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Manage Workers’ Compensation Costs

Workers’ compensation costs impact every business owner. Learn how to help your clients manage the costs associated with workers' compensation.

May 10, 2010
Paychex Inc., Compliance and Marketing Divisions

Workers’ compensation costs impact every business owner. Reporting estimated wages that determine annual premiums can be difficult. Either a business underestimates or overestimates wages causing year-end adjustments that can impact a business owners’ cash flow.

In recent research conducted by Paychex, we learned that accountants play a variety of roles with respect to client assistance with workers’ compensation – some very actively involved and others with little or no involvement. With the help of the Paychex Insurance Agency, Inc., we enable accountants to distinguish themselves by playing a highly proactive and valuable role, but with a minimum of effort.

Paychex is the leader in the marketplace with our Workers’ Compensation Payment Service. Our service helps business owners avoid large up-front deposits and year-end adjustments. Through integration with our payroll service we calculate workers’ compensation costs based on actual wages, offering the best cash management tool for businesses in the marketplace today.

Service features and benefits include:

  • Calculation of true premium amounts (not estimates) based on actual payroll each pay period.

  • Improved budgeting and stabilized cash flow.

  • Electronic and timely payments through a comprehensive automated payment service.

  • Accurate and detailed reports provided monthly.

  • Partnered with A-rated national insurance carriers.

Accountant benefits:

  • Value — present your clients with the cash flow management tool of our payment service.

  • Consultation — dedicated licensed agents to answer all your client questions.

  • Support — we can bind coverage for your clients in a timely manner and obtain certificates of coverage.

  • Efficiency — our detailed monthly audit report provides a snapshot of premium(s) incurred.

Partner with Paychex to Help Your Clients Manage Workers’ Compensation!

Paychex is proud to be the exclusive provider of retirement services for the firm-based AICPA Member Retirement Program, and preferred provider of payroll and retirement plan services for CPAs through the AICPA Business Solutions Partner Program.