Auto Enrolment – A Binary Opportunity for Accountants
There are fortunes to be made in 2016
If you're thinking about the spreadsheet you've made with a list of your clients down one side and their staging dates down the other, you've probably begun 2016 with a sense of trepidation, if not minor dread.
This is the year most small businesses begin staging. For your clients, this means coughing up additional monies in the form of pension contributions, and the same goes for their employees.
There’ll be set-up work to do, payroll software choices to be made and lots of questions from clients about pensions (none of which you’ll be keen on answering). However, this isn’t your first rodeo.
You've seen compliance and legislative changes before and you and your staff have always coped in the past. This year will be no different.
What if I told you that this is a binary opportunity that’s going to create a market of winners and losers? Hyperbole?
Consider the following: Auto-Enrolment is the biggest piece of legislative change IRIS have seen in years (and we've seen a lot). We’ve assigned legions of developers to our payroll portfolio to ensure we’re AE-ready.
What we're seeing at a top level view is that companies who do payroll internally are seeking the help of an accountant as they stage and handing the whole payroll run over to them. At the same time, we expect lots of smaller firms (whose owners are perhaps nearing retirement) to close up shop.
In other words, while the addressable market for payroll is increasing, the amount of accountants available to help them is decreasing.
Why is this important?
Because where the payroll goes, the Final Accounts usually follow.
For the firms who go all-in for Auto Enrolment in 2016, there are fortunes to be made.
If you're planning to make your fortune, then a word of caution: payroll staff will be thin on the ground this year. If you're going to add clients, we suggest you look at our integrated suite rather than try to recruit.
Doing assessments and communications on separate systems might work for a handful of clients but as soon as you start to scale you’ll be glad you put the right infrastructure in place.
We provide the UK's leading auto enrolment solution; book a FREE demo today to find out more.