VP of Marketing, Paychex
Implementing new overtime rules. Managing a mobile workforce. Adjusting to the requirements of health care reform. You name it. Small business owners are dealing with more HR challenges than ever before.
In a recent survey, conducted by Paychex, some 44 percent of small business owners agreed it was increasingly difficult to manage HR – twice as many as those who said it was not. Their top concern: managing regulatory compliance (73 percent). Benefits management (65 percent) and payroll and tax administration (65 percent) tied for the next biggest worry. Rounding out the list were performance management (53 percent) and recruitment and retention (44 percent).
So, who should small business owners turn to for help? Sixty-one percent of survey respondents said they would find it valuable if their existing trusted advisor – accountant, attorney or other consultant – offered additional guidance on HR and regulatory compliance.
CPA firms, meanwhile, are eager to broaden their role with clients, according to research from CPA.com. Developing new offerings that expand the value CPAs provide to existing clients was the top priority for firms in last year’s CPA.com Innovation in Public Accounting Survey.
With these trends in mind, this fall, Paychex and CPA.com announced the launch of an expanded partner program, designed to help CPAs broaden their advisory role in human resources. The program designates Paychex the preferred provider of HR services for AICPA members and their clients.
Through the program, CPAs refer clients to partner with Paychex, one of the country’s leading providers of HR and human capital management solutions, solidifying the accountants’ role as expert advisor and creating more strategic, higher-revenue consultation opportunities for CPAs.
From health care reform to new overtime rules to changes in the minimum wage, the HR landscape is evolving at a rapid pace. Keeping up with regulations requires expert guidance, and the Paychex Partner Program puts one of the most trusted advisors – CPAs – in the best position to serve clients.
For more information about the Paychex Partner Program, including access to: Paychex’s cloud-based platform, employee time and attendance, HR applications, and benefits administration.
Andy Childs is the vice president of Marketing at Paychex, a leading provider of human capital management solutions for payroll, HR, retirement, and insurance services.
President and CEO, Paychex, Inc
During a presidential election year, there’s always debate surrounding the question of whether or not the uncertainty of the election has an impact on job and wage growth. It’s also always interesting and informative to learn which issues are most on the minds of business owners during the critical months leading up to the election of a new president. To answer these and other questions relative to the upcoming election, Paychex recently surveyed over 300 small business owners nationwide.
When it comes to plans to hire and/or raise wages, the size of the business emerged as the key determining factor in that decision-making process. Of companies with 20-99 employees, less than half said it’s affecting decisions to add staff (42%) and increase wages (48%). The numbers decline further for companies with fewer than 19 employees, with only 14% claiming the election is impacting their hiring decisions and just 9% reporting it’s affecting their decision to increase wages. While these numbers are telling of the overall environment, it’s also important to consider the fact that the smallest of companies may not have the resources to hire or increase wages regardless of the election outcome.
The narrative is a bit different for larger businesses (100-500 employees), however, as nearly three-quarters of those employers said the election is impacting their decision to add staff (74%) and increase wages (71%).
Providing additional perspective, the July Paychex | IHS Small Business Jobs Index showed at 100.68, the growth rate of the national index is consistent with the 2016 average and 0.04 percent higher than it was in July 2015, therefore further proving the election has had little impact on job growth for small businesses thus far.
The issue that is overwhelmingly top of mind for small business owners is the economy. More than half of those surveyed (52%) reported that it’s their top election-year concern. What’s interesting, though, is that no other issue comes close to the economy as important to small business owners this presidential election season: healthcare reform (10%), tax reform (9%), jobs and employment (6%), and immigration (6%).
While it’s understandable that business owners might be thinking in broader economic terms this election season, it’s also very important for them not to lose sight of more specific issues – such as regulation and compliance – that are likely to impact their day-to-day business operations.
Rounding out the responses, minimum wage was listed as the most important issue by just 5% of small business owners, trade by 2% and the new overtime rule by 1%. While these are issues that may have a real impact on small businesses in the coming months, it’s definitely possible that respondents are not completely aware of the changes or their impact on their business and employees at this time.
The bottom line is that while the broader economy is regarded by the majority of respondents as much more important than any specific factors that contribute to it, business owners and their trusted advisors should educate themselves in the months leading up to November. No matter what side of the aisle you may be, both candidates stand firmly in their beliefs one way or another on many specific issues that will greatly impact Main Street over the next four years.
Martin Mucci is president and CEO of Paychex, Inc. Paychex is a leading provider of integrated solutions for payroll, HR, retirement, and insurance services. This contribution originally appeared on AccountingToday.com.
Manager of Business Develop- ment for Legal Confirma- tions, Confirma- tion.com
If a company or organization is at risk of losing or winning a material lawsuit, then stakeholders should know about it, and transparency is expected. Such outcomes can impact decisions made by readers of an audited financial statement.
For every audit, auditors perform required procedures to determine if existing legal contingencies are fairly presented and properly disclosed in an entity’s audited financial statement. As part of the process auditors and law firms complete a legal confirmation. The legal confirmation request is first prepared by the auditor and client, and then the law firm provides an audit response letter detailing the status of the client's legal matters directly to the accounting firm.
Technology ensures that audit confirmation process requirements are adhered to by both accounting and legal professionals. Two critical components of the process are validation and auditor control, and if ignored an opportunity for fraud exists.
See below to learn more about the legal confirmation process and an effective workflow aided by technology. Also be sure to join us for our September 21, 2016 webinar at 1 pm EDT.
Take deep breaths, shake it out, flex your muscles. It’s time to test the health of payroll and HR strategies — internally for your firm and externally on behalf of your clients.
National Payroll Week, Sept. 5–9, is an annual weeklong event that overlaps with Labor Day. Its purpose: “to celebrate the unique partnership among America’s workers, their companies, the payroll professionals who pay them and critical government programs …,” according to the American Payroll Association.
Of course, for us at the CPA.com and Paychex Partner Program, every week is payroll week. We live and breathe payroll, retirement and HR advice every day. It’s OK if you don’t, and perhaps it’s been a while since you took the time to evaluate overall strategies.
We’ve created a simple program, so you can get back into the swing of things during National Payroll Week.
(And if now is not a good time, no worries. Find the time that works best for you. The important thing is that you get started.)
Here are some exercises for you to complete every day this week, on the road to stronger payroll and HR management and advisory services.
Warm up with your choice of whitepapers on payroll outsourcing or common HR issues.
Set your goals and get inspired with case studies of firms that are seeing fantastic results.
Challenge yourself by reaching out to a client with our sales tools, including the new Client HR Compliance Analysis.
Rest and recover with a video summary of the Paychex Partner Program, and consider what questions you have.
Refine your goals by reaching out to a Paychex representative, who will help you evaluate options and build a custom program.
That’s it! You can do it. We can’t wait to see your results.
If you have any questions in the meantime, call us at 877.264.2615. And happy National Payroll Week!
CPA, Consult- ant, RoseRyan
Naturally, at some point, a company will yell out a widespread call for “help!” Faced with a complex project or a tricky transaction, they will need to rely on outside experts and consultants who can get them through it. Companies generally don’t have round-the-clock full-timers who can fill every need that pops up.
The call for assistance may require more than one resource, such as legal expertise, an audit firm or consultants, who can dig into a complex technical accounting matter. When managing multiple firms on a special project, it helps to consciously build good relationships from the get-go. The service providers can mutually benefit and so can you. I noticed this firsthand during a recent engagement with one of RoseRyan’s enterprise clients.
I can’t speak for other service providers, but I have found that teamwork during these projects is truly powerful. It can require a conscious effort to work well together, which in the end can result in better efficiencies and superior results for the client than otherwise may have occurred.
1. Prepare for the unexpected. I was recently working on an ongoing fixed assets project that involved very manual processes. Then everything changed. The client announced a big structural move that put all hands on deck and all milestones on super-crunch mode. Tight deadlines were immediately established. Everything became time sensitive.
When you’re overseeing a big finance project involving multiple people from different firms, whether the team is onsite temporarily or you’re dealing with full-time staff, everyone will look to you—you set the tone. When you’re prepared for potential issues, you’re more likely to be calm when there is a shift in strategy and you can get everyone focused on what they need to do next.
2. Request everyone document new processes. This takes some up-front work but can be a big time saver in the long run. New processes get developed as the team works with managers and other employees, and those new processes should be documented in detail and with illustrations. This was a common practice during the work we were doing and saved us whenever we need to get a new team member up to speed. When everyone has a point of reference, double work can be avoided and so can redundant discussions.
3. Encourage teamwork. When you have a mix of talent from different firms, you’re getting the best of everyone—their particular specialties all at once. You’re also creating a scenario where the people involved may not instinctively act and behave like a team. By letting everyone know you expect them to work closely with each other, keeping everyone and you in the loop, you’ll create a team even if your time together is fairly brief.
Sometimes this can be as simple as setting up a respectful atmosphere and treating everyone like a cohesive unit with multiple people on your status emails as well as regular group meetings. It’s more efficient when everyone is on the same page, and you benefit by getting a coordinated effort by your business partners.
At the beginning of one of the projects we did for this enterprise client, a RoseRyan team member identified a way to automate a process, and she shared that knowledge with the entire team. She could have kept the information to herself and let others on the team try to figure it out for themselves, but that would have slowed things down. The greater good (the end results, efficiencies and project success) should rule the day, not personal agendas or letting one service provider look better than another.
On this project, we heard from the client afterward that we all made a great team. We had “a perfect combination,” according to the client, of experienced consultants from RoseRyan who supported and trained the more junior-level team members from another firm.
The result: The client’s budget stayed on track, we met the deadlines, and the formation of a great team won us great trust all around. We’re team players through and through.
RoseRyan is a finance and accounting consulting firm delivering specialized firepower exactly when and where it’s needed during any stage of the business lifecycle. The firm’s Bay Area dream team of seasoned finance pros has tackled critical assignments for more than 700 clients of all kinds and sizes since 1993, when it was founded by CEO Kathy Ryan. Ryan was recently honored as a 2016 CPA.com Innovative Practitioner of the Year finalist.
As a RoseRyan consultant, Susan Tan, CPA, specializes in general accounting, consolidation, FP&A and financial modeling. She has been with the firm since 2010.