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Administration and Accounting

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Administration and Accounting

HR executives and their staff do not have accounting backgrounds, but nonetheless have fiduciary and statutory accountabilities for benefit programs. At the same time, CFOs and their staff do not have time to monitor benefit plan internal controls for financial consistency across HR and accounting. Yet they are ultimately responsible for it. Workforce Junction has expert teams of accountants, HR benefit specialists and process managers that focus specifically on benefit program accounting. Their sole mission is to eliminate errors, prevent leakage and provide outstanding financial stewardship of client benefit programs.

Benefit Accounting Services

  • Carrier Invoicing/ Reconciliation/Validation
  • Set up carrier invoicing processes
  • Handle all funding arrangements
  • Set up ongoing payment processes between clients and benefit vendors
  • Provide advice to pay, and cost-center break-down reports
  • Provide audited self-accounting statements that summarize carrier invoices and provide supporting details
  • Monitor client payments to carriers with a payment tracking system
  • Support client internal and external audits
  • Compare and validate claims data against eligibility data
  • Track and report deductions for payroll
  • Set up benefit deduction processes for payroll
  • Calculate benefit adjustments and report payroll inputs
  • Reconcile payroll against advice
  • Manage payroll discrepancies
  • Voluntary products deductions to match carrier invoices
  • Respond to final settlement requests on a case-by-case basis
  • Respond to employee questions about payroll deductions
  • Manage W2-Aggregate Cost Reporting requirements under PPACA (Health Care Reform)
  • Conduct a year-end review session with client and payroll vendor
  • Support client internal and external audits
  • Support multiple payrolls with varying frequencies in different locations
  • Calculate imputed income and pre-/post-tax deductions for all benefits
  • Support complex business rules such as prorating and unusual eligibility cases
Benefit Administration Services

  • Demographic data uploads and management
  • Adds and terms, qualifying life event management
  • Transaction approvals
  • Enrollment reminders
  • Custom email communications
  • Annual enrollment set up and administration
  • Employee enrollment support
Our Benefit Administration and Accounting Solution Delivers

  • Cost reduction
  • Reduced complexity
  • Employee delight
  • Administrative control
  • Process compliance