Nesso Accounting Offers Employee Benefits Services in Milldale, CT

Finding the right employee benefits package in Milldale, CT, can be daunting. It requires you to consider your company’s needs, what you can afford, and the laws governing these benefits.…

April 27, 2023

Written by Gary Martin

Finding the right employee benefits package in Milldale, CT, can be daunting. It requires you to consider your company’s needs, what you can afford, and the laws governing these benefits. It’s a lot to take on by yourself. Still, having a sound compensation system is more important than ever due to its role in attracting and retaining top talent. At Nesso Accounting, we can take the burden of finding and administering benefits off your shoulders.

Nesso Accounting is a full-service accounting firm located in Connecticut. Our team of professionals combines decades of experience to bring you accounting solutions you can trust. We offer employee benefits services with an innovative and collaborative approach to help our clients manage their rewards programs more effectively. Contact us today to learn more about how we can help you.

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How Our Accounting Services Improve Your Benefits Package

Proper management of some of the most common employee benefits requires careful accounting. Regardless of how good your benefits package looks, if your company doesn’t have the necessary accounting infrastructure, those benefits will quickly become a burden. Our team at Nesso Accounting has what it takes to handle all of these details for you.

By working with us, you can feel confident knowing your employees are getting the benefits they deserve while your company’s finances are in good hands. There are a lot of companies out there that offer employee benefits services. So, what sets Nesso Accounting apart? Here are a few things that make us the best choice for your business:

  • We’ve worked with businesses of all sizes in various industries.
  • Our team comprises experts in accounting and employee benefits law.
  • We stay up-to-date on the latest tax law and regulations changes.
  • We offer comprehensive services, from health benefits to retirement plans.

Running a business is hard enough without worrying about the complexities of employee benefits administration. We can take on that burden so you can focus on what you do best.

Our Compensation Plans

As an employer, you must ensure your employees receive proper compensation for their work. This compensation includes more than just their salary or hourly wage – it also encompasses things like bonuses, commissions, and other types of incentive-based pay. Designing and administering a compensation plan can be complicated and time-consuming. Still, it’s crucial to attract and retain top talent.

At Nesso Accounting, we’ve helped many businesses design and implement compensation plans that work. Our interdisciplinary team will deliver a plan that aligns with your business goals and objectives while complying with all relevant tax laws and regulations. Because we understand that your company’s needs can change with time, we offer ongoing support and guidance. We’re always available to answer any questions you may have.

Our Health & Employee Benefits Plans

Your employees are your most valuable asset, and keeping them healthy and happy should be a top priority. A well-designed benefits package can do just that, but it can also be tough to navigate. There are countless options available, and choosing the right mix of benefits takes time, effort, and expertise. With health benefits, specifically, you must consider the Affordable Care Act compliance and the employee’s share of the premium.

Nesso Accounting can take on the task of researching, designing, and implementing a benefits package that works for everyone. We’ll collaborate with you to put together a creative solution that’s effective and efficient. In addition, we’ll keep track of the latest trends in employee benefits. As new developments come, we might suggest adding or removing certain perks, increasing or decreasing employee contributions, or changing your engagement strategy.

Our Retirement Plans

Employees will highly value a company that offers a retirement plan because it shows you’re committed to their long-term financial security. When it comes to retirement planning, the earlier you start, the better. But it’s never too late to start, even if you’ve been delaying it. Nesso Accounting can help you choose the right plan, determine employee contribution amounts, set up accounts, and provide updates on account balances regularly.

Whether it’s a 401(k), 403(b), 457, or another plan, we’ll take care of all the details involved in setting it up. Once the plan is up and running, we can educate your employees on how it works and troubleshoot any challenges. We know how important it is for your employees to have a secure retirement, and we’re here for you to make that happen.

Other Benefits

As we mentioned, benefits packages include much more than health insurance and retirement plans. Nesso Accounting can work with you to create other compensation strategies to improve your workforce productivity and bottom line. Our experts can assist with designing and administering the following:

Incentive Plans

You should have a system to reward employees who go above and beyond. This incentive will push your team to maintain high-performance levels and achieve great results.

Employee Stock Ownership Plans

If you want to give your employees a way to buy company stock at a discounted price, we can help you set up stock ownership plans. This way, you can give them a financial stake in the company’s success and align their interests with yours.

More Benefits

Let us know if you’re interested in offering benefits other than those we’ve mentioned. We’re always happy to explore new possibilities and develop innovative solutions that work for your business. After all, we believe that happy employees lead to a successful business.

Our Employee Benefits Process

Consultation

The first step in the process is consultation. This step is where we learn about your business, your employees, and your goals for the benefits package. We’ll ask you different questions that will help us understand your situation and give us a better idea of what actions to take. For example:

  • How many employees do you have?
  • What type of business do you operate?
  • Do you have any benefits already in place?
  • What benefits does your company offer now?
  • What can you afford to contribute?

If you have any initial questions or concerns, this is also the time to bring them up. We want you to feel comfortable with the process and have realistic expectations. Because we offer virtual consultations, you can schedule a meeting when you and your team find it convenient. You also don’t have to worry about taking time out of your busy day to visit our office. After the consultation, we’ll better understand what you’re looking for and can start designing a plan.

Analysis and Plan Development

Once we’re on the same page, we’ll analyze your situation and develop a customized plan proposal. We’ll consider your budget, company size, and the benefits you’re interested in offering. Instead of trying to upsell you on perks you don’t need, we’ll only recommend options that will surely benefit your business. Our proposal will include the following:

  • A list of potential benefits that would be a good fit for your company.
  • An analysis of your current benefits package (if you have one).
  • A comparison of different plan options.
  • A summary of the costs associated with each plan.
  • Our recommendations for how to move forward.

 

We’ll send you this proposal so you can review it at your convenience. At this point, you can provide feedback or ask for any changes you’d like to see. Remember that we’re here to serve you and want to guarantee you’re happy with the plan. If you require an updated proposal, we’ll make the necessary changes and send it back to you as soon as possible.

Implementation & Administration

After you’ve decided on a plan, we’ll take care of the implementation process. You won’t have to worry about a thing; we’ll take care of everything from start to finish. This way, you’ll have more time to focus on running your business. Some tasks we’ll handle include:

  • Filing the necessary paperwork with the government.
  • Working with insurance carriers and third-party administrators (if applicable).
  • Enrolling employees in the plan.
  • Making sure contributions are being made on time.
  • Providing employees with information about their benefits package.
  • Answering questions and resolving any issues that come up.

However, you can’t just set up a benefits package and expect it to run smoothly without interfering. Like any other aspect of your business, it takes time and effort to maintain. We understand you’re busy and might not have the time or resources to dedicate to this task. Therefore, we offer ongoing support and administration services.

Get Help From Accounting Professionals for Your Benefits Package

By now, you’ve probably realized the importance of having a professional help you with your benefits package. It’s a complex task that requires knowledge of the law and the latest trends. At Nesso Accounting, our team has the expertise and experience to get the job done right. We’ll work with you to create and implement a benefits package that helps you stay competitive in today’s market. If you’re looking to attract and retain top talent in Milldale, CT, Nesso Accounting offers practical solutions.

Aside from assisting our clients with their accounting, at the Nesso Group, we guide businesses and individuals across many areas of expertise. We offer professional accounting, taxes, wealth management, insurance, and more professional services. Whatever your financial needs, we have a team of experts who can help you pursue your goals. Contact us to learn more about how we can alleviate stress and elevate your success.

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