Our client is a small accounting practice, who also operate a payroll function for their clients, in practice they are operating similarly to a small payroll bureau. However, neither they nor their clients are looking to become BACS registered, meaning that this has come with a lot of manual work both for our client, and their payroll clients.
Before finding Caxton, the firm’s payroll clients were processing their own payroll payments, with our client calculating PAYE and issuing payslips – but due to not being BACS registered, they would send back to their client for processing the payments. This meant a lot of time-consuming work for both parties with high risk of manual errors.
Automation saves time and money for you and your clients
With Caxton Payroll Payments, our client was able to incorporate a full-service payroll offering into their current service, putting them heads and shoulders above their competitors.
With just under 40 payroll clients with an average of around 10 employees, this presents as nearly 400 payments per month, which they are able to charge their clients for. The time savings on both ends are significant and has already led to improved client relationships. The fee charged is per payment, and though the amounts of payments they make are currently quite modest, this has already become a simple revenue stream for this accountancy practice.
With an existing client base, the projected growth of this additional revenue stream is good and ROI is projected to be high. Just by doubling the amount of payments, this revenue stream could in the future become a significant contributor to their bottom line, and our client has begun having conversations with existing clients regarding what other services they are in need of. And with the Caxton platform able to make any payment from payroll payments to supplier payments, this increase in revenue could grow even bigger in the future.
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