Wagepoint: Simple Payroll for Small Businesses

Running payroll is often a tedious task for small business owners.

Wagepoint aims to simplify payroll with an easy-to-use platform tailored for small companies.

In this review, we'll take an in-depth look at Wagepoint's features, capabilities, pricing, and more to determine if it's the right payroll solution for your small business.

Introduction to Wagepoint

Wagepoint is a Canadian payroll software company founded in 2012. They provide an easy-to-use, online payroll solution designed specifically for small and medium-sized businesses.

Wagepoint handles all aspects of payroll processing and compliance, including calculating paychecks, filing taxes, and providing detailed reports. Their platform aims to simplify payroll for business owners and managers who don't have large HR departments.

Overview of Wagepoint

Wagepoint offers the following key features as part of its payroll software:

• Easy setup: Wagepoint has a user-friendly interface that allows quick setup and configuration. Businesses can be up and running with Wagepoint payroll typically within one day.

• Multiple integrations: Wagepoint integrates with over 40 popular small business platforms like QuickBooks, Xero, Gusto, and more. This allows easy transfer of payroll data.

• Payroll processing: Key payroll features include unlimited pay runs, ability to handle hourly and salaried employees, support for overtime and other pay rules, and customizable pay stubs.

• Compliance: Wagepoint handles all tax calculations, filings, and payments automatically to remain compliant across Canada and the US.

• Employee self-service: Employees can access their online payroll information at any time through secure logins to the Wagepoint platform.

• Reporting: Wagepoint provides real-time reporting and analytics to help businesses track payroll costs, taxes, deductions and more.

Ideal Wagepoint Customers

Wagepoint is designed for Canadian and American small and medium-sized businesses with up to 100 employees. Their platform is best suited for customers in the following industries and segments:

• Retail businesses and stores
• Restaurants, cafes, bakeries
• Salons, spas, gyms
• Professional service companies
• Nonprofits and charitable organizations

The simplicity and ease-of-use of Wagepoint makes it a good solution for business owners who want to manage payroll themselves without needing extensive HR personnel. The integrations and partnerships with major small business platforms also make adoption straightforward.

Key Benefits of Wagepoint

Wagepoint offers several key benefits that make it an attractive payroll solution for small businesses:

User-friendly Interface

Wagepoint provides an intuitive dashboard and simple data entry for running payroll. Features include:

• Clean layout with clear navigation and workflow
• Easy employee setup and payroll schedules
• Simple tools to enter hours and overtime
• Minimal training needed for staff

This simplifies payroll tasks so small business owners can run payroll themselves without complex software.

Robust Reporting

Wagepoint comes equipped with a variety of built-in reports to inform business decisions:

• Payroll summaries showing earnings, deductions, and net pay
• Labor cost reporting by department or location
• Tax liability reports and filing status
• Overtime and absence tracking

The dashboard provides an overview of essential payroll metrics while custom reports can be scheduled or exported.

Integration Capabilities

Wagepoint integrates with over 40 popular software platforms including:

• Accounting tools like QuickBooks Online and Xero
• HRIS systems such as BambooHR and Gusto
• Time tracking apps like TSheets and When I Work

Syncing these systems eliminates duplicate data entry and ensures accuracy between platforms. This saves significant time compared to manual imports/exports.

In summary, Wagepoint simplifies payroll with easy-to-use tools tailored to small business needs. The software reduces administrative tasks while providing insights through robust analytics. And with broad integration capabilities, it streamlines the entire payroll process for SMBs.

Payroll Features

Payment Flexibility

Wagepoint offers several flexible payment options for employees, including:

• Check: Print paper checks to distribute to employees. Checks can be mailed directly to employees.
• Direct deposit: Deposit payroll funds directly into employees' bank accounts. Employees receive funds quickly with no need to visit a bank.
• Payroll debit card: Load funds onto prepaid debit cards that employees can use to access their wages. Useful for employees without bank accounts.

These options allow businesses to pay employees in the method that works best for them. Direct deposit and payroll debit cards enable fast, convenient access to wages.

Tax Calculations

Wagepoint automatically calculates and remits payroll taxes at the federal, state, and local levels. This includes:

• Income taxes
• Social Security and Medicare taxes
• Federal and state unemployment taxes

Taxes are withdrawn from each paycheck based on employee details and applicable tax rates. Wagepoint then files and deposits taxes on the company's behalf, sparing them tax paperwork.

Wagepoint stays up-to-date on the latest tax laws and rates. Their tax engine guarantees compliance and accuracy when processing payroll taxes.

Compliance

In addition to tax calculations, Wagepoint offers other features to support payroll compliance:

• Automatic form generation for W-2s, 1099s, and other filings needed for reporting wages
• Integrated time tracking tools to produce records of hours worked
• Customizable pay stubs containing information mandated by state laws
• Capability to handle garnishments, 401k contributions, health insurance deductions, and other specialized payroll items

Together, these capabilities reduce the compliance burden for small business owners. All payroll data, forms, and records are stored securely within Wagepoint as well, facilitating easy auditing and reporting.

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Add-Ons

Wagepoint offers several add-on modules that integrate with their core payroll software to provide expanded capabilities and services for additional fees. These value-added features allow businesses to manage other critical HR workflows beyond basic payroll processing.

HR Module

The HR Module add-on enables robust employee record-keeping and onboarding capabilities within Wagepoint's system. Key features include:

• Customizable online forms for collecting new employee paperwork (tax forms, direct deposit info, etc.)
• Automated onboarding checklists to gather everything needed from new hires
• Central database for storing employee documents, contacts, and other HR data
• Easy reporting and monitoring of key employee information and documentation status

The module simplifies new employee onboarding while ensuring proper records management for legal compliance. Pricing starts at $2 per employee per month.

Benefits Administration

Wagepoint offers integrated benefits administration features covering enrollment, tracking, and management. Capabilities include:

• Customizable benefits enrollment portal for new and existing employees
• Processing and tracking for benefit selections, changes, terminations, and life events
• Automated reports detailing cost and usage data across benefit offerings
• Rules-based support for eligibility, dependent status, and customized application workflows

This allows streamlined, paperless benefits enrollment and administration. Pricing is $4 monthly per employee.

Applicant Tracking

Businesses can add Wagepoint's Applicant Tracking system to publish job openings, screen applicants, and facilitate hiring. Features include:

• Customized online job board to advertise openings to candidates
• Tools to review resumes, schedule interviews, rank applicants, and collaborate on hiring decisions
• Analytics measuring job posting performance, source of applicants, time-to-hire, and other recruiting metrics
• Integration with onboarding module for transitioning new hires

This delivers an end-to-end talent acquisition system natively tied to payroll. Base pricing is $100 monthly plus $4 per applicant.

Implementation and Support

Onboarding

Wagepoint provides dedicated onboarding support to guide new customers through the setup and configuration process. This includes:

• Assigned implementation specialist to walk through software setup on a 1:1 basis
• Customization of payroll workflows, payment schedules, reporting needs
• Integration with existing HRIS, accounting, payment systems
• Import of employee data, payroll schedules, tax forms to streamline transition
• Training for administrators and employees on system navigation and key features

The onboarding process aims to fully configure Wagepoint to each customer's unique needs to ensure a smooth transition and maximize value from the platform.

Ongoing Support

Wagepoint offers several customer support channels for continued assistance after launch:

• Phone and Email Support: Dedicated payroll specialists available during extended business hours to provide guidance on the platform, answer questions, and troubleshoot any issues via phone and email.
• Live Chat: Instant access to support reps through integrated chat on Wagepoint platform and website.
• Knowledge Base: Searchable database of support articles, user guides, release notes, and video tutorials.

Support team focuses on individual guidance to solve customer problems as quickly and effectively as possible through preferred contact channel.

Training Resources

To supplement onboarding, Wagepoint provides various self-service resources:

• Webinars: Live and pre-recorded webinars walking through product capabilities, recent developments, use cases, and best practices.
• Quickstart Guides: Step-by-step instructions on key workflows like running payroll, managing time off, configuring reports.
• Video Tutorials: Short videos demonstrating how to execute essential tasks within the platform.
• Release Notes: Details on latest product updates, features, and fixes.

These resources enable continued learning and maximize utilization of Wagepoint for admins and employees.

Pricing

Wagepoint offers straightforward and affordable payroll pricing for small businesses.

Monthly Subscription

Wagepoint charges a monthly subscription fee based on the number of employees you have:

• 1-5 employees: $29 per month
• 6-9 employees: $39 per month
• 10-19 employees: $49 per month
• 20-49 employees: $99 per month
• 50-99 employees: $149 per month

The monthly fee covers unlimited pay runs and direct deposits. There are no hidden per-employee fees or additional charges.

Additional Fees

Wagepoint does not charge extra fees for common add-ons:

• HR services
• Applicant tracking
• Benefits administration

You only pay the flat monthly rate based on your number of employees.

Discounts

Wagepoint offers the following ways to save on your monthly subscription:

• Annual billing - Pay for 12 months upfront to get 2 months free
• Referral program - Receive 1 free month for each business you refer

There are no other discounts or special promotional offers at this time.

Conclusion and Recommendation

When Wagepoint Excels

Wagepoint is an excellent option for small businesses looking to simplify payroll and meet their specialized needs. It shines for:

• Companies with 1-100 employees
• Businesses seeking straightforward, no-frills payroll software
• Those wanting strong integration with accounting platforms
• Organizations that value excellent customer support

Its simple interface, integration capabilities, and responsive support team make it a great choice for small companies wanting an easy-to-use system tailored to their needs.

Potential Drawbacks

However, Wagepoint does have some limitations to consider:

• Limited advanced features beyond payroll basics
• Less suitable for large or complex payroll needs
• Support for Canadian companies only

So businesses requiring advanced functionality like benefit administration may find Wagepoint lacking. It also focuses specifically on the Canadian market.

Final Verdict

For most small businesses in Canada seeking a basic, affordable payroll system, Wagepoint is an excellent solution worth considering. Its simple interface, seamless accounting integrations, and stellar customer support offer tremendous value.

However, companies with complex payroll needs or those based outside Canada may require a more sophisticated platform. But for straightforward payroll processing, Wagepoint delivers an ideal blend of ease-of-use, integration, and service.

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