It also provides employees with a portal to access and update their information. Since Wave Payroll was specifically created for startups and small businesses with limited to no payroll processing experience, the interface is easy to use. No matter how tech-savvy you are or aren’t, you’ll find the setup process simple as there are step-by-step instructions and a 24/7 chatbot to guide you. Wave Payroll is fairly basic with minimal features so you shouldn’t get overwhelmed as you might with more comprehensive payroll solutions. While the software provides just enough features to run payroll, there are so many basic features missing that you’d expect from payroll processing software. Pricing for Wave Payroll is a bit different in that you pay either $20 or $35 per month as a base payment, depending on the state in which you’re running payroll.
Employee access
Your employees can log into Wave securely to access their pay stubs and T4s, and manage their contact and banking information. Deposit payments quickly, reliably, and directly into your employees’ bank accounts. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. If you’re currently using Wave 17 advantages and disadvantages of zero based budgeting Accounting and are looking for easy integration with payroll, Wave Payroll may be a good fit. However, if you’re in one of the 36 unlucky states that don’t have full-service payroll available through Wave Payroll, you might want to seriously look elsewhere. Wave Payroll currently only offers chat support, though a good knowledge base with numerous payroll-related articles and step-by-step instructions is also available.
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- The Ascent, a Motley Fool service, does not cover all offers on the market.
- For less urgent inquiries, you can also submit a support request directly from the Wave website.
- The SUI tax rate varies by state – to find out more about your state’s specific SUI rate, visit your state’s workforce agency website.
- And if you’re switching providers, you can make the transition easily by importing all the necessary forms and information in just a few minutes.
For less urgent inquiries, you can also submit a support request directly from the Wave website. This option works great for businesses that only pay certain staff during part of the year, such as the holiday season or the summer months. Keep in mind that any benefits or deductions from an employee’s pay will display as an uncategorized expense, which you’ll need to categorize properly in Wave Accounting. You can also click on the Review this Payroll button to take a look at your current payroll, with the total payroll amount displayed prominently. If you need to make any changes to the displayed payroll, you’ll need to delete understanding variable cost vs fixed cost the current payroll in order to enter any changes.
The payroll journal entry is automatically posted on the Transactions page in Wave Accounting. If you currently pay your employees using direct deposit and have your bank connected in Wave Accounting, you don’t have to do anything else. While Wave Payroll lacks phone support, users can access live support through text and email from 9 AM to 5 PM EST.
What Sets Wave Payroll Apart
This can take a lot of time, especially if you have a large workforce. Wave Payroll is meant for small businesses and startups that have a fluctuating roster of employees and contractors. If you use all of Wave’s apps, including invoicing and accounting, it can be a useful suite of business management products because those apps seamlessly work together. If your employees prefer to get paid via direct deposit, they should receive money three days after you process payroll. If they choose the check option, you’ll have to make sure you have checks for printing; Wave Payroll doesn’t offer a print-and-mail option. There are several comparably priced payroll applications on the market today that offer full-service payroll processing and include a lot more features and functions than Wave Payroll offers.
What Is Wave Payroll?
Plus there’s a handy mobile app employees can use to track and manage their PTO. If you go to the dashboard, you’ll be able to track wages and taxes you’ve paid or assess payroll benefits and deductions. You’ll have more robust reporting options if you use Wave Accounting as this app allows for cash flow statements, sales tax reports, profit and loss statements and more. However, that’s not to say that Wave Payroll is bad payroll software.
Price depends on the state in which you do business and how many employees you process. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. Open to sacrificing some features to reduce or eliminate your cost? We built our payroll tool for small business owners, so it’s easy to use AND teaches you as you go. Give your customers the option of paying with one click using a credit card, bank transfer, or Apple Pay.
Wave Payroll is designed for smaller businesses and is ideal for those with no experience processing payroll. The setup process is completed in easy-to-follow steps, but you only have the option to choose one payroll schedule, which includes weekly, bi-weekly, semi-monthly, and monthly options. If you include an employee’s email address when entering their information in Wave Payroll, they’ll receive an invitation to connect to it.
Doing payroll manually involves confusing and time-consuming calculations. Not to mention the stress of worrying about making errors and winding up in a tax audit (yikes!). The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. By providing feedback on how we can improve, you can earn gift overtime pay laws by state cards and get early access to new features. Refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity.
