Payroll Articles

Help Clients Save Money and Improve Cash Flow

The Hartford XactPay WEB® Service for Workers’ Compensation and QuickBooks Payroll

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We’ve been talking to accounting professionals who are already using Hartford XactPay WEB Service for workers’ compensation, along with QuickBooks Payroll, and they tell us the biggest win is helping save their clients money, and stopping headaches with cash flow. [Note 1]

Gryphon Consulting Group

Kerry L. Barron, of Gryphon Consulting Group, Inc., in Fort Lauderdale, Florida, is a fan of QuickBooks Payroll, and especially now that an alliance between Intuit and The Hartford allows small businesses to split up workers’ compensation payments while using QuickBooks Payroll.

“It’s more beneficial for the accountant and the small businesses,” Kerry says. “It can save a huge amount of money,” when compared to other payroll services and less flexible workers’ compensation solutions.

The biggest advantage may be the improved cash flow. “Now my small business clients don’t have to come up with a lump sum payment for workers’ compensation at the end of the year.” Kerry noted that under the old way, one client recently was told to come up with close to $20,000 on short notice.

“Sometimes a request like that could put one of my clients out of business,” Kerry says. Now clients will be able to make small payments each week without having to fight a negative cash flow situation, she says.

“I’m thrilled you guys [Intuit] started to do it [work with Hartford so clients have a better workers’ compensation solution].”

How It Works

XactPAY Web, fully integrated with Intuit QuickBooks Payroll, automatically calculates the premiums for Hartford-issued workers’ compensation policies each time payroll is run using QuickBooks Payroll. [Note 2]

Payments are then automatically drawn from the employer’s bank account each pay period, eliminating the hassle of writing checks. Upon request, employers can receive e-mail notifications before payments are made and monthly detailed reports from The Hartford.

Note: The XactPAY Web premium payment service is free of charge to Intuit QuickBooks Payroll customers that also have Hartford-issued workers’ compensation policies.

The combination of Intuit Payroll and The Hartford’s XactPAY Web premium payment service enables small business owners to pay Hartford workers’ compensation premiums one payroll at a time.

This helps improve the business’ cash flow by eliminating the need for large down payments and minimizing the potential for year-end audit adjustments. Traditional billing methods can crimp cash flow by requiring employers to pay all or part of the year’s workers’ compensation premiums in advance, potentially tying up thousands of dollars at the beginning of each year.

To Learn More

Start by visiting our informational page on XactPay WEB by The Hartford for details and phone numbers.

Notes

1. Workers' Compensation Insurance is provided by The Hartford, which is not affiliated with Intuit Inc. Intuit does not offer and is not responsible for the insurance policies provided by The Hartford. Insurance policies are subject to availability and qualification. To use XactPAY Web® by The Hartford, your business must hold a Workers' Compensation Insurance policy from The Hartford, have a checking account with EFT capabilities, and Internet access. The XactPAY Web utility must be installed in the same drive as your QuickBooks Company file. See www.xactpay.com for full details & requirements. This material covers the offering of the XactPAY WebSM payroll feature of Intuit QuickBooks Payroll and does not involve the offer or sale of any insurance product. Terms, conditions, pricing, features, and service options subject to change without notice.

XactPAY Web® is a special edition for QuickBooks users with (1) the 2006 or newer version of QuickBooks Pro/Premier/Enterprise U.S. PC (XactPay Web is not available to QuickBooks Simple Start users), and (2) an active subscription for Intuit QuickBooks Basic, Standard, Enhanced or Assisted Payroll (XactPay Web is not available to QuickBooks Online Payroll subscribers). The purchase of a Hartford Workers' Compensation policy is necessary to utilize the XactPAY Web® service. All insurance policies offered by The Hartford are sold through licensed insurance producers or agents appointed by The Hartford.

Intuit Inc. is not a licensed insurance producer or agent of The Hartford. Employee Matters Insurance Agency, Inc., a wholly owned subsidiary of Intuit Inc., is an appointed agent of all or some of the property and casualty insurance company subsidiaries of The Hartford. Intuit Inc. receives a royalty fee from The Hartford in connection with The Hartford's use of the Intuit name, marks and other property, which are used for purposes of marketing the XactPay Web® service.

2. This same integrated capability will also be launched for Intuit Online Payroll. Stay tuned for further announcements.

Last Updated: 02/23/2009