Wave Payroll vs Oyster (2024 Comparison)
Wave Payroll offers a user-friendly payroll solution with seamless tax calculations and direct deposit options. Ideal for small businesses, it simplifies payroll management and enhances employee satisfaction.
- Easy tax calculations and filings
- Seamless direct deposit options
- User-friendly self-service portal
- Limited global compliance features
- Basic benefits administration
Free plan?
YesStarting price
$20 per month
Oyster provides a comprehensive global employment platform with advanced compliance and benefits administration. Perfect for companies expanding internationally, it ensures smooth operations and competitive offerings.
- Comprehensive global compliance
- Advanced benefits administration
- Multi-currency direct deposit
- Higher price point
- Complex for small businesses
Free plan?
YesStarting price
USD25 per employee/monthWhat is Wave Payroll?
Wave Payroll is a comprehensive payroll management tool designed to simplify the payroll process for small businesses. It offers features like automatic tax calculations, direct deposit, and employee self-service portals. This tool helps business owners save time and reduce errors by automating payroll tasks, ensuring compliance with tax regulations, and providing detailed payroll reports. With Wave Payroll, you can focus more on growing your business and less on administrative tasks.
What is Oyster?
Oyster is a global employment platform that enables companies to hire, pay, and manage a distributed workforce. It simplifies the complexities of international hiring by handling compliance, payroll, and benefits for employees in different countries. Oyster helps businesses expand their talent pool by providing access to a global workforce, ensuring compliance with local labor laws, and offering competitive benefits packages. This tool is ideal for companies looking to scale their operations globally while maintaining compliance and efficiency.
Pros and Cons of Wave Payroll vs Oyster
Pros & Cons of Wave Payroll
- Wave Payroll simplifies tax calculations and filings, ensuring compliance with local tax regulations. This feature is particularly beneficial for small businesses looking to streamline their payroll processes without the hassle of manual calculations.
- With Wave Payroll, setting up direct deposit is a breeze, allowing employees to receive their pay promptly. This feature enhances employee satisfaction and reduces administrative workload for business owners.
- The self-service portal in Wave Payroll empowers employees to access their payroll information independently, reducing the need for HR intervention. This feature is ideal for businesses looking to enhance employee autonomy.
- Wave Payroll's global compliance features are limited, making it less suitable for businesses with international operations. Companies looking to expand globally may need to consider additional compliance solutions.
- The benefits administration features in Wave Payroll are basic, which may not meet the needs of businesses with complex benefits requirements. Companies with diverse benefits offerings may need to explore more advanced solutions.
Pros & Cons of Oyster
- Oyster offers comprehensive global compliance solutions, ensuring businesses adhere to local labor laws in various countries. This feature is invaluable for companies looking to expand their operations internationally.
- With Oyster, businesses can manage complex benefits packages for their global workforce, providing competitive offerings to attract and retain top talent. This feature is ideal for companies with diverse benefits needs.
- Oyster's multi-currency direct deposit feature allows businesses to pay employees in their local currency, enhancing employee satisfaction and simplifying international payroll processes.
- Oyster's comprehensive features come at a higher price point, which may not be feasible for small businesses with limited budgets. Companies should evaluate their needs and budget before investing.
- The advanced features of Oyster may be overwhelming for small businesses with simpler payroll needs. Companies should assess their requirements to determine if Oyster is the right fit.
Wave Payroll vs Oyster: At A Glance
Wave Payroll vs Oyster: A Detailed Breakdown of Key Features
Tax Calculations
When it comes to tax calculations, Wave Payroll excels with its automatic tax filing and compliance features, making it a breeze for small businesses to handle payroll taxes. Oyster, while offering tax compliance, focuses more on international tax regulations, which might be more complex for smaller businesses. If you need straightforward tax calculations, Wave Payroll is the better choice, whereas Oyster is ideal for companies dealing with international tax complexities.
Direct Deposit
Direct deposit is a crucial feature for any payroll system. Wave Payroll offers seamless direct deposit options, ensuring employees receive their pay on time. Oyster also provides direct deposit, but its strength lies in handling multiple currencies for global teams. If you need a reliable direct deposit system for a local team, Wave Payroll is excellent, while Oyster is better for international payroll needs.
Employee Self-Service
Employee self-service portals empower employees to access their payroll information independently. Wave Payroll offers a user-friendly self-service portal, allowing employees to view pay stubs and tax forms easily. Oyster also provides self-service features, with additional options for managing global benefits. If you prioritize a simple self-service experience, Wave Payroll is a great choice, while Oyster is better for managing international employee benefits.
Global Compliance
Global compliance is essential for companies with international operations. Oyster shines in this area, offering comprehensive compliance solutions for various countries. Wave Payroll, while excellent for local compliance, may not meet the needs of businesses with a global presence. If you require robust global compliance features, Oyster is the superior choice, whereas Wave Payroll is suitable for domestic compliance.
Benefits Administration
Benefits administration is a key feature for managing employee benefits. Oyster offers extensive benefits administration options, catering to global teams with diverse needs. Wave Payroll provides basic benefits management, ideal for small businesses. If you need advanced benefits administration for a global workforce, Oyster is the better option, while Wave Payroll is sufficient for smaller teams.
Payroll Reports
Payroll reports provide valuable insights into payroll expenses and trends. Wave Payroll offers detailed reporting features, making it easy to track payroll data. Oyster also provides comprehensive reports, with additional insights for global teams. If you need in-depth payroll reporting, both tools are excellent, but Oyster may offer more advanced options for international operations.
Pricing Comparison of Wave Payroll and Oyster
To assist you in making an informed choice, we’ve outlined the pricing plans and essential features of Wave Payroll and Oyster. This comparison will highlight the best option for managing your payroll and global workforce needs.
Wave Payroll Pricing Plans
- Generate W2 and 1099 forms for tax season.
- Access to employee portal for pay stubs and tax forms.
- Seamless integration with Wave Accounting software.
- Track leave time and accruals for payroll processing.
- Unlimited free direct deposits for employees.
- Priority customer support via live chat.
- Automatic payroll journal entries for bookkeeping.
- Workers' comp integration for small business owners.
Oyster Pricing Plans
- Onboard contractors quickly and efficiently in just minutes.
- Pay invoices seamlessly in 140+ currencies worldwide.
- Manage expenses, time off, and more with comprehensive tools.
- Ensure accurate and compliant employee payments globally.
- Receive expert support from dedicated payroll specialists.
- Generate detailed payslips and comprehensive reports.
- Onboard talent swiftly, often within 48 hours.
- Run payroll in 140+ currencies with ease.
- Access employment intelligence and expert support.
- Reuse seats at no extra cost for flexibility.
- Benefit from speedy bulk onboarding processes.
- Access dedicated support managers for assistance.
Our Rating Methodology
We rigorously evaluate each payroll and global employment tool, focusing on key factors like functionality, scalability, and customer support. By analyzing user reviews and conducting thorough testing, we ensure our recommendations meet diverse business needs. Each factor is weighted to provide an accurate final rating, helping you choose the best tool for your requirements.
Wave Payroll or Oyster: Which One Matches Your Business Needs?
Choose Wave Payroll If You Need ...
- Ideal for small businesses
If you are a small business owner looking for a straightforward payroll solution, Wave Payroll is an excellent choice. Its user-friendly interface and essential features make it easy to manage payroll without extensive training.
- Cost-effective payroll management
If you need a cost-effective payroll solution with essential features like tax calculations and direct deposit, Wave Payroll is the right tool for you. It offers great value for money, especially for small businesses.
Choose Oyster If You Need ...
- Global workforce management
If you are expanding your business internationally and need a tool to manage a global workforce, Oyster is the ideal choice. Its comprehensive compliance and benefits administration features ensure smooth operations across borders.
- Advanced compliance solutions
If you require advanced compliance solutions for managing employees in different countries, Oyster is the superior option. It offers robust compliance features, ensuring adherence to local labor laws and regulations.
Frequently Asked Questions
Which tool is better for small businesses, Wave Payroll or Oyster?
How does Oyster handle global compliance compared to Wave Payroll?
What are the key differences in benefits administration between Wave Payroll and Oyster?
Is Wave Payroll suitable for businesses with international operations?
How do the direct deposit features of Wave Payroll and Oyster compare?
Which tool offers better customer support, Wave Payroll or Oyster?
Martin Lunendonk
Martin Lunendonk is a senior tech writer specializing in website builders, web hosting, and ecommerce platforms. With a background in finance, accounting, and philosophy, he has founded multiple tech startups and worked in medium to large tech companies and investment banking, bringing deep expertise and reliable insights to his software reviews.
