the depth of the platform
- Integration options outside the core SMSF ecosystem are limited compared to broader accounting platforms like Xero
Wave
Pros
- Completely free accounting and invoicing with no feature limitations, hidden fees, or artificial caps on transactions or customers
- Clean, modern interface that is easy to learn for business owners without accounting backgrounds
- Receipt scanning via mobile app uses OCR to extract expense details automatically, reducing manual data entry
- Financial reporting with profit and loss, balance sheet, and sales tax reports covers the basics without needing a separate reporting tool
- Wave Payroll (available in select regions) integrates directly into the accounting platform for seamless wage expense tracking
Cons
- Revenue comes from payment processing fees (2.9% + $0.60 per transaction), which can add up for businesses with high transaction volumes
- No inventory management, purchase orders, or project tracking, limiting Wave to pure invoicing and bookkeeping
- Australian-specific features like BAS preparation, STP compliance, and local bank feeds are limited or absent compared to Xero and MYOB
- Third-party integrations are minimal, with most connections requiring Zapier rather than native integrations
Best For
Which tool suits which use case.
Choose Class Super if you need
- ✓ Tax compliance
- ✓ Professional Services organisations
- ✓ Moderate data needs (funds, members)
- ✓ Businesses connecting multiple tools
- ✓ Invoicing and payments
Choose Wave if you need
- ✓ Teams needing extensive third-party integrations
- ✓ Education organisations
- ✓ Financial reporting
- ✓ Professional Services businesses
- ✓ Complex data models (invoices, customers, payments and more)
Expert Verdict
Our Harvard-educated consultants' take on this comparison.
Clever Ops Recommendation
Choose Class Super if accounting practices and SMSF administrators that manage multiple self-managed super funds and need automated data feeds, compliance reporting, and streamlined audit preparation. Choose Wave if freelancers and micro-businesses that need basic invoicing and bookkeeping at zero cost, particularly those starting out and not yet ready to invest in paid accounting software. Avoid Class Super if general accounting practices without SMSF clients, or individual trustees managing a single fund where the cost may exceed the value compared to simpler alternatives. Avoid Wave if Australian businesses needing GST, BAS, or STP compliance, or any business requiring inventory management, project tracking, or extensive third-party integrations. If you are still weighing the trade-offs, Clever Ops offers a free assessment where our Harvard-educated consultants map your requirements to the right platform.
Migration Notes
What to know about switching between Class Super and Wave.
Migrating Between Class Super and Wave
Migrating between Class Super and Wave involves transferring reports and mapping custom fields. Clever Ops follows a structured migration process: discovery, data mapping, test migration, verification, and cutover. We typically complete migrations within 4-8 weeks. Historical data is preserved, and we run parallel systems during the transition to minimise risk. Post-migration, we provide 3 months of support to ensure everything runs smoothly.
Class Super vs Wave FAQ
If both tools are in the same category, you typically choose one as your primary system. However, some businesses run both during migration periods or for different teams. Class Super and Wave share 1 common data types, making integration feasible. Clever Ops can sync them so your data stays consistent across both platforms.
Both Class Super and Wave serve Professional Services businesses. Class Super is also popular with Financial Services organisations, while Wave is widely used in Education. Clever Ops can advise based on what we have seen work for businesses like yours.
For Financial Services, the answer depends on your operational model. Class Super is best for accounting practices and SMSF administrators that manage multiple self-managed super funds and need automated data feeds, compliance reporting, and streamlined audit preparation. Wave is best for freelancers and micro-businesses that need basic invoicing and bookkeeping at zero cost, particularly those starting out and not yet ready to invest in paid accounting software. Clever Ops has helped businesses across Financial Services choose the right stack. Book a free assessment for advice specific to your situation.
Class Super may hit limits when general accounting practices without SMSF clients, or individual trustees managing a single fund where the cost may exceed the value compared to simpler alternatives. Wave may hit limits when Australian businesses needing GST, BAS, or STP compliance, or any business requiring inventory management, project tracking, or extensive third-party integrations. Both platforms are designed to grow with your business, but scaling experience varies. Class Super connects with 27+ tools, and Wave with 33+, so integration flexibility at scale is comparable. Clever Ops helps mid-market Australian businesses plan their tech stack for growth, not just for today.
Wave is generally simpler to set up. Class Super typically requires more configuration and may benefit from expert implementation support. Clever Ops provides implementation services for both platforms, typically completing setup within 2 weeks.
ROI depends on three factors: how well the platform is configured, how thoroughly your team adopts it, and how tightly it integrates with your other tools. Class Super delivers value through Purpose-built for SMSF administration with automated data feeds from banks, brokers, and share registries reducing manual data entry. Wave delivers value through Completely free accounting and invoicing with no feature limitations, hidden fees, or artificial caps on transactions or customers. A poorly set-up tool delivers less value than a well-implemented one, regardless of platform. Clever Ops focuses on maximising your return through proper implementation and ongoing optimisation.
Yes. Both platforms share 1 common data object types (including reports), which simplifies field mapping. Clever Ops runs a structured migration process: discovery, data mapping, test migration, verification, and cutover. Most migrations complete within 4-8 weeks, with 3 months of post-migration support included.
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