Toronto's Wave Accounting announced today the launch of Wave Payroll, a 100% online payroll tool saving time and money for small business owners, self-employed contractors and freelancers, and families who hire home care workers and nannies.
Wave Payroll provides a full suite of features, including direct deposit, year-end tax forms (T4s), and remittance to government, for one low flat fee priced per employee per payroll.
Wave Payroll also keeps track of vacation time, records of employment, overtime, payroll reminders and ensures compliance for all government withholding and remittances. Additionally, the platform is 100% online and compatible with any computer with an Internet connection and standard browser. All platform features are available for $3 per employee per payroll, with discounts for companies with 10 or more employees.
Lead developer Sean Walberg created SmallPayroll.ca, the precursor to Wave Payroll, when he saw no viable payroll solution for families who employed nannies or home-care workers. He created a simple, intuitive platform that could easily be used by people who had zero familiarity with running payroll. After acquiring Small Payroll in November 2011, Wave enhanced several key components of the existing platform to be able to launch Wave Payroll today.
Wave Payroll is now available for all Canadian-based businesses except Quebec. Customers can sign up for a free account at WavePayroll.com. There is no cost until the first payroll is run.
Wave Accounting closed a $5 Million Series A financing round led by Charles River Ventures (CRV) with the participation of OMERS Ventures in October 2011.