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Case study: How QXAS helped nyc Chartered accountants improve payroll profitability
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Case study: How QXAS helped nyc Chartered accountants improve payroll profitability

Introduction

Our client is a London based accountancy practice, nyc Business Mentors and Chartered Accountants. They currently provide payroll to around 15 clients operating across different sectors and runs a payroll for 50+ employees each month. Prior to 2014, they had steered clear of payroll altogether as they did not have the specialist knowledge and the licensed software to process payroll. Plus, payroll offered them limited profitability and was time-intensive.

The challenge  

With employees on different pay cycles and varying wages, our client’s biggest challenge was collating their client’s payroll information accurately and getting it up-to-date for each pay period.

Having previously chosen QXAS for accounts and tax return work, our client was drawn to QXAS’s payroll outsourcing service as an effective way to diversify their practice without having to worry about hiring specialist payroll staff, meeting RTI submission deadlines and keeping up with legislation.

The solution

Our client wanted us to take the entire responsibility of payroll, right from processing and managing of their client’s payroll to liaising with third party agencies such as HMRC.

Starting with an initial test of the service, they gave us a small number of weekly payrolls. As we processed the payroll on our own licenced software (Moneysoft Payroll Manager), all our client had to do was fill in and return our customised employer and employee data checklists.

The data was collected and processed by our payroll team within 24 hours. Once our client checked that everything was in order, we delivered indepth payroll reports back via our secure FTP portal where they could be downloaded by our client’s team.

The initial trial was a success and we moved to take over their entire payroll services. Within a short space of time we received the following feedback from the client, “Your structured process has saved me thousands of pounds I would have spent on payroll software licence, upgrades and initial staff training.”

Our client went a step ahead and even set up QXAS payroll staff on their email server, so we could directly communicate with their clients and staff as if we were their employees, sending them payslips and monthly reports and leaving our client free to focus on diversifying their practice. Since 2014 we’ve been saving them more than 50% each month on the money they would spend if they outsourced to a UK based payroll bureau. 

Key results - efficiency, accuracy and profitablity 

  • Efficient processing and management of payroll work ensured RTI compliance
  • In-depth payroll reports provided through our secure FTP portal
  • Removed the need for software licence fees, upgrades and training cost
  • Rapid response to deliver timely and accurate payroll services
  • With our client’s permission, we directly communicated with their clients and their employees

The benefits - save time and money 

  • Saved annual costs of around £1000 in software and upgrade costs
  • Added a new source of revenue for their firm
  • Removed the need to recruit specialist payroll staff
  • Enabled the client to offer a payroll service with minimal intervention themselves and deliver extra profit to their accountancy firm

An efficient and reliable service 

"We find the service offered by QXAS to be so efficient and reliable that we have set up an email inbox on our server for them so that they can directly communicate with our clients for payroll matters. For all intents and purposes, QXAS are the nyc-bmca payroll team. Nothing is too much trouble for them. I am very impressed with their processes, the accuracy of the payroll work provided, and the turnaround time, and most importantly, our clients are very happy too. The quality of support from Mitul, together with his friendliness and willingness to go the extra mile cannot be praised highly enough.” Nadeem Chundrigar, nyc Business Mentors and Chartered Accountants

To find out how QXAS can help your accountancy pracitce time and money, why not take our 10 hour free trial?



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