Payroll Articles
New "Pay as You Go" Workers' Compensation Insurance
By: Intuit
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Now small businesses don't have to pay large workers' compensation premiums in advance—they can smooth out cash flow and pay "one payroll at a time" with Intuit QuickBooks® Payroll and workers' compensation insurance from The Hartford with XactPAY WebSM.
Soon Intuit will be publicizing this opportunity to small businesses, and we are sharing the information with you and other accounting professionals early, so later you can answer clients' questions about this cash-savvy approach to worker's comp.
How It Works
The XactPAY WebSM service automatically receives data from QuickBooks Payroll when you or clients run payroll on a QuickBooks Payroll service (including QuickBooks Basic Payroll, QuickBooks Enhanced Payroll, QuickBooks Enhanced Payroll for Accountants, and QuickBooks Assisted Payroll).
The Hartford then calculates the workers' compensation premium and automatically draws the payment from your bank account (or your clients' bank account) for each pay period. You or your clients will receive an email notice before each withdrawal and get a monthly summary statement by mail.
Benefits to Clients
The Hartford's XactPAY WebSM service offers several benefits:
- Eliminates down payments, helping to smooth out cash flow.
- Automatically handles premium calculations and payments for you.
- Helps minimize potential for audit adjustments, since your premiums are based on actual QuickBooks Payroll data.
The Hartford's XactPAY WebSM service is FREE to QuickBooks Payroll subscribers who have Hartford-issued workers' compensation policies. Whether you already have a Hartford policy or want to switch from another carrier, XactPAY WebSM is an easy way to smooth out cash flow and make premium payments one payroll at a time.
Benefits to You
You will be supporting your clients with a service that benefits clients as set out above and helps them stay out of trouble with worker's compensation.
Learn More
Visit http://www.xactpay.com/qbooks/ for details, requirements and instructions on how to get started.
Last Updated: 11/13/2008
