You are offering your employees a retirement plan, and perhaps you have even chosen to contribute money to each of their plans. Congratulations! Now think about how you keep track of that retirement information. You can keep the costs of managing your retirement plan down by automating the tracking of that information. Here are some ways to streamline it, and keep employees happy!

Use software instead of a spreadsheet.

Tracking 401(k) deductions with a payroll software system allows you to set up the calculations, and the 401(k) contribution is automatically calculated during time entry. This eliminates your manual calculation, which of course saves time and also reduces errors. You will wonder how you ever got by keeping track of this data in a spreadsheet.

Set up 401(k) deduction limits for employer and employee.

The ability to set up limits within a software system is extremely helpful! By setting up limits, you can be assured you take out no more than the deduction allowed by the federal government, or the amount specified by the employee. You can rest easy, knowing that you are compliant; whereas a spreadsheet makes it difficult to track that information.

Set up effective dates.

If you offer a 401(k) for employees after a period of employment, how do you ensure they are starting to receive those benefits once they become eligible? A great way to remedy this is to set up an effective date within your payroll software system, based on the parameters you set. That way, employees will start receiving benefits as soon as they are eligible.

Export a 401(k) file.

How do you send your 401(k) retirement plan administrator the data they need to manage your plan? Use your payroll software to track 401(k) retirement information, and generate a file right from your software to send directly to your retirement plan administrator. By generating and sending a file, you will eliminate the additional step of gathering/re-entering the information, which could result in manual entry errors. This will also save you significant time!

Show employees the value of your 401(k) program.

Offering a 401(k) program is a valuable employee benefit. Show your employer share of the 401(k) contribution on the payroll stub for employees to see, and they will appreciate each week the contribution they are receiving from you, their employer.

By using these steps, you will improve your 401(k) management, and also keep employees happy with this valuable benefit you are offering.

Tracking by Funding Source

Fund accounting software allows you to track funding sources in a way that is useful to you, by department, program, grant, profit center, and more. Since information is tracked this way, reports can be pulled and viewed for each source, and the data is easily understood.

Advanced Budgeting

Fund accounting software provides budgeting tools so you are more accurate in your budget projections and reporting. You have the ability to budget by fund and by department, giving department heads or managers the information they need to quickly compare their actual spending to the budget.

Customized Reporting

Because non-profits have different reporting requirements than other organizations or businesses, it’s important to have a customized reporting tool that allows you to edit and save reports tailored to your specific needs.

Let our customers tell you themselves! Here are the top ten reasons to be a Red Wing Software customer.

1. Forward technology:

   “I am so proud to know that you all work diligently to make your program the best. Please keep up the good work and thank you all so much.” Pamela, from Marked Tree, Arizona

2. Industry leadership:

   “The Red Wing organization is a consistent and dependable leader in business systems.” Doug, of Goodland, Indiana

3. Bigger companies aren’t always better:

   “Thanks for a very efficient, easy to understand and use system that has more accurate, up to date features than a large, very large, corporation has to offer.” Sarah, from Tecumseh, Nebraska

4. Reasonable price:

   “CenterPoint Payroll′s feature set was appealing for its cost, which was a large motivator for us,” Aaron says, “It′s a feature-rich program at a reasonable cost.” Aaron, from Milbank, South Dakota

5. Makes your job easier:

   “Navigating around in CenterPoint Payroll is really easy. Compared to the older payroll system we were using, it is much easier to complete tasks like looking up employees or other information when I need it. Being able to access this information more quickly saves significant time!” Pam, of Fairmont, Minnesota

6. A partner to your business.

   “I want to acknowledge your company for being so supportive. I think you′re doing a great job and I know I can count on you if I have questions or technical issues. Thank you.” Erin, from Mountlake Terrace, Washington

7. Saves you time:

   “We are extremely pleased that we complete the payroll process about forty percent faster with CenterPoint Payroll than with our previous software.” Garry, from Miller, South Dakota

8. We don’t do high pressure sales.

   “I was especially impressed with our sales rep, Matt. Instead of just giving us the answers we wanted to hear, Matt dug in and researched to find us the right answer, even with our more challenging requirements. I appreciated his hard work and honesty—it was a very painless process.” Todd, from Taylor, Texas

9. Excellent technical support:

   “We got WAY more than our money′s worth with the Customer Care Technical support plan that we purchased,” Rae Ann, from Plover, Wisconsin

10. Saves you significant money:

    “We estimate the money we’ll save by making the switch from a service to CenterPoint to be about $10,000 per year.” Jeanette, from Racine, Wisconsin

The shipping department: probably not the most profitable department of your entire company. No wonder so many companies decide not to put a computer back there -- just another added expense. Not only does the computer cost money, but then there is the upkeep to hardware and software as time goes on. On the other hand, adding a computer to the shipping area might just be one way to add more profits and streamline processes. What most businesses don’t consider is the amount of efficiency they will gain by adding a computer to the shipping department. Here are some time and money saving functions you can achieve by adding a computer in your shipping department.

• Using the accounting software or order entry system, the shipping department knows which orders need to be shipped without the office having to print a copy of the order and manually bring it back to them.
• The shipping department can document on their computer how many of each item they actually ship, and they can also print a packing slip to put in the box. This saves from having to tell the office what will ship and then wait for them to print the packing slip, or having the office print a packing slip and the shipping department hand-writing changes on it.
• Because the shipping department is documenting on their computer how many are shipped, there is no need for them to remember to tell the office that they weren’t able to ship all quantities, so invoicing is consistently more accurate.
• Shipping charges are more accurate, since the shipping department is able to put actual shipping costs on the order while they fill it. This also allows the invoice to be finalized quicker.
• By having the shipping department fill orders on the computer in accordance with what shipped, inventory is deducted as soon as it’s shipped, as compared with being deducted when the office gets the paperwork. The office can pull up the shipped orders on the computer and see exactly what shipped or which items may need to be put on backorder.
• All of these functions result in orders being filled more promptly, which means the invoice is ready to go to the customers more quickly, which in turn may lead to quicker payments from customers.

If the above functions fit for your company, you might want to try adding a computer to the shipping department and see if your processes can be streamlined. All of the steps saved can really add up over a year. Streamlining the process gives your office/sales people more time to sell and allows the shipping department to more efficiently complete their tasks.

Remember when payroll was processed by hand and tax forms were typed up on a manual typewriter? Well, as you know those days are long gone. Payroll software companies emerged, and software has since evolved into an indispensable tool for companies processing payroll. Instead of calculating deductions by hand, the software does it for you each time payroll runs are calculated. Instead of writing out checks, you simply print them from your computer. And no more worrying about tax calculations since the software computes them for you. Most businesses will attest to the fact that payroll software has made their lives much easier. However, a much more complex issue is finding a system that is right for your business. There is a wide variety of companies that produce and distribute payroll software. Here are some main differences among them, to help you choose the right company and software for your business.

Pricing Structure

Not all payroll software pricing structures are created equal. Some products seem affordable at the start, but quickly become expensive when you realize you need to purchase additional modules to go along with the software. Before you purchase anything, be sure to ask for a comprehensive quote for the first year, and the year after. Ask your sales representative to include things that are often forgotten: direct deposit, electronic tax filing, multiple state tax calculations, multiple companies, multiple users, support, training, and enhancements. Pricing for software can be complex, and varies greatly among software vendors. It is important to consider your needs at the start and get a comprehensive quote, so there won’t be huge surprises later.

Support and Training

Most payroll software companies provide support for their customers. A wide range of support methods exist, including telephone, e-mail, online, community forums, and more. Training may be provided in live classes in person or via the internet. Some companies provide learning documents and videos on their site for their customers to learn at their own pace; other companies even give the option of onsite training. Think about which method of support and training you prefer, and ask your vendor if they offer that method. Since there is a great variation of support and training options, you will be surprised what some companies offer that others don’t! Be sure to inquire about the cost of these options as well, since some companies include it in one cost, and others charge additional fees.

Software Upgrades and Enhancements

Payroll software companies must keep their products current due to ongoing state and federal tax rate changes, changing payroll regulations, and more. Many software companies also make ongoing improvements to enhance the function of their programs. How can your business get those changes? Some companies charge separately for them, and some include them in one price. Be sure to find out the costs of upgrades and enhancements, since you will need them both at some point. The least you will need for payroll processing are the tax updates, so be sure to get that information ahead of time.

Payroll software companies definitely offer a wide variety of options when it comes to pricing, support and training, upgrades and enhancements. Dig deeper and get the details on these options before purchasing your new Payroll software, so there won’t be surprises as time goes on.