Infrastructure - Key to Successful Business Operations

By: Peggy E. Jennings

For companies that are growing rapidly, the most difficult part of operations can be to ensure you have the right personnel in the right seats at the right time. Infrastructure - such as accounting services, human resources and benefit decisions - are not part of revenue-generating operations. While necessary, they can take an incredible amount of time away from profitable actions. The following are typical infrastructure areas needed to be successful and tips on how you can manage these more effectively.

Accounting Services

Locating and maintaining adequate, qualified accounting staff can be difficult. At the same time, your business relies on having timely invoices sent to customers and timely payments sent to your suppliers. You may want to consider utilizing outsourced accounts payable management or accounts receivable consulting services that will help to improve cash flow, reduce write-offs, provide your staff with on-going training and improve the efficiency of your existing accounting system.

Accounting Software Implementation

Sometimes it isn't which accounting software you use, but how well you are using it that makes the difference. Having your system configured by trained professionals can make a significant difference in the accumulation of accurate data and in the generation of useful reports for decision-making. Sometimes the answer is to move your accounting functions to the cloud so that important data, such as key business metrics, are available to those who need them, when they need them.

Payroll Services

Payroll must be completed in a timely manner, without exception! Unfortunately, the administrative aspect of processing regular payroll takes time away from managing your business. At the same time, companies who have employees working in several states know how complex the payroll process can become. There are many qualified payroll services that can save you time on the routine functions, and a few resources that can become part of your management team while taking care of the administrative function as well.

Qualified Transportation Plans

With the increasing cost of gasoline, your employees might appreciate a qualified transportation plan which would cover employment-related parking and transit expenses. Specifically, such a plan allows use of pre-tax dollars to pay for expenses incurred for van pools, parking and bus passes. Many transit expenses can be funded by participants on a pre-tax basis when a plan has been established by an employer.

Defined Contribution Health Plans

With health care reform on the horizon, employers are considering whether they will provide insurance, drop coverage or adjust their insurance benefits - all while carefully analyzing their costs. A defined contribution health plan allows employers to budget for health expenses by providing employees with a fixed amount of money that they contribute to the plan. Employees use the funds through the plan to pay for individual or group health insurance premiums, as well as for medical and dental expenses.

Health Care Reform

As of January 1, 2014, the Patient Protection and Affordable Care Act will require all individuals in the United States to have some form of health insurance. Employers with 50 or more full-time equivalent employees will be required to provide affordable health insurance coverage for all employees, pay defined penalties and send employees to a Health Insurance Exchange to purchase insurance, or develop a new hybrid health insurance plan. Additionally, all employers subject to the Fair Labor Standards Act are required to notify all employees of the federal healthcare Marketplace (exchange) before October 1, 2013.

As an employer, you may find yourself spending a great deal of time and effort analyzing which health care reform choice would make the most sense for your bottom line and for your employees. If you would like to see more information on the data analysis required to make these complex decisions, visit us our Health Care Reform website or call 855.220.8634.

In Summary

In today's competitive marketplace, employers have the additional stress of ensuring that their infrastructure - including personnel, accounting systems and employee benefits - is sound and operating efficiently. Talk to your Eide Bailly representative today to learn more about the significance of these issues to your business.