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Flex Accounts
Flex Accounts


The Flexible Spending Account Administration Solution

Flexible Spending Plan Overview


Flexible Spending Account Overview

Detailed Flexible Spending Account Set-Up Instructions

Fast-Flex Plus Software Features

Fast-Flex Plus Pricing Information

Purchase latest versions of Fast-Flex Plus software

Purchase customizable Cafeteria Plan Document Templates




Administering Flexible Spending Accounts - Overview


Four easy steps to the cafeteria plan administration business


1. A plan document is presented to the company and educational materials are supplied to the employer and all employees. (See the detailed Fast-Flex Plus set up materials ). You use Fast-Flex Plus software to enroll all interested employees. Each employee designates how much he would like withheld from each paycheck to cover out-of-pocket medical and dependent care expenses. These should be conservatively estimated since the law requires that these pre-tax funds must be used within the plan fiscal year. Fast-Flex Plus computes and reports the increase in each employee's after-tax take-home pay and prints a summary report to be left with the employee.


2. After all interested employees are enrolled, Fast-Flex Plus computes the total company payroll tax savings. Generally, these payroll savings more than offset any flex-plan administration fees the company will pay. In effect, this means the flexible spending account program is free to the employer.


3. Each pay period the company's payroll department sets aside the total designated withholding amount. These funds can either be sent to you for deposit into a cafeteria plan administration bank account or put into their own cafeteria plan bank account.


4. As employees incur qualified medical or dependent-care expenses, they mail or fax the receipts to you (the administrator) and request reimbursement. (A typical reimbursement request form submitted by employees is included in the detailed set up instructions in this web site.) Once a week, or however often you decide in conjunction with the company, Fast-Flex Plus prints the reimbursement checks on either your check stock or the client's with a click of the mouse.


That's about all there is to it! Once a year, a form 5500 must be filed with the Department of Labor to insure the plan does not favor highly-compensated employees. All of the data to fill out the form is computed by Fast-Flex Plus. Any funds that are not spent by the employees are returned to the company. Although the company cannot by law return these funds to their employees, these are frequently used to offset the next year's administration expenses.




Income Potential as a Third-Party Benefit Plan Administrator


You may have small business clients who still do not have a flexible spending account plan. Both you and they know that they need one, but until now neither of you knew how to get it started. As a third-party administrator for them, you might charge $1.00 per employee per month for "premium- only" (POP) plan administration. This is an arrangement where only the employee's health and life insurance premiums are deducted from his paycheck on a pre-tax basis. If the employee also elects to have out-of-pocket medical and dependent care costs deducted from his paycheck on a pre-tax basis, administrators typically charge $3.00 to $7.00 per employee per month. Therefore, if you administer the plans for 1,000 employees, your revenue is $3,000 to $7,000 per month. There is no limit to the number of employees and companies you can administer with the Third-Party Administration version of Fast-Flex Plus. To make life even easier, Fast-Flex Plus can be installed on your network so that multiple users can enter data, look up account balances, and print reports for any employee in any company.


Your overhead expenses as a third-party administrator are minimal. Experience has shown that by using Fast-Flex Plus, one full-time data-entry person is needed for roughly every 5,000 plan participants. Postage costs to mail reimbursement checks directly to employees can be included in the administration fees you charge, or reimbursement checks can be returned in bulk to the company for in-house distribution.


Download the Third-Party Administrator version of Fast-Flex Plus today and begin a win-win business arrangement with all of your clients.



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Fast-Flex Plus™ Software -


Partial list of features:

  • State-of-the-art, 32-bit Windows source code for greater data capacity and faster operation.
  • Debit Card Integration with SmartFlex by Motivano
  • Complete Sec 125 non-discrimination testing built in.
  • TPA Version nandles unlimited companies, divisions, and employees. We also have single company versions priced to fit your organization.
  • Imports employee names, addresses, etc., from almost any payroll or HR software. Saves hours of initial data entry.
  • On-line, context-sensitive help gets you up to speed quickly.
  • Handles up to ten flexible spending or insurance accounts and (optionally) up to eight 401k investment choices for each participating employee. The software has the capacity to grow with your business and changes in IRS laws.
  • Built-in report generator provides a variety of management and employee reports at the click of a mouse button. Reports can be sent to screen, disk file, or printer. Time saving reporting features are built-in. No need to fire up the word processor or spreadsheet.
  • Exports data, reports, or account balances to any word processor or spreadsheet. (OK. So you want to build your own customized reports. Have it your way!)
  • Prints flexible spending account reimbursement checks automatically. Uses your own blank check stock. Also, can export to Quicken, Versacheck, or Direct-Deposit software in *.QIF format so that you can use them to print your reimbursement checks if you choose!
  • Operates on any partial or fiscal year. You can start administering your benefit plan mid-year!
  • Automatically updates (posts) or imports paycheck benefit deductions to eliminate manual data entry.
  • Menu driven. Requires no special accounting or computer knowledge.
  • Self contained. No need to learn another spreadsheet, database, or other software package.
  • Applicable to all types of businesses - both profit and non-profit.
  • Works with any printer.
  • Complete bank reconciliation and audit trail.
  • Client-server network ready. No limit on simultaneous users. (Also works great on a stand-alone PC!)

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