Loom vs Wave: Side-by-Side Feature & Pricing Comparison
An honest comparison of Loom and Wave for Australian mid-market Australian businesses. See feature ratings, pricing, pros and cons to make the right choice — or let our Harvard-educated experts help you decide.
Feature Comparison
Side-by-side feature ratings for Loom and Wave.
| Feature | Loom | Wave | Notes |
|---|---|---|---|
| Messaging features | In terms of messaging features, Loom and Wave perform at a similar level, which is common for mature platforms in this space. | ||
| Video and audio quality | In terms of video and audio quality, Loom and Wave perform at a similar level, which is common for mature platforms in this space. | ||
| File sharing | Wave has a notable advantage in file sharing. | ||
| Team channels | In terms of team channels, Loom and Wave perform at a similar level, which is common for mature platforms in this space. | ||
| Search and history | Loom and Wave are evenly matched on search and history, so your choice here comes down to preference and workflow fit. | ||
| Security and compliance | Both Loom and Wave offer comparable security and compliance capabilities. | ||
| Invoicing | Loom significantly outperforms Wave on invoicing, making it the stronger choice for businesses that prioritise this area. | ||
| Expense tracking | Loom and Wave are evenly matched on expense tracking, so your choice here comes down to preference and workflow fit. | ||
| Bank reconciliation | Loom and Wave are evenly matched on bank reconciliation, so your choice here comes down to preference and workflow fit. | ||
| Payroll | In terms of payroll, Loom and Wave perform at a similar level, which is common for mature platforms in this space. | ||
| Tax reporting and BAS | Both Loom and Wave offer comparable tax reporting and bas capabilities. | ||
| Multi-currency support | Both Loom and Wave offer comparable multi-currency support capabilities. |
Messaging features
Loom
Wave
In terms of messaging features, Loom and Wave perform at a similar level, which is common for mature platforms in this space.
Video and audio quality
Loom
Wave
In terms of video and audio quality, Loom and Wave perform at a similar level, which is common for mature platforms in this space.
File sharing
Loom
Wave
Wave has a notable advantage in file sharing.
Team channels
Loom
Wave
In terms of team channels, Loom and Wave perform at a similar level, which is common for mature platforms in this space.
Search and history
Loom
Wave
Loom and Wave are evenly matched on search and history, so your choice here comes down to preference and workflow fit.
Security and compliance
Loom
Wave
Both Loom and Wave offer comparable security and compliance capabilities.
Invoicing
Loom
Wave
Loom significantly outperforms Wave on invoicing, making it the stronger choice for businesses that prioritise this area.
Expense tracking
Loom
Wave
Loom and Wave are evenly matched on expense tracking, so your choice here comes down to preference and workflow fit.
Bank reconciliation
Loom
Wave
Loom and Wave are evenly matched on bank reconciliation, so your choice here comes down to preference and workflow fit.
Payroll
Loom
Wave
In terms of payroll, Loom and Wave perform at a similar level, which is common for mature platforms in this space.
Tax reporting and BAS
Loom
Wave
Both Loom and Wave offer comparable tax reporting and bas capabilities.
Multi-currency support
Loom
Wave
Both Loom and Wave offer comparable multi-currency support capabilities.
Pricing Comparison
General pricing information for each platform.
Loom
Free tier; paid from ~$15/user/month
Pricing may vary based on team size, features, and region. Contact the vendor for the latest Australian pricing.
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.
Loom
Pros
- Active user community and resources
- Well-documented REST API for custom integrations
- Well-established platform with strong market presence
- Keeps teams aligned across locations
- Handles key data types like videos and folders
Cons
- Onboarding documentation could be more comprehensive
- No real-time webhook support — relies on polling for sync
- Support response times vary by plan tier
- Per-user pricing can be costly for larger teams
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 Loom if you need
- ✓ Team collaboration
- ✓ Education organisations
- ✓ Teams needing extensive third-party integrations
- ✓ Moderate data needs (videos, folders)
- ✓ Professional Services businesses
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
Since Loom (communication) and Wave (accounting & finance) address different business needs, the real question is not "which one?" but "do I need both?" Many of our clients run both platforms with a custom integration layer that keeps data in sync. Clever Ops can help you map out the right architecture for your operations.
Migration Notes
What to know about switching between Loom and Wave.
Migrating Between Loom and Wave
A successful migration from Loom 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.
Loom vs Wave FAQ
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