While there are people who use different providers for different services, CSI Accounting & Payroll offers the best of both worlds when it comes to financial services. Having accounting and payroll under one roof has lots of benefits under normal circumstances.
This post touches on those normal circumstances, as well as how bundling accounting and payroll can help a struggling small business owner with navigating COVID wages, loans and credits, and forgiveness.
On A Regular Basis: The Original Bundling Benefits
While the details specific to COVID-19 are discussed later on in this blog post, we wanted to kick things off with the original benefits of having accounting and payroll under one roof. We like to call ourselves the "one-stop shop" for small business finances.
- Situations Requiring Accounting and Payroll You could have more accurate payroll each cycle if your payroll specialist can access accounting details. Plus, your accountant needs your payroll information to prepare your monthly statements. There can also be flexibility in payroll changes. Maybe your accountant recommends special pay while tax planning - your payroll specialist can then calculate that special pay (for example, withholding taxes from bonuses) with the information from your accountant.
- Better Customer Service We're known for customer service - just read our Google reviews! We have much better staffing consistency than national firms, so you know who you'll be working with. Plus, when you call CSI Accounting & Payroll, you can call your contacts' direct lines or our front desk. You'll speak to a live person, when possible (which is almost always). We won't put you on hold; you'll be able to leave a voicemail and get called back as a priority.
- Direct Communication When you bundle our accounting and payroll services, you're opening up direct communication between two departments. You won't have to worry about dealing with a large provider's poor customer service if you bundle. We can access the information we need, and you'll stay in the loop and in control with our periodic meetings.
- Longer Relationships With Payroll Specialists Ordinary relationships with payroll specialists don't normally last very long, while relationships with accountants do. However, our bundling clients tend to have longer payroll specialist relationships because of their bundled services.
- Bundling = Saving Bundling our accounting and payroll services saves us time that would have otherwise been spent trying to obtain another service's accounting or payroll records. This streamlined process helps us pass the savings on to you!
- Minnesota Locality While we accept U.S. clients, most of our clients make their home here in Minnesota. If you have one service with us, why not make it local and do the other? You can't beat local service! One of the largest national companies claims to have an office here, but it only holds sales representatives.
COVID-Related Bundling Benefits
With the pandemic shutting down hundreds of thousands of U.S. small businesses, the importance of knowing the benefits of bundling accounting and payroll is greater than ever. Here are the details specific to COVID-19.
- COVID Wages One of the many reimbursable offers extended to us by the government is COVID wages, such as sick pay. Because your payroll specialist needs accounting information to calculate the different components like Social Security and Medicare, this is a great example of how accounting and payroll work together through the pandemic. If they're bundled with the same company, you will get a more accurate payroll... even when atypical events such as this occur.
- SBA Loan Applications & Credit Claims You can obtain information from your accountant or your payroll specialist so you can put together the necessary information to apply or claim COVID relief. However, when we perform your accounting and payroll services, we have the details we need to put together the applications or claims for you! This is another way in which we can help each other save time.
- Paperwork Requiring Accounting and Payroll Certain other government COVID relief offers require accounting and payroll information; PPP loans and the ERC tax credit are some of the more popular offers. To apply for the PPP, you need accounting records to prove revenue losses, whereas to claim the ERC, you need to do so on a certain payroll form.
What do you do now?
Don't trust just anyone with your business! CSI Accounting & Payroll can guide your finances on a monthly basis to help your business stay ready for relief fund application and SBA document auditing. We'll also be here when you're ready to get your PPP loans forgiven.
Did we convince you yet? Click the button below for a free consultation to see if we're a good fit for each other.