Starting an employee benefits plan can be a daunting task. Everything must be carefully considered from the types of benefits to be provided to the computation of the plan’s impact on the company’s financial status. Fortunately, the benefit of hiring a Rochester consulting firm staffed by experienced accountants is yours to enjoy.
Why hire these accountants-cum-consultants? First, these professionals possess the right set of knowledge and skills in the identification, formulation and implementation of the customized employee benefit plan. Second, these consultants have an extensive network of contacts in the benefits industry, which means a wider range of choices in the service providers. With such a combination, you are assured that the employee benefits plan will, indeed, address your company’s needs and wants.
How can the consultants of the best Rochester consulting firm provide valuable assistance? Both large and small companies are provided with similar levels of attention, care and expertise in the formulation of the employee benefit plan.
The consultation services provided by the best Rochester accountant-cum-consultant include but are not limited to the following:
• Comprehensive needs assessment, which will identify the employer’s goals, objectives and capabilities coupled with the employees’ needs in the benefit plan.
• Use of benchmarking and wellness tools, employee communication tools, and employee surveys.
• Provision of templates to answer possible issues addressed by the employees;
In all cases, the best Rochester consulting firm will work with the client to develop an employee benefits plan that achieves a balance between reasonable financing and sufficient coverage. This is not an easy task by any means by with the knowledge, skills and contacts of the Rochester accountant-cum-consultant, it is possible.
Yes, there are employee benefits plans that come in ready-made form; all you have to do is to pay for the premiums to get coverage for your employees. But you must ask yourself whether such one-size-fits-all plan will be to your best interest in the long run, which it probably will not be. Your company is unique, after all, and deserves the best tailored plan possible.
Yet another benefit of getting the best Rochester consulting firm on board your planned employee benefits plan is the opportunity to ask questions and get satisfactory answers. The most common of these questions will revolve around:
• Human resource issues like terminations, severance and leaves
• Accounting issues like payroll entries and taxable benefits
• Amount of employee counterpart
• Management of opt-outs and anti-selection
What should be included in the employee benefits plan? Ideally, ask for these three components:
• Compulsory catastrophic insurance including life, travel emergency medical coverage, and long-term disability;
• Claims including extended medical and dental health coverage; and
• Administrative aspect for the management of the plan
Keep in mind that the more coverage in the benefit plan, the higher the premium costs will be. Ask your employees about their opinions on the matter so that certain compromises can be made on the plan. Most important, be sure that you are, indeed, hiring the best Rochester consulting firm. Look for a well-established firm with reputable consultants whose track record in the industry is well-respected.
Whenever a budding entrepreneur comes to us looking to us for help as a Rochester CPA, one of the first questions we have to ask has to do with how he should establish his business. This question is not related to operations and other forms…
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