Payroll was not a desired service to accountants a while back, for multiple reasons – monetary as well as the profile. However, with everything becoming digital, it is now easier to manage payroll, and accountants have now started including it as part of the services they offer, along with self-assessment tax returns, accounting, and bookkeeping services. From a time-consuming, confusing, and error-prone service, managing payroll has become a smooth affair. Thanks to Government services that help in making it online too.
To be upbeat with the tight competition it is important for accountants to include payroll as a service. Clients prefer to go with a vendor who offers a complete package. Above all, this creates a chance for accountants and accounting outsourcing service providers to generate more revenue.
How can accountants make payroll services smooth?
Payroll services are required by each business, so there is a sure shot need. Now it is in an accountants hand to just offer it as a service and get paid, or to ensure they earn double on the effort they put in payroll management. Earning more by cutting down on efforts is a relatively easier task with the available software solutions in the market. And certainly, the accountants or accounting firms that adapt to trending technology will be able to get better revenue as compared to the accountants following the traditional methods of payroll management.
The following can be used as steps to turn a daunting payroll task to a smooth and profitable one.
Automate Payroll Generation
Payroll from a high-accuracy and monotonous task, is slowly converting into an easy-to-manage essential task. There are plethora of available payroll automation software that have the right features to generate accurate, quick, and detailed pay reports. When done manually it used to take more than one person to work for a week to generate the payroll for around 100 employees. Using payroll software can expedite the manual task for an accountant and enable him to still charge a premium fee for his value addition.
Be Updated on Tax and Changing Govt. Rules
Luckily for accountants, the Government has started putting any tax changes and other compliance changes, online now. The smart tools auto-connect and fetch these changes published online and incorporate in the payroll software upon approval from the accountant or the configured approver. Thus the accountant need not worry about keeping a track of all changes and can automate this too.
Offer a Package for a Long Term Client Relation
If your client comes to you for accounting services, goes to someone else for bookkeeping and to the 3rd for payroll, there are 2 major challenges: one, it is too much for the client to manage 3 different vendors, so he may decide to pick the one who offers all these services combined, even if that vendor charges a bit more. The second – you are missing on a good chance to increase your profit from a single client. Accountants can easily combine payroll as a service to their package and increase their profit while putting in comparatively lesser efforts and skills.
Payroll is now easier to manage with multiple support options from software to better ROI, etc. With so much profit, it isn’t the right service to ignore. It is a good idea to use this service and grow your accounting practice.