Running payroll is one of those tasks that most small business owners don’t look forward to. There are many tools available for these businesses, but many are either time-consuming or complicated and overrun with unnecessary features. Now, American small businesses have one more option that is not only small business specific, but also automated to save time.
Wave prides itself on being easy to use, claiming that businesses don’t even need any knowledge of accounting to use the application. Part of what makes it easy is the ability to link it to your business bank account or credit card so that it automatically updates and imports each transaction.
Wave Payroll allows businesses to manage employee payments, payroll taxes, vacation time, deductions, documents and more.
And since it’s cloud based, it also offers an easy way to collaborate or share information with your company’s accounting professional. Simply inviting them to your account as a guest collaborator will give them access to your data.
The photo above shows the timesheet section of the Wave Payroll dashboard. It allows for employers to simply enter in hours worked and then Wave automatically updates the rest of their payroll information based on that data. The left side of the photo also shows all the other options offered by Wave Payroll, including pay stubs, remittances, and employee data.
It is free for users to sign up for Wave Payroll, and running the service costs $5 or less per employee per month.
In addition, Wave will offer an option to handle tax filings and deposits for a flat fee of $25 per employer per month beginning in January 2013.
With so many different accounting options available, it can be difficult to find the one that best fits your company’s needs without going overboard and paying for a lot of features you simply won’t use.
And although there is no shortage of options to choose from, Wave’s automated system that’s been built specifically for small business users could now become a viable option for American small businesses.
Launched in 2010, Wave Accounting is based in Toronto, with additional offices in Rochester, New York. The company has users in more than 200 countries. Wave Payroll first launched in Canada in February.