Downloadable ContentDownload PDF
Intuit Master Project 2020
Executive Summary Process Description The Group Term Life (GTL) audit process seeks to reconcile GTL insurance, a fringe benefit issued to employees with the associated tax liabilities as determined by the federal tax code. This process also ensures that employee GTL entitlements are aligned with Intuit’s GTL issuance formula. External Comparison This research report aims to provide an external comparison to Intuit’s GTL process and practices. It is important to recognize that while GTL is certainly common amongst employers, a standard for auditing GTL is not well defined and auditing practices are contingent upon the GTL issuing basis and independently administered at the discretion of each employer. Therefore, this report relies heavily on industry comparisons. Key Findings An industry analysis showed that Intuit’s GTL practices meet or exceed the practices followed by other large employers within the San Diego area. This research also supports Intuit’s initiative targeting robotic process automation to streamline their GTL audit. Conclusions This research supports Intuit’s GTL auditing practices and validates the use of RPA. While this report provides good validation for current GTL procedures, the value of the GTL audit process goes beyond compliance with best practices. As a leader in financial software, we recommend that Intuit explore product synergies related to their RPA implementations for possible opportunities to monetize products for customers. Lastly, we recommend that Intuit streamlines the GTL process by utilizing their benefits provider, Bswift, to prepare imputed income calculations. The Benefits provider will have access to benefit elections and this would save Intuit Employees time during payroll weeks.