Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/460060
FROM THE TRENCHES Tere are a number of providers of payroll tools and services: HOSTED • Payroll Relief - AccountantsWorld • ADP Accountant Community • EasyPayNet - ADP Small Business Services • Sage HRMS • PayChex • Paycom Payroll Services • Intuit Payroll Services • Paylocity WebPay • myPay - Tomson Reuters • SurePayroll - (now a part of Paychex) IN-HOUSE • 1099 Etc A-T-F Payroll - AMS Payroll • Sage HRMS Payroll • CYMA Payroll & Human Resources • Payroll CS - Tomson Reuters • S a g e 5 0 (f o r m e r l y Pe a c h t r e e Accounting) • Payroll for Windows - CheckMark Sofware • QuickBooks Enhanced Payroll - Intuit • CenterPoint Payroll - Red Wing Sof- ware • CyberPay - AdaptaSof • Payroll modules from accounting products such as Microsof Dynamics, Open Systems TRVERSE, etc. Tis short list is only a portion of t he v iable pay rol l of fer i ngs i n t he market today. As you perform your a n a l y s i s , l o o k a t t h e c o s t s p e r employee per pay period and deter- mine if a fat rate billing to the client is possible. Furthermore, determine who would beneft from your payroll service among the businesses in your ex isting client base. You should be able to gain economies of scale once you have at least ten cl ients using your payroll services. You will have greater safety when your payroll volumes are high enough that you can have two or more staf running payroll as part of their daily work. Consider additional ser v ices that you can ofer over time or that you r f i r m ha s t he abi l it y to of fer today. Better Client Results A key strategic goal for many frms is prof itabi l it y to t he pa r tners wh i le providing excellent client service. In smaller frms, the dominant revenue stream has been from tax. A few frms have added collaborative accounting services. Even fewer frms have added payroll ser vices for a variety of rea- sons. However, if the payroll practice is managed correctly, it can be one of the most proftable portions of the practice w ith the added benef it of increasing the value of the practice. A n important aspect of performing payroll for clients is that it gives you an opportunity to stay in touch with clients on a regular basis. It becomes ea sier to be aw a re of operat iona l issues sooner, to discover opportuni- ties where you can be of assistance to the client, and to be close to them on something that is near and dear to them: the fow of money out of the business to pay employees. If your frm can be instrumental in making this easy while maintaining appropr iate inter na l controls, you reduce one of the key risk areas in any business. A nd you gain the beneft of a closer relationship with your clients while making a recurring, level rev- enue stream. You help the business ow ner, t hei r employees a nd you r f rm. In the business world, that is called a win-win-win. So, is payroll an easy choice for your frm? For more information, please visit CPAPracticeAdvisor.com/10028044 AN IMPORTANT ASPECT OF PERFORMING PAYROLL FOR CLIENTS IS THAT IT GIVES YOU AN OPPORTUNITY TO STAY IN TOUCH WITH CLIENTS ON A REGULAR BASIS.