The ABC’s of Pay by Payroll Programs in Your Worker’s Compensation
Pay worker’s compensation premiums correctly and consistently.
Worker’s compensation premiums are a necessary evil. They ensure you meet the federal guidelines for running a business, as well as provide an important service for your employees. If you make a payment mistake it can mean leaving yourself and your workers vulnerable in the event of an injury. Further, estimated payments can leave you owning big money at the end of the year. Make certain you’ve covered your assets with a pay by payroll program.
A is for Automation
Automation is the mother of modern efficiency, especially when it comes to keeping books. A pay by payroll plan is set to automatically calculate the premium owed and to send it to your insurance provider. Human errors cost businesses billions of dollars each year. Make sure you aren’t one of them.
Remove human hands from payroll as much as possible, setting deductions and deposits to autopilot instead. In addition to providing accurate calculations, payments always get made on time. You don’t risk lapsed coverage, fines or leaving your employees without support when they need it the most.
You can also set your payroll system to run periodic audits. Whether you handle these yourself or utilize your bookkeeping program, these audits help you spot any problems with more than enough time to take care of them.
B is for Better Budgets
Would you like to be free of hefty yearly payments for worker’s comp insurance? Without a pay by payroll plan, your costs are estimated for the year, and you may be expected to pay the whole fee in advance. Depending on the number of workers and the level of insurance you have, this can tie up assets you can’t afford to be without.
You have the freedom to break these payments up over a year’s worth of paychecks. With pay per payroll, you pay your premiums as each check is processed. This offers you financial benefits, even over plans which allow you to pay the same amount every month. You never have to stress over whether or not your payment will cover all of your actual yearly premiums.
C is for Calculations Based on True Cost
With pay by payroll, you aren’t working off of assumptions or estimates, but actual employee pay and accurate costs. You won’t have to worry about a large balance looming over your head at the end of the year. In addition, you aren’t overpaying and doing without assets you could use to make money.
Keep your business on track to turning a profit while protecting your employees’ best interests too. Make sure your worker’s compensation is always covered. Find budget-friendly insurance programs capable of calculating real costs, paying them out with each processed check and operates automatically so you never miss important deadlines. Talk to someone about your pay by payroll options today.
Contact a PEO company with your questions on payroll programs worker’s compensation management.