How to Streamline Benefits Management in Dynamics GP
Many employees look at benefit options as critically as their paycheck. Offering a variety of benefits is necessary for employers to attract and retain skilled employees. It also adds to the growing list of responsibilities in the human resources and payroll department. Strike the right balance between offering attractive benefit programs and managing them efficiently. You can streamline benefits management in Dynamics GP with modern technology.
Doesn’t More Benefits Mean More Data?
Happy employees are productive employees and less likely to jump ship for a better offer. It’s common to beef up benefits as a way to attract strong candidates and retain the skilled employees you already have on board. However, offering more benefit options also means more data collection for your human resources and payroll teams. Capturing the right data and making the proper calculations becomes rather time-consuming when it comes to balancing leave policies, retirement plans and life insurance. You can save a load of time and gain control of your benefit programs with benefits management software.
Top 3 Benefits Management Add-Ons for Dynamics GP
Data management is often the most time-consuming task in human resources and payroll departments everywhere, but it doesn’t have to be this way. Software has caught up with nearly any unique operational need – including benefits management. Here are 3 benefits management add-ons for GP that will improve productivity in your human resources and payroll departments, right out-of-the-box.
Comprehensive Leave Manager: There are a number of reasons to offer multiple leave options and for different employees, departments or any number of variables. Establish an unlimited number of leave options in Comprehensive Leave Manager from vacation and mandatory sick time, to comp time, administrative or personal leave, volunteer time or anything you choose to offer employees. After establishing these options, you set up accrual schedules, carry-over rules, balance caps or other details and let the software handle everything else.
Enhanced Retirement Plans: Retirement plans come with lots of rules and regulations which also requires lots of oversight. Gain control and insight into the retirement plans you offer with Enhanced Retirement Plans. This solution will automate matching based on employee deduction percentages, gross wages, or fixed amounts and can handle multiple plans including Simple IRAs, Roth IRAs, 401k, 403b, and 457b plans.
Life Insurance Tax Calculator: Automate life insurance plan management with Life Insurance Tax Calculator. This solution will automatically calculate the tax on the inputted income of an employer’s Group Term Life Insurance benefit using the aged-based line in the IRS tables. The calculator integrates with HR Life Insurance Records and benefit amounts are automatically updated during the payroll process.
Let technology do the hard work for you!
Trying to manage benefits with spreadsheets and paper is time-consuming and risky. Your HR and payroll teams have more important things to do! Let technology lighten the load and optimize your benefits management. Contact Integrity Data for more information about our benefits management solutions for GP and other ways to streamline and strengthen common human resources and payroll operations.