CPA Practice Advisor

OCT 2011

Today's Technology for Tomorrow's Firm.

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observed fi rms that were successfully running separate payroll departments … studied their operations." Manning explained. Manning described this period as his time in the classroom. "I was patient … did the research required before taking a single step into the payroll arena." Today, Sean Manning is at the helm Payroll Vault staff (left to right, front row): Malvina Messler, Client Relations & Business Development; Matt Sorenson, Payroll Special- ist; R. Sean Manning, Owner; Marilyn Manning, Marketing & Business Development; (back row) Tricia Petteys, Operational Manager & Client Installations; Barbara Gunnufson, Tax and Operations Assistant; Sandra Babcock, Payroll Specialist process their payroll in house." Because client loss is part of running a business, Manning knew he needed to implement a marketing program to continually generate leads and keep the sales funnel full. In 2010, Manning's wife, Marilyn, took the lead on marketing eff orts. She at ended seminars and events to generate leads. She also reached out to banks, at orneys and HR profes- sionals to build a solid referral base. Within months, leads were fl owing in. However, the problem was that there was no one dedicated to follow up with prospects. "T at's when I knew it was time to enter a new stage," Manning said. "I needed to hire a salesperson to manage leads, work the referral program and serve as the key point of contact for new business." A full-time sales person represented another round of expense, which quickly paid for itself with 40 new payroll clients in less than six months. "Marketing and sales are critical components of our business model," said Manning. "And fi rms that don't think so will fi nd themselves stuck at 25 to 50 payrolls for the long term." Testing the Waters Before Tapping into the Stream Sean Manning didn't just jump into the payroll business blindly. He did his research. He spoke with colleagues and examined successful payroll operations within other fi rms. "I learned from those around me who had already figured it out. I of a successful accounting fi rm and a highly lucrative payroll business. In relation to Payroll Vault, growth has been steady. His phased approach to business growth has enabled him to more than surpass the profession's average 25 to 50 payroll accounts. In fact, his fi rm is approaching 200. T e days of viewing payroll as a headache and a hassle are long gone for Manning. "Payroll represents my bread and but er. I have a streamlined system in place, and I have the right people in the right positions to handle processing, broad operations, and marketing and sales." The key message here: Adding payroll takes more than simply shoehorning it into existing firm operations. It requires doing some upfront research, creating a separate workflow, investing in the initial infrastructure, and building a dedicated staff to oversee operations and ongoing sales. Those looking to tap into the lucrative payroll stream would be wise to study what Manning has done. His revenue stream is not simply fl owing; it's raging. Kristy Short, Ed.D Kristy is a partner in RootWorks Communications (RootWorks. com) and president of SAS Communications 360 (SAScommunications360.com) — fi rms dedicated to providing practice management education, branding, marketing, and public relations services to the accounting profession. She is also a professor of English and marketing at University of Phoenix and Cleary University. You can reach her at kristy.short@cpapracticeadvisor.com. WITH THE RIGHT PLAN IN PLACE… SUCCESS IS SURE TO FOLLOW Manning & Company PC is dedi- cated to giving your business the attention it deserves. We'll review your current fi nancial status to pinpoint areas of concern and develop a plan to ensure your goals are realized. Our seasoned staff brings years of invaluable experience to the relationship, offering knowledgeable insight into your fi nancial data, while providing guidance to assist you in making the best possible deci- sions. Taking full advantage of the lat- est technology, we can securely deliver most services via the internet. You will have 24/7 online access to your fi nancial informa- tion, providing you with a superior level of convenience. Consider our full array of services: • Back Offi ce Support System (BOSS) • Accounting • Payroll Services • Planning • Tax Preparation – Business and Personal If you'd like us to consider sharing your fi rm's story of innovation in a future issue, go to www.CPAPracticeAdvisor. com/great-practices and complete the short form. We'd love to hear from you. October 2011 • www.CPAPracticeAdvisor.com 7

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