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. By outsourcing your clients payroll processing 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 discreet 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.
By outsourcing your payroll service, you can avoid any conflicts of interest that may arise with other services offered to clients. In particular conflicts arising from the Code of Ethics for Professional Accountants (the Code) and Articles 4 and 5 of the European Regulation 537/2014, which stipulate that auditors are excluded from providing payroll services to their clients because the threat to their independence is considered to be too great to be mitigated by any safeguards.
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 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.
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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