3 Value-Added Services You Can Use to Grow Your Firm
Welcome to article two of our new monthly series that dives deep into the world of employee retention. This series, sponsored by ADP, explores what is genuinely valuable, practical, and applicable advice to any leader looking to create a workplace where talent flourishes.
Accountants are increasingly recognizing the importance of expanding their service offerings to include HR advisory. This is especially valuable for small businesses looking to grow and effectively manage their workforce. Here are three key areas accountants can add value:
Health Benefits: Options for Every Business
3 Value-Added Services You Can Use to Grow Your Firm
There is an undeniable link between providing health benefits and employees who feel valued by their employer. With an overwhelming 93% of employees ranking medical insurance as one of their top three benefits1 and 78% feel more valued when their employer offers medical insurance1, it’s crucial for small businesses to get this right.
Starting the Conversation:
Understand the client’s current benefits package and identify any barriers preventing them from making changes to their program. Evaluate whether their plan meets employee needs and discuss if they offer raises or health stipends to help employees with their benefits needs.
Options to Discuss:
Discuss flexible options such as Health Reimbursement Arrangements (HRAs), which allow tax-free reimbursements for employees’ selected health plans, or cost-sharing and pre-tax premiums through group health plans. Mention that Professional Employer Organizations (PEOs) can also provide a more comprehensive benefits approach with reduced administrative burden.
Retirement Plans: Bridging the Savings Gap
With many workers facing a retirement savings shortfall, accountants play a critical role in guiding clients through retirement plan options, factoring in the SECURE 2.0 Act and state mandates.
Starting the Conversation:
Highlight the ways in which SECURE 2.0 has made retirement plans more accessible and the impact of state laws on retirement offerings. Discuss eligibility for tax credits under the SECURE 2.0 Act.
Options to Discuss:
Explore various retirement plan options, from state-sponsored to private plans and third-party options that can integrate with current HR or payroll services.
HR Trends and Advisory Opportunities
The evolving workplace, driven by remote work and Gen Z, among other things, presents its own set of challenges and opportunities. This can affect compensation, labor analysis and workforce planning.
Starting the Conversation:
Discuss prioritizing the use of valuable workforce data and insights. Help clients make smarter decisions about pay and benefits with compensation and industry benchmark data using tools like ADP® Accountant ConnectSM. Additionally, emphasize the importance of staying updated on industry trends, such as generational shifts.
Options to Discuss:
Leverage analytics to spot labor trends and use compensation benchmarking tools for pay decisions to significantly enhance your client’s competitiveness and adaptability.
Conclusion
Your small business clients rely on you for guidance to help them achieve their goals. ADP shares that dedication to helping small businesses succeed.
Trust ADP to help you get things done faster, give your clients more, and stay ahead of whatever comes next.
Learn how to generate advisory opportunities with the free Accountant Connect Certification. Ideal for firm owners and staff accountants looking to improve operational efficiencies and expand advisory services.
Enroll now!