Online payroll processing and workers compensation go hand in hand. Ally Payroll Solutions can add significant value and give you time savings by combining these two essential functions. By coding your employees with their appropriate classifications, we can transmit the data to your insurance carrier each payroll.
Traditional workers compensation insurance policies aren’t very efficient, and large premium adjustments can be a hardship to your company. By estimating the amount of your premium based on the prior year’s payroll, you are exposed to large adjustments (overpayments or underpayments) at the end of the year when the audit is completed. In addition, these plans generally also require a 30% down payment. This can create a cash flow crunch because an underpayment will be due at the same time as the 30% deposit is due for the next year.
Why is pay-as-you-go better?
- No down payment
- Payroll information is reported weekly on actual payroll – No Estimates
- Annual audits less susceptible to large adjustments
- Easily review reports and premium calculation
- Ally will help with the audit and reports
- Multiple carriers offer and supported by Ally Payroll Solutions
If you’re looking for an excellent workers compensation insurance plan to accompany your small business payroll, Ally is ready to help. Click here to start the conversation.