MYOB vs Wave: Side-by-Side Feature & Pricing Comparison
Our Harvard-educated consultants have implemented both MYOB 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 MYOB and Wave.
| Feature | MYOB | Wave | Notes |
|---|---|---|---|
| Invoicing | Both MYOB and Wave offer comparable invoicing capabilities. | ||
| Expense tracking | For Trades & Construction that rely on strong expense tracking, MYOB is the more capable option in our assessment. | ||
| Bank reconciliation | When it comes to bank reconciliation, Wave pulls clearly ahead of MYOB — a factor worth weighing if this capability is important to your team. | ||
| Payroll | For Trades & Construction that rely on strong payroll, MYOB is the more capable option in our assessment. | ||
| Tax reporting and BAS | For tax reporting and bas, both platforms deliver a similar experience — neither has a clear advantage. | ||
| 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, MYOB pulls clearly ahead of Wave — a factor worth weighing if this capability is important to your team. | ||
| Project accounting | For project accounting, both platforms deliver a similar experience — neither has a clear advantage. | ||
| Budgeting and forecasting | When it comes to budgeting and forecasting, Wave pulls clearly ahead of MYOB — a factor worth weighing if this capability is important to your team. | ||
| API and integrations | Both MYOB and Wave offer comparable api and integrations capabilities. | ||
| Ease of setup | Both MYOB and Wave offer comparable ease of setup capabilities. | ||
| Value for money | Both MYOB and Wave offer comparable value for money capabilities. |
Invoicing
MYOB
Wave
Both MYOB and Wave offer comparable invoicing capabilities.
Expense tracking
MYOB
Wave
For Trades & Construction that rely on strong expense tracking, MYOB is the more capable option in our assessment.
Bank reconciliation
MYOB
Wave
When it comes to bank reconciliation, Wave pulls clearly ahead of MYOB — a factor worth weighing if this capability is important to your team.
Payroll
MYOB
Wave
For Trades & Construction that rely on strong payroll, MYOB is the more capable option in our assessment.
Tax reporting and BAS
MYOB
Wave
For tax reporting and bas, both platforms deliver a similar experience — neither has a clear advantage.
Multi-currency support
MYOB
Wave
For multi-currency support, both platforms deliver a similar experience — neither has a clear advantage.
Inventory management
MYOB
Wave
When it comes to inventory management, MYOB pulls clearly ahead of Wave — a factor worth weighing if this capability is important to your team.
Project accounting
MYOB
Wave
For project accounting, both platforms deliver a similar experience — neither has a clear advantage.
Budgeting and forecasting
MYOB
Wave
When it comes to budgeting and forecasting, Wave pulls clearly ahead of MYOB — a factor worth weighing if this capability is important to your team.
API and integrations
MYOB
Wave
Both MYOB and Wave offer comparable api and integrations capabilities.
Ease of setup
MYOB
Wave
Both MYOB and Wave offer comparable ease of setup capabilities.
Value for money
MYOB
Wave
Both MYOB and Wave offer comparable value for money capabilities.
Pricing Comparison
General pricing information for each platform.
MYOB
From ~$25/month (AU pricing)
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
Prices shown are approximate and may differ based on your plan, team size, and billing cycle. Verify directly with the vendor for current AUD rates.
Pros & Cons
An honest look at the strengths and limitations of each platform.
MYOB
Pros
- Extensive integration ecosystem with 30+ connectors
- Rich data model covering invoices, contacts, payments and more
- Mobile-friendly interface
- Active user community and resources
- Regular platform updates and improvements
Cons
- Complex data model may require expert configuration
- Bank feed reliability varies by institution
- Onboarding documentation could be more comprehensive
- No real-time webhook support — relies on polling for sync
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 MYOB if you need
- ✓ Trades & Construction businesses
- ✓ Retail & E-commerce organisations
- ✓ Teams needing extensive third-party integrations
- ✓ Tax compliance
- ✓ Financial reporting
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 MYOB 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 MYOB and Wave.
Migrating Between MYOB and Wave
Clever Ops takes a low-risk approach to migrating between MYOB and Wave. We run both systems in parallel during the transition, transferring invoices, payments, accounts in stages and verifying data at each step. Your team continues working in the existing system until the new one is fully validated. The process typically takes 4-8 weeks, followed by 3 months of hands-on support.
MYOB vs Wave FAQ
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