With today’s economic uncertainty, this might be the perfect time to spice things up.
Financial stressors are nothing new in the business world, of course, but bottom-line pressure seems particularly top-of-mind these days. No one knows that better than CPAs who work with their clients daily on financial matters.
To keep up, many businesses turn to innovation to help their businesses grow. Yes, there are exceptions—we’re looking at you Sriracha, which is A-OK as is and no small business—but even Certified Public Accountants, themselves, can benefit from adding innovative technology to their repertoires in the form of payroll and HR software.
The demand for outsourcing payroll and HR services is surging, and CPA firms are uniquely positioned to meet this need while adding value to their clients.
And for CPAs that are already offering payroll and HR services, wouldn’t it be great to get your questions answered quickly when you have them without having to wait?
More on that in a bit.
Adding Payroll, Adding Revenue
It’s time to kick things up a notch …
As CPA Practice Advisor wrote, “If you’re already handling other financial services such as taxes and financial planning, adding payroll to the mix may be the logical first step.”
Indeed.
Even though payroll and HR are often complicated, technology and digital transformation make these rocky terrains easy to navigate as you watch your business grow. Trying to stay in compliance with ever-changing local, state and federal payroll-related regulations is a burden that most small businesses cannot handle on their own, so why not help the companies you already work with do just that?
To that point, Kevin B. Krueger, a CPA from Tampa, Florida, told CPA.com: “Many clients don’t see the benefit of a payroll service until they get a tax penalty from the IRS.”
Not to pepper you with questions, but who would want to deal with any tax-related compliance issues? Definitely not your clients and prospects! See where this is headed?
According to a CPA.com report titled, Where Opportunity Meets Value: Business Model Trends for Accounting Advisory Services, clients who do not use advisory services pay accountants $1,108 a month vs. $1,585 a month for those that do use those services. That’s a 43% difference just from adding an advisory aspect to the equation. Having access to clients’ payroll and HR data gives you more opportunities to make data-driven recommendations to boost your advisory capabilities.
And if your clients are using you for those tasks and your traditional CPA services, then they are more likely to stay with you longer as well.
It’s a mutually beneficial combo that adds a whole lot of “flavor” for you and your clients.
Welcome to Flavor Town
The enhanced advisory capabilities are one thing, but that doesn’t even take into consideration the added revenue from offering payroll and HR services with a state-of-the-art white-labeled solutions.
In other words, CPAs can boost revenue by boosting services. It’s like newfound habanero dinero, and we’re not sure the Scoville Scale can even go that high in terms of room for growth!
Benefits of Adding Payroll & HR
The payroll and HR software allows you to:
- Offer industry-leading payroll services to your clients at a great rate and increase your revenues in the process.
- Expand Your Value-added Services
- Assist Your Clients in Maintaining Compliance
- Access Client Data When You Need It
- Structure the level of partnership that fits your practice
Research shows that firms offering payroll services to every client can increase gross revenue by 30%. And it only takes two key team members to get started:
- A tax specialist (which you likely already have)
- A payroll processor (which you can outsource if you prefer)
Already a Familiar Taste?
For CPAs already offering payroll and HR services, we applaud your ability to handle that spice. But we also have a hot-topic question to ask you: If there’s an issue with your clients’ payroll and you need an answer quickly, what do you do? Create a ticket and wait?
Payroll cannot pause as you await a trouble ticket to be answered. You need answers right away from a U.S.-based source who is just a phone call away.
Execupay’s customer support is there when you need it!
Now, who’s ready to add some “hot sauce” to spice up their offerings?
Learn more about Execupay payroll and HR solutions today!