Thursday, April 6, 2017

Build your practice with outsourced payroll - here's how

Many accountants struggle with the payroll, either they have too much of it or they do not want to do any of it. In both ways, they’re at odds with the needs of their business clients. Usually, most of the clients will be looking for a single payroll solution. If they aren’t getting the features as they expected then they will look elsewhere if you can not assist them with the accurate and timely payroll. Luckily, if it’s handled right, then outsourcing payroll can be a strategic initiative for your organization, In addition to that, payroll outsourcing companies in Bangalore can build client relationships.

Typically, the bookkeepers or accountants are dealing with some or all of the following challenges while processing payroll for their clients:

  • Time-consuming and doesn't add significant value to the accounting practice
  • Essential to client retention; but, clients will not pay additional fees for it
  • Client information is not always timely, accurate, or complete
  • Knowledgeable staff may leave, leading to internal inefficiencies

Indeed, payroll function is not just about calculating and preparing the paychecks. Sometimes, the payroll outsourcing cost is worth it as the clients also look to bookkeepers and accountants to:

  • Withhold and submit employee taxes.
  • File government reports and forms.
  • Notify the government when employees are hired or leave the organization.
  • Manage health and pension plan contributions for employees.
  • Ensure compliance with all relevant payroll legislation.

Why should you outsource Payroll?

Assuming that you’ve processed payroll in any quantity, you likely have encountered the challenges that are inevitably come with the service:

Payroll Audits:

Unless you can wait until your clients have been through the pain of a payroll audit in order to reach out to them about payroll, it is better to build relationships with your clients is important to the success if your accounting firm. It would benefit you more if you reached out proactively even before there are any issues.

Payroll Errors:

The human errors while calculating payroll can have unwanted and unexpected costs associated. When it comes to clients, it’s not a simple error. Their staff will definitely be upset by an error if it impacts them directly. This often destroys the trust that you’ve worked hard to build. In addition to the disgruntled employees, you’ll cause penalties as well as undue stress for your client.

Keeping up with the Legislative Changes:

On the off chance, is there any possibility that you can name all of the legislation that pertains to payroll in your jurisdiction. The answer might be NO! The highly complex legislation requires the payroll compliance across national, state, and local jurisdictions. So, it can be as simple as changes to deduction or tax rates, or wise more complex. As the accounting professionals, payroll outsourcing companies in Bangalore have a very broad range of legislative material to follow.

The Benefits of Payroll Outsourcing:

The benefits of handling an outsourced payroll far exceed payroll outsourcing cost. Most importantly, you can also use payroll outsourcing in order to enhance the relationships with your clients.

When you use a great payroll service provider, they will give your clients peace of mind. Not only that, they also allow you to build your business with the payroll as an essential service. So, doing it right have to bring the following benefits to you as well as your clients

  • Improved efficiency
  • Risk mitigation
  • Accurate and timely processing
  • Expert advice
  • Predictable costs
  • Management of human capital
  • Best practices implemented on your behalf
  • Scalable solution that will flex and scale with your client’s needs

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