Square Payroll vs Wave Payroll

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Our analysts compared Square Payroll vs Wave Payroll based on data from our 400+ point analysis of Payroll Software, user reviews and our own crowdsourced data from our free software selection platform.

Wave Payroll Software Tool

Product Basics

Based in the cloud, Square Payroll is suited for businesses of all sizes. Integrating with the well-known POS solution from the same company offers features that assist with processing pay, filing taxes, employee self-service and more. The support staff helps users with implementation, whether they need help with their first implementation or simply just assistance migrating data from an old interface. Its capabilities also provide time tracking, invoice creation, appointment scheduling, direct deposit and more.
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Wave Payroll is a cloud-based solution designed to provide simplified payroll management solutions. The product allows users to sync data, monitor employee activity, track leave, comply with tax reforms, view journal transactions, generate payslips and process payments.

It uses 256-bit encryption to protect bank data connections and handles credit card and bank account information with PCI Level-1 certification. Other functionalities include income and expense tracking, accounting, monthly receipt uploads, regular reminders, consolidated dashboards and transaction updates.
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$35 Monthly
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Tailored to your specific needs
$46 Monthly
Get a free price quote
Tailored to your specific needs
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Windows
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Chromebook
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On-Premise
Mobile
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On-Premise
Mobile

Product Assistance

Documentation
In Person
Live Online
Videos
Webinars
Documentation
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Live Online
Videos
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Email
Phone
Chat
FAQ
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Knowledge Base
24/7 Live Support
Email
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24/7 Live Support

Product Insights

  • Synchronized Systems: Fully synchronize the payroll solution with other Square systems, including partners that offer timecard solutions. Automatically calculate employee hours to run payroll.
  • Payroll On-The-Go: Run payroll directly from any internet-connected device with the mobile app. Creates a quick and seamless process that gets employees paid expediently, while administers don’t have to spend time tediously inputting data.
  • Affordable Small Businesses Payroll: Offers two pricing models, one of which is specifically designed to meet the needs of businesses that rely on contractors. The monthly subscription fee starts as low as $34 monthly for companies with standard employees. Hire contractors and spend only $5 monthly per contractor or employee.
  • Manageable Processes: Run payroll with only necessary employee information. Customize pay periods while employees can create their accounts, making the setup process quick and straightforward.
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  • Centralized Payroll: Add new employees, manage payments, track salaries, record time offs, manage tax deductions and oversee the overall workforce system with integrated solutions and efficient tools. 
  • Automated Compliance: Stay updated with ever-changing tax laws and compute state, federal and local taxes automatically. Conform to regulatory changes and access accurate calculations with an effective tax engine. 
  • Journal Transactions: Instantly access expenses, money owed to employees and tax authorities, liabilities, total costs and more on a single screen. 
  • Self-Service: Allow employees to access personal details, view pay stubs, edit bank-related information, tax forms and more. 
  • Dashboard: Edit, review, edit and manage payrolls on a consolidated dashboard. Set up schedules, approve runs, view bank account balance, export reminders to the calendar and update timesheets. 
  • Reports: Access comprehensive reports to get in-depth insights into total sales, cash flow, profit and loss statement, transaction volumes and other crucial business metrics. Gauge performance and improve services with comparative reporting. 
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  • Automatic Payroll: Import employee hours and overtime and calculate salaries to process each pay period automatically. Handles multiple pay rates and does all off-cycle and unlimited bonus runs for no extra charge. Customizes scheduling for payment. Process payroll by 8:00 p.m. PT, so employees get their direct deposit on payday.
  • Employee Self-Service: Have employees create their account, set up direct deposit, fill out necessary forms and even clock in for their shifts. Provide them with 24/7 access to these features to make changes as needed through the mobile app.
  • Tax Filing: Ensure compliance with Square Payroll’s tax functions. Manage W2s and automatically calculates and files tax withholdings, payments, and filings at the local, state and federal level. Supports post-tax deductions and reimbursements. Files federal and state taxes quarterly and files and sends out W-2s and 1099-MISC forms at the end of the year. Includes forms such as form 940, form 941, form 944 and W-3s.
  • Reporting: Provides new hire reports, quarterly reports and sales reports to provide real-time analysis and make more informed decisions about the business. Send reports to key stakeholders.
  • Team Management: Set schedules, track hours, customize access for different groups and provide employee onboarding. Comes in one of two versions, team management and team plus. Team management includes reporting for time cards, time clocks, scheduling for shifts, break tracking and overtime reporting. Team plus has broader functionality such as early break prevention, report for break violations, preventing early clock-ins from break, notes on timecards, many wage rates, unlimited permissions and more.
  • Compliance: Updates automatically to ensure users stay abreast of changes to tax laws and stay in compliance with payment best practices. Save time and money by obeying regulations.
  • Benefits Management: Customize and manage benefits packages while the integrated benefits management functionality enables the system to calculate and make deductions automatically when running payroll. Provides workers’ comp through AP Intego.
  • Integrations: Integrates with QuickBooks Online for users who want to include accounting and can function with any other Square product.
  • Time Tracking: Synchronize Square Payroll with the vendor’s Point of Sale app at no additional cost to allow employees to clock in for their shift directly at the register. Employees can then import timecards, or synchronize with a variety of other popular time tracking systems. Managers can also enter employee hours manually. Tracks sick leave, PTO and overtime. Use customizable user permissions to manage it effectively.
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  • Centralized Payroll: Add new employees, manage payments, track salaries, record time offs, manage tax deductions and oversee the overall workforce system with integrated solutions and efficient tools. 
  • Automated Compliance: Stay updated with ever-changing tax laws and compute state, federal and local taxes automatically. Conform to regulatory changes and access accurate calculations with an effective tax engine. 
  • Journal Transactions: Instantly access expenses, money owed to employees and tax authorities, liabilities, total costs and more on a single screen. 
  • Self-Service: Allow employees to access personal details, view pay stubs, edit bank-related information, tax forms and more. 
  • Dashboard: Edit, review, edit and manage payrolls on a consolidated dashboard. Set up schedules, approve runs, view bank account balance, export reminders to the calendar and update timesheets. 
  • Reports: Access comprehensive reports to get in-depth insights into total sales, cash flow, profit and loss statement, transaction volumes and other crucial business metrics. Gauge performance and improve services with comparative reporting. 
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Product Ranking

#21

among all
Payroll Software

#31

among all
Payroll Software

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User Sentiment Summary

Excellent User Sentiment 1069 reviews
Great User Sentiment 116 reviews
93%
of users recommend this product

Square Payroll has a 'excellent' User Satisfaction Rating of 93% when considering 1069 user reviews from 4 recognized software review sites.

82%
of users recommend this product

Wave Payroll has a 'great' User Satisfaction Rating of 82% when considering 116 user reviews from 2 recognized software review sites.

4.4 (23)
n/a
4.66 (571)
4.14 (58)
4.6 (471)
4.1 (58)
4.5 (4)
n/a

Awards

Square Payroll stands above the rest by achieving an ‘Excellent’ rating as a User Favorite.

User Favorite Award

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Synopsis of User Ratings and Reviews

Simple UI: Over 90% of users who discussed the ease-of-use were impressed by the system.
Affordable: Reviewers felt the pricing was appropriate and affordable in more than 90% of comments that discussed it.
Efficient Payroll Processing: More than 90% of users who discussed payroll processing felt it worked well.
Highly Recommended: In reviews that discussed recommending the service, over 80% said they’d advise other businesses to use it.
Filing Taxes and Reports: More than 80% of comments that discussed filing taxes and year-end reporting were happy with its capabilities.
Adequate Functionality: Users liked the features and felt they worked well in over 80% of reviews that talked about it.
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Intuitive Design: Users praise Wave Payroll's easy-to-use interface, finding it simple to navigate and complete tasks like setting up payroll and running reports.
Automated Tax Filing: Wave Payroll automatically calculates, files, and pays payroll taxes, saving users time and reducing the risk of errors.
Affordable Pricing: Many users appreciate Wave Payroll's transparent and competitive pricing, especially its free plan for contractors and freelancers.
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Limited Customization Options: Over 70% of reviews that talked about customization said the options were inadequate.
No Employee Discounts: Businesses had trouble giving employees discounts in over 70% of comments that discussed it.
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Customer Support Issues: Users have reported experiencing difficulties reaching customer support and receiving timely assistance when encountering problems.
Inaccurate Calculations: Some users have reported instances of Wave Payroll making incorrect calculations, leading to payroll errors and discrepancies.
Limited Features: Wave Payroll may lack certain advanced features that some businesses require, such as comprehensive reporting options or integrations with specific HR systems.
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Square Payroll is an online payment, time and attendance and POS system. Users like it best because it’s easy to use with an intuitive design that can be adopted quickly. They felt the pricing was fair and were especially pleased with its efficient processing of payment. Many users said they’d recommend it to other businesses similar to their own and were happy with its ability to create and file sales, quarterly and new hire reports. Lastly, they were pleased with its features, specifically its easy sign-in, reporting, time tracking and tax calculating. On the con side, customization options were minimal as it’s a reasonably straightforward system. Many companies that use the solution are restaurants that either want to give employees discounts on food or pay with money from their upcoming paycheck. They were displeased with its inability to allow this. Overall, this solution is excellent for small businesses, especially retail and food service. Larger companies should look elsewhere.

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Are you riding the wave of payroll success, or are you drowning in paperwork? Recent user reviews of Wave Payroll suggest it's a lifesaver for entrepreneurs and small businesses, but it might not be smooth sailing for everyone. Users rave about Wave Payroll's affordability and ease of use, especially compared to rivals like Gusto or QuickBooks Payroll. They appreciate the intuitive interface, automated tax calculations, and direct deposit features. One user even described hitting the "approve payroll" button as "fun" because it's so simple and stress-free. However, some users have voiced concerns about limited customer support and occasional glitches in the software. A few users also wished for more advanced features, such as HR tools and time tracking integration. Wave Payroll's key differentiator is its price point. Starting at $25 per month, it's significantly cheaper than many competitors, making it a godsend for budget-conscious startups and freelancers. However, this affordability comes with a trade-off: Wave Payroll's automatic tax filing service is only available in a limited number of states. If you're outside those states, you'll need to manually file taxes, which can be a headache. Overall, Wave Payroll is a great fit for entrepreneurs and small businesses looking for a user-friendly and affordable payroll solution. However, if you require robust customer support or advanced features, you might need to explore other options.

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