Can payroll be profitable for accounting firms?
Traditional outsourced payroll providers have built huge, profitable corporations from payroll and related services. Based on that model, accountants can see that payroll can be profitable. With advances in payroll applications that make in-sourcing inexpensive, easy and hassle-free, the decision to offer payroll is pretty obvious. Q: How do Intuit’s solutions help? A: In-house payroll, using Intuit’s PayCycle as an example, has nearly automated the entire payroll process. Federal payroll tax liabilities can be remitted automatically with just a few clicks. There is no need to print and mail checks. Federal forms including forms 940, 941 and 944 can be sent electronically as well. For many states, your clients’ state tax liabilities and state forms can also be submitted electronically. Q: Payroll is fraught with tax and regulatory issues. What can go wrong if the function is performed poorly, and how do your solutions help prevent errors and protect employers? A: We ensure that regulat
