Payroll Vault has worked to design a variety of resources and opportunities for today’s accounting professionals. It’s true that accounting firms are becoming more strategic with their suite of professional services, and most are now looking to offload their payroll service offering altogether.
Our goal is to help you align with your future goals and stay focused on the future success opportunities for your accounting firm with our Payroll Vault accounting firm support options, including:
- Referral Partner with Payroll Vault
- Plan Your Exit Strategy with Payroll Vault
Payroll Vault has the experience to support both a referral relationship and support an exit strategy specific to your firm. The referral relationship is mutual and provides growth opportunity for the firm and Payroll Vault. Exit opportunities are designed from our years of experience with transactions and subsequent successful payroll service transitions for firms.
If you are ready to explore your options, lets Start the Conversation today, and together we’ll design and plan out your next steps.
Options To Consider
Accounting professionals are seeing added complexity to the management of payroll services that include growing client needs, tax and agent reporting requirements and new state and federal compliance rules. The only other option for firms looking to maintain a payroll service is to consider sophisticated software options and other workforce management resources that business owners are asking for, and now need, to effectively pay and manage their teams of people.
Referral Partner Payroll Vault
Outsourcing your client payroll needs to a professional with Payroll Vault is an excellent way to gain more efficiency to your firm and focus your attention on additional value through accounting, tax, audit, advisory, and consulting services. A referral relationship with Payroll Vault means Payroll Vault will manage all your client payroll systems, refer business to your firm, and focus on a win-win-win relationship for you, the client and Payroll Vault.
Plan Your Exit Strategy
Payroll Vault was founded by a career CPA and we understand what makes an accounting firm efficient and successful. Focusing on the services the firm is designed for has always been a cornerstone for a firm’s success. Evaluating current resources and long-term goals is also a typical exercise done each year when doing firm planning. If you are ready to consider exit possibilities and focus on a more efficient firm that is ready for new firm opportunities, let’s Start the Conversation on what Payroll Vault can do to support your payroll exit strategy
Why consider a referral or exit plan?
Having a plan creates an easy and efficient opportunity for an extended relationship or a graceful exit.
A cross referral relationship benefits you by gaining a trusted provider and resource that operates with a world class software solution and a complete suite of workforce management services. Payroll Vault will:
- Be a welcomed referral partner
- Reduce firm risk and manage client compliance
- Allow you to expand service offerings to your clients
- Provide peace of mind for your firm’s future
- Focus on the client’s overall business success
If you’re looking for that graceful exit, you will have the reassurance that Payroll Vault will:
- Design an exit strategy to meet your specific goals
- Operate with dedicated, knowledgeable and assessible owners and staff
- Earn the trust of the clients and provide a great experience for them
- Give clients full access to a suite of payroll and workforce management services
- And more!
Why have many accountants stopped payroll processing?
Exiting payroll processing has been a natural progression for many years and now has been emphasized the past 3-5 years. Software brought some perceived opportunity to payroll services in the '80s and '90s, but the advancing complexity of payroll and timing requirements continue to force, or require, accountants to consider outsourcing or exiting payroll services to industry professionals.
Additionally, an increase of efficiency had been proven once payroll was separated from traditional accounting, tax, audit and consulting services, greatly benefiting the accounting firm.
Why has payroll become more complicated for accounting firms?
There are 5 main factors that have made payroll more complicated for accounting firms.
- Need for more sophisticated user driven software
- The client needs for more workforce resources
- Tax regulation
- New state compliance rules
- New federal compliance and credit rules
When is the best time to exit my payroll business?
There are two important considerations that often create interest for accountants to consider an exit plan:
- A good, qualified partner or buyer – Payroll Vault is a boutique payroll service brand with the best client service available in the industry – aligned to work with both the client and the accounting professional.
- Opportunity – Professional services that include accounting, tax, audit, and now advisory or consulting services are in high demand. Accounting firms are now more strategic themselves and focused on these high value services.
What are the benefits of partnering or exiting Payroll Vault?
How do I get the conversation started with Payroll Vault?