Can we talk numbers?
As a CPA, you spend countless hours going over your clients’ payroll figures, right? Your clients trust you to do so, and you represent their best interests when it comes to tax filings and financial planning, among other things. So let us ask you this: If you have intimate knowledge about their payroll and are experts in taxes and financial matters, then why aren’t you handling payroll for your clients, too?
We’re not being facetious either. This is a real business opportunity!
You’re probably thinking: “I’m a Certified Public Accountant. Why would I want to compete with established payroll players in an area I have no experience overseeing? Those companies do this full-time. Besides, who has the time? What could I offer that they cannot?”
That’s simple: Familiarity
Familiarity is a Rarity
What you have that other service providers in this area likely do not is a familiar face, letterhead, email address, etc. Your clients know you, and you know them.
There are many trustworthy payroll companies out there, of course, but they don’t know your clients the way that you do. You’ve built your reputation on helping to safeguard theirs. Clients communicate with you, trust you with their private information, and they might even tease you when your alma mater loses the big game. Your relationship is just that good.
It takes time to build a relationship like that. As an accounting firm, you already have that trust factor built in, which is so valuable for tax services—and payroll.
You are experienced in helping your clients navigate complex local, state and federal tax laws. Payroll has its own share of complications and complexities, and payroll mistakes are costly. In fact, your clients might need you more than you think to manage payroll to help them alleviate stress and reduce headaches.
Unlike larger organizations that have in-house payroll specialists, small and medium-sized businesses (SMBs) need reliable sources who they can trust to help them ensure their people are paid properly and on time. They need to know that overtime is handled correctly, too. With the right technology in place, you can provide them that.
The question you’re probably asking yourself is: “Why would I want those headaches? I’ve got enough on my plate.” The fact is that advanced technology takes care of payroll management and compliance issues. In other words, you don’t have to worry about running payroll or knowing what the local payroll tax laws are in Portland, Poughkeepsie or Pleasanton or wherever you offer services. It’s all done for you with tech backed by expert payroll professionals.
And by offering a white-label payroll product, CPAs can instantly bring payroll credibility to their client base. CPAs benefit from the tech in terms of payroll management, and clients benefit from having a trusted ally manage payroll for them through powerful and easy-to-use tools.
As much as adding payroll to your suite of services might sound foreign to you, we have a question for you: Can you afford not to?
Let us explain.
The Case for Adding Payroll
Beyond the obvious added revenue opportunity, adding payroll could help with your recruiting and retention efforts.
The recent Intuit QuickBooks Accountant Technology Survey of more than 700 accountants and bookkeepers found that the greatest risk to accounting is “failure to keep pace with technological advancements.” Additionally, most survey respondents said that keeping up with the latest tech could help address hiring and solve important problems like skills shortages.
Those shortages, the Wall Street Journal reported in 2022, come from the 300,000 U.S. accountants and auditors who left their jobs between 2020 and 2022. And those aren’t just retiring workers either; the number includes many young and midcareer professionals who moved on to careers in finance, human resources and banking. Lack of opportunities can lead to lack of interest in a field even if it was initially someone’s career of choice.
For sure, it’s a different kind of gap than the GAAP (Generally Accepted Accounting Principles) that accountants are used to.
“Now the foot soldiers of the profession are leaving the field in droves,” according to the Wall Street Journal. “Accountants cite low salaries, mundane tasks, burnout and the threat of new technology like generative AI as reasons for considering other industries.”
Still, opportunity to help address that pay problem exists if you just roll with it.
Drawing People Back to Accounting
While AI in accounting might be a concern for some job seekers and currently employed CPAs, according to the QuickBooks survey, other forms of tech can be welcome additions to the accounting field in general to help with recruiting and retention efforts. With clients’ needs increasing, especially when it comes to financial and technology management, the survey explains, tech can help save time and enhance advisory services.
Additionally, “By streamlining compliance tasks, technology is making it easier for accountants to dedicate more time to strategic business advisory services.”
It’s that last point that should pique the interest of any CPA firm.
Do it the Right Way with Execupay
Execupay has been offering payroll services for half a century, and has been providing payroll technology to hundreds of clients for almost 30 years.
With Execupay, you get the peace of mind knowing that payroll will be handled properly for your clients. You can decide whether to go with a full-service model where we handle everything or a self-service model if you prefer to be more hands on with payroll. Either way, Execupay has the trusted experience you need to add this critical service to your firm for your clients.
It could also help you bridge the skills gap by offering current CPAs and candidates a new revenue source that has been missing from their playbooks since the beginning of accounting.
That’s why we believe today might be a good day for you to put payroll into play.
We invite you to learn more about Execupay’s payroll solutions in our new white paper. Download it today.
