The answer to that loaded question is payroll is rarely just payroll. Most businesses offer employees various benefits on top of payroll that could include retirement plans, paid time off (PTO), and life insurance in addition to health insurance. Each of these benefits create new challenges that require the close attention of human resources and accounting teams and the support of powerful add-on solutions when using Microsoft Dynamics® GP Payroll. Here are four powerful solutions that can streamline benefit management activities:
- Enhanced Retirement Plans: When managing retirement plans the number of variables can be mind-boggling. Employer-matched contributions can vary by employee deduction, gross wages percentages, and across multiple plans. Employees may also want to contribute extra, yet there are maximum limitations under IRS and corporate policies. The Enhanced Retirement Plans add-on can automate contributions and support the many other rules associated with common retirement programs including IRAs, 401k/403b, and others.
- Life Insurance Tax Calculator: Companies that offer life insurance plans can use the Life Insurance Tax Calculator to manage benefit calculations that can change with salary or employee age. You can manage calculations by employee, department, position, employee class, or employment type and create compensation calculations based on pay code, commissions, or other amounts.
- Leave Management: You may offer employees a variety of PTO options such as sick time, vacation time, personal leave, administrative leave, or other forms of PTO. Comprehensive Leave Manager can automate leave calculations, saving valuable time in the payroll process. You can set up accrual schedules, carry-over rules, maximums, and other leave policies that can automatically be calculated with this solution, making payroll processing as simple as possible.
- ACA Compliance: Many businesses are rightly concerned with capturing the data needed for the upcoming Affordable Care Act (ACA) reporting. The ACA Compliance solution can support ACA reporting and electronic filing of ACA records.
The less time you spend on collecting and calculating leave benefits, the more time you have to focus on your bu