While we talk quite a bit about how outsourcing will enable firms to become integral financial advisors to their clients, there’s still plenty of work to be done in the more traditional accounting arenas. One of the areas some firms have been reluctant to take on is payroll services due to the massive amount of paperwork involved. Happily, the outsourced accountant has a leg up on their reluctant competition.
Outsourcing payroll services
Plenty of companies are quite happy to outsource their payroll processes because it can become a nightmare of paperwork. That same nightmare is sometimes the reason why small and medium-sized accounting firms are reluctant to take on payroll – traditionally speaking they haven’t been able to afford the people power necessary to keep up with all that paperwork.
On the other hand the outsourced accountant doesn’t have to worry about bringing on in-house help in order to keep up with the demands of payroll work. Instead what they do is collate the necessary forms (usually done by a designated team member in their office), make sure they have everything necessary for their overseas team to get the work completed, and then they ship it off.
The outsourced accountant does not do any of the paper wading that traditionally accompanies payroll work. Instead their overseas team takes on the task of crunching the numbers. This results in a much-faster turnaround than you might expect, and all of the work is done by workers who are certified and trained to work on Australian and New Zealand accounting processes.
Once the payroll work is completed it’s shipped back for you (or your in-house payroll specialist if you prefer) to give it a quality-check. Then it’s sent back to your client.
The big benefits provided by the outsourced accountant
The most obvious benefit to your clients is that they get all of that paperwork out of their hair. They get all that work done to a high standard of quality and lose none of their own productive hours to the process.
The added benefit is that because the work is done and returned at a pace quicker than many companies are traditionally accustomed to they get it back well in advance of the time when penalties start to accrue. And with the quality upgraded from what they might be used to, they’ll also avoid penalties tacked on because of improper filings or errors.
That’s the outsourced accountant’s sales pitch. If you’re just starting to look into taking on payroll services, have a chat with us and we’ll fill you in on how the work gets shipped overseas and what you have to do to get your office ready for the process.
When you’re looking for clients, use your social media outlets and your current clients to find out if they know anybody who is feeling overwhelmed by having to deal with their payroll. Present yourself not just as a number-cruncher, but as a firm that wants to help this potential client grow by taking the burden of this time-sink (and possible money-sink if they keep getting penalised) off of their shoulders.
You’re going to be the firm that reduces their stress, gives them their time back that they can reinvest into building their business, and you may even help save them some money along the way.