Of the two platforms, only Gusto features multi-state payroll functions, automatic net-to-gross calculations, and lifetime accounts for employees. Wave Payroll is cloud-based payroll software designed to help small business owners simplify and automate payroll processes while remaining compliant with taxes and deductions. This is an additional service that is only available in the U.S. and Canada. However, some of Wave Payroll’s online tools, while simple, take more steps or clicks than with other payroll software. It may have an online help center you can access 24/7, but not all of the articles contain step-by-step details.
And while you can hire what does an accountant do roles responsibilities and trends a Wave Advisor, this service costs extra (custom-priced), and you only get assistance in completing and filing business or personal taxes. If you decide to resume pay processing, simply go to Wave Payroll’s billing menu to activate your subscription and immediately start using the software’s payroll tools. Note that Wave Payroll’s pricing will automatically switch from “Limited Access” to either its full-service or self-service option, depending on the plan you selected before pausing payroll. When it comes to price, Deluxe is more expensive than Wave Payroll. Plus you have to pay extra for add-on features, such as benefits administration. When it comes to complying with local, state and federal payroll regulations, Wave Payroll lags behind.
- If you’re on the Tax Service States plan but prefer to handle payroll tax payments and filings yourself, Wave Payroll will allow you to downgrade your plan.
- Price depends on the state in which you do business and how many employees you process.
- If you like it, you provide your payment info then and you’ll pay monthly to use the software.
- Employees can use self-service accounts to view pay stubs, updated information and access tax forms.
Wave Payroll Review: Pros, Cons & Deciding Factors
There are very few up-to-date Wave Payroll reviews online, as of this writing. Those who left feedback on third-party review sites (like G2 and Capterra) raved about its user-friendly interface and generally easy setup process. They also appreciate its affordable plans and seamless integration with Wave Accounting. Wave Payroll’s partnership with Next Insurance allows you to provide workers’ compensation insurance in all US states. You can sign up directly from Wave Payroll—go to “Payroll,” then “Run Payroll,” and click “Get Insured” to create your profile. From there, a Next Insurance representative will call to help you complete your setup.
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Wave can pay and file taxes for you in 14 states (see Wave’s website for the full list), and for that you’ll pay $35 per month to have automated tax filing. Otherwise, the cost is $20 per month and you’ll have to file taxes yourself. There’s a $6 fee per person on your payroll per month, whether employees or contractors. If your company is in one of the 14 states where it offers automated tax services, then you get its Tax Service States plan. If not, then you’re under its Self Service States option, in which you handle tax payments and filings yourself. If you like it, you provide your payment info then and you’ll pay monthly to use the software.
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While Wave Payroll lacks phone support, users can access live support through text and email from 9 AM to 5 PM EST. For the busy business owner, Wave Payroll’s customer service options are limited and may not be useful in an emergency. Wave Payroll’s full-service payroll tax support is currently only available in 14 states, but there are goals to expand full-service options nationwide in the future. Compared to other payroll solutions, Wave Payroll’s pricing is on the lower end — as is the number of features it supports. Create beautiful invoices, accept online payments, and make accounting easy—all in one place.
Payroll tools
We also check the provider’s customer support and whether it offers unlimited pay runs, multiple pay options, full-service payroll, and tax filing services. Wave Payroll is simple to learn and use, and though it offers a lot of helpful features, there’s quite a bit lacking, too. There’s an automated tax filing option if you live and pay workers in specific states; otherwise, you’ll have some paperwork to do. Onboarding new employees is easy with Wave Payroll, thanks to the self-serve employee portal. Your workers can complete their profiles, enter personal and tax deduction info themselves and they can view pay stubs and tax forms by logging into the system. Gusto’s payroll software offers small businesses features for managing employee pay and more.
If you already love using Wave’s free accounting software and don’t mind a simple payroll system without a ton of robust features, Wave’s payroll software could be a solid, inexpensive fit. More specifically, Wave Payments pricing starts at 2.9% + $0.60 per credit card transaction and 1% per transaction for AHC payments. If your business needs tax, bookkeeping, or accounting advisory services, Wave Advisor will provide them at a starting price of $149/month. Since Wave Payroll was specifically created for startups and small businesses with limited to no payroll processing experience, the interface is easy to use.
And if you have more than 20 employees, Wave Payroll isn’t your best choice. Wave Payroll doesn’t offer much for benefits administration; you won’t be able to handle anything beyond worker’s compensation benefits through Next Insurance within the platform. In addition to offering a free 30-day trial, Wave Payroll’s subscription-based pricing model is transparent, with no setup fees or hidden charges. Wave Payroll’s two pricing packages, Tax Service States and Self-Service States, respectively, offer full-service and self-service payroll.
Wave Payroll won’t help you much with benefits, such as health insurance and retirement plans. While you can add these deductions, it’s up to you to how to calculate margin of safety purchase and manage them through different resources. Unlike other payroll solutions, Wave Payroll doesn’t have relationships with benefits providers. 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.
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