Accounting Today quoted Chris Rush, division vice president of Strategy and Business Development, Small Business Services, in an article titled “Software survey: Moving past gross to net,” which discusses trends in payroll processing, such as the potential impact of the Fair Labor Standards Act and the use by accounting firms of data analytics to differentiate themselves to their clients.
“Big Data benchmarking and predictive analytics tools can help accounting firms further differentiate and grow the firm’s service offering as a strategic advisor by providing its clients with valuable insight to attract and retain top talent…It can give an accounting practice the ability to compare its employee data with current industry averages — including compensation, turnover, productivity and other workforce metrics. Turnover probability identifies the likelihood of voluntary turnover across an organization, within job types, locations and teams, as well as for individual employees. And data analytics can help accounting firms prepare for new pay equity reporting requirements.”
Read the entire article at Accounting Today.