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How CPAs Increase Profitability and Client Retention with Payroll, T&A and HR Services

Posted on Friday, March 01, 2019

Time & Attendance Whitepaper: CPAs Increase Profitability with T&A

It's accrual world, goes the accounting joke. And while CPAs are adept at solving other people's number problems, they suffer from a couple of subtraction issues of their own: the retention of both qualified staff and clients.

Surveys show that the turnover of qualified talent is a persistent issue for CPA firms.

In a recent article for the Journal of Accountancy, leadership and management consultant Tamera Loerzel recommends the adoption of a more flexible work culture that provides employees more control over when and where they work. Loerzel also offers tips for establishing a system of effective feedback and sense of purpose among employees.  Often, she writes, firm managers are too slow to embrace new ways of working that could not only boost retention, but also improve productivity and client satisfaction.

But employee turnover is not the only retention issue CPAs have to manage.

CPA Client Retention in a Price-Sensitive Market

When money gets tight, clients may decide to switch to lower-cost accounting options.

Today, many accounting firms have discovered that providing additional services beyond the traditional tax return preparation and tax planning services is a great way to generate clients who stick around.

It's a strategy that 56% of small firms and 69% of large firms have adopted with the addition of payroll-related services.

Our whitepaper, “How CPAs Increase Profitability and Client Retention with Payroll, T&A and HR Services,” has more information about the return on investment provided by add-on services like payroll, time and attendance and HR support.

Whitepaper: CPA's Boost Client Loyalty with Payroll and HR Services

Read the whitepaper to learn more about why accounting firms report a strong return on their time investment, increased revenues, profitability and client retention when they offer these payroll-related services:

  • Direct deposit via ACH processing is used by 82% of employees and can be offered through a bank or an independent ACH provider
  • Certified Payroll is required for construction clients or those working with government contracts
  • Time and attendance software eliminates extra work while helping clients reduce errors and the threat of liability from wage-related claims
  • HR support is in great demand by small businesses that want help staying on top of workplace compliance without having to create an internal HR department

Time Rack Custom Time and Attendance Solutions

At Time Rack, our clients have access to a wide range of customized time and attendance solutions that take the work out of managing complex workforce needs like project-based timekeeping, remote worker time tracking and seasonal employees. Our state-of-the-art technology can also help control overtime costs and streamline compliance-related time tracking for things like certified payroll or the ACA's payroll-based journal reporting.

Our clients also have access to additional solutions through our sister companies SBS Payroll and Payroll Tax Management. Plus, our newest integrated partner, JazzHR, offers robust applicant tracking.

To learn more about the benefits of offering additional services to your clients, click on the link below to download our whitepaper.

Download our CPA Profitability Whitepaper Here