Paul Byrne: Auto Enrolment: A New Revenue Stream for Payroll Bureaus

Martin Bissett: Build a Sales Pipeline to Winning New Clients with Auto Enrolment

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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

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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!