Accountancy firms seeing higher costs because of Auto Enrolment
Recent research published by Accountancy Age suggests that accountancy practices have seen costs significantly increase recently as they attempt to deal with auto enrolment. The main issue is trying to ensure that their clients meet their compliance deadlines.
180 practitioners were questioned by Accountancy Age, of which 61% declared they were either 'not very' or 'not at all' prepared for auto enrolment. Four in ten felt that their firm's costs had 'significantly increased', mainly due to the time it takes to process not only client data but also provide ongoing advice, the majority of which is unrecoverable.
Over the next 12 months thousands of employers will reach their staging date to enrol staff into a qualifying workplace pension scheme but many accountancy firms still haven't created an understanding of how they should deal with the auto enrolment process.
In addition to this they face a number of challenges. Nearly half of these firms lack the confidence to select a suitable pension provider for their clients. Crucially though, seven in ten are worried about their clients being fined by the Pension Regulator.
From these statistics it clear that the simple and most cost effective way for accountancy firms to tackle auto enrolment is to find a trusted auto enrolment partner that is geared up to handle the administrative burden of processing client data and ensuring that clients remain compliant and avoid fines.
We work with a number of practices to offer an end to end solution for their clients. We offer an efficient and reliant software solution that automates processes, but more importantly, one backed up by a dedicated team who focus on nothing but navigating the challenges of auto enrolment.
If you would like to discuss our services in more depth please don't hesitate to give our friendly team a call on 01244691999.