Accountancy Marketing: Auto Enrolment Opportunities
By Karen Bennett
Every employer in the UK will have to enrol their employees into a pension scheme and they must contribute towards that pension. This process is called auto enrolment. Employers will need to prepare for their new auto enrolment duties and responsibilities or face hefty fines. There is a lot of uncertainty, ambiguity, doubt and ignorance surrounding auto enrolment for employers. However, there is a clear opportunity for accountants to capitalise on these new obligations.
Contrary to popular belief, confusion isn’t a bad thing. In fact, confusion can work to your advantage. It can be a platform for accountants to demonstrate their payroll and automatic enrolment expertise and knowledge to their clients. This knowledge will position accountants as a credible, trustworthy and reliable authority on employer responsibilities.
Thousands of employers will begin to look to auto enrolment experts for advice, counsel and an easy to understand solution. Employers that previously did their payroll in house may look to outsource this role to an accountant or auto enrolment expert. Accountants will be able to help these clients grasp the implications or their business and prepare them for their automatic enrolment responsibilities.
An accountant’s experience and expertise can help employers understand what they need to do and what the best decisions are for their business. These savvy accountants who offer auto enrolment services will naturally gain a competitive advantage, win new business and ultimately increase profits. According to research conducted by the Pensions Regulator 78% of small businesses will rely on their financial advisors for help, advice and support.
Presumably you have worked hard to win and gain new clients. But now that you’ve got those customers, how do you keep them? The downfall for many accountants is that they don’t know how to retain customers. Time and money goes int acquiring new customers and the last thing you want is to see them sneaking out the back door. Keeping customers makes good business sense but it’s not always easy.
Being open for auto enrolment will play an important role in client retention. The advantage will give accountants an edge over other practices and provide a facility to generate greater value for their clients. There is a clear opportunity to financially benefit from auto enrolment by offering to handle employers’ duties for a fee. Your services can lighten the load for employers. There is a pot of gold at the end of the rainbow and it’s up to you to go grab it with both hands.
The classic phase is quite appropriate here – ‘Fail to prepare, prepare to fail’. If you offer payroll as a service there’re a few important things to consider before you tackle the task.
Successful accountants are now putting into place Auto Enrolment solutions that can handle every stage of the process automatically. If the appropriate systems are not in place before you begin offering Auto Enrolment as a service, there’s little doubt that a lot of time, resources and money will be wasted.
Make sure your payroll software does more than just calculate wages and print payslips. You need to ensure you can automate as many Auto Enrolment tasks as possible like employee assessment,communications, postponement, opt outs and more. The advantages of good Auto Enrolment software will increase the efficiency and effectiveness of this kind of work.
Free Auto Enrolment Webinars
With the introduction of auto enrolment, thousands of employers need to automatically enrol their eligible employees into a workplace pension scheme. Many employers will look to their book keeper, accountant or payroll adviser for help and advice. BrightPay is hosting a series of auto enrolment webinars specifically designed for book keepers, accountants and payroll advisers to make it easier to help payroll clients with their new obligations.
Patrick McLoughlin of Accounting for Growth is co-host one of these webinars on 24th March. Brightpay will present how to ‘Embrace Auto Enrolment to Increase Profits’ while Patrick will discuss ‘How to use auto enrolment to Attract Your Ideal Clients.’ These webinars are completely free for book keepers, accountants and bureaus with payroll clients.
Register today to claim your free place registration
By Karen Bennett BrightPay, auto enrolment software.