Wave Accounting Acquires Small Payroll

Toronto (Press Release – November 2, 2011) – Wave Accounting, the fastest growing financial tool for small businesses, today announced its acquisition of Small Payroll, an online payroll application. The application will be rebranded and relaunched as Wave Payroll, with a beta release in Canada this quarter, and in the U.S. in early 2012.

“Our intention is to do for small business payroll what we did for small business accounting,” says Wave co-founder James Lochrie. “Namely, we’re taking something complicated, confusing and expensive for the small  business owner, and making it ridiculously easy and affordable.”

Small Payroll was launched in 2009 by Sean Walberg, an application developer in Winnipeg, Manitoba. He discovered a need for a straightforward, affordable payroll tool when he was faced with deductions for a caregiver he hired for his children. “I had worked at a big payroll company, so I understood what needed to be done. Even so, I found it to be a pain to use the government’s online calculators and then keep track of things on spreadsheets. And the payroll companies are too expensive, especially for the little guys.”

Wave Payroll handles all the aspects of payroll that most small business owners will need, including:

• direct deposit to employees’ bank accounts
• calculations of wages and overtime
• withholding deductions; and monthly remitting to the government
• income tax forms (including the Canadian T4) and Records of Employment

All the features will be included in a simple pricing model, for a flat rate of a few dollars per employee per pay run (specific pricing details will be announced shortly). “With Wave Payroll, there will be no nickel and diming,” says Lochrie. “It’s all included in the flat rate, with no surprises.”

Wave Accounting and Wave Payroll will operate as complementary but separate applications. Wave Accounting will remain 100% free.

Wave Payroll is now in private beta. For an invitation to the public beta, customers can sign up at WavePayroll.com.

About Wave Accounting

Based in Toronto, WaveAccounting.com is a free online accounting  application for small businesses with 9 employees or less, featuring unlimited invoicing and expense tracking, accountant-friendly tools and reports, personal finance and more. Wave recently won Deloitte’s Companies-to-Watch award, and closed a $5 million Series A investment round led by Charles River Ventures. Sign up at WaveAccounting.com.

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