When TSA Consulting Group needed an adaptable application that analyzes thousands of individual retirement financial transactions for compliance, they called Bit-Wizards. The system had to be simple to administer, manage hundreds of thousands of dollars in financial transactions, adaptable to ever changing IRS tax policies, and integrate with existing accounting applications.
TSA Consulting markets a web solution that allows employers to electronically remit retirement contributions to multiple vendors through one simple transaction. The system disburses the employer's single remittance to each vendor. The EPARS Compliance module is an add-on solution to monitor these financial transactions and to notify the employer and the TSA accounting team that employee contributions are approaching or have exceeded the prescribed IRS retirement saving limits.
After reviewing the prescribed business requirements, data retention, and tax laws, Bit-Wizards developed an ASP.NET web solution to allow easy administration of the employee, financial, and audit constraints data. Bit-Wizards incorporated a data centric solution for integrations with existing EPARS financial data and created automated processes to audit the financial transactions and send email notifications of potential tax compliance exceptions.
- Improved Productivity
- Increased Accuracy
- Improved Communication
- Cost Savings