We are in the last quarter of 2016, which has many accounting and payroll departments scrambling to prepare year-end documents. In addition to year-end reporting, data will be used for employee W-2 statements and Affordable Care Act (ACA) 1095-C statements, on top of the regular direct deposit statements. Preparing these documents traditionally takes lots of time and lots of paper.
Year-end is a busy time of year and your accounting and payroll teams want to get through reporting obligations as quickly and efficiently as possible. However, there is nothing quick or efficient about paper-based processes and manual calculations. Managing employee data by hand is a recipe for disaster, especially as it’s transcribed from timesheets, requests for time off, and extracted from healthcare paperwork. As data changes hands and is entered in and out of spreadsheets or specialty software programs, the risk for making mistakes increases. Even simple typos can wreak havoc as employees hustle to get through reporting and get on with the holidays.
Streamline Year-End Reporting With Time-Saving Technology
Want to give a gift to your accounting team and employees they’ll really love? Here are a few that top the list:
- Employee E-Mail Suite: Instead of printing documents and stuffing envelopes, email employees their statements or other information through the Employee E-Mail Suite. Send direct deposit earnings statements, W-2, and 1095-C statements, as password protected Adobe PDF documents through email and skip the busy post office.
- Paycheck “What If” Calculator: At year end, there is little time for distractions. Deploy the Paycheck “What If” Calculator and allow employees to self-assess their own potential payroll changes. Employees can evaluate how net pay may change if they make changes to federal or state exemptions, for example, or calculate the gross-up amount of a bonus.
- ACA Compliance: The ACA legislation is complex and managing a variety of data can quickly become time-intensive, at the busiest time of the year no less. Deploy ACA Compliance and streamline data management throughout the year. When it’s time, a simple click can populate, and email or mail ACA statements to employees.
Save time and reduce the stress of year-end reporting by replacing paperwork with time-saving automation. Contact Integrity Data for guidance with implementing the simple, yet powerful, add-on solutions that will streamline year-end reporting so you and your employees have more time to enjoy holiday vacations, worry free.
By Integrity Data, ACA Compliance Solution Provider out of Illinois