Become an insider!
Get our latest payroll and small business articles sent straight to your inbox.
In this Article:
Purpose CPA has a number of accolades to the company name: Licensed Chartered Professional Accountants, members of the Canadian Payroll Association, carbon emission conscious and living wage employers. All this describes a firm that provides accounting, advisory and technology services.
The impact that they and their clients are having is important to them, and they believe in “business consciousness” — meaning the bottom line isn’t the only marker of success. Purpose CPA is keen on showing clients the full scope of success for a business, and they work with small and medium-sized businesses whose goals are to achieve positive change in the world and stimulate prosperity for the economy.
Matt Wong, CPA, CGA and Chad Chang CPA, CMA, Co-Founders and Advisors, Purpose CPA.
High payroll expectations.
Co-Founder and Advisor at Purpose CPA, Matt Wong, CPA, CGA says that their firm doesn’t add just any app to their tech stack. They’re a fully cloud-based practice, so they hone in on the best tools for them to use at a firm level and with their clients.
They’ve had plenty of experience with payroll and payroll software, but they hadn’t found anything that quite met their expectations.
We are both former senior accounting professionals so we’ve worked with our fair share of large and small, on-premise and cloud-based payroll applications. While we understood the functional nature of payroll, we felt most applications provided a poor user experience that we’ve come to expect from other cloud business applications.
— Matt Wong, CPA, CGA, Co-Founder and Advisor, Purpose CPA
A payroll experience upgrade with Wagepoint.
Wagepoint hit Purpose CPA’s radar when they were looking to upgrade their clients to something more robust with the features they wanted while still staying cost efficient. Matt says it checked off a number of boxes on their payroll software wishlist, including compliance, features and integration capabilities.
Firstly, Wagepoint is a Canadian product, so they know Canadian payroll compliance and our country’s federal and provincial updates are a priority. Second, it had all the standard features and then some of a cloud payroll provider. Thirdly, the integration with QuickBooks Online is straight-forward.
— Matt Wong, CPA, CGA, Co-Founder and Advisor, Purpose CPA
A lot of time saved with payroll automation and QuickBooks Online integration.
Since switching to Wagepoint, Purpose CPA has been wowing clients with the amount of time and effort saved on managing payroll and accounting. Moving from a desktop platform to cloud-based accounting and payroll has been such a time saver that they’ve been able to help their clients understand other payroll necessities, such as compliance.
We helped a small business client migrate from QuickBooks Desktop and manually issuing payroll cheques to QuickBooks Online and Wagepoint with automatic payroll processing. We saved 90 percent (90%) time on processing payroll and instead deployed the time to advising our client on payroll compliance issues. Client did not fuss about fees as we were providing 10x value.
— Matt Wong, CPA, CGA, Co-Founder and Advisor, Purpose CPA
⚡ Wagepoint’s integration with QuickBooks Online is a great way to keep payroll and bookkeeping simple for both you and your clients.
Payroll year-end is “easy-peasy.”
On the topic of other payroll necessities, payroll year-end is a big one. It means verifying employee details, checking payroll figures, handling Pensionable and Insurable Earnings Review (PIER) reports, preparing year-end employee and employer forms for the Canada Revenue Agency (CRA), and so many other things. And for an accounting firm, that means making sure all of these tasks are taken care of for many clients.
Matt’s not worried about that though. In fact, it’s quite the opposite.
It’s easy-peasy now. T4s and T4 Summaries are automatically sent to the CRA. Employee T4s are self-serve in the online portal. Payroll remittances and calculations are mostly matched up, so there’s little PIER reconciliation. Integration to QuickBooks Online ensures there’s little discrepancy in the books. And we take advantage of the Workers’ Compensation feature and remit Worksafe (in British Columbia) with each payroll. So just annual reporting, and we’re good to go.
— Matt Wong, CPA, CGA, Co-Founder and Advisor, Purpose CPA
🔖 Kick year-end in the butt with our Year-end Survival KIT for Canadian accountants and bookkeepers!
Wagepoint comes with the package.
These benefits of using Wagepoint have prompted Purpose CPA to include them in the plans for the services they offer so that each of their clients can have the tools they need for success. Of course, it does depend on a client’s payroll needs, but if there’s payroll involved, Wagepoint is on the table.
For our monthly bookkeeping clients with payroll needs, their monthly fees include access to Wagepoint, QuickBooks Online, Hubdoc, and a private Slack channel. Some clients may be joining later in the year, so we may elect to migrate to Wagepoint in the new year depending on the needs. And some clients are sole shareholders taking a salary which we still recommend Wagepoint as a solution to reduce the cost of administration.
— Matt Wong, CPA, CGA, Co-Founder and Advisor, Purpose CPA
Finding purpose for payroll automation.
Time and money are important for business owners, and Matt knows that it might be tempting to save on financial costs by calculating and completing payroll manually. The key for him is highlighting to his clients how Wagepoint can save time and money through the payroll automation process.
If you’re not already convinced from what Matt’s shared so far, he breaks it down for you here:
For a business owner, there’s an opportunity cost to DIYing their books, payroll included. At some point, the tasks are no longer worth one’s time and the owner outsources to another employee or firm like ours. While an employee or another firm is happy to save your valuable time and charge a lower rate to carry out the tasks in the same manner, our value proposition is that Wagepoint will allow us to automate 90 percent (90%) of payroll processing, which gives us more opportunity to advise our clients on areas of compliance as the business grows.
— Matt Wong, CPA, CGA, Co-Founder and Advisor, Purpose CPA
Thank you for sharing your Wagepoint journey with us, Matt! It’s so great to hear that Wagepoint is making a difference for you and your clients, and we’re super excited to have you as a Wagepoint Partner.
👉 Ready to hear from another Wagepoint Partner? Check out Profit First, Payroll Pains Last With Royer Accounting.
