Building your business with payroll — what does that mean and what does it look like for accounting and bookkeeping practices? Maybe it's something that's been on your mind, but you're not sure where to start, or if it's even the right step for you.
In our recent webinar, hosted by Wagepoint Community Manager Bianca Mueller, we go over all of that.
Bianca Mueller, Wagepoint Community Manager
You're welcome to watch the webinar recording above. Otherwise, we'll dive into a overview of the webinar below.
For our readers in the group, let's start with the why.
Why should I grow my business with payroll?
Before adding new offerings to your business, it's always good to do your research. If you're on the fence about adding payroll to your accounting or bookkeeping repertoire, here are a few of the main answers to consider for the why:
- Payroll pros with the knowledge to back up their skills are in demand.
- Payroll can be a recurring revenue source that helps scale and grow your business.
- Year-end can become that much simpler when you integrate payroll into your accounting processes.
- Enhance your brand and add value for your clients through payroll advisory.
- Build trust and retention with clients.
In short, there are many ways that payroll can be a valuable asset to your practice.
Jump to timestamp 6:22 in the recording to hear Bianca go into detail about these whys.
KPIs for payroll: Where to start?
KPIs, or Key Performance Indicators, are a staple for businesses. In their simplest form, it means setting targets to achieve objectives for business growth.
You probably think about it for other areas of your accounting or bookkeeping practice, but what about for payroll? Well, if you're thinking about growing your practice with payroll, figuring out your KPIs and how to meet them are a good place to start.
Fun fact: The Canadian Payroll Association notes that only 60 percent (60%) of businesses currently track payroll KPIs, and of those who do, it's usually related to submission timelines.
How can you track KPIs for payroll?
From an administrative perspective, you might track:
- Funding requirements
- Training costs
- Onboarding costs
From a performance perspective, the payroll KPIs might instead be:
- Who's being paid
- When they're being paid
- How many people are being paid
- How various pay groups or pay runs could impact costs
For tech and software related to payroll, KPIs could include:
- IT support
- Tech and software costs
- Maintenance and implementations of systems to support tech and software
It's true, the KPIs will vary client by client based on their payroll needs, but those should give you a place to start.
Hear more about potential payroll KPIs by going to timestamp 9:09 in the webinar recording.
Assessing clients and their payroll.
Whether you're bringing on new or working with established clients, assessing or reassessing their payroll needs is an important step in keeping payroll as a viable part of your business.
It starts with setting clear expectations and asking the right questions to make sure you're both on the same page. Doing this, you can establish details like industry-specific needs, how many employees or contractors the client has, how much payroll experience they have, how they're currently processing payroll, what tech or software is already in place and what other add-ons or functions they may need.
A way that you can wow your clients is by thinking ahead and anticipating other payroll needs and how that can impact their businesses. That'll demonstrate your payroll knowledge to show that you're the one they want to be working with.
Get detailed examples of assessing and anticipating client needs and client interviews starting at timestamp 11:18 of the webinar recording.
Using a payroll onboarding process to scale your practice.
If you're bringing on new clients, having a process in place to onboard them and their payroll will give you the chance to tackle things efficiently to keep the intake flowing smoothly. Taking the prior step of assessing and interviewing clients will make sure all the cards are on the table and there are no surprises that can send things southward.
You can even create a checklist, going over details like legal business information, Canada Revenue Agency (CRA) payroll numbers, banking information, provincial tax requirements and more.
Looking for an extended checklist? Learn more about what information you need for onboarding by going to timestamp 23:50 of the webinar recording.
Putting payroll software to work.
The tools you use for your practice play a huge role in the services you can offer your clients, but you probably already know that. The key here is figuring out which tools will best serve you and strengthen your practice's building blocks.
Payroll software is an asset you don't want to overlook. Sure, there's the CRA's Payroll Deductions Online Calculator, but that means time spent on using it and then still needing to suss out how the payroll gets entered into the books and how employees will get paid. Why spend time on that when you can use a payroll software?
Take Wagepoint, for instance. These are just some of the staple features that can speed up the payroll process and free up your time to scale and grow your firm.
- Cloud capability
- Integration with other platforms, including accounting software like Xero
- Automatic calculations for pay runs
- Built-in reporting
- Collaboration with clients
- Digital compliance
The list goes on, and the benefits just build on one another. As mentioned in the webinar, having payroll software with these kinds of capabilities is no longer the future, but the present.
Timestamp 36:32 of the webinar recording will start you with a more in-depth look at each of these.
Check out these 5 payroll software must-haves for 2022.
The Wagepoint Partner Program.
While we're on the topic of Wagepoint, let's chat about the Wagepoint Partner Program. This is an opportunity for accounting and bookkeeping practices to work with Wagepoint to build their business and work with their clients on their payroll.
Being a part of the partner program gives you access to dedicated Wagepoint support, educational and information webinars (such as this one!), the Partner Certification Program, a resource portal just for Partners, exclusive discounts to industry events or resources and so much more.
To see a full scope of the Wagepoint Partner Program, jump to timestamp 42:55 in the webinar recording.
Start building your accounting and bookkeeping business!
And that's a wrap! Now you've got the building blocks to get started with building your accounting or bookkeeping business with payroll. Happy growing!
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