Why your payroll should be like your other half
The role of the accountant is constantly evolving. Solely focusing on compliance is no longer sufficient and accountants have to pivot to provide a strong advisory offering that truly adds value for clients to gain a competitive edge.
We know what you’re thinking - where will I find the time?!
The answer is investing in the right payroll technology. Technology is designed to make our lives easier, not harder - just like a good relationship should. By implementing cloud-based tools that automate the compliance side of payroll, accounting practices can open up a previously untapped revenue stream, increase profit margins and free up time to focus on adding real advisory value to clients.
Relationship goals for your payroll software
To help you in the search, we’ve rounded up five traits of great relationships that you can tap into when evaluating a payroll software:
You test the waters - You can’t have a relationship without first going on a date. Same with your payroll software! You should be able to trial the payroll software and do a test pay run to ensure it's the right fit for you and your clients’ needs.
You have chemistry - If you have chemistry with your other half, time spent together will just feel easy and you can comfortably be yourself. Similarly, a good payroll software should have a good user experience that is easy to follow. You should have confidence you’re inputting accurate data for the software to process without having to second guess yourself.
Trust is established - In a relationship, trust is built between two people through reliability, honesty, and good communication. A good payroll software should reliably automate calculations and transactions. It should also have variables in place to let you know if anything requires attention before pay runs are processed.
It adds value - When you’re in a great relationship, you’ll find that your other half adds value to your life with their perspectives, ideas and love. When it comes to payroll software, integration options bring that additional value to the forefront. Does the software offer integration with other platforms so that you can build your own offering to best suit your clients? Is it ‘open’ to integrating with accounting platforms for easy transmission of data, or are you constantly putting your own time and energy into excel spreadsheets?
You flaunt what you’ve got - When you’re proud and happy to be with someone you like, you smile when you talk about them and you look forward to seeing them every time. The same goes for a good payroll software! Do you feel proud to be using your software? Do you tell your friends and colleagues about it? Or are you constantly complaining about how irritating it is?
Your payroll software holds an integral part in driving profit for your business simply through automating your internal processes to improve efficiencies so that you can focus on advisory services. Hence, just like how people look for “the one”, it’s important to find the right payroll software that will truly drive revenue for your business.
Find the right payroll match with Director Pays
Director Pays powered by KeyPay is a cloud-based payroll system for accountants and payroll bureaux that is designed specifically to remove the manual efforts involved with director payroll processing. With a one-off set up, accounting firms can automate pay schedules, HMRC submissions including FPS and EPS, client reporting, and journal entries to accounting platforms. Our built-in engine also automatically calculates tax and National Insurance contributions.
As a cloud solution, Director Pays can be accessed anytime, anywhere, with no data backup issues if you’re not in the office. Save time and improve efficiencies.
Try Director Pays free, or download our white paper: How accountants can use technology to make payroll profitable.
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