Case Study:
Accounting Firm
KnowledgeWell
The Challenge for Accountants
It’s time-consuming and costly for accountants to help their clients manage payroll. Accountants spend their time researching CRA rules, labour standards, preparing payroll information, and learning multiple payroll systems (with little support from the software vendor). Spending time on payroll prevents highly trained accountants from focusing on helping their clients grow by providing higher-value services such as business, tax, and succession advice. It’s also costly to the accounting practice as payroll services have lower fee recovery rates of all the services they provide.
As small businesses struggle to find and retain employees they turn to their business advisors, i.e. accountants, for advice. Many accountants want to suggest their clients provide employee benefits but know the options are limited and cost prohibitive for companies with less than 30 employees. Accountants, are also typically a small business and face the same challenge.
Accountants want a solution they can recommend to their clients that provides affordable benefits and payroll services with the government rules built right in, so they can focus on higher-value services and help their clients grow successful businesses.
Overview:
The Partners and staff at the SBT accounting practice were frustrated by the amount of time spent managing payroll issues for their clients. They had over 30 small business clients and spent significant time researching changes to CRA and labour standards and helping prepare payroll and correcting errors. Payroll software vendors were not providing help with integrating software and apps to make the process more efficient.
In addition to payroll challenges, there was increasing frustration from clients with the number of valuable employees they were losing because they couldn’t provide benefits.
The Partners were looking for a solution to reduce the time spent on running payroll with CRA and labour standard compliance. They also wanted an affordable benefit option they could feel good about recommending to clients.
Years in Business:
25 years
5
Number of Employees:
PeopleWell Products:
MediDirect benefits,
Payroll & KnowledgeWell
Problem:
The Partners and staff at the SBT accounting practice were frustrated by the amount of time spent managing payroll issues for their clients. They had over 30 small business clients and spent significant time researching changes to CRA and labour standards and helping prepare payroll and correcting errors. Payroll software vendors were not providing help with integrating software and apps to make the process more efficient.
In addition to payroll challenges, there was increasing frustration from clients with the number of valuable employees they were losing because they couldn’t provide benefits.
The Partners were looking for a solution to reduce the time spent on running payroll with CRA and labour standard compliance. They also wanted an affordable benefit option they could feel good about recommending to clients.
Solution:
PeopleWell met with SBT accounting and discussed the concerns of payroll processes and software, along with the limited access to employee benefits. The partners at the accounting practice wanted their clients to be able to manage their own payroll without needing assistance. They were thrilled to learn that PeopleWell’s single solution has the current CRA rules and labour standards built in and calculations for vacation, sick, flex, OT, stat holiday, etc. are automated. With built-in rules and automated calculations, the number of errors and time required to find information and enter data was substantially reduced.
With PeopleWell’s single solution in place, clients were able to manage their own payroll maintaining compliance with all government regulations. The partners have their own login and can access reporting needed to provide business advice and handle the external reporting requirements necessary for Institute Practice Review engagements.
With the payroll challenges solved it was time to look at benefits. MediDirect, by PeopleWell provides benefit choices that are affordable and work well for small businesses. With the rules of taxable and non-taxable benefits built right into the solution, clients can provide flexible compensation for their employees, allowing each staff member to select the compensation and benefits that best meet their needs. The PeopleWell solution provides the accountant firm’s small business clients the ability to provide pay and benefit options that are comparable to what larger companies provide.
For clients using PeopleWell, the accountants focus their time on the higher value-add services that help their clients grow and become more profitable.
Conclusion:
SBT Accounting’s clients are managing their own payroll and saving over 50% of the time that used to be spent administering payroll and benefits.
The accountants are confident their clients are fully compliant with CRA and labour standards and spend much less time answering payroll compliance queries. As the accountants shifted their attention to providing higher-value services, their clients started seeing consistent business growth month over month.
The accounting practice’s profits have also increased as they spend more time providing services with a higher recovery rate. With an affordable benefits system in place the accounting practice’s clients are finding it easier to retain good employees and are spending less time on hiring and training new staff. The Partners have a single payroll and benefits solution they trust and can confidently refer their clients to.
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