With numerous options of accountants in the market, it is a challenge to secure and keep your clients when you have strong competition in the industry. Payroll process is simplified, thanks to available software in the market. Modern technology has simplified the tedious task. You need to stand out from your competitors and provide a compelling solution as to why small business owners must assign their payroll services to you.
Following strategies will help grow your payroll accounting practice and increase your revenue:
Set priority for your business:
Decide what kind of practice you want to be. For instance:
Whether you want to operate online and allow your employees to work remotely.
You want to choose to go paperless practice
You want to go for cloud-based software and allow your clients to access anytime and anywhere.
After setting your priority, move on to the next step.
Define your processes:
Set a payroll process for your practice. This may include onboarding, payroll processing, year-end task – a step to step guide. Your employees will have a clear vision and understanding and would work efficiently and effectively. Processes help to align the work internally and clients exactly know what to expect from your practice. Be consistent with your payroll process and earn the trust of your client.
Define your ideal clients:
Once you have your processes aligned don’t let clients dictate the workflow. Yes, for some clients it can be variable. But try to stick to the procedure otherwise it may create chaos and confusion among your employees. Grow healthy with the right client. Define your ideal clients and work with them.
Focus on Marketing:
You should appoint an in-house team or rather outsource to an agency for marketing your payroll practice. It is important to have a social presence, a good website to stand different from your competitors. Ask your clients to write testimonials on google or facebook. Post content which is engaging and adds value to the reader.
Interact with your client:
The more the financial work of your client you manage, the more close relationship is developed with the client. You must interact with your client more frequently. You can pitch new services as the client trust grows.
Make use of payroll software. This will reduce your admin time and pay your client’s employees accurately. A payroll software will automate enrolment duties, RTI and batch, perform payroll benefits, CIS submissions etc. This will save time and reduce mistakes. Make sure to use payroll software with no hidden fees and there should be no charges for automatic enrolment. Support and training are crucial for a successful payroll business. Software advancements include:
Smooth integration of payroll with accounting data
Portals allowing the simple flow of information
Client calendars with simple deadline management
Improved user interfaces, enabling personal data to be updated easily.
If you are not offering cloud-based payroll software, it’s vital to start now. If you don’t, you might start losing existing customers as well and your competitor would take advantage of that. Technology is offering new opportunities to change outdated business processes and operate more flexibly. Payroll is a service that everyone wants to outsource, easy to handle at our end and helps grow a strong relationship with the client.