Whether you are a small accounting firm just beginning your journey or a large practice handling multi-million transactions, payroll is a function that remains a top priority regardless of size or domain.
Correct pay slips not only play an important role in preparing the income statement but also make employees happy when they are paid on time. CPA firms are often asked by clients to calculate payroll. From calculating taxes and implementing payroll policies to remittances, the process has never been easier. Things can quickly escalate and become complicated if you don’t deal with them timely with expertise.
Outsourcing payroll services have great benefits for thriving CPA firms. Here are seven ways in which payroll outsourcing can help you:
1. Streamline Your Accounting Firm
Payroll isn’t always the most profitable type of project when it comes to providing clients with specialized services in niche areas such as forensic accounting or environmental accounting. Imagine your practice staff spending hours calculating weekly wages.
By outsourcing clients’ payroll inquiries to a third party like ours, accounting firms can take on a more profitable role commensurate with their area of expertise and continue to grow.
2. Drive Additional Revenues
When accountants are busy with payroll, they lose time that can be reassigned to other more important tasks. Outsourcing payroll gives accountants more time to interact with clients, solve problems, and reach out to new clients for potential business.
If you are not already providing payroll services, this could be a new revenue stream. This enables accounting companies to generate revenue while the outsourcing company takes care of payroll.
3. Handle Admin Compliance
Payroll has its own set of compliance standards, which can be difficult for accounting firms to comply with. Expert payroll accountants are familiar with all compliance-related issues and can answer any questions clients may have about payroll and administrative compliance.
OBS also handles other legal procedures, such as automatic pension registration, which saves a lot of hassle. Therefore, it makes sense to outsource salary calculations to external providers like OBS for efficient and quality payroll services.
4. Work with an Expert Team
Payroll is a time-consuming task that requires a high degree of expertise and accuracy to correctly process data and identify errors, even when using multiple software solutions. OBS has experts who have years of experience and a qualified team working on payroll services. By leaving salary calculation work to us, accounting firms can return the client’s pay statement on time every time.
5. Make Payroll Profitable
Outsourcing payroll services can save you an enormous amount of time and money. Instead of going through vast amounts of information and checking for errors, accountants can work on the payroll of a business to simplify tasks.
In addition, there is no need to purchase payroll processing software for your internal system (adding additional costs) or spend time training accountants to use it. Outsourcing firms like ours have all the software that is required to professionally and efficiently handle payroll for any CPA firm.
6. Economical quality service
Most payroll outsourcing service providers have set a price-setting model that takes into account the total number of employees, the type of payment, and the frequency of payment. Alternatively, some provide full-time salary staff to fully manage salary functions, including all types of communication and inquiries.
Contrarily, keeping an in-house accountant is a far more expensive task that necessitates paying salaries, perks, training expenses, and office expenses. The accounting firm that outsources payroll services can operate considerably more cost-effectively.
7. Ensure Data Security
CPA information is highly sensitive and third-party payroll providers take this into account when the CPA firms outsource payroll processing to them. For example, the use of compliant tools to manage customer data such as password-protected pay slips, employer reports, and encrypted emails. These keep each client’s data safe from start to finish, no matter how complex or large the data is.
Accounting businesses of all sizes are increasingly using payroll outsourcing to complete tasks quickly and effectively. We conduct in-depth interviews with vendors on your behalf to select the best team for the job and ensure long-term cooperation.
OBS guarantees quality and efficient work, so contact us for outsourcing your payroll requirements.