What’s the first thing that comes to your mind when you think of the word “payroll”? Time-consuming. Laborious. Necessary? Yes. Every company likes it when payroll for accountants is done right. And your CPA firm is no exception.
However, it is a resource-intensive activity – one that is prone to errors if not appropriately managed. And, do you know as many as 50% of all SMBs outsource payroll? Chances are if you don’t offer payroll to your clients, you increase the risk of losing them.
Therefore, there is no surprise that your CPA firm is blindly missing out on an opportunity to boost its revenues by offering payroll. So, if you don’t provide the service as of today, here are four reasons why the function is indeed a profitable add-on service for your clients:
1) Client workload reduction
Understand this: even though you are actually doing accounting work for your clients, they still need to share their payroll data with you daily for that to be entered into the ledger. Therefore, by taking on payroll outsourcing for accountants, you can reduce their workload significantly.
Since your clients work with you, and they know all about your processes, they will be happy to rely on a trustworthy outsourcing partner, and not waste time doing payroll on their own.
2) Higher client retention
This is an elaboration of the first point. Think like this: payroll is not a tough sell. Your clients will be more than happy to have their salaries managed by one supplier. Payroll binds clients to your CPA firm and prevents them from going elsewhere. It’s a win-win for you and them.
3) Better decision-making
The main aim of outsourcing, at the end of the day, is to relieve your practice staff from menial tasks so that your client can grow profitably. Payroll outsourcing for accountants is no exception. Thankfully, cloud payroll technology has become incredibly sophisticated in the past few years.
The software systems, now in use, allow the clients to gain a more in-depth insight into their business data in new and useful ways. With the availability of insights in real-time, it is much easier for your clients to make better business decisions.
They won’t hesitate to reach out for your assistance once they start viewing you as a thought leader and a business advisor.
4) Superior customer experience
88% of small businesses, once surveyed, revealed they are somewhat satisfied with their accounting support. Payroll outsourcing for accountants offers an excellent opportunity to turn the term “somewhat” into “extremely.”
Payroll is an extra service that gets attached to a band of other essential functions such as accounts, bookkeeping, and tax offered. When your clients realize you are the one-shop stop, just how QXAS US is, for all their needs, your revenues will automatically increase, and your clients will enjoy a better experience.
What’s the best time for offering payroll?
Anytime is right to let your clients know that you can take on their payroll work. However, a good transition point is a few days before the new tax year starts. It is around that period that clients are more receptive to making changes in their payroll processes.
Moreover, once you onboard a client for payroll, you won’t have to cross-check data in two systems. You can begin work from scratch.
Profitable payroll for accountants made possible
In this age and time, CPA firms like yours have access to a large, global talent pool. Technology has made it possible to work with teams working halfway across the globe, beating time and geographical barriers.
Therefore, instead of hiring payroll specialists in-house who only do one job at a time, outsource the complete function. The option is not only cost-friendly but also will allow you to increase profits and add value to your clients.
Outsource client payroll and rest easy
Payroll for accountants may be a labor-intensive activity, but it is a necessary one. Lucky for you, payroll outsourcing for accountants is a popular option across the globe and you can easily find a suitable outsourcing partner. Contact us for further assistance on 1-800-310-9312 or firstname.lastname@example.org.