| The task of managing payroll benefits can quickly | | | | Some benefit deductions may not be taken out of |
| become difficult once your number of employees | | | | every single employee check. In these cases, it is |
| starts to grow. What may have previously been | | | | useful to schedule benefit deductions, for example, on |
| handled in a starter or free payroll software application | | | | the first and third payroll of each month, and so on. By |
| can often be easily handled in advanced payroll | | | | scheduling these benefit deductions; you can be |
| software. Here are some ways payroll software can | | | | confident that the correct amount is deducted at the |
| help you track payroll benefits and be more confident | | | | correct time. |
| in your data. | | | | Retirement Plan Limits |
| Predefined Benefit Deduction Codes | | | | Eliminate guesswork and worry when tracking |
| Some payroll systems come with a variety of | | | | retirement pay! As an employer, you may have a limit |
| standard predefined codes for tracking benefits. | | | | for your 401K contribution, your employee may have a |
| These 'deduction codes' make it easy for you to set | | | | limit, and of course the government has a limit as to |
| up new employees and keep track of important | | | | how much can be contributed. The ability to set up |
| information without reinventing the wheel, in order to | | | | plan limits within your software can tame the nightmare |
| simply track the right payroll benefits for your | | | | associated with 401K tracking. Once the limits you set |
| employees. Most payroll systems will include deduction | | | | up are reached, the amount will no longer be deducted, |
| codes for widely used benefits such as 401K, vacation | | | | keeping all the involved parties happy. |
| pay, sick pay, and so on. | | | | Effective Dates |
| Benefit Deduction Code Customization | | | | Are you worried that you will forget to activate an |
| As your company grows, you may find that the | | | | employee's benefits after a probationary period or |
| standard predefined codes included in your payroll | | | | some other type of waiting period? Set up effective |
| software are not able to handle every need when | | | | dates in your payroll system, so that benefits will |
| tracking payroll benefits. In this case, it is crucial to have | | | | automatically take effect on the specified date. This |
| a system that allows you to customize and use your | | | | can take away the constant worry about forgetting to |
| own deduction codes. Not all payroll systems allow for | | | | start an employee's benefits from taking effect. |
| this; however if you anticipate growth and unique | | | | Take advantage of every tool at your disposal in your |
| benefit tracking, be sure your system does offer | | | | payroll system to ensure your payroll benefits are |
| custom code setup. | | | | managed properly, and take the worry that payroll |
| Scheduled Benefit Deductions | | | | benefits are being missed or calculated incorrectly. |