It’s time to rethink payroll services. If you’ve been providing payroll services for your clients, then keep up the good work and check out some other bookkeeper guide articles. If you’re not, here’s why you should start offering payroll services ASAP.
While the time and cost of payroll services were once not worth an investment, technology has changed the accounting landscape. Now, payroll can be a successful part of your business and provide profit with the right model.
From the Old to the New
The old way of payroll was time-consuming, and a fear of creating expensive errors loomed over the process. Constant changes to legislation added another layer of complication. However, cloud-based software has changed the game. Here’s how:
- Cloud-based software processes calculations automatically, not manually.
- Tax rates and government rules are updated automatically within the software.
- Tax forms and payments can be filed online.
- Time-tracking tools send employee hours directly through the internet.
- Once the payroll system is set up, each pay run is mostly automatic.
- The risk of manual data entry errors is lessened.
How Do I Profit?
You’ll make money when you sell the service for more than it costs you to do the work. Payroll software will help you manage a client’s payroll and give you a way to strengthen your relationships at the same time. Because more and more accountants now offer payroll services, you may end up losing customers if you shy away from providing this service.
If you’re servicing larger clients, they are probably already using a dedicated payroll company. As a result, you have an opportunity to explain to them why you would be the better partner for payroll. Key points to tout for your services include your clients having fewer suppliers to manage and lower prices than they are probably paying now.
As you prepare to provide payroll services for your clients, research accounting applications that can help both of you. Technology is constantly evolving, so one of the best things you can do is stay in the know with available resources. This can help you win new clients while providing exceptional services to your current ones.
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