Automating Deductions with Franklin

Apr 24, 2023

At Franklin, we make managing payroll simple, secure, and compliant for both cash and crypto use cases. We’re excited to announce our new Deductions feature, making it easier for you to manage and configure recurring deductions for your employees. The Deductions feature is now available, enabling automated payroll withholdings for services such as 401k, HSA, etc.

What’s New

Our new feature makes it possible for employers to configure recurring deductions for their employees. Configured deductions are automatically withheld from an employee’s recurring payroll check, with taxes automatically adjusted for.

How to Use

Our Deductions feature is easy to use.

  1. Navigate to the Benefits section in Franklin

  2. Select which type of deduction you’re managing

  • At release, we support the following automated deductions: HSA, 401k (traditional + roth), IRA (simple + roth), Section 125, 403b, and Garnishments.

3. Input the amount that should be deducted

  • Based on the deduction type, and if it’s a pre-tax or post-tax deduction, you will be required to enter either an Employee Contribution or Employer Contribution, and possibly other required fields.

Technical Underpinnings

Our Deductions feature was designed to be intuitive and flexible. With the ability to configure deductions based on fixed dollar amounts or percentages, it’s easy to set up recurring withholdings for a variety of services.

Additionally, this functionality was built on top of our payroll engine, designed to handle both traditional and cryptocurrency payments, so you can be sure that your employees’ withheld deductions are being distributed accurately, regardless of currency type.

Conclusion

We’re thrilled to offer our new Deductions feature to our users, and further round out the services Franklin provides to help companies manage all of their payroll and back-office tasks.

This feature serves as a base layer of functionality for us to be able to integrate additional product lines like health benefits, retirement accounts, and other perks. It was built to be encompassing of our current customer’s needs, while also flexible to the growth potential of custom deductions and other integrations.

  • "We've been using Franklin for over a year and it is the easiest way to manage global crypto payments."

    Zeng Jiajun

    Co-Founder

  • "I wholeheartedly recommend Franklin—a startup that's doing an excellent job tackling global payment challenges in crypto and fiat. Their outstanding support, quick responses, and genuine commitment to problem-solving, make them an invaluable partner in making our payroll processes smoother."

    Sarah Luehrs

    Head of Operations

  • "Franklin provides an excellent solution to a crypto payroll service. It's versatility, coupled with excellent support and intuitive platform design makes it a great choice for businesses looking to incorporate cryptocurrencies into their payroll processes - would highly recommend!"

    Lindsey McConaghy

    Founder

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Incubated by Serotonin, a product studio and marketing firm for transformative technologies.

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© Franklin Systems Inc. 2024

Incubated by Serotonin, a product studio and marketing firm for transformative technologies.

Audited By

Powered by Alchemy

© Franklin Systems Inc. 2024