Efficient benefits administration is one of the key factors that give you a huge advantage in terms of recruitment. Needless to say, attractive benefits programs are likely to drive and retain employees. To facilitate the process of benefits administration, you can utilize automated tools. Check out Tabulera’s benefits software solution that will help you greatly accelerate the process of benefits management.
Manual benefits administration is time-consuming, it involves a lot of paperwork and communication. To top it off, there are always chances of making errors, which can result in messing up your data or even violating regulatory compliance. Using an automated platform is a reasonable solution that will help you keep your fingers on the pulse of your benefits administration. Let’s cut to the chase and take a closer look at the functions that Tabulera offers for effective benefits management.
Clear Data Visualization
Tired of dealing with multiple spreadsheets? Worried about losing any benefits data? If that’s all about you, we’ve got a great news. Now you can securely store and access all the benefits data in one place. With our module that offers a plan status dashboard, you’ll always have a full image of what is currently going on in the benefits administration process. The dashboard provides a range of statistical data that reflects the ongoing benefits plans and expenses. It will enable you to spot the current trends and keep track of benefits enrollment rates, key client plan metrics and plan balances.
We believe that you sometimes feel helpless with invoice consolidation. It’s not a problem anymore, because you can delegate this routine to an automated platform. Tabulera’s benefits administration solution enables you to get a single monthly invoice: you won’t need to manually collect and calculate lots of data. So how does it work? Our tool automatically logs into carriers’ web pages and extracts the necessary figures from their list-bills. Then this information is integrated with the self-bills that are drawn up relying upon the enrollment data. As a result, you get a consolidated invoice in PDF and .xls formats.
Total Control Over Finances
It’s obvious that financial control is an essential part of any company’s finances. Tabulera allows its users to easily compare employee contributions to the invoices received from the carriers. With our automated module, it’s simple to check if you collect the right amounts from the employee’s payroll deductions. Also, you can control if the carriers bill you the right amounts. In case there are any variances, you’ll be able to spot these and take steps to fix them right away.
Electronic Data Interchange Integration
Did you know that many benefits providers require a single EDI feed despite how many employers participate in the program? It might sound like an additional task for your HR experts, however, Tabulera offers a great solution. Our tool collects data from different enrollment platforms and provides the carriers with a single EDI feed. With the fast connection process, you will always be able to keep track of any updates.
Take advantage of Tabulera’s solutions if you want to easily manage commission payments. We offer a user-friendly commission dashboard that reflects benefits plans and commission structure. What is even more amazing, the module allows for commission calculations and payout. With our commission reporting tool, the members of your HR team will free up lots of their time for more important tasks.
The Plan Accounting module creates a CSV file that corresponds to the structure of the GL so that it can be easily integrated into it. With this tool, you’ll be able to create journal entries for financial transactions related to plans, and also record in general ledger for financial statements.
Vendor and Carrier Payments
Here’s the most amazing Tabulera’s feature we want to share: you won’t need to deal with vendor and carrier payments anymore. Of course, if you wish that. For this, you have to make Tabulera your third-party administrator and we’ll take care of your payments. We can impound funds and act as a remitter on your behalf.
Still, it’s natural that you might want your funds to be kept in your account. However, many employers find payments a tough routine as different carriers may demand different payment methods, file formats, or levels of backup information. We’ve got a solution: Tabulera can create ACH files and send them to the treasury group.
To Wrap It Up
In a nutshell, benefits administration software is your superhero if you want to save time and effort. Entrust complicated calculations and other benefits management routines to an automated platform without losing control over the process. Just try it out and achieve terrific results. Save costs and free up time to enhance your employees’ experience instead of spending hours on paperwork.