Auto enrolment has undoubtedly brought about huge changes in workplace pensions. Now that all UK businesses are obliged to offer their staff a pension, hundreds of thousands of employees are looking forward to their retirement with a greater sense of security.
Employers benefit too from a more stable and confident workforce. But it’s not all plain sailing for them. Small businesses are faced with a lot of extra work to comply with government regulations.
This is where you, the accountant, come in
Research by The Pensions Regulator shows that 58% of small business employers will turn to their accountant for help with auto enrolment. You may even be required to play a central role.
So, how do you assist your client? Tom Nall, Director of Workplace Solutions at Simply Biz, outlines in his article for Professional Adviser what advisers and accountants can do to ensure their clients don’t get any nasty workplace pensions surprises.
How you can help
These are some of the key areas you should be able to help with:
Providing information about auto enrolment
Directing clients to sources of information and advice so they can choose the best pension scheme for them
Assessing their workforce
Communicating information about auto enrolment to their employees
Understanding the cost implications of pensions to their bottom line
Ensuring they’re compliant with workplace pension regulations Understanding the finer workplace pensions details for those who run their own business and employ a spouse or partner
That’s quite a lot to take on board. But there’s one more thing you need to be able to advise your clients on, which will make both their and your lives easier. That’s recognising the importance of software when managing auto-enrolment.
Be a valued business advisor
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QuickBooks Online Payroll helps make the whole process significantly easier. It automatically manages payroll, calculates pension contributions, and keeps tabs on inventory and supplies. And far from usurping your role as an accountant, it frees up your time to focus on being the trusted advisor your client really needs.
Many of your clients will already be using QuickBooks online for their bookkeeping. As their accountant, using it yourself allows you to build a closer relationship with them, since you’ll have automatic access to their accounting information.
Accountants see immediate benefits with QuickBooks
Chris Reeve is managing director of Gascoynes, one of the most innovative accounting firms in the East of England. He’s been using and recommending QuickBooks to his clients for over 20 years. According to Chris, “There is no doubt, being on the same platform completely transformed the way we operated. We didn’t realise how much we needed it until we had it.”
Don’t wait for your clients to come to you
Engage with them now. Reinforce how crucial your advice and guidance will be in complying with government guidelines on workplace pensions. And help them make their lives a whole lot easier with QuickBooks Payroll Online.
Did you find this article about workplace pensions useful? The QuickBooks Blog covers a wide range of business-related topics designed to help you grow your accountancy business