PAYROLL FOR PROFESSIONAL SERVICES
Professional services providers face unique payroll and HR challenges, including varied compensation structure, strict regulatory requirements, and complex billing and project management processes. Without the right technology and professional support, it’s a challenge to sustain focus on key projects, smoothly integrate HR & payroll, and enjoy lasting peace of mind about regulatory compliance.
ASAP Payroll delivers sophisticated yet user-friendly payroll management solutions tailored to meet the unique needs of the professional services sector, ensuring compliance with shifting regulations, improved payroll efficiency, streamlined compensation calculations, and alignment with the professional standards in your industry.
ASAP Payroll's Expertise in Professional Services
Our professional services payroll solution is designed to adapt to the specific needs of your professional services firm, addressing all workforce management, benefits, time tracking, and HR compliance needs that are interrelated with payroll. Let’s explore some common challenges professional services providers face:
Managing Irregular Billing Cycles & Fluctuating Work Hours – Professional services providers must streamline billable vs. non-billable hours; organize and monitor upfront, retainer-based, milestone-based, or completion-based billing; and handle a host of other time management and invoice management concerns. Fortunately, with the right time tracking system, it’s possible to track hours in real time, easily distinguish billable vs. non-billable hours, minimize human error in calculations, and analyze timekeeping data to make strategic improvements across your organization.
Varied Compensation Structure – It’s common for professional services providers to struggle with payroll calculations for varied compensation structure, whether based on commission, client invoicing, profit margin, or another incentivization arrangement that includes bonuses or equity. ASAP Payroll for Professional Services simplifies this process by adapting to the unique compensation plan for each employee – however complex – and automating withholding, bonus distribution(s), and much more.
Complex Benefits Management – Professional services employees value transparency, clear communication, and a range of options when it comes to choosing employer benefits, including healthcare, retirement, and profit-sharing plans. Of course, simplifying benefits administration for a range of employees can be complicated due to varied benefits selections. ASAP Payroll helps you automate and simplify enrollment and employee self-service access so your employees are more engaged, satisfied, responsible, and likely to remain with your organization long term.
Ensuring Regulatory and HR Compliance for Professional Services – Across industries and business types, regulatory compliance is in constant flux. This is especially true for professional services firms in legal, engineering, architectural, financial and consulting industries, where professional and ethical standards are particularly rigorous. That’s why ASAP Payroll reduces compliance-related headaches by adhering to compliance requirements within your HR & payroll platform, providing consistent access to compliance experts with years of expertise and real-time access to current or forthcoming regulatory changes that apply to your business (local, state, federal, and industry-specific).
Customized Payroll Solutions
In addition to addressing the most common payroll challenges for professional services businesses, ASAP Payroll also offers tailored payroll services to address bonus and incentive management, profit-sharing schemes, and detailed reporting for billing and project management. In each case, we work closely with your organization to understand the nuances of your compensation system and grant you access to leading-edge technology, resources, and data that can help you make more informed and profitable decisions for your business.
- Bonus and Incentive Management – When your business uses a manual approach to bonus or incentive compensation, navigating calculations, allocation, approval, and distribution for a number of employees can quickly become overwhelming. ASAP Payroll helps you utilize a streamlined compensation management solution that simplifies bonus and incentive compensation, whether it’s one-time or recurring payments; performance-based bonuses; or non-performance bonuses based on referrals, retention, or other factors. Our solution saves you time and money and incentivizes high performance, client acquisition/retention, and loyalty to your organization.
- Profit-Sharing Schemes – In addition to supporting bonus and incentive compensation, we help professional services organizations manage profit-sharing compensation or profit-sharing plans (PSPs) to provide additional benefits to employees. Whether you offer a same-dollar, percentage-based PSP or a more complex arrangement, we help you organize and automate cash, stock, and deferred plans, or create separate 401(k) provision plans that deepen each employee’s investment in the success and financial well-being of the organization.
- Detailed Reporting for Billing and Project Management – Efficient billing and project management not only requires tracking billable vs. non-billable hours, but real-time tracking of unpaid invoices, cash flows, client payments, and time spent per project. With consistent and organized access to this data, your business is empowered to make better strategic decisions, improve project management, and address billing or project issues in a timely way (instead of after the fact). Whether you’re implementing performance-, milestone- or retainer-based billing, our payroll and workforce management platform helps you save money over time, assign the right tasks to the right employees, and bypass overspending per project.
- Integrated HR and Payroll Management for Professional Services – Payroll management is connected to many other important HR processes, including time tracking and workforce management. That’s why ASAP Payroll offers a payroll platform that is fully and seamlessly integrated with the HR processes that most impact professional services businesses, including certification tracking, licenses tracking, continuing education management, and performance evaluation. When these and other HR processes are aligned with payroll, your business eliminates redundant data entry, minimizes human error, avoids noncompliance penalties, and improves self-service access for employees.
ASAP Payroll for Professional Services
When a professional services provider struggles with compliance, compensation, accurate billing, time tracking, and benefits administration, this can detract from key projects, add administrative burdens, and even impact employee retention and engagement.
ASAP Payroll for Professional Services streamlines and simplifies payroll and related HR processes for professional services providers so you can shift focus back to business growth and employee satisfaction, gaining compliance peace of mind and access to actionable data that informs and strengthens future decision-making.
