Processing employee benefits may seem daunting during the tax season, however we are in a time where tax becomes routine, corporates brace themselves to enact an intense payroll script.
The validation of documents and their repeats, a long chain of mails to send out, accounts reconciliation and many more arduous tasks dominate daylight. Manual tasks peak, and call for great degrees of meticulousness for flawless processing the rapid digitisation agenda impacts the employee benefits space.
The digital movements is only set to grow and paint a lavish presence in the business with the government's support.
Most smart benefits programmes are bonded to scores of monetary benefits, perfectly suited for employees. These smart benefits extend beyond insurance related savings and can also be used for basic necessities such as meal vouchers which could save money on taxes.
Similarly medical, fuel and communications reimbursements, etc are also hot properties for tax exemption. We are all aware of the complexities and the numerous bills that accompany medical claims. This time-consuming process of reimbursements could be resurrected with digital gear.
These smart benefits solutions incorporate advanced technology and state-of-the-art processes for a seamless clearance of bills.
Paperwork can be exhaustive and employees claim for phone bill and internet bills can be made simpler with a digital dashboard.
Tapping into these digitally-nuanced products and services not only make it easy for employees to use, but also help payroll professionals expedite processing of claims. Organisations could help employees save up to 30 per cent in taxes. In addition, organisations also save up to 90 per cent of their resource time with digitisation of employee benefits.
The digital era has begun and it would be interesting to see how the business community embrace it.
Courtesy: www.peoplematters.in
