Labor Unions
The LM-2 reporting requirements can seem complicated
and overwhelming. LM-2 annual reports are very detailed and must be sent
in an electronic format. Standard payable reports from most programs
do not provide the information or the forms required for this reporting
requirement.
Industry surveys estimate that fulfilling LM-2 reports will require an
additional 74 - 260 hours. How can this be done without hiring more staff?
The best solution is the Micro Force’s LM-2 software system that
works with Great Plains.
Micro Force worked closely with NYC union, DC37, to develop a fully integrated
solution to work with their Microsoft Great Plains financial system.
This solution does not require additional work for a payable clerk. It
permits LM-2 information to be updated after invoices have been processed.
It includes a year end report that can be sent in an electronic format
with the “push of a button” eliminating the hundreds of hours
of work that would otherwise be required.
LM-2 FAQs:
Who must file an LM-2 form with the Department
of Labor?
Every labor organization subject to the Labor-Management
Reporting and Disclosure Act, as amended (LMRDA), the Civil Service
Reform Act (CSRA), or the Foreign Service Act (FSA) must file a financial
report each year with OLMS.
How much can we expect to save with Micro Force's
LM-2 Solution?
Duplicate data entry is not required - saving hundreds
of hours.
Who is using your software?
A few of our larger
unions include New York's District Council 37, Professional Sports
Players Association, State Teachers Unions, International Unions
for Uniformed Personnel to name a few.
Can the LM-2 solution map to my current software?
Yes,
our solution can work with many popular accounting software products. What role does my CPA firm play in this?
Our
software enhances the due diligence activities of your CPA by allowing
you to allocate transactions to the LM-2 schedules whenever necessary.
Your CPA firm can review transactions and adjustments can easily
be processed. |
Case Study DC 37
“With Micro Force’s LM-2 solution,
we’ve eliminated manual tasks, streamlined processes and saved
an enormous amount of time.”
- Mike,
Assistant Controller
District Council 37
> Go
to case study |
