As you build your bookkeeping and accounting practice you’ll face a number of issues. Client retention will likely be top of your list and there are a number of things you can do to help:
- Consider moving to value based pricing – pricing your services based on your client’s perceived value of the service. There’s a great series of articles written on this: http://blog.xero.com/2013/03/overview-of-value-based-pricing/
- Ensure you develop a client communication plan – updates, reminders and notifications should all be part of your regular dialogue with your clients. If you aren’t already using CRM in your practice, consider moving to a combined bookkeeping system that includes or can integrate these client relationship management tools.
- Bring payroll back in house – this additional service you provide your clients is the single most effective way to remain in regular communication with your clients. Your perceived value increases significantly (you are helping get their employees paid – what could be more valuable?) PaymentEvolution helps you bring payroll back in house without the added burdens and cost – in fact, our existing bookkeeper and accountant partners find that payroll is a strong revenue driver for them.
If you are considering payroll processing in your firm, you’ll want a strong set of features to ensure it’s easy and flexible to perform these functions for your clients. We’ve recently added a series of features that will make it even more profitable to offer payroll services to your clients:
Multiple logins and permissions
You can use our advanced security features and permission model to delegate certain tasks to clients. For example, you can give individuals in your client’s organization the ability to enter timesheets on their own (saving you the data entry and potential errors). You may also choose to give your clients the ability to perform most steps in a payrun (enter salaries, modify / add employees etc) but save the final payments for you to authorize. With PaymentEvolution Payroll, you have a number of choices on the permissions you can give your clients – giving you the ultimate flexibility to run your practice the way you want.
Enhanced security – PIN codes
We’ve introduced PIN-based verification for payments to ensure that only the authorized payment officer of a company approves payments. A client can have your firm do all the payroll processing but save the final payment approval for themselves.
Multi-company management and dashboard
We’ve enhanced our multi-company management dashboard giving you a quick way to navigate among your clients, view their employee profiles, edit their company settings. You’ll also see notifications on when a payrun needs to be finalized to ensure electronic payments are made on time to employees. With this powerful multi-company management interface, you’ll be able to streamline payroll processing for all your clients. If needed, you can also adjust your own master profile and login credentials. If clients leave, you can close or deactivate their accounts as well.
Give your clients a consistent experience by branding your payroll service with your logo and company branding. Clients can even be directed to your unique URL and site address. The service is maintained and hosted by us so you don’t need to worry about legislative changes, updates or enhancements – we do all that for you.