Small business-focused cloud accounting software developer Wave Accounting has released its first online payroll tool, Wave Payroll, initially targeted toward Canadian users, with a U.S. version planned for mid-2012.

Wave Payroll offers direct deposit, year-end tax forms, and remittances to the government. Wave charges $3 per employee per payroll, with discounts for companies with 10 or more employees.

The product also integrates with the company’s accounting software, also known as Wave Accounting. It keeps track of vacation time, records of employment, overtime, and payroll reminders, and ensures compliance for all government withholding and remittances.

“After helping tens of thousands of Canadian small business owners run their businesses with Wave Accounting, we’re very happy to continue making their work easier with Wave Payroll,” said Wave Accounting chief executive Kirk Simpson. “Traditional payroll software is costly and complicated for average users. With Wave Payroll, we wanted to offer an easy, all-inclusive platform with none of the nickel-and-dime nonsense of typical payroll applications.”

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