When payroll gets done right, everyone seems happier and stress-free. Such is the scenario in companies - big or small - that take payroll seriously.
However, payroll takes a massive toll on accountants wherever they work - in a large corporation, boutique accountancy firm, a government body, etc. Wondering, why?
From entering employee details in the payroll software to directing salary to their checking accounts - accountants have to spend a considerable amount of time on such tedious tasks.
Trust us - they can be doing so much more at their job. Client servicing, business advisory, and financial forecasting are just some of the functions that they can focus on, rather than invest much time and energy on the payroll.
That's where outsourcing payroll for accountants makes sense. Here's why:
1) It’s a time savior.
Exactly! As payroll gets managed by one of the outsourced accounting firms of your choice, your practice staff can focus on revenue-generating functions like auditing, budgeting, and forecasting.
Moreover, no more extended office hours and or worse - working weekends for payroll!
2) It opens a large talent pool
Payroll is an over-regulated function which makes it extremely hard for accountants to keep up-to-date. Therefore instead of having one or two members of your in-house practice staff running the service, hire payroll specialists that do only this job.
Outsourced accounting firms ensure they run the function without you or your team getting involved in the ever-changing raft of payroll.
3) It is cost-friendly.
Hiring a payroll specialist is an expensive prospect. And guess what? Salaries are just the tip of the iceberg. There are overhead expenses, employee benefits, desk space and other employment costs that have to be borne by the accounting firm.
And in most cases, the time spent of the payroll function isn’t viable at all!
By choosing to outsource payroll for accountants, you get to hire experts of your liking and budget - depending upon your requirement. Apart from paying for the services availed, you don’t need to spend on any employment expense or licensed payroll software.
Major outsourced accounting firms like are technologically equipped to do the job.
4) It triggers upselling.
To grow your business, you should learn to upsell. In the language of sales, it is the concept of clubbing two or more services together to make the deal more profitable.
By outsourcing payroll for accountants, you free up the time of your accountants and enable them to not only pitch but also perform high-margin services such as tax planning, financial analysis, software consulting and more.
5) It empowers accountants to take on more work
Clients prefer working with those CPA firms that offer a range of high-end and low-margin services under a single roof. Outsourced accounting firms enable you to makes time for you to build a diverse service portfolio.
Such one-in-all-packages help in better client retention and improve the annual cash flow.
Convinced you want to outsource your payroll? We can help! Write to us at firstname.lastname@example.org or call us on 1-800-310-9312 for assistance.