In this rapidly changing world, advances in technology are increasing client demands, and forcing traditional businesses to pivot, or risk becoming obsolete. Using a payroll software that “does the trick” is no longer enough to remain relevant and provide the value that clients require.
Modern accounting firms realise that clients value communication, connectivity and transparency. Firms must continuously innovate and re-evaluate their processes and systems to remain relevant. Traditional firms that stick to conventional processes and therefore focus their efforts on compliance rather than client advisory and value, will fall behind competitors.
Driving change to see value
Accountants and payroll experts may be aware of the benefits of technology in improving processes and client relationships, but change can be difficult. As humans, we often resist new experiences in fear of failure, or with comfort in the known.
People don’t like change, but those who embrace it will continue to enhance client value and stay ahead of the curve. When thinking about trying new payroll technology, keep these key points in mind:
Automation requires human expertise
Automation is transforming payroll and the profit it can bring. The technology focuses on helping with the repetitive processing, dissemination and acquisition of data for human review. It’s key, however, to remember that no matter how smart an automation can be, it will only operate accurately if it is initially configured by someone who is adequately skilled. When set up correctly, automation can free up time spent on repetitive tasks so human roles can become more analytical and strategic.
Forward thinking firms = forward thinking clients
The way a firm operates internally directly impacts the value it brings to its clients. If an accountant regularly reviews their technology stack to ensure they’re working efficiently, they will always be providing the best possible service for their clients. Being equipped with capable tools that deliver quality data to clients is key for firms to keep an edge against the competition.
Embracing technology: start small
With automation tools and more advanced payroll technology, change doesn’t have to be scary.
By starting to innovate processes for simpler clients such as directors, small steps can be made to quickly reap the benefits of automation. Without completely overhauling processes and moving all clients onto a new payroll system, time can be easily freed up to invest back into client advisory, while profiting from compliance work in the background.
Automate compliance with Director Pays
Through utilising new breeds of automated technology such as Director Pays, the multiple steps in a director payroll scenario can be eliminated. By automating all transactional aspects of director payroll such as pay runs and pay schedules, tax & NIC calculations, HMRC reporting, report distribution and journal entries, firms can confidently run multiple pay runs at any one time with no further actions required until the next tax year.
Download our white paper ‘How accountants can use technology to make payroll services profitable’ for more insights.
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