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August 12, 2011

4 Models To Position Payroll As A Profit Center

Payroll is an important part of any business, and most payroll solutions currently available are capable of providing support for all business types and sizes. Although technology and automation have made compliance much easier, payroll continues to grow in complexity.

Steven M. Phelan

Payroll is an important part of any business, and most payroll solutions currently available are capable of providing support for all business types and sizes. Although technology and automation have made compliance much easier, payroll continues to grow in complexity. As with most tax compliance rules and regulations, the reporting and tax compliance issues for payroll are constantly changing. Keeping up with these changes is difficult for any accounting professional, much less the average small business owner. Add to this the increasing demand for human resource (HR) management functions and the situation gets even more complicated.

Due to the changing nature of payroll, accounting professionals are constantly sought after for guidance with payroll-related issues. While most accounting professionals have a knowledgebase capable of handling all aspects of payroll, many may not have the requisite time or dedicated staff resources to perform the work. In addition to time and staffing issues, accounting professionals also have different views on the proper model to use for processing payroll. Some prefer to perform all or most of the payroll functions themselv

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Steven M. Phelan

CPA

Steven M. Phelan, CPA.CITP manages an accounting practice based in Oklahoma City, Oklahoma. Areas of practice include taxation, general accounting and technology consulting. He is active within the CPA profession and is a frequent speaker at seminars and conferences throughout Oklahoma. Steven was recently added as a discussion leader for K2 Enterprises where he speaks to CPAs throughout the nation covering a variety of technology topics. Steven is currently a contributing author to the CPA Practice Advisor, where he reviews tax and accounting software solutions. Most recently, Steven was selected as a 2012 Oklahoma Society of CPAs Trailblazer recipient, which recognizes service to the CPA profession and to the community.