Successful small- and medium-size-business owners and managers realize that in everyday operations, cash flow is king. Keeping your money liquid while mitigating any surprises that may impact your cash flow is important to ensuring a stronger bottom line. Fortunately when it comes to making payments for your workers’ compensation premium, there is a smarter way to keep cash flow at a maximum, while preventing the possibility of being audited and having to dip into cash reserves to make up for insufficient contributions. The key is to eliminate up-front costs, while doing what you can to avoid a pesky – and costly – audit.
This is where Accu Data Workforce Solutions comes in. At Accu Data, we’ve established a streamlined system that allows you to handle workers’ compensation insurance premium payments smoothly and efficiently. Called a ‘pay as you go’ workers’ compensation coverage program, the plan allows you, the employer, to take care of all workers’ compensation premium payments through an approved payroll processor – like Accu Data. It’s vastly preferable to the previous method of paying estimated amounts; it reduces audits, errors and frees up owners and Payroll managers to concentrate on more important employee matters.
With a ‘pay as you go’ coverage plan from Accu Data, you can better manage the costs of expediting your workers’ compensation program. Why? Because premiums are automatically calculated by the carrier based upon actual – not projected – payroll data for each pay period. There’s no guesswork and no miscalculations due to relying on older payment data. It’s up to date and foolproof. Greater accuracy isn’t just smart in terms of calculating contributions for each pay period; it can translate to smaller audit adjustments when the policy period wraps up. There’s more: most policy holders are not required to pay a premium deposit.
By partnering with Accu Data Workforce Solutions to handle your ‘pay as you go’ workers’ compensation coverage program, there is no up-front deposit requirement, and no eye-opening surprises at the end of the calendar or fiscal year. You know what contributions are made with each pay period, and there’s never any guesswork involved.
The last thing you want to have to tackle when it comes to workers’ compensation coverage contribution are large down payments. A ‘pay as you go’ program like the one offered by Accu Data means you won’t need to face a down payment again. In addition, you’ll have a full accounting of your contributions at the end of each year, so no audit adjustments will be necessary. It’s a streamlined system that calculates and keeps track of workers’ compensation contributions like clockwork. It’s just one more reason why partnering with a payroll management firm like Accu Data makes brilliant sense.
Want more details? Contact Accu Data Workforce Solutions today and learn how a ‘pay as you go’ workers’ compensation premium payment plan can make a world of difference at your company. It’s a smart, easy way to get a handle on a sometimes unruly and often cumbersome aspect of the payroll process. While we don’t actually sell workers’ compensation insurance, we’ve partnered with a team of providers who can set get you started with a smart ‘pay as you go’ plan right away. Fortunately, when it comes to worker’s compensation programs – and all matters related to payroll management for thriving small- and medium-sized businesses – we’ve got you covered!