Enhancing Employee Benefits: Payroll Services Explained as an Advisor
Jul 24, 2023Payroll is a vital aspect of our services that should not be overlooked. While some may assume we outsource this function, we significantly ensure our clients receive the best possible payroll service.
Regarding providing top-tier service to our law firm clients, we firmly believe in our expertise in payroll and guiding our clients toward the right choices. An essential component of this is offering attractive employee benefits, such as healthcare, workers comp, and the 401k plan, all of which play a crucial role in compliance.
If you're not well-versed in payroll, we recommend becoming payroll certified with Intuit through their ProAdvisor program. This free certification offers a wealth of knowledge on the inner workings of payroll. Despite its complexity, familiarizing yourself with payroll is essential in ensuring your clients' files are set up correctly.
Properly aligning a client’s payroll records is essential to avoid significant client issues, such as tax discrepancies or penalties. That's where our expertise comes in. We understand the intricacies of payroll and prevent any unwanted consequences. By enhancing employee benefits and offering a comprehensive payroll service, we demonstrate our commitment to providing the best possible support for our clients.
Our clients trust us to have a deep understanding of payroll. In the past, before the emergence of payroll services, I needed help with comprehending payroll and its overall significance. To better grasp it, I developed an Excel spreadsheet, which may also aid you in understanding your payroll detail report.
During our monthly conversations with clients or when onboarding new ones, it is an opportune time to discuss employee benefits. Here are a few questions you can ask:
- Inquire about their staff and whether they have employees or contract workers.
- If they have employees, ask about their benefits structure.
- Do they offer health benefits or a retirement plan?
ProAdvisor Tip: I have noticed negative amounts in the 401(k) section, possibly resulting from journal entry errors. If your client uses an external payroll service, it is possible that they need to record the payment of the 401(k) adequately. Many clients simply book it as an expense without considering any matched funds from the employee. This can lead to inflated costs and a negative liability account in payroll liabilities.
Know your industry
To make informed recommendations, being familiar with industry norms for staff salaries is crucial. What is the average pay for a legal assistant? How much does a law firm receptionist earn? And what about an associate attorney? Establishing these benchmarks allows you to engage in meaningful conversations with your clients. Clio's legal trend report and platforms like LinkedIn Jobs and Glassdoor provide valuable benchmarking data.
Additionally, it is vital to assess the benefits offered by your client's law firm and compare them to those of its competitors.
A Success Story: Unleashing the Power of Employee Retention
Discover how one law firm accountant, Brooke, turned the tide on the widespread talent exodus at her law firm client’s office during the great resignation. By identifying key issues and implementing strategic measures, Brooke not only retained its valuable staff but also boosted client satisfaction. Learn the secret to their success in this inspiring short story:
Identifying the Root Cause
Brooke faced a daunting challenge during the great resignation as their staff started jumping ship. This resulted in the loss of individual employees and triggered a ripple effect with multiple staff members following suit. Determined to understand the cause behind this mass exodus, Brooke searched for answers.
Addressing Compensation and Benefits
Upon analyzing the situation, it became evident that the firm's compensation structure lagged significantly behind its competition. Moreover, the employee benefits package needed to be improved. Brooke initiated crucial conversations with her client, who surprisingly received positive feedback. This set the stage for a strategy to retain and attract top-quality staff while satisfying clients. She used the Clio Trends report to benchmark attorney salaries and the salaries of other staff members at the law firm. She also discovered what other firms were offering as benefits. She set up an enhanced benefits package for her client, including healthcare, dental care, a vision package, and an unlimited PTO offering.
Leveraging QuickBooks Online Elite
Brooke turned to QuickBooks Online Elite to streamline operations and enhance the benefits structuring process. By leveraging QuickBooks' expertise in payroll and utilizing their guidance for designing effective benefit plans, Brooke ensured a hassle-free experience for the law firm client and employees. Seamlessly integrating all aspects of benefits administration within QuickBooks made navigating these complex waters a breeze. Her designated HR consultant provided help with Employee Manual revision.
Affordable Solutions with Hidden Perks
Surprisingly, many bookkeepers need to be aware of the affordable and comprehensive services available. By utilizing the tools and resources offered by QuickBooks Online Elite, Brooke was able to provide cost-effective solutions to her client and unlock a range of hidden perks. This proved a compelling selling point, enhancing Brooke's reputation and attracting new staff members. It was not only a win for her but a win for her attorney-client!
Conclusion
Are you ready to make a lasting impact as a trusted advisor to your clients? Take action today by getting certified in payroll, exploring your practice area's benefits and salary benchmarks, and uncovering the invaluable resources that can transform your client relationships. It's time for you to shine and become the go-to expert in your field.
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