Success story

Cone Accounting: Transforming Pension Management with Penfold

“Penfold's user-friendly approach and transparency revolutionised how we manage pensions for our clients.”

- Ben Nacca, Founder of Cone Accounting

Inspired by Ben’s journey with Penfold? Your path to a modern workplace pension which matches the rest of your app stack begins with a single click: Request information

Meet Cone Accounting

Cone Accounting is a cutting-edge accounting practice focused on serving small businesses and creatives. Known for its modern, software-focused approach, Cone offers a full suite of services, from bookkeeping to advisory, ensuring that clients feel supported year-round.

We're trying to make sure that clients know they can come to us with anything if they need to throughout the year. We're making it more of a relationship than just a transaction.

Unique Value Proposition for Accountants

For accountants, offering pension management as a value-added service is now possible with Penfold. By matching seamlessly with the tech stack accountants already use for other services, Penfold transforms pensions from a compliance checkbox into a meaningful part of financial advisory. This allows accountants to enhance their service offering, providing clients with a transparent, user-friendly pension solution, helping foster deeper client relationships.

Challenge: Traditional Pensions

Before discovering Penfold, Cone Accounting faced significant challenges with pension management. Traditional pension providers like Nest and Now Pensions proved cumbersome and unfriendly for both employers and employees. Clients often struggled to access and navigate their pension accounts, resulting in minimal engagement with little added value from their workplace pensions.

My experience with pensions before was always just kind of a compliance aspect rather than something people wanted to do and embrace.

Solution: Penfold’s Pension

Penfold's entrance into the pension space marked a turning point for Cone Accounting. Ben and his team quickly recognised the value of Penfold's user-friendly, transparent platform.

Penfold has come in and changed the space, showing that we could have a pension that was user friendly as well. It's really adding value to not only the employers themselves but the employees of those employers.

User-Friendly App for Clients

Penfold's intuitive app became a significant advantage for Cone Accounting and its clients. The app makes it easy for users to understand their pension – features like the retirement calculator and the ability to choose investment risk levels provide clients with a clear picture of their financial future.

The app is the big selling point with Penfold, having a nice clean UI that’s easy to understand for people because the vast majority of people aren’t pension literate.

Enhanced Visibility for Cone Accounting

In January 2022, Cone Accounting transitioned its own pension scheme to Penfold and found the process seamless and efficient. The team was particularly impressed with Penfold's transparent fee structure and the visibility offered. Employees could now see their contributions in real-time and had the freedom to ask questions and make informed decisions about their pensions.

Penfold has been easy to use, it's transparent, it's got the app as well and allows you to have more control and visibility on your pension.

Benefits for Accountants, Employers, and Employees

Penfold's pension brought significant benefits across the board:

  • For Accountants: The integration with accounting software and the transparent, user-friendly interface reduced administrative burdens and made it easier to manage pension schemes.
  • For Employers: Employers found value in the streamlined process and improved employee satisfaction due to the transparency and ease of use of Penfold's pension app.
  • For Employees: Employees appreciated the increased control and visibility over their pensions, fostering greater engagement and financial awareness.

Tech-First Accountancy Approach

For a digital practice like Cone Accounting, which prioritises having the right tech stack, Penfold was the perfect addition – fitting seamlessly into their tech ecosystem.

As a digital practice, we’re always trying to make sure that we have the right app stack, and right tech that we've got on hand to be able to support our clients across various different industries. Xero for our accounting, Dext for our receipt management.

We see Penfold as our pension option in that space.

Results and Recommendation

Since switching to Penfold, Cone Accounting has seen a marked improvement in pension engagement and satisfaction. The platform's straightforward, transparent approach has transformed pensions from a compliance necessity to a valuable financial tool.

Cone Accounting enthusiastically recommends Penfold to both their clients and fellow accountants. The platform's efficiency, ease of use, and the happiness it brings to employees make it a standout choice in the pension space.

Ready to transform your pension management experience like Cone Accounting? Request more information and discover how Penfold can improve your workplace pension service.

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