Wave Payroll vs Paymo
A head-to-head comparison to help you pick the right tool
Last updated: April 30, 2026
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.
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.
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
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
Wave Payroll vs Paymo: Side by Side
| Factor | Wave Payroll | Paymo |
|---|---|---|
| User Rating | N/A | N/A |
| Category | Payroll Software | Project Management |
| Pricing Model | Paid | Freemium |
| Starting Price | $20/mo + $6/person | Contact for pricing |
| Best For | Micro-businesses already using Wave accounting that want simple integrated payroll | Freelancers and small agencies needing project management combined with time tracking and client invoicing |
| Our Pick | — | — |
Wave Payroll Features
- ✓Payroll processing
- ✓direct deposit
- ✓tax payments and filings
- ✓W-2 and 1099 preparation
- ✓Wave accounting integration
- ✓employee self-service
Paymo Features
- ✓Project management
- ✓time tracking
- ✓invoicing
- ✓expense tracking
- ✓team collaboration
- ✓client portal
Pricing Comparison
Our Take
Choose Wave Payroll if micro-businesses already using wave accounting that want simple integrated payroll. Choose Paymo if 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
Best For
Freelancers and small agencies needing project management combined with time tracking and client invoicing
Also Consider
If neither Wave Payroll nor Paymo is the right fit, Multiplier is worth evaluating.
Multiplier
Startups and SMBs hiring internationally on a budget
From $40/contractor/mo
Frequently Asked Questions
What is the difference between Wave Payroll and Paymo?
Wave Payroll is best for micro-businesses already using wave accounting that want simple integrated payroll. Paymo is best for freelancers and small agencies needing project management combined with time tracking and client invoicing.
Which is better, Wave Payroll or Paymo?
Choose Wave Payroll if micro-businesses already using wave accounting that want simple integrated payroll. Choose Paymo if freelancers and small agencies needing project management combined with time tracking and client invoicing.
How much does Wave Payroll cost?
Wave Payroll starts at $20/mo + $6/person. Pricing model: Paid.
How much does Paymo cost?
Visit Paymo website for current pricing.
Who should use Wave Payroll?
Micro-businesses already using Wave accounting that want simple integrated payroll
Who should use Paymo?
Freelancers and small agencies needing project management combined with time tracking and client invoicing