Did you know that using QuickBooks can save you time and possibly even money on your workers’ comp audit? It’s true. The following are ways in which QuickBooks can help with your annual LCI audit:
The good news is, LCIA is hosting a QuickBooks workshop next Thursday, June 6 in Metairie. The workshop is for the beginner and intermediate QuickBooks user, and LCIA will have computers with the QuickBooks software, so feel free to attend even if you have never used QuickBooks.
- Accuracy. Because your workers’ comp premium is based on your payroll, making sure that your records are accurate ensures that your premium will accurately reflect your payroll. You wouldn’t want to overpay LCI because of faulty recordkeeping.
- Efficiency. We understand you are busy running your business and that you don’t want to spend more time than necessary completing your LCI audit. QuickBooks allows us to more quickly and efficiently review your records, making your audit less time consuming and allowing you to get back to work.
- Proper Classification. Specifically in the construction trade, you can utilize QuickBooks to properly classify the type on construction work an individual does. This can save you from having all the wages for each individual assigned an improper classification (subject to verification and acceptance by the auditor). If separate payroll records are not maintained, the entire payroll for that individual must be assigned to the highest rated classification*.
To register for the QuickBooks workshop, or for more information, visit www.lciassociation.com/events or contact Christina Buras at 985-612-6733 or firstname.lastname@example.org.
*Note: LCI uses NCCI rules when it comes to assigning workers comp classifications for construction trades.
From NCCI Regulations:
Construction or Erection Operations
Each distinct type of construction or erection operation must be assigned to the class that specifically describes the operation only if separate payroll records are maintained for each operation.
If separate payroll records are not maintained for any construction or erection operation, the highest rated classification that applies to the job or location where the operation is performed must be assigned.