Regulatory technology provider SyncStream Solutions has released its new Benefits Analysis Toolkit, which is targeted at CPAs, benefits brokers and HR consultants, and is designed to help calculate and forecast the effects of all benefits offerings on a company’s bottom line.
The Benefits Analysis Toolkit collates employer contribution, taxes, penalties, and potential employee turnover into one report. It then automates calculations, which should allow accountants to take on more of an advisory role by freeing up their time previously spent manually entering data and performing calculations.
To use the toolkit, employers answer a number of simple questions about their current benefits, the cost of those benefits, and any potential changes they are interested in making. The toolkit then calculates the impact of these benefits on a company’s spending based on their current habits, and any potential changes they are interested in, for up to three years. The toolkit can also be periodically updated with current enrollment numbers for more accurate readings.
The solution also offers additional modules pertaining to the Affordable Care Act, a sometimes difficult compliance issue for employers that often requires assistance. These modules include “Cadillac tax” information (for the ACA’s tax on high-cost plans) and helpful insight into choosing tracking periods.
“As employers evaluate health care and other benefits options to comply with the ACA and attract qualified employees, it’s important for their advisors to be able to accurately predict the cost of the benefits they recommend,” said Arthur Tacchino, chief innovation officer of SyncStream, in a statement.