It’s been over a month since our last post on a big product update, the new Tax Liabilities page. We’ve been hard at work to implement further commonly requested features in time for year end. You’ll be pleased to hear that this week marks the release of two new features in Payroll.
By far, the most commonly requested new feature for the payroll product as of late has been support for independent contractors. We have taken an iterative approach to this design to ensure that we are building the best contractor solution for small business owners such as yourself.
Currently the system allows you to add contractors as needed and record payments made to them. By inputting all of this information into the system as you pay your independent contractors you will be able to generate their 1099-MISC forms at year end with the click of a button.
This product is currently in the testing phase, if you would like early access simply contact support and we will add you to the beta group.
We will continue to build out this feature over the next month. Well in advance of all year-end deadlines, we will have the ability to e-file in place. One more step towards a completely paperless payroll.
Early next year we are planning on implementing the next iteration of ‘Add a payment’. We will be adding the same great direct deposit support for contractors that you’ve come to know and love for your employees. At the same time we will be adding the ability to add a reference and memo to each payment as well as attaching documents if technology allows. The goal is to allow you to track your contractor payments and relationships in one place, your Wave account.
We’ve also had a number of requests from our American customers to support 401k deductions in Wave. Earlier this week we added this new deduction option for our customers. These can be added under the ‘Benefits & Deductions’ tab for the relevant employee. For Canadians, the equivalent deduction is ‘an RRSP contribution’.
Not sure how to add a deduction? Click here
Year End Filings
We know that year end is an incredibly busy time for small business owners, it certainly doesn’t help that all your yearly filings are due around the same time. We have been working tirelessly as of late to streamline the process as much as possible. We’ve redesigned the year end filing workflow to simplify things as much as possible. Once you’ve verified your employees information you can generate all the relevant forms in the click of a button.
Mo, our Senior Product Designer, has been working tirelessly to redesign the experience once you’ve generated the forms. We’re still hard at work on this feature so it is not live yet, but I wanted to give you a little taste of what you have to look forward to. Gone are the days of generating your forms and wondering what to do with them. For this year end, we’ll have detailed instructions regarding what to do with each copy of each form as well as custom PDFs that make distribution a breeze.
Here's a mock-up of what the page will look like, please note that the final version may be slightly different:
Tune in next Monday for Part 2 of our Year End Survival Series where I'll be taking a deeper dive into year end forms.