Paylocity provides 24/7 access to your online payroll and human resource data management. Paylocity offers highly customizable payroll functionality, as well as HR, benefits administration, and time and talent management programs.
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Wave Accounting
Score 7.5 out of 10
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Wave Accounting is a free, cloud-based accounting platform exclusively for small businesses. It supports double-entry bookkeeping and permits unlimited user access, invoicing, and expense management. Wave Accounting integrates with Wave's invoicing, receipt scanning, payment processing and payroll apps.
Paylocity is a very user-friendly system. It is very easy to learn and use. They offer features like Time and Labor, Payroll, integrations with other software and Human Resources benefits. They have an excellent onboarding process and feature recruitment right at your fingertips, so you do not have to go on so many job boards. I like their self-service portal because it allows our staff independence on clocking in and out as well as requesting paid time off and our staff can make their own corrections when they miss a punch on their time sheet or forget to clock in and out for lunch or during the day.
Wave Accounting was used for a small practice without a lot of the accounting considerations a large company would have. For the price, you really can't beat what Wave offers out of the box. All of the basic tools for things like invoicing and expenses are all easy to use. End of year accounting is easy with exports of data.
Payroll is made pretty easy. I love that we have the ability to log into payroll, we just upload the information from commissions, things like that where there are exceptions to a regular payroll run. It may make it very easy to do that, just a quick upload. Additionally, when we're in the payroll grid, it gives us the ability to just make quick changes to people's pay or their tax schedule, tax withholdings, things like that without having to go through a lot of different screens. It's just very easy to access just for the click of a button. Love that.
We talked about performance reviews, talked about payroll with benefits administration, it allows us to utilize EDI feeds with our benefit vendors so it creates a seamless, but we just enter the information into Paylocity and then it seamlessly provides that information to our vendors. That's been really helpful. And adjusting benefits is also very easy within Paylocity. I love the recent edition of compensation analysis information, so I'm able to go into the compensation module and look for jobs that are similar to a job title at our company. I can enter the job description, I give them what state that the person or the job is in, and it pops out compensation data. It gives me different options, so titles that might be similar. So if there's not something that's an exact fit, I'm able to find something really, really close. It's been a huge upgrade because before that I was having to use a different vendor and paying $400 per job and now it's significantly less expensive to Paylocity and I'm still getting great quality data. It's been very helpful.
Reconciliation is very difficult with multiple Wave transactions that need to be deleted or merged before it can be matched to a bank transaction.
Payroll worked fine for us but took several days to get it set up. We have switched to another bookkeeping system and another payroll system. Canceling with Wave took several days and they charge $6 for something even though the month was paid for in advance.
Credit card processing is nice and worked fine for us.
Develop a full AP/AR process that integrates with the other financial tools like payroll, expenses, etc.
Have the platform DCAA compliant and have it audited so that companies can use it as a definitive government contracting platform.
Develop an improvement that would allow for Time and Labor integration and reporting to Medicaid for service providers so they don't need multiple systems.
I know that credit card processing is a way for Wave to make money, but I really wish they offered ACH payment on Invoices.
I do cash-based accounting, which means I have to make little journal entries at the start and end of each year to get my books to balance because Wave wants to do everything differently. This should just be a setting to flip, whether you want cash-based or accrual-based.
They use Yodlee for bank connection, which doesn't play nice with 2FA. Pretty much every time I log in I have to re-enter credentials, get a code sent to me, reauthenticate, and know that I'm going to have to do it again next week. Not really on Wave, but wish they could get it together nonetheless.
There are several technical issues we have experienced this past year with the employee onboarding process that we are still waiting to have resolved. Overall our experience with Paylocity has been positive, and we love how user-friendly and easy to navigate the system is. It has made all of our HR processes much more streamlined and efficient.
I would give it that overall rating because we implemented in 2023 and so although that may feel like a lot of time, it still is, we still have a lot to learn and so I'm optimistic that as we learn more that rating will increase.
I am a professional bookkeeper and I have no problems using Wave and all of it's features. I can see that certain individuals who have no accounting knowledge might struggle with a few different features and entries, but that is why Wave has an emphasis in connecting users to Wave Pro's who will walk them through things
Over the last 3 years, we've only had one major service issue that rendered Airbase unusable for us for about 24 hours. That said, they navigated the SVB bank crisis very well and made sure funds were available during that time.
We had some minor hiccups throughout the year but they have all been fixable. Paylocity integrates well with our 401k provider, Principal, and our benefits, OneDigital. It makes it simple to house everything and have it all connected. It doesn't slow anything down to have Principal integrated. It makes it more efficient
Wave does tend to slow down when filtering your transactions screen especially by date. This is more of an issue when trying to trouble shoot certain transactions or clean-up a set of books.
It is very hard to get answers to your questions, you cannot speak to someone without days of requesting assistance or answers and then eventually can get a call back and then it is usually resolved fairly quickly. But NOT easy to get that help.
I never had to call Wave Support as we barely experienced any support-related problems on our side. However, I do know a few people that complained about Wave support. It would be nice as well, though if they could have more in your face tutorials for new users or how-to videos should we struggle to do something
I didn't have in-person training, but I'm sure it was just as great as any other training/assistance Paylocity provides. Paylocity customer service is always available. You never have to be on hold and their answers are always accurate and timely. Documents in the help section are helpful as well. My in-person training was conducted y one of our employees who was involved in the initial set-up and training of all employees. She was excellent.
The training was live online, but was with a group of other companies. We did not receive any personalized training with our team. Whenever we would ask for training, we would be sent a peak article link or a video. It felt like the reps we dealt with didn't know the answer to the questions.
Implementation was a bit bumpy and Paylocity team not always available for next steps and/or questions. I feel like Paylocity could have done a better job in their fact finding as far as what we were currently doing, our payroll policies and needs, etc. so that we would have run into less issues as we moved forward.
We went through demos five years ago and we evaluated ADP and UKG in the past, and we used Paycor previously. In the past, I've used ADP and Kronos when it was still Kronos at other companies. So several different ones. One of the main reasons was that it was all one platform and you didn't have to log into other platforms for it to communicate with each other. Payroll talks to time that talks back to payroll and you don't have to log into anything separate. The reporting was also really easy and you didn't have to have a master's degree to do it.
Wave is FREE for most functions. Payment processing costs no matter where you go (as does payroll or taxes). Wave rises above tools like QuickBooks Online because they know that for our small firm, being nimble is the name of the game. We don't need exhaustive reporting and management like QB offers and we certainly don't want to pay for it
We have gone from a medium sized company to a larger company with no issues whatsoever with Paylocity being able to keep up or do what we need it to do for the size of our needs. In fact, it does more than we even use at this juncture
They are thorough, care about quality and success, take the time needed to implement properly, answer questions, build data feeds. A professional, caring, very skilled team there.
So when I first found Paylocity back in 2013 and was pitching it to the senior leadership company, my PowerPoint presentation, our return on investment was reducing errors in time and labor. We did paper time sheets back in the day back in 2007, 2008. So we were always running paper time sheets, Microsoft Excel or other standalone products, printing them out and hand keying them into a payroll system. So my ROI to our company was to save money and time on data entry and also to better manage the taxes. So we pay for the tax service, we're in 27 states having to manage that. Previously we were responsible for knowing what every state tax codes were, what every state tax compliance rules were. So with Paylocity we signed up for a tax service and that has been a huge return on investment.
