Payroll Services BLOG
Today’s savviest payroll service bureaus do much more than add up hours, calculate pay and issue checks. Increasingly, they are taking on additional HR and accounting-related functions involving tax collection, payment and compliance; time and attendance; and a range of operations that follow employees through the lifetime of their workplace tenure, from applicant tracking to onboarding, through talent development and into retirement. The linchpin is the right payroll and HCM software platform. And the product that worked yesterday may be woefully inadequate for remaining competitive into the future. This blog talks about the top reasons that payroll service bureaus jettisoned their prior platforms and converted to a different software platform and the impact on their business.
Every CPA firm wants to gain more clients to grow and improve profit margins. Most firms consider growth as providing the same services but to more clients. For those firms, having 20 clients this year and 40 clients next year is an easy metric to measure their success.
But there are some problems with thinking about growth this way that you may have experienced in your firm as you have tried to grow. Here’s your chance to learn more about what’s wrong with measuring your firm’s growth only by client numbers and how offering payroll can be a better solution.
Scores of payroll professionals have jettisoned the corporate world in favor of an entrepreneurial option – and with good reason. A recent report by the International Market Analysis Research and Consulting Group (IMARC Group) shows that the global payroll outsourcing market size is expected to surge to $12.1 Billion by 2028.
Those figures alone prove that there is plenty of opportunity to go around. But there are other benefits contributing to the trend:
- Autonomy and control
- Enhanced earning potential
- Service Innovation and customization
- Work-life balance
Intrigued? If you’re a payroll professional ready to take the reins of your own career, read more for a few tried-and-true tips.