One of the biggest challenges for labor unions is completing their LM-2 filings each year. The LM-2 report requires the recording of data that is usually not built into a labor union’s financial system. Due to the high amount of required detail, this report is estimated to require 260 hours of additional fulfillment time which can increase overtime costs and pressure on your labor union staff. Filing must be completed electronically and timely with delays resulting in penalties.
Wipfli LLP/Brittenford provides solutions for Labor Unions to help automate the LM-2 report. Labor Unions can you the flexible Intacct financial management system to help capture the required data needed for the LM-2 report.
To help Labor Unions who currently use Microsoft Dynamics GP, Wipfli LLP/Brittenford can implement the Quick LM-2 Reporting Solution from Micro Force. The Quick LM-2 Reporting Solution allows changes to posted payable transactions for LM-2 coding and electronically imports your Labor Unions’ data into the Department of Labor year end Adobe Acrobat file. The Quick LM-2 module can be implemented mid-year and reclassifies your current YTD data. To learn more, contact Wipfli LLP/Brittenford.