As the accounting profession evolves, CPA firms are increasingly seeking ways to innovate their business, deepen client relationships and diversify their revenue streams. The adoption of payroll and human resources solutions is an excellent way for firms to expand their business while preparing for their future.
The Strategic Fit
Payroll and HR services are a natural extension of the work Certified Public Accountant firms already do. Clients rely on their accountants for tax planning, of course, so as businesses face talent acquisition and retention challenges, adding payroll and HR solutions allows CPAs to become even stronger strategic partners with their clients.
Modern payroll and HR platforms make this integration easier than ever. They offer automated tax filing, employee self-service portals, onboarding tools and compliance tracking. These tools are all designed to reduce administrative burdens and improve efficiency. They are scalable and secure, and they are designed to help small and medium-sized businesses (SMBs) attract and retain top talent. How? By allowing those businesses to offer the same state-of-the-art payroll and HR solutions that much larger organizations do.
Building Stickier Client Relationships
The 2024 CPA Practice Advisor survey revealed that firms are prioritizing efficiency and client engagement. Respondents reported spending over nine hours per week on client communication, and, as the survey says, digital tools “are poised to play a crucial role in optimizing client interactions.”
Payroll and HR services are recurring needs for businesses, of course. These consistent connections help CPA firms stay top-of-mind and become indispensable partners in their clients’ growth and development.
Unlocking New Revenue Streams
As automation continues to reshape the accounting landscape, CPA firms are seeking ways to transition from time-based billing to value-based services. The CPA Practice Advisor survey found that 57% of firms expect more of their work to be automated in the next five years. Payroll and HR services offer a predictable revenue model that complements standard offerings.
These services can be delivered efficiently with the help of a self-service, white-labeled solution, enabling firms to offer payroll and HR services under their name.
In other words, the future could be now!
Empowering Clients
Payroll and HR services offer more than operational support. They give clients the tools to adapt to change and prepare for long-term success.
As regulations evolve and workforce expectations shift, businesses need reliable payroll and HR systems to stay compliant and competitive. By helping clients manage payroll, streamline HR tasks and maintain accurate payroll and HR records, CPA firms can lay the groundwork for reliability and expansion while future-proofing their business in the process. This kind of support positions clients to respond confidently to future challenges while generating added revenue and cultivating a deeper connection with your clients in an increasingly challenging business environment.
A Forward-Thinking Approach
Expanding into payroll and HR isn’t just about selling more; it’s about solving more. As clients face increasing complexity in managing their teams, they’re looking for advisers who understand both the financial and human sides of the business. CPA firms that seize this opportunity can enhance their impact, future-proof their practice and establish a more resilient business model.
Ready to future-proof your firm and help clients do the same? Discover how Execupay’s payroll and HR solutions and services can strengthen your advisory strategy for long-term success.