PayCycle Research Reveals Profit Opportunity for Accounting Professionals

Accounting Professionals Provide Payroll Services to Fewer Than 25% of Their Small Business Clients

Palo Alto, CA (PRWEB) April 9, 2008 -- PayCycle, Inc., America's #1 online payroll service, announced recent research that shows accounting professionals provide payroll services to fewer than one-fourth of their clients. Yet, the study also shows a dramatic increase in the adoption of online financial transactions. About 84% of accounting professionals currently process financial transactions over the Internet, up from 64% in 2005. The combined results point to a significant opportunity for accounting professionals to use online payroll as a profitable client solution.

"The results are exciting, proving there is a lot of room for growth in the payroll services industry for accounting professionals. Since the accounting community is now comfortable with online financial management, accountants should consider online payroll," said Julie Lubetkin, Marketing Director of PayCycle's Accounting Professional Program. "It is no secret that small businesses look to their accountant for payroll services. Now online payroll makes it a profitable opportunity."

Four years ago, Phil Christensen, CPA, offered payroll services to only one of his small business clients. "Today, I serve 79 payroll clients and earn 45 percent of my revenue from payroll. I would tell any accounting professional serving small business clients; they can easily take advantage of the payroll revenue opportunity using PayCycle. I earn $800 or more annually from each of my small business payroll clients," commented Phil Christensen, CPA and owner of Christensen Consulting.

Net Income is a Clear Differentiator Between Payroll Methods
The survey revealed accounting professionals using online services are realizing significantly higher net income. Survey respondents reported earning $89.00 per hour using online payroll services, substantially more per-hour than the accounting professionals who use traditional services or a manual payroll method ($66.35 and $41.54, respectively).

Highest Satisfaction with Online Payroll
The highest satisfaction reported is with online payroll services. About 79% of online payroll users said that they were either completely satisfied or very satisfied with online payroll, compared to 26% using a manual payroll method. PayCycle is the most widely used online payroll method. In addition, accounting professionals rate PayCycle more favorably than ADP, Paychex, QuickBooks Enhanced Payroll for Accountants, and Peachtree.

Research Summary
The payroll practices survey was conducted for PayCycle by Genesis Research. The online survey was fielded December 2007 and questioned accounting professionals who currently offer payroll services to small businesses with less than 50 employees, or accounting professionals who plan to offer payroll services in the next 6 months. The nationwide representative sample was 239 accounting professionals.

For more information regarding PayCycle® online payroll services or the results of this survey, please contact Julie Lubetkin, Marketing Director of PayCycle's Accounting Professional Program, at (650) 543-2099.

About PayCycle, Inc.
With over 60,000 small businesses on the PayCycle service, PayCycle is America's #1 online payroll service. PayCycle's unique "Do-It-With-You(SM)" (DIWY(SM)) technology platform guides customers through the entire payroll process from paychecks to W-2 forms. For more information or to view our online demo of how easy online payroll can be, visit www.paycycle.com or call (866) 729-2925 M-F, 6:30 am - 6:30 pm (PT).

###