Many employers offer a variety of benefit programs in an effort to attract and retain skilled employees who will contribute to business success and growth. There are many different types of benefit programs and each one comes with a very specific set of regulations or rules. Managing employee benefits doesn’t have to be complicated or a distraction from core business operations. Take the pressure off benefits management by deploying the right technology.
There are many parts of your business that are best managed by technology instead of paper-based or manual processes, including benefits management. An increase in headcount or changing legislation requires additional time and attention when managing data for a variety of benefit programs. This not only distracts accounting and human resources staff from other important tasks, it introduces the risk for mistakes as data is manually processed and calculated. Save time and manage benefit programs efficiently by integrating these three solutions with your Microsoft Dynamics GP Payroll solution.
- Multiple leave options: Offering a variety of leave options may keep employees happy, but are difficult to manage manually. With Comprehensive Leave Manager, you can offer as many leave plans as you like and manage them automatically. Set up and automate accrual schedules and carry-over rules for vacation and sick time, personal and administrative leave, and volunteer time. Establish probationary periods, maximums and balance caps, then let Comprehensive Leave Manager process leave time alongside payroll transactions.
- Retirement plans: Manually calculating employer-matched contributions to retirement plans is risky and can land you in hot water with the Internal Revenue Service (IRS). Automate contributions and enforce contribution limits across all types of retirement plans with Enhanced Retirement Plans. Employees can contribute to multiple plans including Simple IRA, Roth IRA, 401K and 403B or non-qualified plans like 457B and Comprehensive Leave Manager will automate calculations and matches based on employee deduction percentages, gross wages percentages or fixed amounts.
- Life insurance: Offering life insurance is another influential benefit that comes with changing regulations. Calculations are based on employee age using tables released annually by the IRS. Assign calculations based on employee, department, position or other category and Life Insurance Tax Calculator will account for changes in employee salary or age automatically during payroll processing.
Take the pressure off the accounting and human resources departments by automating the management of these important benefit programs. Contact Integrity Data for more information about the time-saving solutions that will streamline common payroll and human resources processes.
By Integrity Data, a Microsoft Dynamics GP ISV out of Illinois