The role of the accountant is constantly evolving due to enhancements in technology and rising client demands. Businesses are now looking for much more in an accountant than just transactional work. They look to their accountant as an advisor; someone they can trust, and that doesn’t just check in once or twice a year to ensure invoices are being paid.
As accountants are increasingly expected to inform business decision making, there is a significant opportunity for accountants to grow their firms by providing a strong advisory offering that truly adds value for their clients, beyond just the numbers. By shifting the focus away from transactional compliance work, and into advisory, accountants can set themselves apart from the crowd.
Put in the time: The accountant/client relationship
Traditional accountant-client relationships remain transactional and stagnant within the processing and submission of data; but great relationships go beyond compliance. The strength of a client advisory offering is dependent on truly understanding clients’ current needs. This enables firms to offer holistically tailored services and establish reliability and trust.
Sadly, a crucial barrier standing in the way of cultivating relationships with clients is the lack of time, and fear of compromising the quality of existing services. Accountants find themselves stuck behind manual repetitive tasks such as processing payroll, sending reports, generating payslips and organising HMRC submissions - and are unable to free themselves to pursue strategic work. However, advances in technology are giving accountants the power to change the way they work by taking the manual load off their shoulders.
Embracing technology to scale compliance, and focus on advisory
Modern accounting firms realise that clients value communication, connectivity and transparency. Accountants need to invest effort into their payroll systems and seek technology to remove the manual frustration of payroll. Using automation, compliance can do the work for itself and scale in the background, while more time can be spent providing value for clients and improving relationships.
Director Pays is a cloud-based payroll system for accountants and payroll bureaux, powered by KeyPay. Designed specifically to remove the manual efforts involved with director payroll processing, Director Pays completely automates company director payrolls for the entire tax year. With a one-off set up, accounting firms can automate pay schedules, HMRC submissions including FPS and EPS, tax and National Insurance calculations, client reporting, and journal entries to accounting platforms. Configured warnings will pause an automation if something needs addressed prior to the pay run being finalised, ensuring accuracy and compliance.
With Director Pays, director payroll can be the easiest and most profitable part of any accounting or bookkeeping business. Firms can scale their director client base through automation, without increasing time or headcount. The hours of time saved each month on manual processes can be better spent on taking on more complex clients, driving value, and strategic work.
KeyPay is the first true cloud-based platform to hit the UK bureau market, designed to eliminate the traditional payroll headaches of employee onboarding, data collection, payslip distribution, HMRC and pension fund compliance. In a single system, KeyPay automates the flow of data from employees across rotas, timesheets, leave management, and...