With auto enrolment staging dates looming for small and micro businesses, IRIS Software is warning that businesses may be leaving it too late to comply.
The Pensions Regulator (TPR) advises businesses should spend at least twelve months preparing for auto enrolment. IRIS Software believes many companies have not commenced any auto enrolment preparation, even though staging dates for small businesses with approximately 30 employees are just three months away.
Research by the Centre for Economic and Business Research has revealed it can take as much as 103 days to set-up auto enrolment, with a further three days a month spent on pension administration. As unprepared businesses start playing catch-up, leading payroll and accountancy software provider IRIS Software fears businesses are not taking advantage of the tools available to them which ease the strain of compliance.
Mark Paraskeva, CEO of IRIS SME Division, explains, "Compliance is a vital part of financial management and without the necessary expertise in-house, TPR has seen 58 per cent of small employers and 74 per cent of micro businesses turn to their accountant for help. It can be frustrating to rely on third party organisations for such important elements of the business, especially with some companies being charged thousands in the second year of auto enrolment when using middleware solutions. Companies need worry no longer though, as the technology tools needed to ensure compliance are readily available for the businesses facing fines of up to £10,000 a day for non-compliance."
The IRIS AE Suite™, which is comprised of assessment, communication, electronic payslips and P60s, has enabled over 2,700 SMEs automatically assess more than 556,000 employees in under a year. This offering is part of IRIS' cloud suite, which has gained more than 100,000 interactive subscribers in the last year alone, taking the total number of subscribers to 213,000.
Mark Paraskeva adds, "Providing the right tools for businesses to meet financial deadlines, comply with legislation and improve productivity is why we exist. As the leading payroll and accountancy software provider in the UK, we are incredibly proud of the benefits our customers have received and we continue to innovate with passion."
Other benefits IRIS has delivered to customers include:
- Employees will receive information via the communications portal directly to their email address. They will also be able to view communications through their smartphone or tablet using a free app.
- IRIS AE Suite™ provides audit facilities, ensuring all communications are date and time stamped, PDF copies of all documentation is held in the online portal, and full audit reports are provided.
- IRIS AE Suite™ operates in the cloud, meaning you save costs on printing, processing and posting communications to your employees.
Mark Paraskeva continues, "It has been a strong year for IRIS SME Division; we have seen fantastic growth and I am immensely proud of the continued and sustained delivery by the IRIS team. Our continued success comes at a time when cloud seems to be reaching critical mass among both SMEs and accountants in the UK."