Wave Payroll Review
Not to mention the stress of worrying about making errors and winding up in a tax audit (yikes!). In self-service states (all other 36 states) Wave Payroll does not make payments or file on your behalf. You can add deductions for benefits through Wave but will need to purchase and manage benefits separately.
However, you need to complete Wave Payroll’s tax payment information requirements before you can enjoy this service. Wave Payroll also has a dashboard where you can see important payroll and tax filing dates, including holidays. If you’ve yet to set up your direct deposits, a task reminder will appear on the dashboard that includes a link to the system’s direct deposit setup page. It calculates wages, deductions, and taxes, including Federal Unemployment Tax for you. Multiple pay schedules are available—such as weekly, biweekly, semimonthly, and monthly.
Payroll Processing
Wave Payroll is best for small businesses with very simple payroll needs. As a Wave add-on, it integrates all the information into your Wave Accounting software, making bookkeeping and payroll accounting a breeze. Users love its simple-to-use interface, even if some features take a few more steps to complete. And while it offers workers’ comp and an employee portal, it lacks benefits options and HR tools that similar providers offer. However, it’s still a good option for Wave Accounting users who need efficient payroll tools. If you’re on the Tax Service States plan but prefer to handle payroll tax payments and filings yourself, Wave Payroll will allow 10 myths about entrepreneurs you to downgrade your plan.
How Wave Payroll Works
We also look for the presence of client and employee portals, benefits administration, PTO and time management tools, and many more vital features. While Wave Payroll isn’t the most robust payroll solution on the market, it will get the job done if you’re a startup or small business in search of basic payroll capabilities. It’s particularly ideal if you operate in one of the 14 states it files taxes in automatically and appreciate an easy-to-use interface without a lot of extras or clutter. When we evaluate payroll software for small businesses, we look at pricing and ease of use.
They can also update payment details via this tool, as well as create profiles and update personal information. Our guide to the best payroll services for small businesses contains our recommended pay processing solutions. Our exhaustive, 76-point rubric guides the star rating of each payroll provider we review, examining pricing, ease of use, features, customer service, and user reviews. Similar to its payroll processing features, Wave Payroll offers just enough employee management and PTO features to be functional. Wave Payroll’s simple, low-cost features may be basic but they’re well-suited for small businesses needing an affordable all-in-one accounting and payroll solution.
- You may have better luck seeking support via the self-service Help Center.
- Keep in mind that this feature is only available for you as the employer as there are no timesheets for employees to fill out on their own.
- It also has secure data storage with servers that have strict physical access protocols and 24/7 monitoring.
The software only offers automatic tax filing in 14 states so compliance issues are more likely to pop up if understanding your irs notice or letter you have to go through the process manually. Processing payroll through its platform only takes a few clicks. After you have approved the pay run, Wave Payroll takes three business days to send the payments to your employees’ bank accounts (via direct deposit).
Wave payroll earned a low 2.9/5 star rating in the ease of use category, as the software can be tedious to set up, lacks many integrations, and doesn’t offer any white glove set up options. It offers automatic tax calculations and filings, no matter where you operate in the U.S. Wave Payroll, on the other hand, limits this convenience to businesses in 14 states. Unlike Wave Payroll, Gusto also lets you purchase insurance products and other benefits through it.
Employee access
It also provides employees with a portal to access and update their information. You can also connect your employee accounts to Wave Accounting so that Wave can calculate, pay and file payroll taxes on their behalf in some states. If you live in a state where automatic tax filing is unavailable, you’ll be able to export the appropriate forms and go through the process manually. With Wave Payroll, your small business can manage payroll, employee deductions and taxes in an easy-to-use, affordable platform. You may set up payroll for both employees and independent contractors while giving them access to a portal with their information and tax forms, such as W-2s and 1099s. 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.
Its plans offer a variety of features that let you pick what you need to support your business. Not only does it sync with other Gusto applications, but it also works with third-party applications, including QuickBooks and Xero. It also lets you pay international contractors and automatically files and pays payroll taxes in all 50 states. Plans start at $40 per month with an additional $6 per month for each paid employee.
Payroll Software Review Methodology
And, because it doesn’t have a lot of extra HR functionalities, the interface is straightforward, and features are easy to find. While it how to hold effective nonprofit board meetings only handles payroll tax payments and filings in 14 states, it provides the necessary information for filing in the other 36. It also has sick pay policies preloaded for several states to help you stay compliant. Wave Payroll’s state new hire reporting service is only limited to businesses located in one of the 14 states covered by its tax filing services. The process is seamless—after adding the new employee’s details into its system, the provider will automatically generate and file the report to the applicable state agency. Both packages come with the same payroll features, like multiple pay schedules, free direct deposits, paid time off (PTO) accruals, employee self-service tools, and tax payment reminders.
