How Payroll Automation Can Empower Accounting Firms (and their Clients.)

[vc_row][vc_column][vc_column_text]It’s true that behind every successful business, you’ll find an equally exceptional accountant.

But there’s also a lot to process for clients on a monthly basis. Payroll, in particular, is one of those areas.

Payroll is very much a specialism in its own right. Compliance is tricky, as legislation changes are often complex to interpret and apply.

In a world where clients expect high levels of efficiency from their external providers, automating recurring tasks, like payroll, doesn’t just make sense – it’s smart business.

It’s also where accountant firms can win big by partnering with their own external provider to expedite monthly payroll runs.

But there are other advantages to partnering with a digitised payroll solution.

“Empowering businesses to take ownership of their own processes, data, and information is perhaps the most transformative thing accountants can do for their clients.”

Payroll outsourcing – moving to a more automated approach

So, what are the main reasons for partnering with a specialist payroll solution?

Transparency & Visibility
Technology has disrupted many traditional services. This has empowered accountants and clients to gain access to the data needed to steer their businesses to success. Sadly, payroll has not experienced the same innovation so businesses still don’t have the required transparency and visibility.

Manual processes – such as relying on Excel spreadsheets or outdated legacy systems – have continued to bog down a monthly process that should only take a few
hours to complete. The manual process of sending data back and forth not only causes a slow turnover time, but this can also lead to compliance issues due to human error.

Dedicated support
Businesses are seeking comprehensive support and expert advice from their accountants.

This was perhaps best highlighted by the effects of the pandemic. During this time, payroll legislation was changing monthly. Many businesses relied heavily on their accountants to provide clarity and keep up with changes being legislated and with so much other value to offer clients besides maintaining compliance, it was difficult for accountants to keep up.

External payroll software providers, like PayFit, have payroll expertise in-house and accountants can benefit from their expertise via partnership.

Tighter compliance
With payroll legislation constantly changing, staying up to date with the latest changes and developments is imperative.

If payroll knowledge isn’t up to scratch, any errors can leave companies open to hefty fines from HMRC.

Here’s another kicker: While clients are responsible for running payroll themselves, firms can remain culpable for any mistakes that occur. Consequently, it’s in an accountant’s best interest to ensure that payroll is run correctly and accurately.

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