Employment Hero vs Wave: The Accounting & Finance Buyer's Guide for 2026
Our Harvard-educated consultants have implemented both Employment Hero and Wave for Australian businesses. Here is what 12+ of experience has taught us about choosing between them.
Feature Comparison
Side-by-side feature ratings for Employment Hero and Wave.
| Feature | Employment Hero | Wave | Notes |
|---|---|---|---|
| Invoicing | Both Employment Hero and Wave offer comparable invoicing capabilities. | ||
| Expense tracking | When it comes to expense tracking, Employment Hero pulls clearly ahead of Wave — a factor worth weighing if this capability is important to your team. | ||
| Bank reconciliation | When it comes to bank reconciliation, Wave pulls clearly ahead of Employment Hero — a factor worth weighing if this capability is important to your team. | ||
| Payroll | For Retail & E-commerce that rely on strong payroll, Employment Hero is the more capable option in our assessment. | ||
| Tax reporting and BAS | Wave significantly outperforms Employment Hero on tax reporting and bas, making it the stronger choice for businesses that prioritise this area. | ||
| Multi-currency support | For multi-currency support, both platforms deliver a similar experience — neither has a clear advantage. | ||
| Inventory management | When it comes to inventory management, Employment Hero pulls clearly ahead of Wave — a factor worth weighing if this capability is important to your team. | ||
| Project accounting | Wave significantly outperforms Employment Hero on project accounting, making it the stronger choice for businesses that prioritise this area. | ||
| Budgeting and forecasting | When it comes to budgeting and forecasting, Wave pulls clearly ahead of Employment Hero — a factor worth weighing if this capability is important to your team. | ||
| API and integrations | Wave has a notable advantage in api and integrations. | ||
| Ease of setup | Employment Hero has a notable advantage in ease of setup. | ||
| Value for money | Employment Hero has a notable advantage in value for money. |
Invoicing
Employment Hero
Wave
Both Employment Hero and Wave offer comparable invoicing capabilities.
Expense tracking
Employment Hero
Wave
When it comes to expense tracking, Employment Hero pulls clearly ahead of Wave — a factor worth weighing if this capability is important to your team.
Bank reconciliation
Employment Hero
Wave
When it comes to bank reconciliation, Wave pulls clearly ahead of Employment Hero — a factor worth weighing if this capability is important to your team.
Payroll
Employment Hero
Wave
For Retail & E-commerce that rely on strong payroll, Employment Hero is the more capable option in our assessment.
Tax reporting and BAS
Employment Hero
Wave
Wave significantly outperforms Employment Hero on tax reporting and bas, making it the stronger choice for businesses that prioritise this area.
Multi-currency support
Employment Hero
Wave
For multi-currency support, both platforms deliver a similar experience — neither has a clear advantage.
Inventory management
Employment Hero
Wave
When it comes to inventory management, Employment Hero pulls clearly ahead of Wave — a factor worth weighing if this capability is important to your team.
Project accounting
Employment Hero
Wave
Wave significantly outperforms Employment Hero on project accounting, making it the stronger choice for businesses that prioritise this area.
Budgeting and forecasting
Employment Hero
Wave
When it comes to budgeting and forecasting, Wave pulls clearly ahead of Employment Hero — a factor worth weighing if this capability is important to your team.
API and integrations
Employment Hero
Wave
Wave has a notable advantage in api and integrations.
Ease of setup
Employment Hero
Wave
Employment Hero has a notable advantage in ease of setup.
Value for money
Employment Hero
Wave
Employment Hero has a notable advantage in value for money.
Pricing Comparison
General pricing information for each platform.
Employment Hero
Free tier available; paid from ~$8/employee/month
Pricing is indicative only and subject to change. We recommend contacting the vendor for a tailored quote based on your Australian business needs.
Wave
Free for invoicing and accounting
These figures are estimates based on publicly available pricing. Actual costs depend on your usage, team size, and any negotiated rates.
Pros & Cons
An honest look at the strengths and limitations of each platform.
Employment Hero
Pros
- Extensive integration ecosystem with 30+ connectors
- Rich data model covering employees, payroll, leave and more
- Solid feature set for its price point
- Regular platform updates and improvements
- Cloud-based with reliable uptime
Cons
- Bank feed reliability varies by institution
- May not suit every workflow without customisation
- Complex data model may require expert configuration
- Support response times vary by plan tier
Wave
Pros
- Regular platform updates and improvements
- Solid feature set for its price point
- Mobile-friendly interface
- Australian tax compliance built in
- Extensive integration ecosystem with 30+ connectors
Cons
- May require accounting knowledge to configure properly
- Add-on costs for advanced features
- Bank feed reliability varies by institution
- Onboarding documentation could be more comprehensive
Best For
Which tool suits which use case.
Choose Employment Hero if you need
- ✓ Retail & E-commerce businesses
- ✓ Teams needing extensive third-party integrations
- ✓ Complex data models (employees, payroll, leave and more)
- ✓ Hospitality & Tourism organisations
- ✓ Tax compliance
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
Both Employment Hero and Wave are strong accounting & finance platforms. The right choice depends on your team size, budget, and specific feature priorities. Rather than recommending one over the other, our approach at Clever Ops is to assess your actual workflows and match you to the platform that will deliver the best return. We have 12+ of experience implementing both tools and can help you configure whichever you choose — or integrate them if you decide to use both.
Migration Notes
What to know about switching between Employment Hero and Wave.
Migrating Between Employment Hero and Wave
A successful migration from Employment Hero to Wave (or vice versa) is not just about data — it is about your team. Clever Ops handles the technical migration of your core data and custom fields, but we also provide hands-on training so your team is confident on the new platform from day one. The full process, including training, typically takes 4-8 weeks.
Employment Hero vs Wave FAQ
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