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Start Hiring For FreeSmall business owners would likely agree that managing payroll while also keeping up with accounting can be an overwhelming challenge.
However, Wave Payroll makes this task far simpler by integrating payroll directly with accounting in one seamless platform...
In this review, we'll take a close look at Wave Payroll's features for connecting payroll to general ledger, unified reporting, payment processing, tax management, and more. We'll also overview pricing, implementation tips, and provide final recommendations on if Wave Payroll is an ideal choice to streamline payroll and accounting for your small business.
Wave Payroll is a cloud-based payroll software designed for small businesses to efficiently manage payroll and accounting in one integrated platform.
Wave Payroll allows small businesses to:
Key features include automated tax calculations, payroll workflows, employee self-service, and mobile access.
Using Wave Payroll offers several advantages for small businesses:
In summary, Wave Payroll simplifies payroll and accounting tasks for lean small business teams through an easy-to-use and affordable platform. Key benefits include cost savings, efficiency, accuracy, and accessibility.
Wave Payroll allows businesses to seamlessly connect their payroll data to their general ledger and accounting software. This integration eliminates the need for manual journal entries or duplicate data entry, saving time and reducing errors.
Here's how it works:
By centralizing payroll and accounting data flows, businesses can streamline workflows and access real-time unified reporting from a single dashboard.
With integrated payroll and accounting software, businesses can leverage unified reporting to access key insights.
Benefits include:
As an all-in-one financial management platform for small businesses, Wave enables centralized access to integrated payroll and accounting insights through customizable dashboards and reporting. This gives business owners enhanced visibility as they scale.
Wave Payroll offers several convenient payment options to employees, including direct bank transfers and pay cards. Direct deposit allows employees to receive their net pay directly into their bank account on payday, avoiding delays. Pay cards act as reloadable debit cards that allow employees without bank accounts to access their wages securely.
Both payment methods allow fast, no-fee access to earned wages. Direct deposit reduces administrative tasks for employers as payments process electronically. Pay cards also minimize paperwork as employees can activate and manage cards independently through a web portal. Employers simply fund loaded amounts on payday.
Wave Payroll completely automates tax calculations and payments for simplicity and accuracy. Employers specify federal and state tax rates when setting up employee profiles. Taxes are automatically deducted from gross wages, with liabilities clearly reported each pay period.
Built-in integrations enable streamlined tax payments to IRS and state agencies. Quarterly and annual filings are populated automatically based on payroll data. This eliminates manual calculations and ensures 100% compliance with federal and state regulations.
Wave Payroll helps employers meet key compliance requirements related to pay frequency, payment documentation, tax filings, and other mandatory regulations.
The system guarantees proper overtime and minimum wage adherence. It also generates standardized pay stubs containing YTD details for employees. Custom reports aid with various filings and audits as well.
Automatic tax calculations and seamless integrations facilitate tax payments and reporting compliance. Built-in alerts notify administrators of filing deadlines. This combination of automated processes and proactive notifications enables regulatory compliance.
Wave Payroll aims to provide an intuitive user experience for small business owners to easily set up and manage payroll.
The setup wizard guides users through the payroll configuration process in a few simple steps:
The wizard simplifies payroll setup, allowing configuration in under 10 minutes for most customers. Contextual help and tips are provided to assist with more complex needs.
Wave Payroll offers free native apps for iOS and Android to provide payroll management on the go. The apps allow users to:
The mobile apps extend many desktop functionalities for convenience, supporting Wave Payroll's goal of payroll simplification for busy owners and managers.
Wave Payroll provides comprehensive customer support to help users effectively manage their payroll.
The Wave Payroll knowledge base contains an extensive library of resources including:
The searchable knowledge base makes it easy to quickly find answers to specific payroll questions. Resources are organized by topic so users can browse payroll guides by subject.
For personalized support, Wave Payroll offers:
Wave Payroll's stellar customer service team strives to resolve all support tickets as quickly and effectively as possible. Their deep payroll expertise enables them to troubleshoot even complex issues.
Wave Payroll offers two main pricing options - a per-pay-period fee that varies based on number of employees and pay frequency, and an optional annual subscription for discounted rates.
The per-pay-period fee is Wave Payroll's basic pricing model. This variable fee depends on:
The per-pay-period fee covers running payroll for that period. There are no extra charges for direct deposits, tax payments, W-2s, or other payroll features.
This pricing model works well for businesses with fluctuating employee counts or seasonal staffing needs. You only pay for what you use each pay period.
For more consistent payroll needs, Wave Payroll offers an optional annual subscription for discounted rates. This flat yearly fee provides unlimited pay runs for a set number of employees.
Annual subscription prices depend on number of employees:
The annual fee is paid upfront and gives a 10-20% discount over the per-pay-period model for the whole year. This option works for businesses with steady staffing levels.
Both pricing options include all basic payroll features like direct deposit, tax payments, filings, and year-end support. There are no hidden fees or upcharges. Wave Payroll aims to provide straightforward payroll pricing for small businesses.
Integrating a new payroll system can be a major undertaking, but with some planning and preparation, the process can go smoothly. Here are some tips for effectively setting up and adopting Wave Payroll:
Migrating employee and payroll data over to a new system is crucial for continuity. Here are some best practices:
Take the time upfront to cleanly migrate your data. It lays the foundation for success with the new payroll system.
Properly training employees to use Wave Payroll reduces mistakes and drives adoption. Consider these training resources:
Investing in training empowers employees to leverage the system correctly. Smooth user experiences facilitate engagement and productivity gains from the payroll technology.
With careful data migration and employee training, integrating Wave Payroll can be straightforward. Following these best practices sets up your company for an easy transition and long-term success.
Wave Payroll is best suited for U.S.-based small businesses with 1-10 employees that want an integrated payroll and accounting solution focused on affordability and ease of use. Key traits of ideal Wave Payroll customers include:
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You can secure high-quality South American talent in just 20 days and for around $9,000 USD per year.
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