Planning for the Future

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When planning budgets for the upcoming fiscal year or when setting long-term goals, you need to know your options and the costs associated with those options.  Keep an eye on costs associated with group life insurance  and different retirement plans with affordable add-ons by Integrity Data.

There are often many variables when calculating the life insurance benefits for your employees.  Each variation can create a risk for error, especially when performing manual calculations and entries.  Reduce the chance for risk by connecting the Integrity Data Term Life Insurance Calculator solution with the payroll processor in Microsoft Dynamics®GP.  You can use the pay codes to automatically update life insurance data during payroll processing.  The calculator will determine the tax on the income for each employee using the correct age-based line in the table published by the IRS each year.  You can assign calculations by employee ID, departmental positions, or another qualifier.  When it’s time to make a change in an employee’s salary or they have a birthday, the data change will automatically trigger a corresponding update in life insurance calculations.  You can also specify a company premium rate or use the human resources premium defined in the human resources module.

Retirement plans present another tricky numerical challenge.  Employees often have choices on contributions, catch-up contributions, and there are often employer-matched contributions that are based on tiers such as deduction or gross wage percentages or other fixed amounts.  Not only are these variables confusing, they can be time-consuming to keep straight.  The Integrity Data Enhanced Retirement Plans solution adds time-saving automation to calculating matching, shared contributions, and catch-up contributions with greater efficiency and accuracy.

Calculating accurate life insurance and retirement plan costs and contributions is important with each pay period and when preparing budgets for upcoming years.  Using these add-on modules by Integrity Data will make it easier to manage and monitor life insurance and retirement contributions, as well as provide insight into future financial situations.  Contact the experts at Integrity Data to discuss how you can plan for your future with the insight offered by these and other Integrity Data solutions.

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