Contractors using QuickBooks: Workers Compensation - Tips on taking control over what you pay and how to avoid being overcharged using QuickBooks!
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QuickBooks Workers Compensation
Contractor Tips


Workers Compensation Insurance -  What you can do to:

  • Pay the lowest fee possible
  • Avoid cash flow disasters due to workers compensation audits
  • Easily track workers compensation expense by task and type of pay!


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, click here 
  • 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.

    Call 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
    save money!  


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 for you.
Below are just a few of the features you may want to implement. Call us 800-216-0763

 List 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 to subcontractors
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 this week!


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