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Human Resources & Payroll

3 Reasons to Add Payroll to Your Practice

Payroll is often one of the largest expenses for small businesses. In fact, according to the Intuit State of Small Business Cash Flow - Payroll study, nearly half of small business owners who aren’t self-employed estimate 30 percent of their company’s ...

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Your clients value your expertise and knowledge. They often turn to you to make their lives easier, seeking services above and beyond clean books and tax filings.

Payroll is one of those solutions, and now is a great time to add payroll to your practice.

There’s a natural break after April 15 to assess the highs and lows of Q1, and even if you don’t prepare taxes, most accountants and bookkeepers often spend this time reflecting on how they can add value to their practices. Whether you’ve offered payroll in the past and gotten away from it, or think it’s just not something you want to do, think again. Here are three reasons to add payroll to your practice.

#1: Payroll pays off.

Payroll is often one of the largest expenses for small businesses. In fact, according to the Intuit State of Small Business Cash Flow – Payroll study, nearly half of small business owners who aren’t self-employed estimate 30 percent of their company’s business expenses cover payroll.

Payroll is one of the most valuable services you can offer to your clients for three reasons:

1.   You’ll remain up to date with your clients’ books throughout the year instead of being surprised at tax time.

2.    You will help your clients mitigate risk. Frequently, more than two in five small business owners have been at risk for not being able to pay their employees by payday.

3.    If you’re able to handle payroll, your clients may outsource even more work to you, increasing firm revenue and deepening the relationship between you and the business owner.

#2: You can help your clients improve cash flow.

Managing your clients’ payroll gives you real-time data you can share with them to help make more-informed business decisions. This also helps improve cash flow because owners can pay employees and contractors accurately and as quickly as possible.

According to the TSheets by QuickBooks “State of Payroll” survey, 24 percent of small business employees say their paycheck is not always accurate, 17 percent say just a single, inaccurate paycheck would make them quit their job and 21 percent say their paycheck is not always paid on time.

The features in QuickBooks Payroll are continuously improving; in addition to automated mapping into QuickBooks Online, businesses can pay employees and contractors as fast as possible without tying up funds.

●     With same-day payroll, all QuickBooks Payroll customers can keep their money up to payday if payroll is complete by 10 a.m. local time versus having money pulled out of their bank account up to 14 days in advance. As a result, small businesses hold on to an average of $9K more per month.

●     Next-day payroll lets small business owners run payroll on Thursday and have money in their employees’ accounts on Friday.

●     Following the launch of 24-hour direct deposit in 2017, more than 101,000 QuickBooks Payroll employers were able to hold on to over $2.3 billion dollars in funds an extra day.

“Payroll is often the biggest expense for small businesses each month,” said Laurent Seiller, Business Leader of QuickBooks Payroll. “By providing same-day payroll, we’re allowing small businesses to keep much needed money in their accounts longer and helping to improve cash flow.”

QuickBooks also offers several supplemental tools, such as TSheets employee time tracking, and 1099 contractor forms and services that make life easier for you and your clients.

#3: Intuit has your back.

Intuit is your payroll partner, and is committed to backing those businesses that don’t back down by simplifying the complicated nuances of paying workers correctly and meeting the obligations of tax authorities and agencies.

Currently, Intuit helps more than 1.3 million businesses process payroll and file taxes annually. With more than 68 million paychecks sent through QuickBooks Payroll, the seamless integration with QuickBooks Online, on-time reminders to schedule and file payroll taxes and reports, and the ability of same-day and next-day payroll, as well as 24-hour direct deposit, make managing payroll for your clients easier now than ever.

You’ll also add value to your client relationship and sell more services. It’s a win-win for everyone. For more information, check out the options for QuickBooks Payroll and decide which solutions are the best fit for your clients.