8 Reasons Why Offering HR is the Easiest Way to Grow Your Accounting Practice
Attention small business accountants. Grow your accounting firm by offering Human Resources services.
8 reasons you should offer Human Resources
Let’s discuss the specifics.
1. Expand your role from an accountant to a business advisor
Small business owners who outsource have already overcome a psychological barrier. They have wisely decided not to do it all. They want to focus on their core product. And turn over some business functions to experts.
It takes time to research a service provider. Since it’s an ongoing relationship—not a one-time transaction—most business owners give it a lot of thought. If it requires a contract, it can take even more deliberation. It requires time and energy they could focus elsewhere. That’s why people stay on the same crappy phone plan or keep seeing a dentist who has bad breath.
Your clients have already done their due diligence for your company. That makes it easier for you to move from an accountant to a business advisor.
Business advisors provide broad-based strategic solutions rather than isolated services. When you solve a sticky pain point you become more than “my tax guy” or “the woman who does my books.” You’re the go-to resource. You solve problems.
The more problems you solve, the easier it is for them to do what they really want to do. They want to look for new opportunities. They don’t want to worry about the nuts and bolts of Human Resources.
2. Human Resources is a natural fit
Human Resources encompasses a broad range of processes:
Human Resources functions are inherently confusing. Tax forms. Byzantine overtime regulations. Health plan complexities. PTO structures. It’s a real buzzkill for new entrepreneurs. And an ongoing slog for veteran business owners.
Since it’s tied to finances, good Human Resources management is mutually beneficial. Labor optimization gives you more to work with.
Human Resources can be a catalyst. It can create the conditions for business success.
3. It’s easier to retain than to gain clients
It costs at least five times as much to attract a new customer than to retain an existing customer. (Some studies put the figure as high as 25 times.) To keep a customer, you need to provide ongoing value.
If you have minimal interaction with your clients, that’s probably how they like it. (Most of us subscribe to the “if it ain’t broke, don’t fix it” philosophy.) But you can’t risk the possibility of your clients forgetting that you are key to their business.
Solve their persistent HR problems. Lower their labor costs. Make their lives easier. Remind them continually that you are critical to their survival.
4. You will become more profitable (even if you don’t expand your client base!)
Proactively focusing on customer retention is as important as attracting new clients. Consider the profit ratio:
In financial services, a 5% increase in customer retention produces more than a 25% increase in profit. Why? Return customers tend to buy more from a company over time. As they do, your operating costs to serve them decline. (Bain & Company)
Another plus; loyal clients are more likely to refer you to other business owners.
5. Your clients will become more dependent on you
As you solve more problems for your clients, you will become indispensable.
Your clients have chosen you because you not only capably handle their books—you don’t require much attention. You are a reliable “silent” partner. That’s important for a business owner juggling seemingly infinite demands and finite resources.
Human Resources is something they must deal with constantly. Take over this weighty task and make their job a lot easier. Effective Human Resources provides financial and operational benefits. Do it well and you will have a customer for life.
6. If you don’t offer it, your competitor will
Service providers are expanding their suite of offerings. Accounting firms are adding Human Resources. On the flip side, Human Resources service providers are adding accounting.
Some businesses partner with a Professional Employer Organization (PEO). PEOs completely take over workforce management and become the employer of record recognized by the IRS. They manage employee benefits, worker’s compensation, and talent acquisition. Plus onboarding, training, performance reviews, payroll, and employee timekeeping. Offer Human Resources before your client turns to a PEO.
7. It’s an untapped market
Many small businesses handle Human Resources in-house. Some are using the same manual methods they used when they hired their first employee. Capitalize on the fact that they are behind the curve.
8. It’s easy
We make it easy to offer Human Resources.
SwipeClock Channel Partners handle client setup, sales, and customer support. They enjoy all the autonomy of a standard white-label reseller.
Perhaps you are a very small company. If so, the SwipeClock BOSS (Back Office Sales & Support) program is a great choice. As a BOSS Partner, SwipeClock will handle client setup, sales, and customer support.
It gets better. SwipeClock also provides marketing services to their 1000+ resellers.
Bottom line? Human Resources management will make your clients more profitable and simplify their internal operations.
That’s the kind of service a trusted business advisor provides.
Simplify HR management today.
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