A Paychex news release said it is expanding the service to include Paychex Major Market Services (MMS) clients – those with more complex payroll and HR needs. Paychex’s automated service uses actual wages to determine a client’s true workers’ compensation cost, resulting in better cash flow and fewer year-end premium adjustments, the company said.
“By calculating our clients’ premiums every pay period, using actual wages, and requiring only a minimal up-front deposit, those businesses know what their costs are as they go through the year,” said Brad Flipse, Paychex Major Market Services vice president of sales, in the announcement. “Our service really offers a cash flow management tool that streamlines an essential process and minimizes the work around the year-end audit.”
Paychex collects clients’ premiums electronically and sends them to the appropriate insurance carrier.
The Paychex Workers’ Compensation Service is administered by Paychex Agency, Inc., a subsidiary of Paychex and a licensed insurance agency. Paychex now serves approximately 65,000 workers’ compensation clients.
For more information call 1-800-322-7292 or visit www.paychex.com .