Dr. Chandra Bhansali is president and co-founder of AccountantsWorld with his wife Sharada Bhansali. AccountantsWorld is a pioneer in a new breed of accountant-centric solutions that let accountants work collaboratively with their clients. Interviewed by AICPA Editor-At-Large Rick Telberg.
Q: How does AccountantsWorld’s Payroll Relief help accounting firms make money?
A: Unlike all other payroll processors, whose primary business is to sell to end users directly and who use accountants primarily as their marketing channel, AccountantsWorld never sells directly to end users. We help accountants start and grow their own payroll processing services. Moreover, we designed Payroll Relief from the ground up to make it the fastest, easiest and most profitable solution. Since accountants and clients work collaboratively, clients can take some of the responsibilities, such as data entry and check printing. We have also completely automated payroll processing for accountants. Once the payroll data has been entered, Payroll Relief automatically performs direct deposit, tax deposits, and e-filing of tax forms on time without any intervention from accountants. Payroll Center lets accountants manage their busy payroll practices effectively.
Q: How much money can an accounting firm earn in handling payroll?
A: We help CPAs and accountants make more money per hour from payroll processing than they make in the same time from tax and accounting engagements. The logic is simple: data entry and check printing are simple and mundane tasks that can be performed by a client or clerical staff. Most of the “expert” work is performed by Payroll Relief. The only time a CPA spends is in managing the service and consulting with clients on more involved issues.
Q: How does Payroll Relief prevent errors and protect employers?
A: We first made the system very simple to minimize errors. We have completely automated compliance so we can perform tax payments and e-file tax forms automatically when due, to eliminate penalties due to late filing. We also provide extensive diagnostics to warn users of potential errors and omissions. Our Payroll Management Center gives accountants a full handle on all upcoming and pending payrolls, so deadlines won’t be missed. In the unlikely event a penalty is assessed due to our error, we pay the penalty.
Q: What else should accountants and finance managers know about the trends in the industry and your company’s solutions?
A: No matter what every payroll processor claims, accountants must understand that their primary business is to sell to accountants’ clients, and that’s why they are accountants’ competitors. AccountantsWorld’s business model is: “First in innovation for accountants, never in competition with accountants.”
To help accountants try the Payroll Relief system, we are offering unlimited payrolls for one full year for just $997. Every accountant who wants to learn how profitable and easy payroll processing can be is welcome to take advantage of this offer.