How to Add Value and Stand Out via Payroll Services

One of the ways that we can keep increasing our QuickBooks® revenues year after year is constant innovation. Payroll is a great area to look at to expand your services to take away the headaches and meet your clients’ needs. Here are seven ways to increase your payroll revenue and differentiate your offerings from other accountants and bookkeepers who offer payroll services.

#1: Posters

Did you know there are huge fines your clients can experience if they don’t put up their posters? Did you know that Intuit® is a great source of payroll posters? I didn’t until a few weeks ago until I bumped into Colleen King, an Intuit Service and Support Specialist. Here’s the link to their compliance service.

#2: Onboarding New Employees

W-4s, I-9s and an employee’s emergency contact information are the minimum that an employer should collect from a new hire. Most states’ employment departments require a new hire form to be completed within a certain number of days, usually 20, from the hire date. In California, for example, an employer has 20 days to report a new hire to the Employee Development Department. In Texas, an employer must report to the Texas Workforce Commission.

Help smooth the process by developing a forms packet with procedures for your clients or help them complete all this paperwork. Better yet, show them the new cloud-based document portals like SmartVault and set up their online human resource records tied to QuickBooks.

#3: Time Tracking

Helping your client with their time tracking needs can range from simply designing some time tracking forms and instructing clients about document retention, to gathering requirements and selecting and installing time tracking add-on software. Let your clients know you’re available to help them integrate their time reporting needs into QuickBooks.

#4: Worker’s Compensation Audits

Make sure your client knows to acquire worker’s compensation insurance and let them know you’re available to do the annual audit.

#5: Job Costing Help

Job costing is not just for contractors. If your client wonders where all that labor is going, offer to set up job costing for them. Especially important for small businesses where one person wears many hats, we encourage clients to job cost by department – marketing, accounting, sales, production, shipping – so they can see where their labor dollars are going. Help your clients by getting QuickBooks set up right and training clients how to classify their time.

#6: Contractors and W-9s

Although not literally a payroll topic, most employers have employees and contractors lumped together in their minds; they can forget that there is a whole separate set of forms and compliance for contractors. Offer to do a W-9 audit and to get QuickBooks set up properly so that it’s easy to segregate these 1099 vendors. Also, most of us cannot provide legal advice, but we can point clients to the IRS guidance. Here’s the link for your use.

#7: 1099-K Reconciliation 

Finally, the government has gifted us with extra money by creating the 1099-K. There may be fewer 1099s to generate, but the reconciliation and the error-prone process is labor intensive. Make sure clients know to track the payment methods of the 1099 vendors so it’s easier sailing next January.

Add these new services to your payroll offerings and you’ll not only make your clients happy; you’ll boost your payroll income at the same time. We’d love to hear from you about what you’re doing to broaden your payroll offerings for clients.