If you are offering payroll solutions but using software that requires too many internal resources, it can be a burden on your firm. In this blog, we will review what to look for in a partner-sourced payroll provider, as well as the benefits of using myPay Solutions from Thomson Reuters.
Have you decided to add payroll solutions to your service offerings, or do you offer them now but maybe you aren’t happy with the workload it entails? Many firms want to break into the payroll space, but don’t want to manage it in-house. Trying to manage payroll can be a drain on resources because of the workforce required and the difficulty of keeping up with compliance issues. A good partner-sourced payroll provider can take the pain out of payroll.
Payroll services add value to your firm
How can you up the ante of services you offer clients without giving your employees extra work and draining valuable resources? Your time could be used in better ways, like delivering even more advisory services and focusing on expanding client relationships. With the payroll industry growing and changing, not to mention all the new compliance rules, many firms are outsourcing their payroll to a third party solution.
The benefits of offering strong payroll services
Many firms want to offer payroll because they see the benefits of it for their business and clients. How do you offset the burden but still offer the best in payroll solutions to keep your clients happy and your firm running efficiently? A partner-sourced payroll provider, like myPay Solutions, is a good answer because of the streamlined workflow and ease of use. Many accounting firms who have implemented myPay Solutions are seeing positive results.
“We decided we were ready to take a strategy with payroll. myPay [Solutions] has allowed us to seek out and support clients that we simply would not have been able to support before. Client satisfaction has increased once we partnered with myPay Solutions, allowing us to be much more of a partner with clients, with a seamless, quick approach”.
What should you look for in a partner-sourced payroll provider?
Besides basic payroll processing, and the managing of all current tax obligations and compliance rules, consider a payroll solution that offers multiple pay options such as direct deposit, paper checks, or prepaid debit cards. You’ll also want to check if the provider offers multiple wage rates, garnishment payments, paid-time-off management, workers’ compensation administration, unemployment insurance, and detailed payroll reports.
Ease of use
The payroll solution you choose should be intuitive to use and understand. It should have an easy-to-use interface that allows you to run payroll and add employees into the system in a matter of minutes.
In addition to cost, you need to determine if a contract is required as that can have an impact on cost depending on how often you run payroll. Many services operate on a month-to-month basis with no long-term contracts, while others require yearly commitments that allow you to decide whether you are paying by month or pay period.
Find a partner-sourced payroll provider with an established track record with whom you feel secure knowing they have experience dealing with any payroll issues you may face.
You want a partner-sourced payroll provider that integrates with the programs you are already using whether they are built in or able to be created via an open API, such as workforce management solutions with HR and time and attendance systems, as well as accounting software.
Look for a partner-sourced payroll provider that provides help when you need it. You should inquire about whether you will have a dedicated support representative who will always be your main point of contact.
Online payroll services are cloud-based, which puts businesses at the mercy of the payroll provider to keep it up and running. Be sure to ask whether the provider has many outages and how often it is down for maintenance.
Your payroll solution should allow employees to log in on their own to view digital pay stubs and year-end tax forms using a mobile app and secure portal from anywhere.
The best partner-sourced payroll providers offer a full range of services
Some payroll providers offer a variety of additional services, such as human resources, benefits, and retirement plan administration.
Other questions to consider when choosing a payroll service include:
- How often are the clients tax tables updated for compliance?
- Does the third party payroll service have other clients in the tax industry?
- Can the payroll solution connect easily with your employee benefits offerings?
- How will it handle your business as your company grows?
- What type of security measures are in place to keep your company’s payroll data safe?
Look for a comprehensive payroll solution
According to a Thomson Reuters survey, 38% of accountants preferred to process the payroll for their clients, while 32% said they preferred to outsource their clients’ payrolls to a service bureau. With this in mind, myPay Solutions is a comprehensive payroll service for accountants who choose to refer their clients’ payroll to an outside provider, without sacrificing service or their client relationship. It’s also the perfect solution for accountants who would like to keep some of their payroll processes in-house while outsourcing others.
When you partner with myPay Solutions, you can expect:
- Secure, customized time entry portals
- No hidden charges
- Timely, accurate tax filing
- Seamless journal entry integration
- Enhanced image as a full-service firm
- On-demand, real-time client reporting features
- Personalized service from a dedicated processor— not a call center
- Increased client retention
- Complimentary direct deposit and pay cards
- W-2 data sharing between myPay Solutions and UltraTax CS®
- Single login point for NetClient CS® users
Add-on services with no additional cost from myPay Solutions:
- General processing services:
- Secure web portal batch data entry
- Secure web portal remote check printing
- Federal tax filing service and 1-state tax filing
- Direct deposit
- Electronic journal entry for Accounting CS®, Write-Up CS® and QuickBooks® desktop software
- myPay Solutions web portal
- New hire reporting
- Employees secure web portal – online pay stubs and W-2s
- Digitized signature option
- Add your business digital logo to checks
Grow your service offerings
Boost your image as a full-service firm by offering the payroll solutions your business clients need without the risk. This gives you to the opportunity to expand your bandwidth. With myPay, you’ll have a dedicated payroll specialist that includes a one-on-one relationship for support with setup, paychecks, and more. Your payroll specialist helps with timely tax filing to ensure that all federal, state, and local taxes are paid accurately and on time, and they respond to any issues on your behalf. Reduce the risk of fraud and security breaches with secure portals and multi-factor authentication from a trusted source. Easily manage the compliance burden of navigating regulatory changes so you can focus on providing strategic direction to your clients.
“We have seen a 30% increase related to our tax business by using myPay Solutions. Being able to offer payroll as a reliable solution, with all the services is one less step in the process for us. Often clients are so happy with myPay, they have come to us asking for other services.”
With a simple onboarding process and access to legacy software, myPay Solutions can tie it all together. There are a lot of payroll solutions out there, but don’t you want one that can streamline everything for you? Keep your clients happy and your firm expanding efficiently with myPay Solutions from Thomson Reuters.