4 Reasons Why Accounting Practices Should Offer Payroll Services

It’s a well-known fact that payroll is a complex, error-prone, and time-consuming endeavour – all of which eat away at the potential profits for accounting firms. No wonder so many accounting and bookkeeping practices shy away from offering these services. Moreover, the complexities of payroll management require an in-depth knowledge of PAYE and specialist software that can be difficult to find.

Payroll might not seem like the most lucrative service to offer your clients, but you’re missing out on considerable profits when you leave it out of our service offerings. Here’s why we believe you should be offering high-value payroll services.

4 Reasons You Should Offer Payroll Services

Here are 4 significant reasons why your practice should consider offering outsourced payroll services to your clients.

Reduce your clients’ admin workload: Payroll processing can be extremely tedious and time-consuming. Your clients’ staff probably ends up spending most of their valuable time entering timesheet hours, calculating payments, and sorting bank files, all of which are manual processes.

When you offer payroll services to your clients, it will take a massive load off their plates. While your practice takes over the mundane and time-consuming tasks, they can focus on higher-value tasks like business development, marketing campaigns, strategic planning, etc.

Generate more revenue for your practice: Payroll needs to be done on a monthly basis, and this will ensure a steady stream of additional income for your practice. Furthermore, satisfied clients can refer other potential clients to your practice, which further increases your revenue stream. By offering payroll services, not only will you boost your revenues, you’ll be able to do so while maintaining your existing clientele.

Offer more valuable services to clients: Unlike previous years, client expectations have radically changed when it comes to hiring accountants and accounting practices. Clients no longer want just the usual bookkeeping, accounting and tax services. Nowadays, clients are looking for accounting and bookkeeping practices that can offer holistic and multi-service offerings.

By being the one-stop destination for all your clients’ financial needs, you’ll be able to provide more value to them and in turn, increase your profitability.

Simplify your bookkeeping and year-end accounting: When you’re handling an existing client’s payroll, you’ll be in a better position to offer excellent services with minimal errors. Your job also becomes much easier when you’re able to effectively integrate payroll with the day-to-day accounting process. Additionally, by handling your clients’ payroll, you’ll have instant access to tax and year-end financial data, which will further assist you during audits.

Outsourcing Payroll Services

An efficient payroll system is vital for smooth business operation for any business. Therefore, it’s essential to manage payroll with accuracy and care. By offering payroll services to your clients, you are taking a massive administrative burden off their hands.

Payroll services can be time-intensive and administrative-heavy, but you can simplify this process by outsourcing it to a specialist like QXAS. So, do consider offering payroll services to your clients if you aren’t already doing so.

Also read: Making Payroll Profitable: Decoding Payroll Outsourcing Services for Accountants

Planning to Outsource?

Did you know that QXAS is a seasoned outsourcing provider with several years of expertise in payroll processing? Your practice can ensure long-term cost savings, gain access to our payroll expertise, and be assured of enhanced data security by partnering with us.

What do you get?

100% compliance: 100% compliance with RTI & Auto-enrolment regulations.

24-48 hour turnaround: QXAS has designed a process to ensure a turnaround time of 24-48 hours.

Accurate & timely: Give your clients the best payroll experience time after time.

Experienced payroll administrators: Work with experienced accountants with full knowledge of PAYE RTI, Auto-enrolment and the use of specialist software.

Reach out to our payroll experts at [email protected] or call +44 208 146 0808 for any of your payroll outsourcing queries.