How to Grow Your Accounting Business Through Payroll
Professional accountants assume the roles of trusted advisor and partner to small businesses, delivering sound financial management at every stage of their clients’ business process. But, did you know that according to a study by L. Harris Partners nearly 1 in 3 clients use multiple CPA firms, due to one firm lacking what the other one entails?
Sometimes the missing value is payroll.
Steering clients toward financial stability is no simple matter. Add payroll services to the mix, and, without proper resources, the equation gets that much more complicated. But, what if there's a way to preserve your clients' financial integrity and easily manage payroll while increasing your bottom line?
With the right payroll software in place, you can grow your client base plus save time and money on core accounting functions.
Payroll and Accounting Management
Accountants typically include payroll in their lineup as a side service, a way to expand their business.
But, before long, payroll starts to feel like an obligation - as the complexity of wage calculations, deductions and wage and hour compliance take their toll.
Plus, there's the drudgery of payroll accounting, which is intricately tied to your clients' financial statements. The challenges of payroll can seem insurmountable, but a solution is readily available.
Online payroll services that offer accountant reseller programs deliver a fast and cost-effective way of managing client payroll.
Payroll software services should do the following:
- Integrate seamlessly with most timekeeping systems
- Calculate earnings and deductions, including wage garnishments
- Facilitate benefits administration, including PTO tracking and health care solutions
- Help keep you in compliance with wage and hour laws
- Enable accounting integration and simplifies financial statement preparation
- Report new hires to the administrating state agency
- Allow you to process payroll from any computer or mobile device
In a single application, you should be able to access client payroll data 24/7.
Employment Tax Management
Some accountants assist employers in a limited capacity, such as preparing or reviewing quarterly and annual returns; while others provide full employment tax services.
In the latter case, you must withhold federal and applicable state and local taxes from employees' earnings each pay period.
There's also employer taxes, which are just as varied as employee taxes. To avoid penalties, both the employer and employee taxes must be appropriately submitted to the respective revenue agency.
Employment tax management can become an enormous burden when done via an inefficient payroll and accounting system.
With an automated service, you can rest easy knowing that the solution:
- Calculates all employee and employer taxes
- Remits employee and employer taxes to the revenue agency
- Files all payroll tax forms with the proper agency
- Helps you avoid costly fines from the IRS and state
Assurance and Advisory Services
As trusted advisors, accountants devise strategies that help clients cope with the difficulties of business planning and execution.
These solutions are designed to control costs, increase efficiency, and establish procedures that comply with accounting standards and tax laws. You might offer:
- Business entity selection and restructuring.
- Payroll and accounting software selection, installation and support
- Cash flow analysis, budgeting and forecasting
- Employee and independent contractor classification
- Data review and audit
- Finance and debt consulting
- Mergers, acquisitions and sales
- Business valuation and succession
- Financial and retirement planning
- Day-to-day bookkeeping
- Financial projections and forecasts
These lengthy processes require careful business analysis, in-depth client counseling, and the ability to keep up with changes in the marketplace. Time becomes an even scarcer commodity when payroll is added to your roster.
When you use payroll software and resell it as a value service from your firm, you can reduce time spent on payroll and increase time spent on high-level tasks, such as assurance and advisory services.
In addition, having quick access to payroll reports can vastly enhance analysis, review, auditing, forecasting, budgeting, planning, recordkeeping and decision-making processes.
SurePayroll Reseller and Referral Opportunities
Accountants are continuously offered new technologies to work with, but the benefits often end there.
It's likely that, for your firm, every dollar counts in boosting your bottom line. Accountants providing payroll services can now become a SurePayroll reseller, which guarantees you a profit when you resell our online payroll service.