John Magaletti found a better way to do payroll: Better for small businesses, and better for his own firm’s profits. As the owner of an investment and retirement planning business, he has been offering advisory and 401(k) services for many years. But after seeing the national payroll chains start butting into his specialty, he decided to get into theirs.
In 2008, he started SwiftChecks Payroll Services (http://swiftchecks.com), and since then it has grown to serve more than 450 business clients, ranging from one to 300 employees. In addition to offering full-service payroll with any pay frequency, SwiftChecks also offers 401k, SEP IRA, time tracking, and background check services. The firm started in White Plains, New York, but has since grown to include an office and staff in Boca Raton, Florida. SwiftChecks also partners with many accounting firms in those areas who don’t want to do payroll, since the firm doesn’t provide any traditional accounting or tax services, so he isn’t seen as competition to these other firms.
How did John grow his payroll practice so quickly? He initially started with a different payroll system, but after just a couple of years, that system wasn’t able to keep up with his needs or the needs of his clients. When he discovered Payroll Relief from AccountantsWorld, he knew it was a perfect fit. The completely web-based payroll system automates the entire process, from data entry to final payroll runs. It also includes time-saving features that keep him always up-to-date on which payrolls need to be processed, payroll account funds, and a batch processing features that lets John and his staff run multiple payrolls at once with a single click.
The features that John says he really appreciates are the all-inclusive pricing, and since he produces so many payrolls, he gets the volume discount costing him only 45 cents per check. That makes it possible for him to not only compete with the national service bureau companies, but to even undercut them and still see a profitable engagement, he says. The payroll system includes multi-account direct deposit capabilities, as well as the ability to have an employee’s payroll deposited onto a pre-paid debit card, such as the Amex Serve card. Clients can even be given the option of printing checks at their own office location.
With Payroll Relief, once a payroll is processed, the tax liabilities are automatically scheduled for payment on the due date, and AccountantsWorld also offers an optional service that takes care of all tax payments, form printing, and form submissions to federal and state entities. The program supports payrolls in all states. As a web-based system, clients can be given secure online or password-protected email access to payroll reports, and client employees can even check prior pay stubs and year-to-date totals. John also uses Cloud Cabinet, an online document storage system that integrates with the payroll system, and provides automatic archiving.
“Payroll Relief has made it possible for me to grow SwiftChecks and provide our clients with the best service possible,” John said. “It’s simple to set up and manage clients, and the system expertly handles any kind of payrolls, from restaurants to retail, and even union certified payrolls.”
See inside October 2016
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