There are two main components that make efficient business solutions an organic revenue source for our clients instead of an ordinary expense vendor:
(1) automation of the hiring process and back-office operations, saving significant administrative time and expense
(2) maximizing the capture of valuable work opportunity tax credits (wotc). Together, the benefits from these features allow us to pay for ourselves in a matter of weeks, and provide organic profits and free cash flow moving forward.
The Benefits Of An Efficient, Automatic Hiring Process
Cloud-based solutions are an integral part of today’s business, giving the option to cut paper hiring costs in favor of a more cost effective, technological solution, allowing for a proficient transfer of a company’s most valuable resource: its TIME. With ourEfficient Solution, there’s no software to buy and install, no hosting on your own servers, and our platform is compatible with all internet devices, accessible in real-time, anywhere, anytime.
Digital data in the cloud is cheaper and faster all around, and that’s the main principle behind why our system works so well. You’re able to easily access, store, and retrieve documents, and everyone is on the same page, giving you organizational cohesion and absolute compliance, avoiding regulatory audits and penalties. Our hiring process is intuitive and driven by configurable qualification thresholds, freeing your managers from the administrative paper pushing loop and daily time-consuming HR activities, with more time to work with employees directly. This creates a better experience for the customers, employees, and community. It’s a phenomenal transfer of resources, making this solution priceless.
Maximizing Work Opportunity Tax Credits (WOTC)
Utilizing WOTC is a valuable opportunity for American businesses to lessen or even eliminate their Federal tax liability in a dollar-for-dollar offset. These credits are rewarded for hiring individuals from certain target groups who have consistently faced significant barriers to employment, from military veterans to those on public assistance and long-term unemployment, ultimately incentivizing workplace diversity.
We’re no newcomer to the WOTC arena, and over the years we have routinely audited work by most of the largest processors in the market, consistently finding twice the number of credits through our unique understanding of the IRS guidelines and filing systems, our gold-standard front end data capturing and management, and our timely in-house processing.
Our Efficient Solution was originally created to screen, process, and capture WOTC exclusively in the Hurricane Katrina “look-back” opportunity in LA, MS, and AL. Of the estimated $250M+ worth of available credits in the zone at the time, we were able to find and process $50M which we returned to local businesses affected by the tragedy.
Please click the IRS logo above to access the IRS’ Work Opportunity Tax Credit Information page.
Please click the DOL logo above to access the DOL’s Work Opportunity Tax Credit Amount page.
If you’ve ever had to fill out a 8850 or 9061 WOTC form by hand, you know that it can be very confusing. Even screening new-hire employees over the phone becomes a clumsy process, allowing valuable credits to slip through the cracks. Efficient Business Solutions’ WOTC process begins with a gold-standard front-end data capture, directly from each employee being guided through our plain-English interactive question and answer interview format. Simple “yes” or “no” questions determine eligibility for any of the available demographic and geographic credits, and the forms are auto-populated correctly with their answers the first time. We quickly process and capture our clients’ credits all in-house, using no third parties in the process, allowing us to give our clients the most competitive processing rates and fastest turnaround times. Meanwhile, WOTC status is viewable on our administrative dashboard, with detailed reporting at your fingertips.With screening in either the onboarding process or the e-application process, you can choose to preferentially hire WOTC qualified candidates, further maximizing your benefit. In fact, many of our clients are choosing to put goals in place to hire military veterans for greater than 50% of their workforce, making it a win-win-win for the vet, the company, and our country. Screening every new-hire, accurately capturing their information, and quickly submitting it for processing gives us the best capture rate in the business!