Workers Comp – A Cash Flow Challenge for Your Business
Paying workers compensation insurance can be a cash flow challenge. In slower months, it’s hard to scrape cash together for that quarterly payment. It’s also hard to estimate a year ahead what your payroll will be. Over- or under-estimating payroll at the beginning of the policy year creates a big year-end audit adjustment. You either get a big bill, or a big refund of money you could have been using to run your operation all year.
Workers Comp Integrated with Payroll
Maine employers have a cash-flow friendly option for paying their Maine workers compensation insurance. MEMIC, Maine’s largest workers’ comp insurer offers “Comp-As-You-Go”. This workers comp billing integrates with virtually every payroll provider, including ADP, Paychex, Advantage, Bangor Payroll, and many more. It also works with Quickbooks software.
How Does Pay-As-You-Go Maine Workers Comp Insurance Work?
It’s simple to understand, and easy to start up. Pay-As-You-Go:
- Integrates with payroll services or QuickBooks software. Just fill out a form with your payroll info.
- Allows you to keep your current payroll process and frequency. Simply send a file after every payroll run (weekly, bi-weekly, bi-monthly or monthly).
- Requires no premium deposit.
- Payments are automatically withdrawn by MEMIC.
- You can leave the pay-as-you-go plan any time during the policy term.
- Avoids year-end audit bills and surprises.
To learn more about payroll service integration with Maine workers comp insurance, contact Noyes Hall & Allen Insurance at 207-799-5541.