HOW CPAs CAN SUCCESSFULLY ADD AND GROW PAYROLL SERVICES
Updated: Oct 7, 2022
In its latest annual poll revealing America's most and least trusted professions, rated according to public perceptions of honesty and ethical standards, Gallup ranked accountants sixth highest, topped only by medical professionals, teachers, and police officers
Nowhere is such trust more critical than in the handling of payroll - a field that, directly or indirectly, affects literally everyone nationwide.
Traditionally, payroll is either handled in-house (particularly in small businesses) or outsourced to dedicated payroll service bureaus. But with the constant effort toward streamlining business operations to save time, cut costs and minimize risk, employers are requesting payroll services from their CPAs and other financial professionals that they already know and trust.
Those pros are listening. A recent survey by business and tax consultancy firm, L. Harris Partners, showed that one in three employers use multiple CPA firms to handle various financial aspects simply because none offer all-inclusive services. And an "Accounting Today" study revealed that far more than half of U.S. CPA firms polled offer payroll and many plan to add the service within the year.
For an increasing number of accounting firms, adding payroll to their service menu is a no-brainer as it offers a deep pool of prospective clients and a high ROI. Investment is minimal, technology and support are abundant and revenue potential is limitless. The North American payroll and HCM market recently hit $7 billion and is growing at a rapid pace.
Call us to learn more about how a partnership between Pursers Office and your CPA firm can take you to new levels.