Case study: How QXAS helped nyc Chartered accountants improve payroll profitability

Introduction

Our client is a London based accountancy practice, nyc Business Mentors and Chartered Accountants. They provide payroll to 15 clients operating across different sectors and run a payroll for 50+ employees each month. Prior to 2014, they steered clear of payroll altogether due to a lack of specialist knowledge and the licensed software to process payroll. Plus, payroll seemed to offer them limited profitability and was time-intensive.

The challenge

With employees on different pay cycles and varying wages, their biggest challenge was collating their client’s payroll information accurately and getting it up-to-date for each pay period.

Having previously chosen us their for accounts and tax return work, nyc started using our payroll outsourcing service as an effective way to diversify their practice without having to worry about hiring specialist payroll staff, meeting RTI submission deadlines and keeping up with legislation.

The solution

nyc wanted us to take the entire responsibility of payroll, right from processing and managing of their client’s payroll to liaising with third party agencies such as HMRC.

Starting with an initial test, they gave us a small number of weekly payrolls. As we processed the payroll on our own licenced software (Moneysoft Payroll Manager), all our client had to do was fill in and return our customised employer and employee data checklists.

The data was collected and processed by our payroll team within 24 hours. Once our client checked everything was in order, we sent them detailed payroll reports via our secure FTP portal where they could be downloaded by our client’s team.

The initial trial was a success and we moved to take over their entire payroll services. Within a short span of time we received the following feedback from them, “Your structured process has saved me thousands of pounds I would have spent on payroll software licence, upgrades and initial staff training.”

Our client took the engagement further and even set up QXAS payroll staff on their email server, so we could directly communicate with their clients and staff as if we were their employees, sending them payslips and monthly reports and leaving our client free to focus on diversifying their practice. Since 2014 we’ve been saving them more than 50% each month on the money they would have spent if they processed payroll in-house themselves.

Key results – efficiency, accuracy and profitablity

• Efficient processing and management of payroll work ensured RTI compliance
• Quick response to deliver timely and accurate payroll services
• With our client’s permission, we communicated with their clients and their employees
• Detailed payroll reports provided through our secure FTP portal

The benefits – save time and money

• Saved £1000s in software licence fees, upgrades and training cost
• Added a new source of revenue for their firm
• Removed the need to recruit specialist payroll staff in-house
• Enabled the client to offer a payroll service with minimal intervention themselves and deliver extra profit to their accountancy firm

An efficient and reliable service

“We find the service offered by QXAS to be so efficient and reliable that we have set up an email inbox on our server for them so that they can directly communicate with our clients for payroll matters. For all intents and purposes, QXAS are the nyc-bmca payroll team. Nothing is too much trouble for them! I am very impressed with their processes, the accuracy of the payroll work provided, and the turnaround time, and most importantly, our clients are very happy too. The quality of support from Mitul, together with his friendliness and willingness to go the extra mile cannot be praised highly enough.” Nadeem Chundrigar, nyc Business Mentors and Chartered Accountants

To find out how QXAS can help your accountancy pracitce time and money, why not take our 10 hour free trial?