VOL. 129 | NO. 61 | Friday, March 28, 2014
Patrick Accounting Launches Payroll Business
By Andy Meek
Patrick Accounting and Tax Services PLLC is in something of an extended growth spurt, with a newly launched expanded payroll services business, a Nashville office that opened this past summer and the possibility of even more expansion beyond Memphis.
The CPA firm, which focuses on small-business work, also has added headcount with regularity for the life of the company, which owner Matt Patrick founded in 2003.
Patrick Payroll is the new business the company launched a few weeks ago. Patrick said a new entity was created for it – he owns the payroll business as well as the original CPA business – because the idea was to market Patrick Payroll with its own identity and brand.
A goal behind the new payroll business is to offer a comprehensive menu of services that frees up business owners from the added expense and hassle of in-house payroll processing. Patrick’s team takes care of everything from processing checks to direct deposits for each employee to handling the required reporting of new hires, among many other services.
New offerings also include pay-as-you-go workers’ compensation, time and attendance solutions, accounting integration, human resources support, background screening, drug testing and labor law posters.
“We’ve had a kind of long-term vision of this maybe being the case at some point,” Patrick said. “We do small-business accounting, accounts payable, things like that, and we wanted to continue to grow the payroll side. There are so many variations and options tied to payroll, and we wanted to make sure we were able to fulfill more of those than we were able to before. One of our big areas of marketing and growth will be other CPA firms on their payroll side.”
Patrick launched his business a little more than a decade ago after spending seven years in public accounting with Arthur Andersen and Deloitte & Touche. He tries to stay on top of the latest technology and provide clients with online services that promote constant access to documents and real-time delivery and communication.
The company’s typical client is a business with 10 to 20 employees and an owner who’s directly involved in the business. As part of what’s been an extended growth period for Patrick’s company, the business expanded to Nashville this past summer with the opening of an office there. And Patrick foresees the possibility of similarly expanding elsewhere beyond Memphis, adding that the company has in the past looked at markets such as Jonesboro, Tupelo and Birmingham.
“We opened up our Nashville office this past summer,” Patrick said. “The Memphis market is fantastic; we just saw an opportunity in Nashville, which has a wonderful market that blends with what we do well. We do a lot of work with restaurants and bars and other service-based businesses, and it’s just a great community and environment for that.”
Patrick’s business today employs 18 people, up from one – himself – when it started.
“I’ve basically added headcount every year,” he said. “We’ve been really fortunate. Small businesses have been kind of coming out of a recession the last few years, and we’ve done a good job of finding a really good niche for ourselves that has been underserved or not quite served the same way as we do. We’ve been fortunate to continue to grow.
“This is a cool place to be every day, and we have really great people, and that makes things really fun to be a part of.”