How Accountants Take Care of Client’s Fiscal Health
Let me give you an analogy before I start with a checklist to help you decide on the best payroll software for accountants. Like MDs, i.e., Medical Doctors, who take care of your physical health, accountants are FDs (Financial Doctors) who take care of the financial health of an organization. Accountants take care of their client’s fiscal situation and provide necessary prescriptions to maintain a healthy fiscal condition. Businesses heavily rely on the guidance provided by their accountants to succeed.
Now that we know the crucial role accountants play in the success story of a business, let’s move on to the moot point, i.e., deciding on the best payroll software for accountants. As businesses that engage accountants usually require payroll services, it is of paramount importance to find the right partner to complement your efforts and add value to your clients’ business.
It is Important to Make Sure that Your Clients Have the Right Payroll Software
Processing payroll, and that too accurately, is a tedious task for businesses. It’s quite a task to calculate pay accurately, manage benefits, precise deduction of taxes and insurance, ensure relevant compliances, and file timely tax returns. Because of this, accounting firms partner with good payroll software providers to be able to suggest their clients a solution that can seamlessly integrate their HRIS with Payroll services and take care of everything related to payroll for a business.
It is in your best interest if your clients find the right payroll software. If you can help your clients find the right solution that can streamline their payroll processes relieve them to focus on strategic decisions to propel your business forward, you will be a savior in their eyes. Moreover, good payroll software is direct help for the accountants as well. With a proper solution in place, they can work directly with it to greatly simplify the interactions with their clients.
A Checklist to Refer when Choosing Payroll Software for Accountants
While it is relatively easy to make someone understand the benefits of implement payroll software for a business, it is quite difficult choosing the best solution that supports your clients’ specific needs. Although it is always a good idea to ask your network for referrals and check reviews, contemplating the answers to the following questions would be of great help.
Profiling your client and their specific payroll needs
This is important to profile your client base and their specific needs to be able to find the best solution. Start-ups and small businesses have a different set of requirements than those of bigger corporations. How many employees are there in the workforce of a client? Are they involved in regular hiring and firing? What is the proportion of full-time, part-time, hourly workers? What is the pay period of your client? Asking such questions would enable you to best serve your clients.
Can a client benefit from payroll software?
Your payroll software should provide your organization with value by integrating HR functions and payroll services. It should be able to streamline the whole process for the business. The right payroll software for accountants will also be a boon for you by being a companion during challenging times like year-end. It will ensure that you have the resources you need to support your clients.
What features does the payroll software offer?
Each software is different, making it indispensable for you to weigh your options carefully. Make sure you ask tough questions during the demo to ensure the salesperson isn’t just being shrewd and telling you what you want to hear. Make it a point to go through the entire payroll process during the demo. Be inquisitive regarding how changes are made to employee records, and how the system deals with the tax complexities and jurisdictions, etc.
Following are the key considerations in a nutshell:
- The payroll software should automate the whole system, and by virtue of its usability, it should ensure that your employees of your client benefit from the system.
- The system should be able to provide real-time standards, as well as on-demand reports and analytics.
- Anywhere and anytime access via mobile
- Lucid dashboards for summary reports
- Tax compliance oversight
- Knowledgeable as well as empathetic customer support
To conclude, a good payroll software for accountants makes partnerships a pillar of its strategy. With a proper solution in place, accountants can greatly simplify their interactions with their clients and provide them value in terms of better fiscal health.
