Everyone could use a little boost sometimes, whether it’s attempting to reach the top shelf in the pantry or elevating your CPA firm’s revenue.
Finding ways to help generate additional revenue can seem daunting—especially when you’re a small firm with limited resources. As a CPA it’s important to focus on your clients and help them as their accountant, but at the same time you can focus on your own goals and help your CPA firm grow.
By expanding your services—such as state-of-the-art, white-labeled payroll and HR solutions—you can tap into new revenue streams and prime your business for substantial growth. Indeed, a recent survey found 69% of CPA firms use payroll and 54% offer time-tracking solutions. “These tools,” according to the report “are fundamental in managing day-to-day operations, client interactions, and secure document handling, highlighting the industry’s focus on efficiency and client service.”
So, as a CPA firm, you can’t afford to fall behind in terms of service revenue opportunities.
5 Ways Adding Payroll Can Help Boost Revenue
With payroll added to your suite of services, you can strengthen relationships with current clients, entice new clients and streamline your internal processes. By adding payroll and HR to your current offerings, you instantly become an even bigger resource for your clients through:
- Additional Services: With additional assets to offer, you can bring in new clients that are looking for one person who can do it all. You wouldn’t want to go to various dealers to buy different parts of a car, so why would clients want to go to multiple providers to get the financial information and management they need?
- Enhanced Customer Partnerships: With payroll and HR by your side, you not only give your clients the best experience, but also you form a true partnership. As the CPA Directory explains, “Transparency and accessibility can strengthen trust and communication between accountants and their clients.” In other words, you’re in this together—for the long haul.
- Optimized Workflow: Having a payroll and HR solution that both you and your clients can access, and is simple to use, takes the stress out of managing an area that can be extremely complex because of ever-changing federal and local compliance issues. Knowing that your clients will be able to keep up with regulatory changes is a good thing for you—and especially for them.
- Improved Advisory Services: A CPA with direct access to payroll data will have greater insights into their clients’ financial situation, so they can better advise them on tax-related issues.
- Building Relationships: With a white-labeled payroll and HR solution, customers and their employees will become very familiar with your name. Mix that with great service and it’s a perfect recipe for a long-lasting relationship and referral opportunities.
Execupay Advantage
Execupay offers specialized software designed for accountants who provide payroll services to small and medium-sized business (SMBs) clients. Execupay allows CPAs to:
- Handle virtually any clients’ payroll or HR requirements.
- Create customized and standard reporting for your clients.
- Deliver exceptional service with a fully integrated Customer Relationship Management (CRM) system.
- File and pay federal, state and local taxes for clients.
Ready for boost? Learn more about Execupay!