About Wave accounting’s year end filing


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About Wave accounting’s year end filing

Video Transcript

Speakers in this video: Jimmy (GetApp) and Rob (Wave)

Rob: For some people, obviously, once you get more than a couple employees, it might be less than ideal to handle your taxes on your own. We also have this tax service available which makes it a breeze to do your taxes because Wave takes care of them from here on out. We've got this six-step tax service application. It's pretty simple. You'll need your registration forms from regestering your business with the state and federal government. As long as you have those, you can fill up this application in about ten minutes. Our tax service team normally processes them in a couple of days and gives you the thumbs up that you're good to go on tax service. With that going forward, we will handle all states and federal tax payments as well as the quarterly and annual filings on your behalf. All you have to do is sign in once a quarter and digitally sign some documents in-app. Wave takes care of the rest for a mere ten dollars a month. This is a great value add and all of our customers that are on tax service absolutely love the peace of mind it provides.

Jimmy: One question. Is there some type of human element involved here in case a user has some things that weren't reflected within Wave that they have to add to their taxes? How does this work?

Rob: Yes. In some cases, Jimmy, absolutely. We do have a compliance team that is definitely there to assist our customers if they don't include something in the payroll, or something to that effect. What we do always try to do though is correct it in the payrolls. We always want what you have in-app to reflect reality. Whether it be an adjustment of some sort that we manually add, yes, we will help make sure that your taxes are compliant, absolutely.

Jimmy: Okay, great.

Rob: Does that answer your question?

Jimmy: Yeah, 100%. Perfect.

Rob: That about covers the taxation portion. The only thing left here is the year-end filing. One othe feature we recently added to taxes is improved year-end filings. We did this for the first time for the 2014 filing season in early 2015. We really, really did everything we could to streamline the process and make it as easy as possible. As I'm sure many of you are aware, it's the busiest time of year for you. You've got enough on your mind coming off the holiday season starting off the new year, so we really just wanted to streamline that process. One feature we're really proud of is we've made the year end forms, your W-2's for your employees, now available in the personal accounts that they can also view their pay stubs in. Payroll by Wave is truly a paperless solution these days. If you're on direct deposit, the funds are all moved electronically. You don't need to worry about writing checks for your employees every week or two. The pay stubs are available in the personal account once you invite them to Wave. Once again, you don't have to worry about printing those out, distributing them every week. As I just mentioned, now all of the year-end forms are also available in the personal portal so once you've logged into your payroll account and made sure that everything's okay and clicked "Generate Year-end Forms," they're immediately available for your employees. An email goes out alerting them to this fact. Once again, it just saves you some time in a really busy time of year. If you did have an employee who did have to leave for whatever reason, moved across the country, it just makes it so much easier to, you know, six, eight months after the fact when it is actually time to give them their year-end forms. Just a peace of mind for them and you knowing that it's available in-app and you don't have to worry about mailing it to them or something to that effect. It's a great feature and also on top of that, we added electronic filing with the social security agency. Basically, all it is is once you generated those year-end forms, we have a file for you to download, a step-by-step guide for registering with the social security agency if you've never done so. It takes about five minutes, a very simple process. You just upload this file and you're done. Your year end filings with the SSA. Huge time saver.