Workers Compensation (Annual Report)

One of the advantages of DM Payroll Services payroll service is the wealth of information we provide to our clients.  Information that can help employers manage their operations in a more efficient manner.  One way of doing this is through our payroll Workers’ Compensation report.  This report is available monthly, quarterly or annually and provides accurate data on your premium liability at any time during the year.  No matter when your annual insurance audit occurs, you will have complete, detailed information at hand, saving you time and possibly money, too.  The report groups employees by workers’ compensation code and accompanying rates.  Shown for each employee are company paid earnings, premium portion of the time-and-a-half and double time, third party sick pay and net wages subject to workers’ compensation insurance.  The wages subject to workers’ compensation are multiplied by the workers’ compensation percentage to show the resulting insurance expense for the employee.  Sub totals appear for each workers’ compensation code and location.  Company totals are also printed at the end of the report.

Another feature is our ability to set up the report to group employees by department code.  This provides actual workers’ compensation expense totals by department for posting to the general ledger.

However, the primary feature of DM Payroll Services Workers’ Compensation report is its breakdown of wages by risk classification.  In addition, it accounts for the insurance cap for company officers.  With this information, you can virtually eliminate inaccurate premium assessments due to rushed or sloppy audits.