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Paul Byrne: Auto Enrolment: A New Revenue Stream for Payroll Bureaus
Martin Bissett: Build a Sales Pipeline to Winning New Clients with Auto Enrolment
The webinar will begin shortly...
Paul ByrneManaging DirectorBrightPay
Auto Enrolment: A New Revenue Stream for
Bureaus
Martin BissettFounderUpward Spiral Partnership
Build a Pipeline to Winning New Clients with Auto
Enrolment
Q&A SessionQuestions Tab or #BPWebinars
CompetitionTwo BrightPay bureau 2015/16 licences
Q&A
WIN
Auto Enrolment: A New Revenue Stream for Bureaus
Paul Byrne
• Accountancy Practice for 20 Years
• Set up own company
• BrightPay Background
• 65,000 employers – UK & Ireland
Agenda
• Auto Enrolment Overview
• Small Employers are unprepared for Auto Enrolment
• A New Revenue Stream for Bureaus
• Auto Enrolment Software Solutions
• BrightPay’s Key Take Aways
Auto Enrolment
• Government initiative – Save for later life
• Rolled out in stages: Oct 2012 – Oct 2018
• All employers required to offer a workplace pension scheme to eligible workers.
Auto Enrolment
Eligible Jobholders
Employees must be automatically enrolled if they:
• Are aged between 22 and State Pension age• Earn more that £10,000 per year• Work, or ordinarily work, in the UK
Non Eligible Jobholders & Entitled Workers
Auto Enrolment Responsibilities
1. Set up a Pension Scheme
2. Staging date – Assess the workforce
3. Communications
4. Declaration of Compliance
5. Ongoing Duties
Auto Enrolment
43,000 45,000 110,000To Date Jan – Dec
2015January 2016
Auto Enrolment
Look to accountant, bookkeeper, or payroll bureau for advice and counsel
Accountants who say they know a lot about Auto
Enrolment
Look up clients staging dates with The Pensions Regulator
67%
78%
Small Employers are Unprepared for Auto Enrolment
1,250,000Employers Yet to Stage
43,000Staged to date
78%29%
50%39%50% of those already enrolled turned to advisors very close to staging
3 out of 10 payroll administrators – clients will rely on them completely
39% – Clients would be able to deal with AE administration demands
8 in 10 – believe clients would wait last minute to seek advice
A New Revenue Stream for Bureaus
Challenges
Recent challenges for accountants and payroll bureaus:
• RTI• iXBRL• FRS 102
Auto Enrolment is the one new change that you can make a profit from.
Key Points
1. Employers will need help from accountants and payroll bureaus
2. Employers will come to you last minute for assistance
3. Employers will be happier to consolidate all their outsourced services to one person or advisor
Key Questions
1. Are you prepared to offer Auto Enrolment services to clients?
2. Are you willing to lose clients if you do not offer Auto Enrolment services?
3. Will you make a profit from Auto Enrolment?
A New Revenue Stream
• Potential - Gain new clients
• Increase fees with existing clients
• Short window of opportunity to position themselves as open for business
A New Revenue Stream
• Establish yourself as a proactive rather than a reactive AE advisor
• Naturally increase profits
• Necessary level of service – initial set up fee plus a monthly retainer
Auto Enrolment Software Solutions
Software Solutions
• Average 33 administrative tasks
• Automate employer responsibilities
• Combined payroll and auto enrolment solution
• Greater efficiency, increased value, improved cost savings
Software Solutions
Payroll software that automates auto enrolment tasks is vital:
• Employee assessment• Personalised communications• Ongoing monitoring• Opt-outs & refunds• Mandatory reporting• Pension contribution deductions
Software Solutions
• Does your payroll software provide Auto Enrolment functionality & support?
• Change software at the start of the tax year to avoid the complications of mid-year change
Software Solutions
• BrightPay – an easy to use Auto Enrolment solution
• Everything you need to provide a profitable AE service to your clients
• Unlimited employers, unlimited employees, free support
1. Be Ready2. Payroll Software5. Open for Business4. Customer Support3. CostsBrightPay’s Key Take Aways
How BrightPay handles Auto Enrolment
Future DevelopmentsAccountants' Portal
Martin Bissett
Founder of The Upward Spiral Partnership Ltd.
BrightPay Webinar Series
Click here for more information
• Robin Armer – NEST
• Rudi Jansen – Accoa Ltd.
• Kevin Lyon – The Auto Enrolment Company
• Mark Lee – Accountant Mentor & Speaker
• Patrick McLoughlin – Accountants for Growth
• Darren Critten – Auto Enrolment Specialist
Questions & Answers
For more information see: www.brightpay.co.uk
Or phone: 0845 3004 304
Useful links and resources
• The Pensions Regulator - www.thepensionsregulator.gov.uk/
• The Pensions Advisory Service - www.pensionsadvisoryservice.org.uk/
• NEST – http://www.nestpensions.org.uk/
• Friends of Auto Enrolment – www.friendsofae.co.uk/
• Accounting web – www.accountingweb.co.uk/
• BrightPay free trial – www.brightpay.co.uk/try/
• Auto Enrolment for Dummies - http://bit.ly/1AhNPjW
Building The Pipeline.
The Pipeline.Name Grade Service Value A C C O U N T S % T.V. Decision Next Action
Stage One – Opportunity Dump
Any Lost Proposals
Last 5 years.
What’s The Total Value Of Them?
What Difference
Would Winning
Them Have Made?
How Many Found
What They Were
Looking For?
How Many Are Still Happy
With What They
Found?
Here Are Our First Contacts
Stage Two – Referral SourcesAll referral
sources/centres of influence
What have they referred?
When?Which COIs do we
not have a relationship with?
Next Set Of Contacts Now
Identified
Stage Three - Current ClientsSelect a client where you feel there’s potential for development.
Grade A Clients
Grade B Clients
Grade C Clients
Stage Three - Current ClientsSelect a client where you feel there’s potential for development.
Grade A Clients
Grade B Clients
Grade C Clients
What does My Firm do?
Audit
Tax
Accounts
?
?
?
Current Client Perception
Whatever they currently ‘buy’ from the firm
What does My Firm do?
Audit
Tax
Accounts
Forensic Accounting
Corporate Finance
Business Support
Client Perception Stage 1
‘Education of Client Through Marketing’’
What does My Firm do?
Take care of my relationship with HMRC
Got me out of my overdraft at the bank
Got me my P.G. back
Showed me how I could afford my new
house/car
Found me venture capital funding
Secured my successful exit from the company
Ultimate Client Perception
Client’s perception of firm and what they tell others..
Stage Four – Ex-Clients
All Partners last five years
Who is on the Lost List?
Stage Five – Ex-Enquiries
Stage Six – Wish-List or Highly Desirable or ‘Golden 50’
Stage Seven – Proactive Marketing
Stage Eight - Grading
A=
Right Size
Right People
Right Engagement
Right Fees
Right Geography
Stage Eight - Grading
B=
Right Size
Right PeopleRight Engagement
Right Fees
‘Tell Me More’ – martin@upwardspiralpartnership.
co.uk
The PipelineName Grade Service Value A C C O U N T S T.V. Decision Next Action
Co. A B Auto Enrol £5,500 April Write Proposal
Getting The A.C.C.O.U.N.T.S.™
Answer?
Cash?
Convince?
Objections?
Undertake?
Necessity?
Timing?
Signatory??
Analysing Using A.C.C.O.U.N.T.S.Prospect A C C O U N T S Chance
Company A 10 10 10 10 10 0 10 0 60%
Company B
Company C
The PipelineName Grade Service Value A C C O U N T S T.V. Decision Next
ActionCo. A B Auto
Enrol£5,500 10 0 10 10 10 10 0 10 £3,300 April Write
Proposal
Monitoring, Managing and Marvelling
It’s A Process How We’re Going To Build and Benefit From The
PipelineStarting To Act Like A Business DeveloperBuilding The Pipeline
The First MeetingGiving Them Something To Look Forward To
The Second MeetingGo for the win or play for a replay?
Handling Resistance, Winning Work, Getting PaidThe Tough Stuff
Today
Stage 1
Stage 4
Stage 2
Stage 3
Preparing & Presenting The ProposalDeveloping The Silent Salesman
Stage 5 Exceptions To RulesWhen Wisdom Trumps System
25%
OFF B
righ
t
Pay
Sof
twar
e ‘Tell Me More’ or ‘I’m In!’ –
martin@upwardspiralpartnership.co.uk
£250 + VAT per month (+ £97 Registration)
The PipelineName Grade Service Value A C C O U N T S T.V. Decision Next
ActionCo. A B Auto
Enrol£5,500 10 0 10 10 10 10 0 10 £3,300 April Write
Proposal
Thank You
Thank You!
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