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We’ve put together this guide to help you understand the benefits and make the right choice of payroll software for you.
1. Understand cloud-based payroll software and its benefits:
Cloud-based payroll software have changed the way many accountants or bookkeepers think about offering payroll services. In today’s current remote work environment, using cloud-based software that allow users to work together seamlessly from various locations has become essential. Cloud-based systems like QuickBooks Online Standard or Advanced Payroll make use of powerful automation to eliminate manual data entry in many otherwise laborious processes.
How does this work? Well, for instance, once the payroll system is set up by the accountant or bookkeeper, the software can largely run by itself. Simple payrolls (such as director only payrolls) can be fully automated, or the creation and sending of payslips to employees can be run on their own. Tasks that used to take hours, can now be done for you in minutes.
Cloud-based software like QuickBooks Payroll products also ensures that pay runs take account of any new regulatory changes, as automatic updates are put through the software without any action on your part.
2. Finding payroll clients and tailoring payroll to your clients’ needs
As with the offering of most services, finding the right clients for your payroll service is imperative to the success of your offering. You can think about finding the right clients in a few ways:
First, have a think about what capacity you have for offering payroll. The types of clients you should target will vary based on if you have ample resources versus limited staff to actually run the payroll services. For example, if you’re just starting out and don’t have much time to dedicate at this moment, it’s a good idea to think about adding only straightforward clients first, as simple payroll clients can run largely on a semi or fully automated schedule.
Secondly, you’ll want to think about how to approach existing and new clients. Look at your portfolio of clients and determine if there are any that match your criteria for a payroll client. Once you’ve done this and gained some experience with your existing clients, look to pursue new clients who outsource payroll.
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