Paychecks Inc./Worker Comp.
- Thread starter Dolfan
- Start date
- Status
ty
Senior Member
- Location
- 3rd Rock from the Sun
Workers Comp is based on your payroll amount. Each trade has it's own rate.
I don't know how Payroll Inc works.
Workers Comp is usually paid through your insurance carrier, but in any case, there will typically be an end of year audit. So, if you were paying in less all year than the audit shows, you will owe the difference.
I would suggest you speak to your insurance carrier, and/or shop around.
I don't know how Payroll Inc works.
Workers Comp is usually paid through your insurance carrier, but in any case, there will typically be an end of year audit. So, if you were paying in less all year than the audit shows, you will owe the difference.
I would suggest you speak to your insurance carrier, and/or shop around.
Buck Parrish
Senior Member
- Location
- NC & IN
According to Forbes Paychex Inc. profited over a billion dollars in 07.
I would not give some one authority to withdrawl mone from my bussiness account.
Check here http://www.youtube.com/watch?v=5vU4XuddhTo or www.clarkhoward.ocm
I would not give some one authority to withdrawl mone from my bussiness account.
Check here http://www.youtube.com/watch?v=5vU4XuddhTo or www.clarkhoward.ocm
Last edited:
ishium 80439
Senior Member
I had my accountant doing my payroll etc for the past several years and she decided that she didn't want to do it anymore. She was getting her clients to switch to Paychex. We tried them and it was nothing but headaches and mistakes. They did 3 payrolls for us and each one of them was screwed up in one way or another. Repeated calls to get things straightened out resulted in empty promises and different mistakes the next time around. My experience with them was nothing but negative and I would not recommend them to anyone.
YMMV
YMMV
I have had a few bad issues with Paychex 4 years ago. We switched to them when a local company stopped offering the service. It would be hard for me to go back to an out of town payroll company. I know a few contractors that use out of town payroll companies but there not for me.
The worst issue I had was getting my payroll checks days late. According to the contract I was to have the checks in my hand on Tuesday so I could hand them out on a Thursday. I didn?t get the checks till Friday morning. When I got them I drove them out to my guys and told them to take the extra time at lunch to deposit them if needed. When they got back to the office at the end of the work day they showed me the state law saying I owed them time and a half from Thursday at 5:00 pm till Friday at 10:15 am when they got there checks.
The worst issue I had was getting my payroll checks days late. According to the contract I was to have the checks in my hand on Tuesday so I could hand them out on a Thursday. I didn?t get the checks till Friday morning. When I got them I drove them out to my guys and told them to take the extra time at lunch to deposit them if needed. When they got back to the office at the end of the work day they showed me the state law saying I owed them time and a half from Thursday at 5:00 pm till Friday at 10:15 am when they got there checks.
wtucker
Senior Member
- Location
- Connecticut
It's more specific (and more complicated) than that! There are sub-divisions, depending upon what the worker actually does. An "electrician" working on high-voltage gets a different rate than one working on low-voltage. Spend some time with a good insurance agent or broker and get your guys properly classified.
i do not know for a fact if workers comp is any cheaper from a payroll service. could be, but in reality it is just there sales pitch to get you to sign up. in my opinion the workers comp side of insurance has always been bid so low by all parties there is very little wiggle room. when some contractor is telling you about how much he is saving, all he really did was reclassify half his workforce(which is not legal).
AES1005
Member
- Location
- Nitro West Virginia
Workers comp is one of the necessary evils with most trades, use a reliable agent and company so if it is ever needed the expanded services they provide will be worth the cost.
ty
Senior Member
- Location
- 3rd Rock from the Sun
Yes, I know. It is a generalized statement to answer the question.
I'm not going into all of the lengthy details when the question is not specifically on how the system works.
I own 3 businesses and have employees. I know how it works.
You forgot to mention if you work out of bucket trucks, on roofs, on high ladders, etc.
ptonsparky
Tom
- Occupation
- EC - retired
Why have someone else do payroll at all?
we had two office girls taking turns doing a handwritten manual weekly payroll for between 25 and 45 employees depending on the season. it seemed like it took forever. then they would have what i called envelope stuffing parties(stop what their doing and make a major production stuffing payroll envelopes while solving all the problems of the company) this drove me nuts and cost extra $$$, but we did not change from our old ways. then in a rare event both ladies were out on a payroll day. at first i thought i could handle it. I WAS WRONG and messed up big time. since one of the girls was having medical issues i feared this could happen again. THUS WE WENT TO A PAYROLL SERVICE. that is what i tell everyone, and while it is a true story: it hides a dark truth. I AM LAZY AND INCOMPATENT regarding payroll.
Workers Comp is a different issue from payroll services, and there is a big difference in insurance cost for, office work, or general labor and electrical contracting, the comp underwriters need to know things like how long in busness, are the workers qualified, and has there been any past experiences with claims, and where is the work being done, and type of electrical work, HV of Low voltage, and any other hazzards, all these issues set the prices for the comp
Innovative
Member
Alot of payroll companies are also employee leasing companies, which offer employee benefits, reduced comp, tax services, HR services, OSHA compliance and many other benefits. I have been using Southeast Leasing for years with no complaints and save thousands of dollars per year and have NO HR headaches since I started using them. Best business decision I have ever made.
Some states do not permit licensed electrical contractors to use employee leasing, the employee must be employed and under the direct supervision of the contractor, there are stiff fines in my state violation of this law.
Payroll companies can only save you money on Work Comp if you choose to do employee leasing. Basically on paper you and all of your employees become employees of the leasing company and get their work comp rates.
If you've had a lot of claims and your rates are high, this might be a good solution, however the fees they charge may offset the savings.
We did employee leasing for a while, but for us, doing it in-house using Quickbooks makes much more sense.
If you've had a lot of claims and your rates are high, this might be a good solution, however the fees they charge may offset the savings.
We did employee leasing for a while, but for us, doing it in-house using Quickbooks makes much more sense.
milehiwire
Banned
We just made the switch and I could not agree more.
ksmith846
Senior Member
- Location
- Port St Lucie, Florida
I have used SE since day #1. No problems and after each year we negotiate on lower %'s.
ksmith846
Senior Member
- Location
- Port St Lucie, Florida
Mine are paid through the Leasing Company and under still under my direct supervision.
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