QuickBooks Payroll
QuickBooks Payroll is a comprehensive automated tax and compensation management software providing small to mid-sized businesses with integrated tools to pay employees, manage benefits, and file taxes accurately.
Wave
Wave is a comprehensive business management platform providing small business owners with integrated tools for professional invoicing, automated bookkeeping, and secure payment processing to streamline their financial workflows.
Quick Comparison
| Feature | QuickBooks Payroll | Wave |
|---|---|---|
| Website | quickbooks.intuit.com | wavecnct.com |
| Pricing Model | Subscription | Freemium |
| Starting Price | $45/month | Free |
| FREE Trial | ✓ 30 days free trial | ✘ No free trial |
| Free Plan | ✘ No free plan | ✓ Has free plan |
| Product Demo | ✓ Request demo here | ✘ No product demo |
| Deployment | ||
| Integrations | ||
| Target Users | ||
| Target Industries | ||
| Customer Count | 0 | 0 |
| Founded Year | 1983 | 2010 |
| Headquarters | Mountain View, USA | Toronto, Canada |
Overview
QuickBooks Payroll
QuickBooks Payroll is an automated solution designed to take the stress out of paying your team. Whether you have one employee or a growing workforce, you can run payroll in minutes with integrated time tracking and automatic tax calculations. The platform handles your federal and state tax filings and payments automatically, helping you stay compliant without manual data entry.
You can manage your entire back office by syncing payroll data directly with QuickBooks Online accounting. This integration ensures your financial books stay balanced and up-to-date every time you run a pay cycle. Beyond just paychecks, you can offer your team health benefits, 401(k) plans, and workers' comp, all managed from a single dashboard that scales with your business needs.
Wave
Wave provides you with a suite of financial tools designed specifically for freelancers, consultants, and small business owners. You can stop manual data entry by connecting your bank accounts to automatically track income and expenses. The platform allows you to create professional, customized invoices that reflect your brand and help you get paid faster through integrated credit card and bank payment options.
You can manage your entire back office from a single dashboard, switching between multiple businesses without extra costs. The software handles the heavy lifting of bookkeeping by automatically categorizing transactions and generating essential financial reports like profit and loss statements. It scales with your needs, offering optional paid add-ons for payroll processing and personalized bookkeeping support while keeping the core accounting features free.
Overview
QuickBooks Payroll Features
- Auto Payroll Set your payroll to run automatically each pay period so your team gets paid on time without you lifting a finger.
- Automated Tax Filings Let the software calculate, file, and pay your federal and state payroll taxes automatically to ensure year-round compliance.
- Same-Day Direct Deposit Keep your money longer and pay your employees faster with the ability to submit payroll on the very same day.
- Integrated Time Tracking Track employee hours and approve timesheets directly within the app to eliminate manual data entry and errors.
- Health Benefits Compare and choose medical, dental, and vision plans for your team with digital enrollment and automated deductions.
- Workers' Comp Integration Get quotes and manage your policies with a pay-as-you-go model that improves your business cash flow.
- Expert Support Access 24/7 premium support and even get a payroll setup review from a professional to ensure everything is correct.
- HR Advisor Access Consult with certified HR professionals to get custom handbooks and expert advice on complex hiring or termination issues.
Wave Features
- Unlimited Invoicing. Create and send professional, customized invoices to as many clients as you need without any monthly limits.
- Automated Bookkeeping. Connect your bank accounts to automatically sync transactions and categorize your business expenses in real-time.
- Online Payments. Accept credit cards and bank transfers directly through your invoices to get your funds deposited faster.
- Receipt Scanning. Snap photos of your receipts with the mobile app to automatically record expenses and stay tax-ready.
- Financial Reporting. Generate instant reports like Profit & Loss and Balance Sheets to understand your business health at a glance.
- Multi-Business Support. Manage multiple separate businesses or side hustles from a single account login without paying extra fees.
Pricing Comparison
QuickBooks Payroll Pricing
- Full-service automated payroll
- Automated tax filings
- Next-day direct deposit
- Health health benefits
- 401(k) plans
- Expert product support
- Everything in Core, plus:
- Same-day direct deposit
- Integrated time tracking
- Expert setup review
- HR support center access
- Workers' comp administration
Wave Pricing
- Unlimited invoicing and estimates
- Unlimited accounting and tracking
- Unlimited bank connections
- Credit card and bank payments
- Standard email support
- Everything in Starter, plus:
- Automated receipt transcription
- Unlimited user collaborators
- Automated late payment reminders
- Live chat and phone support
- Discounted payment transaction rates
Pros & Cons
QuickBooks Payroll
Pros
- Seamless integration with QuickBooks Online accounting
- User-friendly interface is easy for non-accountants
- Reliable automated tax filing and payments
- Fast same-day direct deposit options
- Mobile app allows payroll runs from anywhere
Cons
- Per-employee fees can become expensive
- Customer support wait times can be long
- Occasional glitches when syncing with third-party apps
Wave
Pros
- Core accounting and invoicing features are completely free
- User-friendly interface is easy for non-accountants to navigate
- Seamless integration between invoicing and the general ledger
- Mobile app allows for easy on-the-go expense tracking
Cons
- Customer support is limited for free tier users
- Lacks advanced inventory management for product-based businesses
- Bank connection sync issues occasionally require manual fixes