Paul Byrne: Embrace Auto Enrolment to Increase Profits

Patrick McLoughlin:Using Auto Enrolment to Attract your Ideal

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Paul ByrneManaging DirectorBrightPay

Embrace Auto Enrolment to Increase Profits

Patrick McLoughlinOwnerAccounting for Growth

Using Auto Enrolment to Attract your Ideal Clients

Q&A SessionQuestions Tab or #BPWebinars

CompetitionTwo BrightPay bureau 2015/16 licences

Q&A

WIN

Embrace Auto Enrolment to Increase Profits

Paul Byrne• Accountancy Practice

for 20 Years• Set up own company• BrightPay Background• 65,000 customers – UK

& Ireland

Agenda• Auto Enrolment Summary• Be Proactive - Communicate to your

Clients• Automate AE tasks• Beware of Hidden Charges• Timing & Tax Year• BrightPay’s Key Take Away’s

..Auto Enrolment Summary

Auto Enrolment• Government initiative – Save for later life• All employers required to offer a workplace

pension scheme to eligible workers

Small Employers• 1.2 million small & micro Employers set to

stage from June 2015• Majority of employers will not have the

knowledge or experience to make informed decisions

• Information overload - Confused, bewildered and overwhelmed

Small Employers• First experience to review any kind of

pension scheme for their employees• Lack the capacity and ability to handle

additional payroll tasks• Implementing any new system can be a

daunting, nerve-racking and downright scary experience

Staging Date AwarenessAwareness Accuracy

Smaller Medium 97% 83% Small Employers 81% 43% Micro Employers 51% 28%

Look up clients staging dates with The Pensions Regulator

Be Proactive.....

Be Proactive• Payroll bureaus must predict the

evolutionary need of their clients• Establish yourself as a proactive rather

than a reactive AE advisor• Necessary level of service for an initial set

up fee plus a monthly retainer

Communicate the Changes• Huge potential for accountants,

bookkeepers and payroll bureaus• Short window of opportunity to position

themselves as open for business• Communicate with clients that you are

open for business

Open for Business• Outsource to you because you have the

know-how and it saves them time and money

• Trusting you as a payroll professional to make sure they are fully AE compliant with the law

• Open to the idea of outsourcing AE for a chargeable fee

Automate AE Tasks

Auto Enrolment Tasks

1. Set up a Pension Scheme2. Staging date – Assess the workforce3. Communications4. Declaration of Compliance5. Ongoing Duties

Software Solutions• Average 33 administrative tasks• Automate the majority of these AE

processes• Combined payroll and auto enrolment

solution• Greater efficiency, increased value,

improved cost savings

Automate AE Tasks• Check with payroll software provider to

see how it handles AE requirements• Consider an alternative software package

that will integrate the required tasks into payroll software

• Allow you to streamline AE processes and increase the turnover of payroll clients

Does Your Payroll Software...1. Assesses your workforce?2. Allows the use of postponement?3. Automate employee communications?4. Calculate pension contributions?5. Handles opt-in and joining?

Does Your Payroll Software...6. Handle opt outs and refunds?7. Notify you when actions need to be

taken?8. Keep records and provide reports?9. Integrates with some or all pension

scheme provider systems?

Beware of Hidden Charges

AE Functionality• Choose payroll software that is specifically

tailored to auto enrolment• Make sure your software supports AE – test

it’s functionality ahead of staging date• Consider an alternative software package

to perform required AE tasks

Beware of Hidden Costs

• Beware of hidden costs• Some charge for AE

functionality, support, and additional employees

• Know all the charges that may apply to you

Timing and Tax Year

Software Solutions• If you are changing payroll software, it is

advised to make the change from the start of the payroll year

• Avoid any of the complications of a mid-year change of software

• Staging January – March 2016: ensure Auto Enrolment functionality now to avoid switching mid-year

Payroll Solutions• Modern innovative solutions exist that can

automate Auto Enrolment duties• Enter staging date to assess each

employee’s eligibility for Auto Enrolment • Employee AE communications based on

each employee’s individual eligibility

BrightPay & Auto Enrolment• BrightPay – an easy to use AE solution• Everything you need to provide a

profitable AE service to your clients

• Empower bureaus to improve profit margins and increase the turnaround of these clients

• Designed to take the grunt work out of Auto Enrolment

BrightPay Payroll Software

Unlimited Employers

Unlimited Employees

Free Support

60 Day Free Trial

BrightPay’s Approach

BrightPay’s Key Take Away’s..

1.Automation2.Functionality3.Hidden Costs4.Timing5.Communication

Patrick McLoughlin

Owner at Accounting for

Growth

25th March - Register Now

• Paul Byrne: Essential Questions to ask you Payroll Software Provider

• Darren Critten: Auto Enrolment - Collaboration is the key to Success!

BrightPay Webinar Series

Useful links and resources• TPR – www.thepensionsregulator.gov.uk/• NEST – http://www.nestpensions.org.uk/• AccountingWeb – www.accountingweb.co.uk/• BrightPay free trial – www.brightpay.co.uk/try/• Auto Enrolment for Dummies

http://bitly.com/1AhNPjX• TPR: What happens if I don't comply• TPR: Find out client's staging dates• TPR: Detailed Guidance

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Questions & Answers

For more information see: www.brightpay.co.uk

Or phone: 0845 3004 304