Burgeoning Payroll Space Boosts Thomson Reuters Payroll Service
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As more and more tax and accounting firms choose to offer payroll services to their clients, the Thomson Reuters myPay Solutions unit has continued to see solid growth. The business, which partners with tax and accounting professionals to provide comprehensive payroll services to small- and medium-sized businesses, has surpassed $5 million in annual run rate. myPay Solutions is now processing more than 3,500 payrolls spread across all fifty states and the District of Columbia.
myPay Solutions Senior Vice President Jack LaRue attributes the growth to the expanding importance of payroll as a service offering for tax and accounting firms. More firms are recognizing the potential of payroll services to build client loyalty and create a more consistent revenue stream. LaRue says, "myPay Solutions can be a good option for firms who want to offer their clients payroll without taking on the commitment and liability of processing it themselves."
"For a long time, payroll was simply out of reach for firms that didn't want to make a significant investment in time and resources," LaRue said. "myPay Solutions offers these firms an alternative way to provide their clients with comprehensive payroll service."
The ongoing revenue share that myPay Solutions pays to tax and accounting firms when they refer their clients is another unique attribute of myPay Solutions, LaRue said, adding that myPay Solutions referring accountants received over $230,000 in revenue sharing payments in 2011.
LaRue expects the growth in payroll services to continue, as more accounting firms become attuned to the new opportunities in the payroll arena and tools like myPay Solutions continue to level the playing field and bring those opportunities within reach for firms of all sizes.
"Payroll's complexity makes it one of the stickiest services that tax and accounting firms can provide to their clients," LaRue said. "And myPay Solutions is one of the easiest ways for firms to benefit by being involved in their clients' payroll, without actually processing it."
myPay Solutions offers comprehensive payroll services designed for small- and medium-sized businesses, offered through a network of referring accountants. Referring accountants receive the benefits of offering a comprehensive payroll service as well as an ongoing revenue share from every payroll processed. For more information on myPay Solutions, visit CS.ThomsonReuters.com/myPaySolutions.