What happened to Wave Accounting in Australia?

February 20, 2024
4
minutes to read
by
Ben Winford
Contents

Wave Accounting was an accounting software launched for small businesses in Australia. It offered a range of features, such as invoicing, expense tracking, and financial reporting, all for free. However, in 2019, Wave announced that it would no longer operate in Australia, and its users were encouraged to find alternative software. This blog will run you through what happened to Wave in Australia.

What Happened to Wave in Australia?

Wave, a Canadian-based accounting software company, announced in 2020 that it would no longer offer its services in Australia. The company announced that its decision was due to the company's shift in focus towards its core markets, primarily North America and Europe, and its goal to provide better service and support to its customers in those regions. As a result, Wave ceased operations in Australia.

It's unclear why Wave didn't continue offering services in Australia. One thought is that the Australian market for accounting software is highly competitive, with several legacy players in the industry, such as Xero, Thriday andMYOB. This made it challenging for Wave to establish a strong presence in the market.

The tax system in Australia is also complex and different from other countries, which may have challenged Wave's software to handle Australian accounting requirements effectively. However, these are just some possible factors, and it's difficult to say why Wave didn't gain a larger following in Australia.

Why is Thriday a Good Alternative to Wave?

Thriday, a new Australian accounting software, is an excellent option for business owners who previously used Wave. Thriday and Wave are cloud-based accounting software that offer a range of features such as invoicing, expense tracking, and financial reporting. However, there are some differences in their functionality and pricing.

Thriday is explicitly designed for small businesses in Australia and offers a more comprehensive feature set than Wave: 

  • Automated accounts payable 
  • Business bank accounts* and Visa Debit cards* 
  • Receipt scanning and reconciliation 
  • GST (Goods and Services Tax) compliance 
  • Smart invoicing 
  • Tax estimates
  • BAS lodgment 
  • Reporting. 

Thriday continues to add new features, and because the company is based in Melbourne, the business has intimate knowledge of the Australian market. Thriday is also integrated directly into the ATO and Australian banking system. This means there is no need to set up separate platforms to lodge taxes or make payments. Thriday has a tiered pricing structure cheaper than Wave and includes a free trial period.

Thriday's all-in-one financial management platform is a good replacement for Wave customers

Thriday and Wave FAQs

Is Wave Accounting available in Australia?

No, Wave Accounting is no longer available in Australia.

Is Thriday free to use in Australia?

Yes, Thriday's base banking plan is completely free to use in Australia. For businesses that require more advanced feature, they'll need to a $29.95 per month subscription fee.

Can Thriday handle Australian tax requirements?

Yes, Thriday is designed to handle Australian tax requirements. It includes features such as GST tracking and reporting, as well as tax reports that can be used to file BAS returns with the Australian Taxation Office (ATO).

Can Thriday be used by businesses of all sizes in Australia?

Yes, Thriday can be used by businesses of all sizes in Australia, from sole traders and freelancers to larger companies. It is particularly well-suited to small businesses and startups that need a simple and affordable accounting solution.

Is Thriday easy to use for non-accountants?

Yes, Thriday is very user-friendly and easy to use, even for people who have no accounting experience. Its interface is intuitive and simple, and it includes helpful features such as video tutorials and customer support to help users get started.

Is my financial data safe in Thriday?

Yes, Thriday takes the security of its users' data very seriously. It uses 256-bit SSL encryption to protect users' data, and stores it on servers that are physically located in secure Australian data centers. It also includes features such as two-factor authentication and automatic backups to help prevent data loss or unauthorised access.

What kind of customer support is available for Thriday customers in Australia?

Thriday provides customer support via email, live chat, and phone.

With Wave Accounting no longer available to local SMEs, Thriday is the perfect alternative for Australian small business owners who need assistance with their financial admin. Thriday offers more features than Wave, and because the company is Australian, there is no risk they will leave you hung out to dry.

Why waste time on financial admin when Thriday can do it for you?

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