Pay as you go worker’s compensation is becoming more popular in the business world thanks to a number of benefits it can provide. The old, traditional method of worker’s comp involves paying upfront costs based on estimated payroll and being forced to suffer through annual audits. Pay as you go worker’s compensation is a more common sense approach to the issue. Payroll & employment services in Centennial can save you time and money as well as providing you with many other benefits. Here are the five biggest benefits that pay as you go worker’s compensation can deliver.
- No Up Front Payment
- Pay as you go worker’s compensation eliminates the huge upfront payments that traditional policies include. With pay as you go worker’s compensation, you will pay into the account in real time, giving you the ability to better manage your cash flow. It lets you keep more money in your bank account, only paying out when you have to.
- No Estimates
- Pay as you go worker’s compensation allows you to avoid the outdated estimated payment method that other policies use. Payments are based on actual data and figures from your payroll and the insurance company. You will only pay exactly what you are required to pay.
- No Audits
- This is the biggest benefit to pay as you go worker’s compensation policy. Even though they could end in a return on your payments, audits can be expensive to deal with.
- Real Time Management
- This feature allows you to review data as you need to and get an accurate look at payments, claim data, and more without relying on quarterly reports.
- Saved Money and Time
- Pay as you go saves you money by eliminating audits and up-front payments, and saves you time by eliminating audits and letting you manage your information quickly.
Let Payroll Vault help you reduce your costs while still providing coverage to your employees. If you are tired of audits, estimated payments and up front charges, we are the solution for your employment services.