When it comes to payroll software, you need a solution that not only makes the process quick and easy, but also ensures you don’t end up receiving a call from the CRA. The problem is, finding the right payroll software for your company can be a tricky process.
To help you narrow down your search for the perfect payroll software, we’ve conducted a head-to-head comparison of two of the most cost-effective payroll solutions on the market: Knit and Wagepoint. To find out how they compare, we’ll look at Knit vs Wagepoint on the basis of software, payroll features, HR and benefits, customer service, and cost.
Looking for more options? Download our free, 45-page Guide to the Best Payroll Software Solutions in Canada.
Note: You might have noticed we’re writing about the difference between our service and someone else’s. We’ve done our best to give them a fair shake because we want you to make an informed decision. That said, we think we offer the best payroll service in Canada. Want to give Knit a try? Find out how to get started here.
Knit vs Wagepoint: An Overview
|Cost||Starting at $39 + $4/employee per month||$20 + $2/employee per each pay run (additional fees for off-cycle pay runs)|
|Customizable Pay Schedules||✔||✔|
|Accessible on Any Web Browser (Chrome, Firefox, Safari, Internet Explorer)||✔||✔|
|The Provider Files ROEs and T4s||✔||✔|
|Auto-Run for Salary Payroll||
|Multiple Pay Groups
|Unlimited Off-Cycle Pay Runs (No Additional Cost)
|Multiple Bank Accounts||✘||✔ (up to 4)|
|Can Pay Contractors||✔ (T5018s yes, T4As no)||✔|
|Accountant/Bookkeeper Dashboard||✔||✔ (very basic)|
|Self-Serve Employee Portal||✔||✔|
|The Provider Automatically Remits to CRA||✔||✔|
|Time-Tracking||✔ (TSheets)||✔ (various)|
If you’re new to the world of payroll software, you may think that all platforms are created equally. In reality, there are major differences between many of the most popular payroll platforms, which is why it's important to keep a few key software considerations in mind.
One of the most important things to look for in a payroll software is security. Both Knit and Wagepoint offer the protection of 256-bit SSL security and regular backups. Both companies also store their data in secure data centers with constant video surveillance, redundant power feeds, generators, climate control measures, and more. This means that your data is just as safe with either of these two payroll providers as it is with any major Canadian bank.
Beyond security, another important consideration is software integrations—something that is particularly important for accountants and bookkeepers. Both Wagepoint and Knit offer integrations with the popular accounting software QuickBooks Online in the form of a journal entry pushed to QBO. Both platforms also offer integrations with other popular accounting tools such as the time-tracking app TSheets.
Beyond software basics, your main consideration should be how a platform handles payroll. Both Knit and Wagepoint are designed to run payroll, calculate your payroll taxes, and then file and remit those taxes to the CRA. Beyond these basic functions, each platform offers some unique payroll features.
Wagepoint’s payroll platform is highly robust and can handle both straightforward payrolls and some of the more complex payroll functions such as setting up multiple pay groups for payrolls on different frequencies, creating T4As for contract employees, auto-run for salary payroll, and WSIB remittances. This makes the platform well suited to small businesses and accountants running payroll for their clients (although Wagepoint’s accountant dashboard is limited).
Knit’s payroll features are similar to Wagepoint’s in that the platform is equipped to handle both straightforward, and more complex, payrolls. Some of Knit’s most noteworthy payroll features include auto-run for salaried employees so you can essentially “set it and forget it,” automated WSIB remittances, union dues, and payments to third party payees such as RRSP management companies. Knit also offers a comprehensive and flexible dashboard for bookkeepers and accountants who run payroll for their clients.
HR & Benefits
While both Knit and Wagepoint are designed to handle the payroll needs of small businesses, they differ when it comes to additional features.
Unlike Knit, Wagepoint does not offer integrated HR or benefits. Instead, Wagepoint has developed its own time tracking feature know as "Track," and a paid time off app called "Luna." Track tracks employee hours by allowing them to clock in or out via a web or mobile app. Wagepoint then pulls these hours for payroll. The Luna app also integrates with Wagepoint payroll and helps employers to track paid time off. Both of these features are an additional charge on top of Wagepoint’s payroll fees.
In contrast, Knit bills itself as a united platform for payroll, HR, and benefits. Knit’s HR features are included along with payroll, so users do not need to pay an additional fee to access these tools. Some of Knit’s standout HR features include an employee database, e-signature documents, employee performance reviews, employee onboarding, a document repository, and vacation tracking. All of this is integrated with Knit’s payroll platform to allow for easy employee management and to remove the burden of double data entry. As for benefits, Knit works with its preferred partner Jones Deslauriers Blevins to create custom benefits plans for each company.
Great customer service is important when it comes to any small business solution, but it’s particularly important when it comes to time-sensitive processes such as payroll.
Both Knit and Wagepoint understand the importance of addressing payroll concerns as soon as possible. Both companies employ customer support teams of trained payroll specialists, who are equipped to handle virtually any issues. Both Knit and Wagepoint offer email support or phone support during regular business hours Monday through Friday.
Both Knit and Wagepoint offer affordable payroll plans for small businesses, as well as discounted plans for accountants and bookkeepers running payroll for their clients. However, there are some differences in the way each company structures its packages.
Wagepoint charges $20 plus $2 per employee, per pay run. This means that if you have 10 employees and you run semi-monthly payrolls, you would pay $80 per month. This price does not include off-cycle payruns, which means that you may end up paying additional fees if you need to run an extra payroll. Wagepoint’s pricing also does not include any additional features such as its time tracking app, its PTO app, or HR tools.
On the other hand, Knit offers a more straightforward monthly pricing model. For complete payroll and most of the HR tools, Knit charges $39, plus $4 per employee per month with no additional fees for off-cycle pay runs. This means that if you have 10 employees, you pay $79 per month no matter how many payrolls you run. For payroll and access to the full HR suite, Knit charges $39, plus $6 per employee per month. This means that while Knit’s pricing may seem more expensive than Wagepoint’s at first glance, it is actually comparable, if not cheaper, when you take into account how many payrolls you run each month.
The Bottom Line
When it comes to payroll, both Knit and Wagepoint are well equipped to handle the varying payroll needs of most small and medium-sized businesses. Each platform is also designed to handle the needs of accountants and bookkeepers running payroll for their clients.
However, Knit offers integrated HR and benefits as part of its platform, which Wagepoint does not. Knit is also the less expensive option due to its all-inclusive monthly pricing structure, which includes unlimited off-cycle pay runs.
To find out how Knit stacks up against other payroll providers, read our full Guide to the Best Payroll Software in Canada.
By Katherine Pendrill on Aug 14, 2019