Some might say that payroll processing
goes with tax and accounting services like peanut butter goes with
jelly. In fact, payroll is one of the "stickiest" services you can
offer, says Jason Tooker, associate manager for myPay Solutions at
"Payroll not only encourages clients to stick with you, it can
attract new ones and is often the starting point for getting them
to use more of your services," he explains. "It really rounds out a
full firm image if you're looking at a one-stop shop."
But don't just take it from Tooker. Rick Black, a CPA from
Farmington, Mo., believes payroll is essential to any firm's
business. Here's how - and why - he's made it work.
Black is a big believer that payroll gives firms a tool to keep
clients coming back - that "stickiness" factor. "It's about value
services, because you want to offer as many services as possible to
your clients," Black says. "If you're offering auditing,
accounting, tax, write-up and payroll, it's going to be hard for a
client to leave when they have access to that many services."
According to Black, payroll is also an important profit center for
Video: Rick Black explains how offering payroll
services via myPay Solutions has resulted in new business - and not
just payroll business.
Watch the video
The firm still has the flexibility to prepare payroll themselves
or give their clients the option of handling it. They can even
download items into their clients' QuickBooks®. "We have about 10
clients that use myPay Solutions, and we do about 750 payroll
checks a month," says Black.
Another plus? Black's firm doesn't have any liability exposure,
which instead lies with myPay Solutions.
The ease of getting up and running with myPay Solutions and how
it integrates with other Thomson Reuters products is another check
in Black's pro column for offering payroll. "It builds value in our
product, and because it's all integrated together we can do as much
as we want with it," he says. "I recommend myPay Solutions because
they're there to build a partnership with your firm. We haven't had
a single one of the kinds of problems we had with other payroll
Know Your Payroll Options
Thomson Reuters offers three options to help firms provide
payroll services to their clients. These options can be combined to
meet the specific needs of any firm.
Accounting CS Payroll
Firms can process payroll themselves with this fully automated
option that's designed for cross-client processing. It gives firms
options for streamlining their workload and even handling their own
payroll more efficiently. Learn
more about Accounting CS Payroll
Accounting CS Client Access
Clients can process their own payroll, yet remain tightly
connected to the firm
that provides the services. Accounting CS Client Access automates
including payroll processing, check writing, and direct deposit.
Learn more about
Accounting CS Client Access
3. myPay Solutions
The service that offers all the benefits of being involved in
clients' payroll without the liability of having to process it,
myPay Solutions can handle any size payroll and much more. Learn more about myPay Solutions