Accountants ‘Struggling with Significant Cost’ of Auto Enrolment

By Sam Thomas | 19th October 2016 | 13 min read

New research has found that four in ten accountants say their practice's costs had significantly risen whilst preparing for automatic enrolment.

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The research, from Accountancy Age, cites time taken for processing, staff and general admin time, client preparation and other heavy uses of business time as the main culprits behind the rising costs. Next year, businesses with less than 30 employees will reach their staging date, meaning tens of thousands of businesses across the UK will need to be auto enrolment ready. The Pensions Regulator recommends starting preparations at least 6 months before your staging date, meaning these small businesses should be preparing now.

We’ve written in great depth about the scale of businesses staging over the next two financial years, and it seems the time has come for accountants to begin understanding the vast potential this presents. We run a webinar designed to help accountants understand the potential for profit of auto enrolment. ‘4 Steps to Profit from Auto Enrolment’ is a free, informative webinar that should help make clear the financial opportunity – and the prospect of practice growth – that auto enrolment now presents you with.

Although preparing for the legislation may indeed be costly, the benefits of auto enrolment often outweighs the initial cost. Research from NEST shows that the average price charged by accountants to their clients for advice and support with the Workplace Pension Reforms is £440, and that a massive 74% of small businesses plan to speak to their accountant for help and advice.

With this in mind, isn’t it time your practice got auto enrolment ready?

Tomorrow, we’re running ‘4 Steps to Profit from Auto Enrolment’ and registrations are still open, simply click below to secure your place for tomorrow’s session.

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