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Wave Payroll is a payroll software that lets you manage your employees and get paid on time. The Wave Payroll app also helps you improve your pay rates for new hires and update overtime regulations to avoid penalties. If you’re looking for an easy-to-use, automated solution, look no further than the Wave Payroll review here at Comprare!
Wave Payroll is a payroll software that can help businesses manage their employees. This software offers different features such as auto-pay, direct deposit, and more. Gusto is another payroll software that has been around for quite some time. The two are similar in many ways but there are still a few differences between the two options. Read more in detail here: wave payroll vs gusto.
Wave Payroll is a user-friendly payroll add-on for Wave’s free accounting system. It’s best for small enterprises since it allows you to pay employees and contractors, as well as incorporate workers’ compensation and an employee portal. It’s simple to set up and use, but it only files taxes for 14 states and has limited HR and reporting capabilities.
Visit Wave Payroll for more information. for more information. for more information.
What Wave Payroll Is Good For
We evaluated Wave Payroll to a number of other payroll systems and found it to be an excellent fit for extremely small firms with basic payroll requirements. It provides an easy-to-understand and utilize solution. The application allows you to run payroll in minutes and gives you with the information you need to submit taxes—or it will file them for you if you live in one of the 14 states it supports. It provides a platform for employees to see pay stubs and tax filings (if applicable). However, it isn’t ideal for benefit and HR management.
In a nutshell, Wave Payroll excels at:
- Wave’s free accounting software is used by small enterprises such as: This tool interacts natively with the payroll software whether you currently use Wave Accounting or are seeking for free accounting software that manages invoicing and more. This is a fantastic initial choice for small firms who don’t have complicated payroll requirements and haven’t yet acquired accounting or invoicing software.
- Companies that recruit seasonal workers include: In Wave Payroll, changing an employee’s status (from active to inactive) is a simple operation. It’s also a fantastic option for firms that recruit seasonal workers, such as restaurants and merchants in beach towns and ski resorts, since you don’t have to pay during the months when they aren’t working.
- Demand for small businesses is fluctuating: You may temporarily halt your payroll subscription using Wave Payroll. You may still use its self-service portal, check prior payroll journal entries, and even submit direct deposit data for new recruits with its Limited Access plan, which comes with a reduced monthly charge.
When Wave Payroll Isn’t the Right Fit
- Companies in need of HR tools and benefits alternatives include: HR functions like as recruiting, onboarding, and time tracking are not available in Wave Payroll. Furthermore, as your company expands, health insurance coverage become increasingly important. Check out our top selections for the finest HR payroll software if you require any HR services or perks.
- Companies who depend on labor and job costing reports: Wave Payroll only provides basic reporting, with no data breakdowns for job costing or payroll division by departments. This makes it a bad choice for businesses that depend substantially on data, such as manufacturers. Rippling is a superior alternative since its reporting and analytics capabilities are more comprehensive and customizable.
- Employers from several states: The tax filing service provided by payroll is quite restricted (only covers 14 states). It will be tough to manually maintain track of various payroll tax payments and filings if your workers work in more than one state. Alternatives may be found in our guide to the best payroll software.
Overview of Wave Payroll
Visit Wave Payroll for more information. for more information. for more information.
Payroll Pricing in Waves
The cost of Wave Payroll is determined on the location of your company. If your firm is located in one of the 14 states where automated tax services are available, you will get full-service payroll. If you don’t, you’re on the self-service plan, which means you’re responsible for your own tax payments and filings. Payroll services such as different pay schedules, free direct payments, and tax payment reminders are included in both packages.
- Payroll with tax filing services that are automated: $35 per month additional $6 for each active employee or contractor who is paid on a monthly basis
- Do-it-yourself (DIY) tax filings and self-service payroll: $20 per month + $6 for each active employee or contractor who is paid on a monthly basis
Wave Payroll’s tax filing services are only accessible in the states listed below:
- Arizona
- California
- Florida
- Georgia
- Illinois
- Indiana
- Minnesota
- New York
- North Carolina is a state in the United States.
- Tennessee
- Texas
- Virginia
- Washington
- Wisconsin
Downgrade Strategy
Wave Payroll will let you downgrade your subscription if you wish to go from a full-service payroll to a self-service option with DIY tax filings. Unfortunately, your monthly rates will remain same. Even if you choose not to use the provider’s automated tax filing services, you must still pay the $35 monthly basic price (plus per-employee fees).
Subscription Option “Pause Payroll”
If you need to temporarily halt your plan, Wave Payroll has a “Limited Access” option. It enables you to keep viewing and creating reports from earlier payroll journal entries without having to execute payroll. If your company is situated in one of the 14 states Wave serves, you’re still protected by its automatic tax payments and filings (Wave reports Wave Payroll offers a “Limited Access” option if you need to temporarily pause your plan. It allows you to continue accessing previous payroll journal entries and generating reports without having to run payroll. Also, you’re still covered by its automated tax payments and filings (Wave reports $0 on filings during the “pause payroll” period)—provided your business is located in one of the 14 states it services. You can even input your new hires’ direct deposit information into its system for future payroll runs, plus your employees can still view their previous pay stubs and tax forms. However, you have to pay a minimal amount each month. on filings during the “stop payroll” time). Your new recruits’ direct deposit information may also be entered into the system for future payroll runs, and your workers can still check their past pay stubs and tax forms. You must, however, make a monthly payment of a little sum.
- Wave Payroll’s tax services are available in the following states: $17 per month
- Other states: $10 per month
If you desire to restart Processing of Payroll, just navigate to the billing menu in Wave Payroll to activate your subscription and begin utilizing the software’s payroll functions right away. Note that, depending on the plan you chose before halting payroll, Wave Payroll’s price will automatically move from “Limited Access” to either full-service or self-service.
In addition to manually traveling through Wave Payroll’s billing menu to unpause payroll, the “Run Payroll” page features a “Go to Billing” option that allows you to instantly adjust your subscription.
The monthly billing cycle for Wave Payroll begins on the first day of each month. You’ll be charged a prorated amount if you unpause your membership in the midst of the monthly period.
Cancellation of a Plan
It’s simple to cancel your Wave Payroll subscription by going to the “Payroll” menu, selecting “Billing,” and then clicking “Cancel Payroll Subscription.” Until the conclusion of the monthly paying cycle, your plan will be active.
Wave Payroll’s tax filing services are available to companies in the following 14 states: Consider discontinuing your payroll subscription during the quarter-end months (April, July, October, and January) to take advantage of Wave’s tax services, given the quarterly tax payment and reporting deadlines. Wave will repay you taxes that have been withdrawn but will not be paid by the provider, except from remitting and reporting taxes payable for the quarter you cancel your subscription in.
If you need to terminate your payroll plan outside of the quarter-end months, Wave will only pay the tax responsibilities due in the month you cancel, as well as refund any taxes that have already been deducted but not remitted. It will be your duty to ensure that taxes are remitted and filed to the appropriate authorities after the month you cancel.
For companies based in other states: You’ll need to temporarily reactivate your Wave Payroll account in order to create W-2 and W-3 tax forms. However, the supplier will bill you for the month’s membership and per-employee expenses.
If you terminate your Wave Payroll plan in September, for example, you need restart your subscription in January the following year to create year-end tax returns.
Features of Wave Payroll
Since the previous time we checked in:
Wave Payroll’s employee information management functions, HR tools, and updates to its employee payment alternatives are discussed in further depth.
While Wave Payroll lacks the HR services and benefits choices included in most small company payroll software, it does provide effective payroll solutions to help you pay workers and contractors properly and on time. Here are some of its most important characteristics.
Management of Employee Payroll Data
You may keep a simple employee database with Wave Payroll that includes your employees’ basic information, salary and tax information, paid time off (PTO) balances, and benefits deductions.
You may adjust their work status from active to inactive in addition to amending their personal details. This is useful if you have seasonal employees—you can classify them inactive and then move them back to active status as required to omit them from your pay runs if they aren’t working.
If resigning workers are approaching their final day on the job, you may start the offboarding process right from the employee module in Wave Payroll.
While Wave Payroll can assist you in paying contractors, the procedure of adding independent freelancers to the system is somewhat different. Contractor profiles, unlike employee profiles established in the Payroll module, are created in the Purchases module since Wave considers these people to be suppliers.
Although Wave Payroll offers a “Add contractor” option, the system will direct you to the Purchases module to create vendor profiles for your independent contractors.
Reporting on New Hires
If your company is situated in one of the 14 states supported by Wave Payroll’s tax filing services, it will submit state new hire reports for you. The procedure is also seamless: after entering the new employee’s information into the provider’s system, the report is immediately generated and filed with the appropriate state agency.
In Wave Payroll’s employee section, you may see the specifics of new hire reports.
Timesheets on the Internet
Wave Payroll doesn’t include time tracking features, therefore you’ll have to manually enter the hours into its online time sheet. Hourly workers and salaried employees have their own tabs. You utilize it to record total hours worked, overtime hours, and PTO information for your hourly employees. You may provide facts about their overtime and PTO, if applicable, for salaried staff. Depending on when workers are eligible for overtime, it is automatically computed at time-and-a-half or double time.
In addition to overtime, Wave Payroll’s time sheet allows you to track paid time off for salaried personnel.
Leave Accruals & Policies
Unlike most small business payroll, which streamline the process of managing PTO applications, Wave Payroll doesn’t have the capability to request and approve leave transactions online. You have to separately track PTO and input the number of approved leave hours into its Timesheets on the Internet for pay processing.
It does, however, already have paid sick leave rules for California, Oregon, Massachusetts, and Vermont loaded into its system to keep you compliant, and you may add other paid sick leave legislation later. Paid COVID-19 sick leave and COVID-19 family and medical leave are also supported, enabling you to claim tax credits for these transactions. It also assists you in calculating the vacation leave credits that workers should accrue on a weekly basis.
You may define the vacation accrual rate % and whether or not you want it to calculate the leave credits when adding new workers to Wave Payroll.
Processing of Payroll
Wave Payroll allows you to create numerous pay schedules, ranging from weekly to semimonthly to monthly. It allows you to print pay checks and even make free direct deposits, although the normal turnaround time is three days (many payroll companies have a two-day processing time). Pay stubs are accessible online via the company’s employee portal, which also allows employees to access personal information and tax forms.
Since the previous time we checked in:
Wave Payroll has temporarily lowered its direct deposit delays from three to two days, but only for qualified customers, because to the COVID-19 pandemic’s impact on many companies and employees. Wave Payroll checks its clients’ accounts automatically to see if their direct deposit deadlines may be shortened. Before reverting to the regular processing period of three days, it will inform its customers.
Wave Payroll also includes a dashboard that displays significant payroll and tax filing dates, including holidays. It even gives you the overall cost of your payroll for the pay month. If you haven’t set up your direct deposits yet, a task reminder with a link to the system’s direct deposit setup page will show on your dashboard.
The dashboard in Wave Payroll is where you can run, monitor, amend, and approve payroll.
Management of Payroll Taxes
Wave Payroll is dedicated to giving precise tax calculations. Its platform has a powerful tax engine that calculates federal, state, and municipal taxes automatically. Wave Payroll also routinely upgrades its system with the most up-to-date tax tables and regulatory changes to assist guarantee that all tax calculations are accurate.
It also offers year-end reporting and automatic tax payment and filing services, but only in 14 states. For workers in these states, it will also submit new hire reports. Before you may use this service, you must first fulfill Wave Payroll’s tax payment information requirements.
Wave Payroll will compute the required tax deductions from your workers’ pay if your firm is situated in a state not covered by its tax services. It will also create Form W-2s, which you may use to submit your tax returns at the end of the year.
Wave Payroll’s tax services differ based on each state’s needs.
Compensation for Employees
Wave Payroll’s partnership with AP Intego allows you to provide Compensation for Employees 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, an AP Intego representative will call to help you complete your setup.
Reminders for Payroll Schedules
You can see your pay schedules online and get email updates about impending pay runs. You may also import payroll dates into a calendar app by downloading your Wave pay schedules as an ICS file and then uploading it to apps like Apple Calendar and Google Calendar. This allows you to get additional reminders and see payroll timelines without having to in into Wave Payroll.
Wave Accounting is integrated.
When a payroll run is authorized, the necessary accounting data is entered into Wave Accounting. The gross payroll amount, as well as the amount of taxes you owe as an employer, is entered in the expenditure category of your Account Mapping and included in the Profit and Loss report.
Wave also establishes a “Wave Payroll Clearing” holding account to retain payroll and tax payment monies. Payroll and tax payments are shown in the “Wave Payroll Clearing” account when they are made and you refill your account. For easier payroll accounting, the system categorizes the transactions (e.g., “Payroll Liabilities” or “Transfer to Wave Payroll Clearing”).
After each pay run, Wave Payroll generates a thorough journal transaction.
Integrations with Third-Party Software
Wave has integrations with Google Sheets, BlueCamroo, and Zapier, allowing it to interact with a variety of business solutions such as email marketing, appointment scheduling, customer relationship management (CRM), and payment systems. However, it lacks HR-related software connections, such as time monitoring and staff scheduling solutions.
Ease of Use with Wave Payroll
- Interface that is simple to use
- Setup is simple.
- In 14 states, he files taxes.
- Some states have pre-installed sick pay policies.
- Chatbot help available 24 hours a day, 7 days a week
- Support is available through live chat and email.
- a community forum and a help center
- Automatic Wave Accounting is integrated.
Wave Payroll’s best feature is how simple it is to use. Payroll can be set up and handled quickly thanks to easy choices and procedures. The UI is simple and functionalities are easy to locate since it doesn’t have a lot of additional features. It only processes payroll tax payments and filings in 14 states, but it provides the information needed to file in the other 36. It also comes packed with sick pay policies for a number of states.
For some of its features, the software will walk you through the process (such as setting up your account). Wave Payroll also has help buttons, a 24/7 chatbot, and a community forum where you can communicate and consult with other Wave users. It even has a library of help articles, plus it provides Support is available through live chat and email..
However, although some of Wave Payroll’s web capabilities are straightforward, they can need more steps or clicks than other payroll software. It features an online help center, but not all of the articles provide step-by-step instructions.
An online wizard in Wave Payroll will walk you through the initial setup procedure.
Wave Payroll: What Users Have to Say
Users who left Wave Payroll reviews online raved about its intuitive interface and ease of use. They also appreciate its affordable plans and seamless Wave Accounting is integrated.. However, others wished that it offered more features and robust reporting. Some said that its software runs sluggishly from time to time and that its support team isn’t responsive—with wait hours that can be quite long.
Wave Payroll had the following ratings on prominent user review sites at the time of publication:
Alternatives to Wave Payroll
Compare Wave Payroll to our top payroll services if you’re not sure whether it’s appropriate for you. Also, if you need assistance picking whether payroll software is perfect for you, check out our guide to the best payroll software.
Conclusion
Wave Payroll is best suited for small enterprises with basic payroll requirements. It incorporates all of the data into your Wave Accounting program as a Wave add-on, making bookkeeping and payroll accounting a snap. Even though certain functionalities need a few extra steps to accomplish, users adore the straightforward and simple-to-use layout. While it provides workers’ compensation and an employee portal, it lacks the perks and HR resources that other carriers give. However, for Wave Accounting customers who want effective payroll capabilities, it is still a viable solution.
Today is the last day to sign up for a Wave Payroll plan.
Visit Wave Payroll for more information. for more information. for more information.
The “wave payroll website” is a company that offers a payroll software for businesses. The company offers different plans, and the price ranges from $9 to $35 per month.
Frequently Asked Questions
Can you do payroll on wave?
A: Yes, you can do payroll on Wave.
Is payroll free on wave?
A: Unfortunately, payroll is not free on wave.
What is the best program to use for calculating payroll?
A: The best program to use is Microsoft Excel.
Related Tags
- wave payroll pricing
- wave apps payroll
- wave accounting
- self-employment payroll software
- wave payroll reviews
