As a Labor Union staff member that is involved in the recording of data and reporting of the annual LM-2 report to the Department of Labor – you know that this can be a very time consuming and painful process.
The LM-2 report is very detailed and must report in a manner that your financial system was not built to accommodate. As you know, the filing must be electronic and timely – within 90 days of your fiscal year end to avoid “excessive” penalties.
Initial industry surveys estimated that fulfilling LM-2 reports will require an additional 260 hours. We have had many clients the past five years who advised that this estimate was very low compared to the time it took them. That was until they began to use our Quick LM-2 module.
Quick LM-2 Reporting Solution from Micro Force is fully integrated to Microsoft’s Dynamics GP Business Software and designed to not add any extra work for your Labor.
Union GP users while capturing all required LM-2 data for electronic reporting. Quick LM-2 Reporting Solution permits changes to posted payable transactions for LM-2 coding and electronically imports all data for Schedules 15 to 19 into the Department of Labor year end Adobe Acrobat file. Existing customers who are were filing 30 page LM-2 reports before the new requirements can use our product to file over 1000 additional pages electronically. The LM-2 payables module permits users to record transactions for Schedules 15 to 19 and Summary Cash Disbursement categories that will capture data for year end reporting.
We have options to assist you with the filing of every schedule that changed, include Schedule 14 and Schedule 20.
We provide functionality to implement the Quick LM-2 module mid year as well as utilities that permit automatic re-classing of current data YTD data. This permits you to begin to use this product any time and still file using our Quick LM-2 Reporting Solution for electronic year end filing.
“The overtime we were paying to complete our LM-2 reporting last year was over $30,000 more than we invested in your Quick LM-2 program. Thank you Micro Force!”
With Microsoft’s assistance, we can now make the Quick LM-2 module available for as little as $5,000. Many of our clients have realized the savings from their investment many times over within 90 days of purchasing our application.
“My accountants informed me that it has become to cumbersome for them to continue to file our reports. Your Quick LM-2 has been a blessing!”
To learn more about the Quick LM-2 offering, please call and ask for an LM-2 sales executive to “remove my LM-2 pain” (631-421-1030 & Press 1 when prompted) or CLICK HERE to Contact Us.
LM-2 Reporting 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 QUICK LM-2 SOLUTION?
Duplicate data entry is not required — saving hundreds if not thousands of hours annually.
WHO IS USING MICRO FORCE QUICK LM-2?
AFSCME New York’s District Council 37, Professional Sports Players Association, State Teachers Unions, and many Washington D.C.- based International Unions to name a few.
CAN QUICK LM-2 MAP TO MY CURRENT SOFTWARE?
Yes, Quick LM-2 can work with many popular accounting software products. Please call and we will be able to advise on your current application.
WHAT ROLE DOES MY CPA FIRM PLAY IN THIS?
Quick LM-2 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.