FROM OUR PARTNERS How exactly are firms deciding which payroll software to switch to? BY HITENDRA R. PATIL take their payroll business and clients away. In their search for alternatives, many have found solutions like Payroll Relief that do not compete with their firms. 2. EASY MIGRATION AND ONBOARDING Moving to another software solution creates anxiety and a one-time data migration / onboarding effort for firms. It’s a cost that involves time and effort. But when it comes to the survival of the payroll business itself, it is not a cost at all. It is an investment, provided that (a) the new payroll software is easy to migrate to, and (b) it protects the payroll business. Both factors are critically important.
Once in a lifetime, a challenge arrives that changes everything — and no, we're not talking about the pandemic. Instead, we’re talking about the challenges that accounting and payroll firms face. One such potentially business-threatening challenge impacts firms that offer payroll services — which software to use.
— unless you know what the firms that are similar to yours did before deciding upon a new payroll solution.
When your firm’s payroll software provider decides to offer full-service payroll themselves, you have a critical choice to make: either surrender your payroll practice to them or switch to another payroll solution to protect your payroll business.
Based on our studies and feedback, we have identified the most common concerns and objectives for firms, and their key decision criteria upon which they finally make payroll software decisions.
But how do you decide which payroll software to use? On first glance, most payroll solutions look and feel similar. After all, we’re talking about payroll processing and related compliance work; how much can be different? Maybe efficiency and pricing? But the decision to switch is not that easy
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Here are five critical insights that can help you make your decision quickly and with great confidence. 1. SURVIVAL OF THEIR PAYROLL BUSINESS AND RETAINING THEIR CLIENTS Firm owners have told us they want to continue to provide payroll services to their clients. They don’t want to let someone else
3. PROFITABILITY The subscription price of software is not the true total cost. The tasks you have to perform manually using any software define your firm’s profitability from that software. The biggest mistake firms have made in the past was to compare the price, not the total cost. Thanks to intelligent automation around payroll processes, many firms using Payroll Relief have grown their payroll business by 200 to 300 percent or more, without adding payroll staff. 4. PAYROLL COMPLIANCE CHALLENGES Perhaps the No. 1 reason business owners outsource payroll to your firm is the complexity and tight deadlines in payroll compliance. That is the real gap between your competencies and that of your clients, who are not payroll compliance experts. But does the payroll software take the challenges out of payroll compliance without your firm needing to outsource that work to someone else? Did you know that you can retain more than 70 percent revenue from your payroll service fees by clicking just one button, which you could otherwise lose to someone else?
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