Accountants Need Urgent Help with Automatic Enrolment Queries
Auto enrolment has presented accountancy firms and payroll bureaus with a major opportunity, but education and preparation will be required to truly capitalise on this.
In a recent IRIS survey of 186 accountancy firms and payroll bureaus 42% of respondents said that their clients would be relying on them for help and advice with achieving auto enrolment compliance. However, only 2% of respondents said they felt fully capable of answering clients’ auto enrolment questions themselves.
When asked to describe their level of involvement with regards to auto enrolment 36.5% said that they would be carrying out the required duties on behalf of their clients, with a further 21% saying they would be providing technical advice on the reforms.
Accountants and payroll bureaus need to understand the changes being brought in, as 41% said that their clients had already enquired about auto enrolment, meaning that 59% may not have thought about it yet.
Mark Paraskeva, CEO of IRIS SME Division said: “auto enrolment is the biggest reform to the pensions industry in decades and achieving compliance is not a small task. With potential fines from The Pensions Regulator of up to £10,000 per day for non-compliance, ensuring your business or your clients are prepared is not something to be taken lightly.
The introduction of auto enrolment has presented accountants and bureaus with a great opportunity to add value to the services they currently offer their clients, provided they are fully prepared. To be effective auto enrolment has to be done in payroll, as payroll has access to employees’ PAYE information, and the payroll calculations must be completed before assessment can take place.
If you already provide a payroll service for your clients, ensuring you have educated yourself and your team on auto enrolment and the processes involved will allow you to provide additional services to existing clients, as well as bring in new business.”
Find out more about the complete range of IRIS Auto Enrolment Solutions today.