On the other hand, many of these pain points have been made much less painful with the current generation of software. Rarely are these payroll services chosen because they are the least cost. I respect and recommend these companies and their services on a regular basis when they are chosen for the right reasons. Admittedly, large scale payroll companies like Ceridian, ADP and Paychex exist for a reason, and they have built very nice, profitable, recurring revenue businesses. More could be named, but this type of list is what prevents most accountants from considering running a payroll system, and feeling good about outsourcing this non-core competence activity. simply having to pay attention to and run the system every week or every day, and. maintenance of both the applications and data,.acquiring all of the information accurately,.if paper is used, getting the forms required,.extra time required for quarterly or year-end reporting,.compliance with payroll and HR regulations,.submitting forms and payments in multiple jurisdictions,.Pick one or more choices from the following list: Why On Earth Would I Ever Want To Process Payroll?įirst, I’ll readily acknowledge there are multiple pain points in running a payroll system. However, if you can manage a team of people effectively, and these people know they are helping businesses with a burden that most business owners and manager would like to avoid, there is a business opportunity waiting for your consideration. Profitability, better client service, more accurate information, deeper client relationships and a more valuable practice are certainly not reasons enough to consider adding this your practice if payroll services don’t fit your strategy. No amount of reasoning, and certainly not this simple article, is likely to convince you to provide payroll services if you aren’t already doing so. Many accountants have come to the conclusion that running a payroll system accurately and with minimal liability has become practical, cost-effective and profitable. Public practice accountants with successful collaborative accounting practices can add payroll with Human Resources (HR) capabilities. Industry accountants who need accurate payroll information automated for integrated costing or benefits can self-medicate. Others have discovered that there are antibiotics, and a clean, safe way to handle payroll where there are notable recurring profits to be made while improving client relationships. For many accountants, payroll=plague, and should be avoided at all costs.
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