Payroll is a valuable service that a lot of accountants are starting to offer to their clients. After all, this type of number-crunching service suits a lot of accountants who have the knowledge and skills to accurately calculate and manage the financial aspects of paying employees.

Chances are that you use some sort of software with your payroll service, but that doesn’t mean that there aren’t any improvements that can be made. 

After all, nowadays with payroll, it’s not a question of whether you use software, but which type of software you use, and one type stands out – Cloud payroll software. 

Desktop v Cloud Payroll software 

If you’ve been running a payroll service for a while now, chances are you’re on a legacy system, like an older version of Sage, Quickbooks, or Iris. You might not even have updated the software, because it works well enough for you. 

Known as ‘desktop software’ this type of programme is installed onto a computer and doesn’t require an internet connection to use. 

There’s a reason it’s still common – it allows accountants to do all things payroll, from managing and processing payroll to tax filing. In other words, it does the basics. But it won’t supercharge your service, and it comes with the drawbacks of limited flexibility and more manual input. It’s hard to run desktop software from multiple locations or to ensure your data is always up to date. 

That’s where cloud software comes in. For payroll, cloud software has similar functionality as its desktop predecessors, but everything is stored online (cloud refers to the on-demand availability of computing resources over the internet). 

It might not seem like much, but that simple fact could change everything about how your payroll service works. 

Use Cloud software to supercharge your Payroll service

Online payroll software is essential if you want to offer the best payroll service. Here’s why. 

    1. Accessibility. Because cloud payroll software is stored on the cloud, it means all the information uploaded to it can be viewed by multiple people – all they need is an internet connection, login details, and authority to access the data. That means you, your staff, and your clients can access data from anywhere, whether you’re in the office or working from home. 
    2. One version of the truth. Everything on a client’s dashboard will be updated automatically, so one change to the system instantly filters through to everyone else. In other words, there’s only one version of the truth, allowing you to offer more accurate and valuable information to your clients.
    3. App integration. Cloud software can be integrated with a lot of other applications, meaning your payroll service is connected to every other aspect of your client’s finances, and vice versa. One change somewhere in your app ecosystem automatically updates your payroll data.
    4. Boost efficiency. Payroll tasks themselves can be done far more efficiently with cloud software, too, as payroll software can automate many tasks, such as calculating taxes and deductions, and paycheck generation. That saves you a lot of time you can then spend onboarding another payroll client. 
  • Reduce human error. With as many processes automated as possible, you can reduce the chance of human error. Again, you save time, but also provide a better service. 
  • Cost-effective and scalable. Payroll service providers only need to pay for what they need and can easily add or remove clients as needed. 
  • Security and data protection. Cloud-based software has robust security measures to protect sensitive client and financial data. It also automatically backs up all data, so you won’t lose anything ever again if your computer crashes.

How Cloud Payroll software can supercharge your entire firm

The biggest benefit of cloud payroll software is the opportunities for increased productivity and efficiency: everything is in one place; no data is lost after a crash; automation; multiple access; opportunities for collaboration, and so on. 

Meanwhile, your clients benefit from a greater understanding of their payroll, completely accurate data, and an accountant with all the current information. In other words, you have a more valuable service. Factor in the number of new clients you can handle with cloud software, and you have a thriving one. 

However, strong payroll software can go a step further by benefiting and supercharging your entire firm. 

How? The more time you can save with payroll (without compromising the value of the service), the more time you have to focus on meeting your clients face-to-face and giving a more personal touch to everything you do. In a time of accountancy where compliance services dominate, this will be essential if you want to set yourself from the competition. 

You’ll also have time to focus on the projects you enjoy and the most profitable services, like business advisory. In all, you’ll provide more value to clients than ever before. 

All the while, your wealth of payroll data will bolster your data collection and the quality of your business advice. 

 

We offer payroll software for accountants. Get in touch to learn more. 

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