Workers Compensation Insurance -
What you can do to:
For Contractors, workers compensation
premiums have always been a cash flow drain.
Things that you can do to minimize
Workers Compensation Expense:
- Accrue your workers compensation
premium with each payroll.
Knowing what you owe with each payroll run will help you
plan your cash flow needs and verify that your billing rate
is adequate to cover costs plus profit. QuickBooks has a
workers compensation feature which makes this effortless! We
provide set-up and training on this feature and more!
- Pay your premiums with each payroll,
just like you do with payroll taxes. Its is now
possible to do so and avoid audits and premium due notices.
Call us for more information.
- Overtime Pay and commissions are
generally exempted from the premium calculation. QuickBooks
Payroll, when properly set up will provide this information,
make sure you segregate this information and provide it to
the insurance auditor.
- Assign the right workers
compensation rate for the tasks performed. Some states, like
New Jersey, permit assigning a rate per task rather than
just one rate to the employee. QuickBooks is flexible
enough to allow you to change the workers comp code based on
the task provided.
- Maintain current certificates of
insurance from your subcontractors. Those that do not
provide a current certificate, consider withholding a % from
their bill equal to the workers comp premium you will
need to pay plus 15% of this fee for administrative costs to
track it! Did you know that the Contractor's edition
of QuickBooks Premier will alert you when the current
certificate of insurance is expiring? To find out
more, or to purchase QuickBooks Premier Contractors edition,
- Know your state workers compensation
laws! Understanding the rules, will provide
opportunities for saving money.
Certified Workers Compensation Advisors (CWCA) are
specialists who have spent significant time studying the
rules and learning the regulations that go into premium
calculations to help you make sure you are not paying more
than you should.
Areas where you may be paying too much are:
- Experience modification factors
can be mismanaged or higher than the legal minimum
- And Workers Comp Audits can
contain costly errors
Consider consulting with a workers comp
expert with CWCA
credentials. They will ensure you pay the lowest premium possible.
Craig Hanlon, CWCA,
Hanlon Insurance Protection
Team 888-550-6116 for more information.
(no matter where you are located in the USA he can help)
He is available for consultation to help you
QuickBooks is a
powerful tool for contractors
We offer set-up,
customization, training and clean-up QuickBooks Services
Call now to take advantage of what QuickBooks can do
Below are just a few of the features you may want to
implement. Call us 800-216-0763
of a few features you might find helpful:
1. Hassle free job costing of wages
even if you use an outside payroll service
2. Tracking your estimated vs actual expenses while the
job in in process so you can control your costs
3. AIA billling - not available in QuickBooks, but with a
low cost add-on software, you'll sure save time
4. Collecting time from your men (or just your field
supervisors) using the web
5. Using purchase orders to track how much you have paid
6. Workers compensation tracking
7. Payroll and Union benefit reports
Our training is targeted to what you need to know
including accounting, taxes, bookkeeping, technology and of
course, QuickBooks. Call 800-216-0763 and ask us about our
4 hour training module where our Advanced Certified
QuickBooks specialist with guru accounting, tax
and technology skills can start working with you anytime
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