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Introducing The Payroll Year End Survival Series

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December 1, 2014
5 minutes read

Hi, my name’s Justin. I’m the customer and product expert on the payroll team at Wave. I know that year end can be an incredibly busy time for small business owners just like you. That’s why I’m going to be blogging every Monday through the new year to help get you through.

With this blog series, I’ll be demystifying the payroll year-end process so you have more time to focus on what you love. If you start spending a little time each week preparing, you can avoid a last minute panic when the time crunch hits.

We’ve worked diligently over the past few months to ensure it’s easier than ever to complete your year end tax filings. All you have to do is verify your employees’ addresses and Social Security Numbers (SSN) in America, or Social Insurance Numbers (SIN) in Canada, and we’ll automagically generate your year end forms. Print them out, file them with the relevant agencies, provide copies to your employees, and you’re all set.

Not sure which agencies you need to file with? Don’t worry, we’ve got you covered there too. Stay tuned for an update later in our newest blog series.

Step 1 in your Payroll Year End Guide

Now is a good time to think about verifying your employee information. On your next payday, ask your employees to confirm that the address information on their paystub is correct. If it’s out of date, you’ll need to update their address information before generating year end forms.

My employee’s information is out of date. How do I update it?

If you have invited your employee to Wave so they can access paystubs online, they can log in and update their info. Have them take the steps below to update their address:

  1. Log into their Personal Wave account.
  2. Navigate to ‘My Pay’
  3. Select ‘My Profile’
  4. Update Address fields as needed. Don’t forget to ‘Save’.

If your employee doesn’t have a personal account, it’s easy for you to update their information once they provide you with their current address.

  1. Log into your Payroll by Wave account.
  2. Click the Employees tab at the top. Select the employee whose address you want to update.
  3. Update the address fields. When the employee profile loads, don’t forget to ‘Save employee’.

Note: You also need your employee’s SSN for year end, but should have already collected this with the new hire forms at the start of their employment. If you don’t have it yet, don’t worry, just make sure to add it using the same steps outlined above prior to generating the forms.

Now, when you generate your employee year end forms, their information will all be correct. One less thing to think about in January!

If you have any questions about this or anything else, please reach out to our Customer Support Heroes for help!

Check back next week. I’ll be doing a deep dive into the forms you’ll be providing to your employees; W2s in the US, and T4s in Canada.

Sincerely,

Justin Arsenault

Your Payroll Customer and Product Expert

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Plan
starter
Plan
$0
pro
Plan
$16USD
$20CAD/mo
Option to accept online payments
Starting at
2.9% + $0.60
per credit card transaction
Starting at
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per credit card transaction
for first 10 transactions/mo
Unlimited invoices, estimates, bills
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Add your logo and brand colors
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Automate late payment reminders
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with any paid add-on
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Digitally capture unlimited receipts
additional fee
Blue checkmark
Payroll
additional fee
additional fee
Hire a bookkeeper
additional fee
additional fee
Option to accept online payments
Starting at
2.9% + $0.60
per credit card transaction
Starting at
2.9% + $0*
per credit card transaction
for first 10 transactions/mo
Unlimited invoices, estimates, bills
Grey checkmark
Blue checkmark
Add your logo and brand colors
Grey checkmark
Blue checkmark
Automate late payment reminders
with online payments
Blue checkmark
Wave mobile app
Grey checkmark
Blue checkmark
Unlimited bookkeeping records
Grey checkmark
Blue checkmark
Dashboard and reports
Grey checkmark
Blue checkmark
Auto-import transactions
Blue checkmark
Auto-merge transactions
Blue checkmark
Auto-categorize transactions
Blue checkmark
Add users
Blue checkmark
Live-person chat and email support
with any paid add-on
Blue checkmark
Digitally capture unlimited receipts
additional fee
Blue checkmark
Payroll
additional fee
additional fee
Hire a bookkeeper
additional fee
additional fee
starter
Plan
$0
Legacy businesses
New businesses
pro
Plan
$16USD or
$20CAD/mo
starter
Plan
$0
Legacy businesses
New businesses
pro
Plan
$16USD or
$20CAD/mo
Invoicing + payments
Option to accept online payments
(and create unique links with checkouts)
Starting at
2.9% + $0.60
per credit card transaction
Starting at
2.9% + $0.60
per credit card transaction
Starting at
2.9% + $0*
per credit card transaction
for first 10 transactions/mo

Send invoices, estimates, and other docs:

  • via links or PDFs
Grey checkmark
Grey checkmark
Blue checkmark
  • automatically, via Wave
with online payments
with online payments
Blue checkmark
Automate late payment reminders
with online payments
with online payments
Blue checkmark
Add your logo and brand colors
Grey checkmark
Grey checkmark
Blue checkmark
Remove Wave branding from footers
Blue checkmark
Add attachments to invoices and estimates (NEW!)
Blue checkmark
Create reusable message templates (NEW!)
Blue checkmark
Invoice and estimate in the mobile app
Grey checkmark
Grey checkmark
Blue checkmark
Accounting
Unlimited bookkeeping records
Grey checkmark
Grey checkmark
Blue checkmark
Auto-import bank transactions
Auto-merge and categorize transactions
Add users to your business
businesses already auto-importing bank transactions and/or that already have users added to their businesses as of May 1, 2024
Blue checkmark
Blue checkmark
Blue checkmark
Digitally capture unlimited receipts
with receipts add-on
with receipts add-on
Blue checkmark
Manage accounting transactions in the mobile app and sync with desktop (NEW!)
with receipts add-on
with receipts add-on
Blue checkmark
Other Wave features
Dashboard and reports
Grey checkmark
Grey checkmark
Blue checkmark
Live-person chat + email support
with any optional add-on
with any optional add-on
Blue checkmark
Optional add-ons
Receipts
nothing changes
additional fee
included
Payroll
nothing changes
additional fee
additional fee
Advisors
nothing changes
additional fee
additional fee
Invoicing + payments
Option to accept online payments
(and create unique links with checkouts)
Starting at
2.9% + $0.60
per credit card transaction
Starting at
2.9% + $0.60
per credit card transaction
Starting at
2.9% + $0*
per credit card transaction for first 10 transactions/mo
Send invoices, estimates, and other docs via links or PDFs
Grey checkmark
Grey checkmark
Blue checkmark
Send invoices, estimates, and other docs automatically, via Wave
with online payments
with online payments
Blue checkmark
Automate late payment reminders
with online payments
with online payments
Blue checkmark
Add your logo and brand colors
Grey checkmark
Grey checkmark
Blue checkmark
Remove Wave branding from footers
Blue checkmark
Add attachments to invoices and estimates (NEW!)
Blue checkmark
Create reusable message templates (coming NEW!)
Blue checkmark
Invoice and estimate in the mobile app
Grey checkmark
Grey checkmark
Blue checkmark
Accounting
Unlimited bookkeeping records
Grey checkmark
Grey checkmark
Blue checkmark
Auto-import, -merge, and -categorize bank transactions
businesses already auto-importing bank transactions and/or that already have users added to their businesses as of May 1, 2024
Blue checkmark
Add users to your business
businesses already auto-importing bank transactions and/or that already have users added to their businesses as of May 1, 2024
Blue checkmark
Digitally capture unlimited receipts
with receipts add-on
with receipts add-on
Blue checkmark
Manage accounting transactions in the mobile app and sync with desktop (NEW!)
with receipts add-on
with receipts add-on
Blue checkmark
Other Wave features
Dashboard and reports
Grey checkmark
Grey checkmark
Blue checkmark
Live-person chat + email support
with any optional add-on
with any optional add-on
Blue checkmark
Optional add-ons
Receipts
nothing changes
additional fee
included
Payroll
nothing changes
additional fee
additional fee
Advisors
nothing changes
additional fee
additional fee

*While subscribed to Wave’s Pro Plan, get 2.9% + $0 (Visa, Mastercard, Discover) and 3.4% + $0 (Amex) per transaction for the first 10 transactions of each month of your subscription, then 2.9% + $0.60 (Visa, Mastercard, Discover) and 3.4% + $0.60 (Amex) per transaction. Discover processing is only available to US customers. See full terms and conditions for the US and Canada. See Wave’s Terms of Service for more information.

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The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.

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