A Value-Added Payroll Service every Accountant should know
It would not be surprising to hear that payroll was not top of the list of services you were planning on offering to your clients. For too long, it’s been considered a loss leader by bureaus and accountants, and more bother than it was worth. However, with new, innovative payroll software, that attitude is no longer tenable. With BrightPay payroll software, processing payroll requires less effort, is highly automated, and is profitable. Less time spent on the usual tasks of sending payslips and payroll reports to clients, receiving information on employee hours and setting up new hires on the payroll gives you the opportunity to take on more clients and projects, without the need to hire additional staff. More time means more capacity, and more capacity means more profits.
Succeeding as a freelance accountant or as an independent bookkeeper requires more than numerical skill. There may be a high demand for your services but at the same time you are operating in a saturated market with plenty of choice for your consumers. How can you differentiate your business from the competition?
Using a value-added service model is one such way. Providing an online payroll portal, such as BrightPay Connect, to your payroll services can be the perfect way to improve the value of the services you offer and provide you with the competitive edge you need to stand out from the crowd.
BrightPay Connect is an optional cloud add-on that works with BrightPay’s desktop payroll software, that gives you, your clients, and your clients’ employees access to payroll information anytime and anywhere. Its functionality saves you time, enhances your payroll services, and gives you the opportunity of offering and charging for a new range of services.
Save Time and Prevent Payroll Mistakes
On your BrightPay Connect dashboard you have access to an overview of all your clients’ payroll information in one place. It automatically and securely backs-up your clients’ payroll data to the cloud. This means your client’s payroll information is now safe and cannot be lost.
Valuable time is saved with BrightPay Connect synching automatically to your client’s payroll file. With the Payroll Entry Request feature you spend less time entering data and less time correcting data. This feature allows you to request your clients to enter their employees’ hours or make amendments to their pay, additions and deductions. Before payroll is finalised, you can also ask them to approve the payroll run through their secure online client portal.
Integrating Payroll and HR
BrightPay Connect offers you unique selling points. The cloud-based portal is a useful tool for your clients, their payroll processor, and their HR team. You can offer your clients their own self-service dashboard where they can access all employee payslips, run their own payroll reports, approve the payroll summary, view amounts due to HMRC, and view employee contact details. BrightPay Connect is also a great tool for your clients to manage annual leave. They can view a complete company-wide leave calendar and approve or decline a leave request. If leave is approved, it automatically updates BrightPay payroll software to include the employee leave.
BrightPay Connect provides a web and mobile based self-service dashboard for clients’ employees. This self-service option allows employees to update their personal information and view their personal payroll data 24/7. They can view the leave they have taken, how much is left, and using the calendar they can submit annual leave requests. By offering this remote access to their personal information, your clients are compliant with GDPR best practices.
Your client’s HR team can use the app to store and share important company updates. They can share documents with employees such as their employment contract, employee handbook, and other relevant health & safety documents. With notifications, employees remain up to date with company news.
BrightPay Connect’s functionality can certainly enhance your payroll services by giving your clients additional benefits and advantages. However, a challenge for many accountants is knowing what rates to charge.
B2B businesses can lose significant revenue in the long run due to a lack of a good pricing strategy. It is essential that accountants and bookkeepers tailor their pricing structure to target their specific customers and that they effectively communicate the benefits of the value-added service. Some customers may not want to avail of the value-added service, while others will pay a premium for their niche requirements.
To help you determine the pricing structure that’s right for your business, we’ve created a guide on the best pricing approaches when offering BrightPay Connect to your clients. This guide covers four ways to market and introduce BrightPay Connect as part of your payroll service offering.