If you help clients with payroll (or are thinking about adding it to your practice), this guide shares deep practical insight about what it takes to make payroll work. Research suggests that small business owners spend nearly 18 hours on payroll tasks each month, and their accountant is one of the first places they look for help.
Building a Payroll Practice that Pays Off draws from the real-world experiences of Atlanta-based firm, Acuity, and its co-founder Matthew May's journey to set — and re-evaluate — their strategy for delivering a profitable and fulfilling payroll service.
Through May's expert advice and real-world experience, you will learn:
- How to present the true value proposition of payroll to your clients
- How to re-evaluate your pricing strategy in a client-centric way
- How ancillary payroll services can supercharge your revenue
- How to staff your payroll services (and decide how hands-on you want to be)
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An extract from this guide:
Every small business that has employees needs to handle payroll. If your clients manage payroll themselves, it’s likely they want help.
Payroll services are a natural extension of any accountant’s current services and expertise and can be a great point of entry for new clients. After all, only 30% of small businesses with employees have an accountant, but close to 60% use a payroll service.
Offering payroll frees up your clients to focus on running their business while opening a new revenue stream for your firm, simplifying bookkeeping, and reducing errors. Not to mention keeping them up to date with tax payments and filings, so there are no surprises.
Plus, the more involved you are with a client, the more insight you’ll have into their day-to-day cash flow and operations. Read on to get a clear roadmap and practical tips for adding payroll to your practice, or strengthening your service if you’re already offering it.
Inside this guide you will also find best practices learned over years of experience implementing and executing payroll management. Making payroll services profitable can be broken down into four key areas: Value Proposition, Pricing, Implementation & Models, and Execution/Next Steps.