Should you provide payroll services as an accountant?
Do you provide payroll services to your clients? This article will explain how such a practice can be beneficial to you and what you need to do in order to succeed.
What are payroll services provided by accountants?
Accountants in Australia are not required to provide payroll services, but many do offer this service to their clients. Payroll services can involve the following:
- Managing employee payroll including calculating wages, taxes, superannuation and deductions
- Generating payslips for employees
- Providing other employee benefits
- Wage payments to employees, reimbursements and superannuation contributions
What are the benefits of providing payroll services as an accountant?
Improved revenue
Accountants can provide payroll services as another service and income stream. Helping small business clients set up cloud payroll services and manage their payroll will be regularly billed. This can also lead to demand for other services such as accounting and tax advice on employee benefits.
Stronger client relationships
Helping small business clients manage their payroll maintains consistent dialogue. This can help increase client retention rates and improve client satisfaction.
Grow with your clients
Payroll management can be a difficult task, especially for small businesses who don’t have expertise or resources to manage payroll efficiently. Accountants can help clients save time so they can focus on growing their small business. When your clients’ businesses grow, their accounting needs become more complex.
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