Recently, we did a webinar on Benefits Reconciliation, the little talked-about (and probably least favorite) process in managing benefits. In case you missed it, the below takeaways will get you up to speed and empower you to take control of your own benefits reconciliation process. Don't forget to share the summary and the webinar link with your colleagues, particularly those who are directly involved in the reconciliation process. The webinar gives you a tour of our solution, so don't miss it!
Here are the 4 key takeaways from our Benefits Reconciliation webinar:
1. The cost of benefits are on the RISE
According to the latest stats, the cost of employee benefits is predicted to hit $15K per employee in 2019. Due to the low-unemployment rate (3.9%) employers are increasingly using benefits to attract and retain qualified workers. With benefits costs representing a growing chunk of overall expenses, there's a greater need for transparency and accuracy when it comes to managing benefits. Which brings us to benefits reconciliation.
2. Benefits Reconciliation today
If you're like most employers, reconciling benefits is a tedious but a necessary process. Whether you use spreadsheets or print-outs, rulers or highlighters, the process is highly-manual and prone to errors. There are a lot of moving pieces, and not catching and correcting these errors in time can be a big problem.
3. Let's Automate!
In late 2017, EverythingBenefits launched a fully-automated Benefits Reconciliation solution that makes the entire process a breeze. We'd love to take credit, but the idea came from our partners, who struggled doing manual reconciliation for their clients, especially ones with many employees. We're very proud our solution, it's the industry's first and we know it's going to make a lot of HR folks happy. Let's take a look inside our tool:
- Customize the Dashboard: Simply drag and drop what's important for you and what you want to see first inside our customizable dashboard. It's user-friendly and intuitive so you'll be an expert in no-time.
- Upload the Invoice: Our system is flexible. Your vendor invoice can come in a variety of formats including csv, xls, pdf or txt.
- Match & Compare Invoices: The heart of our solution is the "match and compare" feature which allows you to compare thousands of records en masse. You can match-up data based on Social Security, Employee's name, or other variables.
- Add Action Notes to Follow-up Later. Sometimes an invoice issue requires a follow-up. You can add your notes to follow-up at a later date. These notes may also be exported in a clear actionable report to be forwarded to the carrier or broker has taken the steps to address the irregularity
- Historical Data is at your Fingertips: Wouldn't it be great to see benefit details for last year? The benefit and payroll history goes as far back as your data allows, and available in a graphical format as well. Here are some screenshots inside the dashboard:
4. No-Sweat Integration
Like all our solutions, integrating Benefits Reconciliation is fast, easy and seamless. No matter what Human Capital Management solution you use, our tools live on top of your existing technology requiring no effort on your part.
If your company has over a hundred employees, automating benefits reconciliation is highly recommended. It will save your employees' valuable time, and most importantly will ensure the entire process is error-free and keeps your company on the safe side of compliance.
Click here to listen to our webinar and get a glimpse inside our solution.