Thomson Reuters myPay Solutions has experienced continued growth as more tax and accounting firms decide to extend payroll services to their clients.
An increasing number of accounting and tax firms are becoming aware of the importance and potential benefits of offering payroll services, which played a major role in myPay Solutions surpassing $5 million in annual run rate, according to Jack LaRue, Senior Vice President of myPay Solutions. Offering payroll services can help to build client loyalty while creating a more constant revenue stream. LaRue believes myPay Solutions will allow firms to offer payroll services to their clients without taking on the liability of processing payroll.
“For a long time, payroll was simply out of reach for firms that didn’t want to make a significant investment in time and resources,” LaRue said. “myPay Solutions offers these firms an alternative way to provide their clients with comprehensive payroll service.”
myPay Solutions also makes revenue sharing payments to tax and accounting firms whenever they refer their clients. This unique feature resulted in referring accountants receiving more than $230,000 in 2011 in revenue sharing payments, said LaRue.
“Payroll’s complexity makes it one of the stickiest services that a tax and accounting firm can provide to their clients,” LaRue said. “And myPay Solutions is one of the easiest ways for firms to benefit by being involved in their client’s payroll, without actually processing it.”