Paymo vs Wave Payroll
A head-to-head comparison to help you pick the right tool
Last updated: April 30, 2026
Paymo
Paymo is a project management and time tracking tool built for freelancers and small agencies. It combines task management, time tracking, invoicing, and resource scheduling in one platform.
Wave Payroll
Wave Payroll is a simple payroll solution built into the Wave accounting ecosystem. It is designed for very small businesses that already use Wave for accounting and want an integrated payroll solution. Wave Payroll handles direct deposit, tax payments, and W-2s, making it a natural choice for businesses already in the Wave ecosystem.
Pros
- ✓Built-in time tracking and invoicing
- ✓Good resource scheduling
- ✓Ideal for client-facing work
- ✓Affordable pricing
- ✓Clean interface
Cons
- ✗Not suited for large enterprise teams
- ✗Limited automation
- ✗Smaller integration ecosystem
- ✗Reporting less robust than competitors
Pros
- ✓Seamlessly integrates with Wave accounting — no manual data transfer needed
- ✓Very affordable pricing for micro-businesses
- ✓Simple interface with minimal setup required
- ✓Free Wave accounting included with subscription
Cons
- ✗Limited features compared to dedicated payroll platforms
- ✗Tax filing is only automatic in select states — manual filing required in others
- ✗No mobile payroll app
- ✗Not suitable for businesses with complex payroll needs
Paymo vs Wave Payroll: Side by Side
| Factor | Paymo | Wave Payroll |
|---|---|---|
| User Rating | N/A | N/A |
| Category | Project Management | Payroll Software |
| Pricing Model | Freemium | Paid |
| Starting Price | Contact for pricing | $20/mo + $6/person |
| Best For | Freelancers and small agencies needing project management combined with time tracking and client invoicing | Micro-businesses already using Wave accounting that want simple integrated payroll |
| Our Pick | — | — |
Paymo Features
- ✓Project management
- ✓time tracking
- ✓invoicing
- ✓expense tracking
- ✓team collaboration
- ✓client portal
Wave Payroll Features
- ✓Payroll processing
- ✓direct deposit
- ✓tax payments and filings
- ✓W-2 and 1099 preparation
- ✓Wave accounting integration
- ✓employee self-service
Pricing Comparison
Our Take
Choose Paymo if freelancers and small agencies needing project management combined with time tracking and client invoicing. Choose Wave Payroll if micro-businesses already using wave accounting that want simple integrated payroll.
Best For
Freelancers and small agencies needing project management combined with time tracking and client invoicing
Best For
Micro-businesses already using Wave accounting that want simple integrated payroll
Also Consider
If neither Paymo nor Wave Payroll is the right fit, Wrike is worth evaluating.
Wrike
Marketing and creative teams needing enterprise project management with approvals and proofing
From Free
Frequently Asked Questions
What is the difference between Paymo and Wave Payroll?
Paymo is best for freelancers and small agencies needing project management combined with time tracking and client invoicing. Wave Payroll is best for micro-businesses already using wave accounting that want simple integrated payroll.
Which is better, Paymo or Wave Payroll?
Choose Paymo if freelancers and small agencies needing project management combined with time tracking and client invoicing. Choose Wave Payroll if micro-businesses already using wave accounting that want simple integrated payroll.
How much does Paymo cost?
Visit Paymo website for current pricing.
How much does Wave Payroll cost?
Wave Payroll starts at $20/mo + $6/person. Pricing model: Paid.
Who should use Paymo?
Freelancers and small agencies needing project management combined with time tracking and client invoicing
Who should use Wave Payroll?
Micro-businesses already using Wave accounting that want simple integrated payroll