By outsourcing your payroll service, you no longer need to staff and resource an inhouse team. Not only will this free up valuable office space for use by more profitable fee-earners but the administrative and management burden of overseeing the payroll function is eliminated. Furthermore, you will avoid the recruitment costs associated with hiring payroll staf
Could your accountancy practice benefit from a profitable Payroll Service?
Payroll is not typically a service that accountants want to provide. Resource-intensive, complex, and subject to regular legislative change, this low margin, time consuming service is usually offered only as part of a wider portfolio of accountancy services, enabling you to fully engage with clients and supply a ‘full service’ solution.
However, despite its complexities and specialisms, payroll is a particularly easy service to outsource, immediately alleviating the challenges associated with delivering it inhouse and allowing you to increase margins and enhance the portfolio of payroll features available to your clients. Instead of managing an inefficient inhouse payroll function, your time can be spent concentrating on your core business – developing your accountancy services and improving client relationships.
How Outsourcing Payroll Services Can Overcome These Challenges
The challenges presented by delivering a payroll service can be easily overcome by outsourcing it to a specialist payroll bureau, like Paycheck Plus. As part of our affiliate program, we deliver a white label payroll service for accountants – eliminating the headache and risk associated with resourcing the service inhouse, whilst still providing your clients with a full-service offering, under your own brand.
Payroll is a low margin, resource-heavy service to provide, particularly when associated costs such as specialist software, payroll experts and general office overheads are accounted for. By outsourcing your payroll service, the need for specialist staff and software is eliminated, increasing your margins whilst still invoicing clients directly.
When you outsource your payroll service to Paycheck Plus, you will immediately have access to our full portfolio of payroll features, including e-payslips, highly automated payroll operations, a collaboration platform, and detailed reports. These enhancements (which would be challenging to implement inhouse without significant investment in specialist software) will allow you to improve the payroll service you offer to your clients (thereby giving you a competitive advantage), and potentially charge a little more, increasing your margin. What’s more, a dedicated payroll provider will often be able to offer a faster turnaround time for urgent projects, as they will have a much larger and more experienced team to call upon.
Payroll legislation is subject to regular change and requires frequent training and an inhouse expert who can stay abreast of the amendments whilst also understanding their implications. Without this, the risk of calculation errors is increased. By outsourcing your payroll service, you have access to a team of specialists, all of whom are experts in payroll legislation, and will ensure that the payroll completed for your clients in your name is accurate and in accordance with current legislation at all times.
Payroll is fraught with difficulty. From a reliance on data entry to regular changes in legislation, it is a challenging service to deliver effectively, and particularly when you consider clients’ expectation of complete accuracy. The only way to mitigate this risk inhouse is to employ payroll experts and invest in specialist software, but to do so is likely to reduce margins to an unsustainable level. By outsourcing your payroll service, your risk is immediately reduced, whilst allowing you to maintain and potentially increase your profits.
By outsourcing your payroll service, you can avoid any conflicts of interest that may arise with other services offered to clients (particularly audit). Furthermore, it allows you to concentrate on your core business – offering accountancy services – whilst continuing to provide your clients with a full-service solution. Your time is better spent growing client relationships, scaling your business, and developing new and added value services. Outsourcing your payroll service gives you the scope to do this.
What our Clients say about us
“I have always found the team to be very professional in the delivery of the service. They operate great team work which is evident when someone takes over the file, leaves or sickness there is no disruption to service. Our experience has always been of the standard promised from the start.”
Drogheda Co Louth,
Telephone: +353 (0)41 989 2100
Suite 611 Piccadilly House,
49 Piccadilly Manchester,
Telephone: +44 (0)161 464 8720
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