Worker Compensation Audit Services

Worker compensation audits are all about thorough reviews of things like payroll documentation, categorization codes, business operations that play a significant role to find out the correct incentives for your workers compensation insurance. The outcome of these audits can assist in providing adjustments, even if they are refunds, add-ons, depending upon the risk management for your business.

Black Ink’s accounting and bookkeeping professionals have hands-on experience in handling worker compensation audits and making sure that your firm doesn’t have problems like overpaying or underpaying.

Allow us to help you in handling the complex aspects of these audits so that your cash flow is adequate and you’re paying the accurate amount to your employees. By doing this your business is also complying with all rules and regulations.

Why you should hire us for Worker Compensation Audit Services

Worker compensation insurance can help employees who are injured when on duty, and firms have an obligation to provide these employees with benefits. Also, worker compensation processes can be time-consuming and complex, relying on multiple factors like:

• It can depend on your payroll size. This incorporates various aspects of payroll like wages, salaries, and compensations, which are vital for calculating the premium.
• Workers who have different designations fall into different classification codes. Therefore, their premiums can be different.
• Former worker compensation claims can enhance premium rates.
• If your business outsources its services, it is crucial to find out about its payroll and coverage. It is essential to make your business accurate in terms of classifications and proper billing.

Worker Compensation Audit Process

At Black Ink, we work through a step-by-step process when initiating a detailed worker compensation audit for your firm. Here are the steps involved:

Commencing Consultation

We start the audit process by taking a look at your business proceedings and understanding them. This step also involves your employee classification data and the type of workforce you have. This is a time-consuming yet important step to understand your business and the type of industry you work in, and we also provide you to communicate with us in this step if you have any concerns related to your employee’s compensation premiums.

Evaluation of Payroll Records

In this step we comprehensively examine your payroll data to make sure that all compensation and salaries to employees have been accurately provided and covered. This also incorporates the salaries, extra perks, allowances like commissions, overtime, attendance bonus, and any other types of compensations that can affect your premiums.

Authentication of Job Types

There are different types of jobs and professionals working within the same office. These different job classifications can affect the premium rate. Here, our team of professionals has the job of verifying that each worker is correctly classified in accordance with their job roles and duties. If there is inaccuracy in the data, it is our job to bring correction to the data for precise premium calculation.

Outsourcer Verification

This step involves subcontractor verification and making sure that their payroll information is accurate. It is also essential to verify that worker compensation coverage of these outsourcers is in compliance. Inaccurate measures of classifying these outsourcers as employees of your organization need to be corrected and can lead to premium inaccuracies.

Audit Paperwork and Preparation

We accurately document all the data concerning corrections, findings and improvements. Then, we prepare a detailed audit report. Our team of professionals is used to managing the mandatory paperwork to make sure that all the required documentation is precise, complete and ready to submit to your insurance distributor.

Evaluation of Premium and further iterations

When the audit is completed, we will facilitate you with a brief of things that require iterations for your premiums. For instance, it can be an increase or a premium, therefore, we collaborate with your insurance provider to make sure that your firm is billed precisely and justly.

Continuous Monitoring

Worker compensation audits cannot be concluded within a given time frame. We provide continuous evaluation of services to make sure that your firm is not just compliant for a given time but remains compliant in the future as well. That starts with making you compliant with the ever-changing worker compensation rules and regulations.

Advantages of utilizing our worker compensation audit services

Collaborating with Black Ink for your worker compensation audits makes sure that you take advantage of multiple benefits like:

Precise calculation of premium

Our professional team of auditors and accountants can make sure that your premiums are estimated and calculated according to your payroll, designation categorization, and premium history. This helps save from overpayment, conform with employee compensation laws, and avoid penalization.  

Cost-efficiency

By using our audit services, you can find out the circumstances that lead to premium deductions based on the correct categorization and solve the errors that can lead to overcharging. So, we make sure that your firm is not overspending by not overpaying.

Guaranteed Compliance

We provide compliance keeping in mind the ever changing laws and regulations. We make sure that your firm is completely compliant with these latest proceedings, this can protect you from hefty fines, penalizations and coverage errors.

Risk Management

A detailed audit can help assist in finding out prospects and potential errors linked with the worker compensation coverage. We can assist you to minimize the problems persisting in your compliance by finding the inconsistencies. Furthermore we can provide consultation and advice on future practices to reduce potential risks.

Mentorship

Worker compensation audits are no piece of cake and can be an immense challenge. This is more important when your business has complex operations because of a tremendous workforce. Our seasoned professional accountants can facilitate you with their critical insights and guidance. This translates to expert mentorship from which your employees can benefit. This can be guidance regarding the audit process and describing the adjustment in the most basic and understandable way.