{"id":47054,"date":"2021-09-21T11:58:18","date_gmt":"2021-09-21T06:28:18","guid":{"rendered":"https:\/\/www.the-next-tech.com\/?p=47054"},"modified":"2021-09-21T12:09:41","modified_gmt":"2021-09-21T06:39:41","slug":"why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most","status":"publish","type":"post","link":"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/","title":{"rendered":"Why You Need to Automate Your Payroll And Workers Compensation to Focus on What Matters Most"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-white\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#Introduction\" title=\"Introduction\">Introduction<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#What_is_Automated_Payroll\" title=\"What is Automated Payroll?\">What is Automated Payroll?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#The_Benefits_of_Automated_Payroll\" title=\"The Benefits of Automated Payroll\">The Benefits of Automated Payroll<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#1_Reduced_Errors\" title=\"1. Reduced Errors\">1. Reduced Errors<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#2_Save_Time\" title=\"2. Save Time\">2. Save Time<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#3_Improve_Security\" title=\"3. Improve Security\">3. Improve Security<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#4_Simplify_Tax_Filing\" title=\"4. Simplify Tax Filing\">4. Simplify Tax Filing<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#5_Improve_Accessibility\" title=\"5. Improve Accessibility\">5. Improve Accessibility<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#6_Facilitate_Internal_And_External_Audits\" title=\"6. Facilitate Internal And External Audits\">6. Facilitate Internal And External Audits<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#7_Allow_Employee_Self_Service\" title=\"7. Allow Employee Self Service\">7. Allow Employee Self Service<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#8_Save_Money\" title=\"8. Save Money\">8. Save Money<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#9_Improve_Employee_Satisfaction\" title=\"9. Improve Employee Satisfaction\">9. Improve Employee Satisfaction<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#10_Stay_Relevant\" title=\"10. Stay Relevant\">10. Stay Relevant<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#What_is_Workers_Compensation_Insurance\" title=\"What is Workers\u2019 Compensation Insurance?\">What is Workers\u2019 Compensation Insurance?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#The_History_Of_Workers_Compensation_Insurance\" title=\"The History Of Workers\u2019 Compensation Insurance\">The History Of Workers\u2019 Compensation Insurance<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#Who_Qualifies_For_Workers_Compensation_Insurance\" title=\"Who Qualifies For Worker\u2019s Compensation Insurance\">Who Qualifies For Worker\u2019s Compensation Insurance<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#What_Does_Workers_Compensation_Insurance_Cover\" title=\"What Does Workers\u2019 Compensation Insurance Cover?\">What Does Workers\u2019 Compensation Insurance Cover?<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#1_Medical_Benefits\" title=\"1. Medical Benefits\">1. Medical Benefits<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#2_Disability_Benefits\" title=\"2. Disability Benefits\">2. Disability Benefits<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#3_Rehabilitation_Benefits\" title=\"3. Rehabilitation Benefits\">3. Rehabilitation Benefits<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#4_Death_Benefits\" title=\"4. Death Benefits\">4. Death Benefits<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#Benefits_of_Automating_Your_Workers_Compensation_Payments\" title=\"Benefits of Automating Your Workers\u2019 Compensation Payments\">Benefits of Automating Your Workers\u2019 Compensation Payments<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#1_Easier_To_Calculate\" title=\"1. Easier To Calculate\">1. Easier To Calculate<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#2_Stay_Up_To_Date\" title=\"2. Stay Up To Date\">2. Stay Up To Date<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#3_Consolidate_Information\" title=\"3. Consolidate Information\">3. Consolidate Information<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#Why_Automation_Is_What_Your_Business_Needs\" title=\"Why Automation Is What Your Business Needs\">Why Automation Is What Your Business Needs<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/www.the-next-tech.com\/business\/why-you-need-to-automate-your-payroll-and-workers-compensation-to-focus-on-what-matters-most\/#Get_Automated_So_You_Can_Focus_On_What_Matters_Most\" title=\"Get Automated So You Can Focus On What Matters Most\">Get Automated So You Can Focus On What Matters Most<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Introduction\"><\/span>Introduction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/moneybrighter.com\/how-to-start-an-llc\" target=\"_blank\" rel=\"noopener\">Starting a business<\/a> and optimizing it might be daunting, however, automation simplifies everything. Think of things like Netflix. It automatically plays the next episode. Your desktop calendar automatically syncs with your phone, giving you your to-do list on the go. It makes life easier. And the same goes for automation in the workplace.<br \/>\n<!-- Home page 728x90 --><br \/>\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<ins class=\"adsbygoogle\" style=\"display: inline-block; width: 728px; height: 90px;\" data-ad-client=\"ca-pub-9864771813712812\"><\/ins> <script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p>When it comes to payroll or <a href=\"https:\/\/www.hourly.io\/post\/the-complete-guide-to-workers-comp-payments\" target=\"_blank\" rel=\"noopener\">workers\u2019 compensation<\/a> insurance, automation eliminates the opportunity for human error. It removes the headache these administrative tasks cause, freeing up time to focus on big picture ideas and business growth. No matter the size of your team, automation will positively impact your process. Let\u2019s unpack just how much.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Automated_Payroll\"><\/span>What is Automated Payroll?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Automated payroll helps you simplify the act of paying your employees. It enables you to do it on time and accurately, using efficient time tracking to help you calculate wages correctly.<\/p>\n<p>It automatically incorporates federal, state, and local tax filing requirements, processing direct deposits for your employees. You\u2019ll easily be able to produce reports and calculate any withholdings.<\/p>\n<p>When you\u2019re running this process manually from a spreadsheet, the margin for error is enormous. Whether it\u2019s managing employee benefits or tracking payroll adjustments, one slip-up can harm your business.\u00a0 For example, pay stub errors are so unsettling for employees, that after just two payroll mistakes, 49 percent of employees will look for a new job.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Benefits_of_Automated_Payroll\"><\/span>The Benefits of Automated Payroll<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Reduced_Errors\"><\/span>1. Reduced Errors<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>While payroll might be frustrating for you as an employer, a missed or incorrect payment is equally damaging for an employee. Workers will start to look elsewhere if there are problems with their paycheck, resulting in a high turnover and even more complications for your business.<\/p>\n<p>An excellent analogy to think of is a calculator. While we\u2019re capable of doing math in our heads, calculators are better. <a href=\"https:\/\/www.the-next-tech.com\/business\/8-reasons-why-you-should-use-payroll-management\/\">Payroll software<\/a> will be better at calculating deductions, overtime pay, and commissions that may affect the final amount. There is also no risk of misinterpreting handwritten timesheets or data.<br \/>\n<span class=\"seethis_lik\"><span>Also read:<\/span> <a href=\"https:\/\/www.the-next-tech.com\/finance\/best-money-making-websites\/\">30 Best Money Making Websites, Top Rated Money Earning Websites (No Cash Deposit!)<\/a><\/span>\n<h3><span class=\"ez-toc-section\" id=\"2_Save_Time\"><\/span>2. Save Time<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Perhaps the most significant benefit to automated payroll is the amount of time saved on such a manual task. According to <a href=\"https:\/\/www.bamboohr.com\/\" target=\"_blank\" rel=\"noopener\">Bamboo HR<\/a> payroll specialist TamerraSedacy, automated payroll can save up to three to five hours of work a week. That\u2019s a big chunk of time you can now allocate to other tasks.<\/p>\n<p>Let\u2019s face it; payroll isn\u2019t going anywhere. You\u2019ll always need to pay your employees on time and correctly, and as your business grows, this only becomes more complicated. Introducing automation early on allows you to scale your team quickly.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Improve_Security\"><\/span>3. Improve Security<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Printed paperwork and Google spreadsheets aren\u2019t exactly secure. An automated payroll system allows you to store your data on a password-protected platform. Only relevant people have access to this information, allowing you to keep tabs on any strange payments.<\/p>\n<p>As a bonus, automated systems also allow you to keep an accurate history of your payroll. As your business goes through the years, it can be tricky to keep track of everything manually. So instead, store it all in one place for safe-keeping.<br \/>\n<span class=\"seethis_lik\"><span>Also read:<\/span> <a href=\"https:\/\/www.the-next-tech.com\/mobile-apps\/best-youtube-video-downloader-apps-without-watermark\/\">How To Download YouTube Videos Without Watermark? 15+ Apps and Websites Mentioned (Online & Free)<\/a><\/span>\n<h3><span class=\"ez-toc-section\" id=\"4_Simplify_Tax_Filing\"><\/span>4. Simplify Tax Filing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In the U.S., there are thousands of tax jurisdictions to consider, plus they change regularly. If your organization grows, operating in multiple states, you\u2019ll need to consider more than one regulation. Staying on top of all of this is near impossible without an automated system.<\/p>\n<p>If there are updates to a tax policy, it will notify you automatically. Withholding tax for individual employees is also accounted for, ensuring your taxes are filed correctly from the get-go. If tax is not your forte, that can be one of the most intimidating payroll processes to manage. Remove that element of stress with an automated service.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Improve_Accessibility\"><\/span>5. Improve Accessibility<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No matter how busy you are, you can\u2019t miss paying your employees on time. But, if payday falls over a weekend or a holiday, you need to be able to view your figures wherever you may be. Automated payroll software via the cloud allows you to access the information on any device. All you need is an internet connection, and you can authorize any transfers required.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Facilitate_Internal_And_External_Audits\"><\/span>6. Facilitate Internal And External Audits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Your business may be required to undergo an internal or an external audit where they will analyze your <a href=\"https:\/\/www.the-next-tech.com\/finance\/5-reasons-why-financial-analytics-is-becoming-more-important\/\">financial statements<\/a> with a fine-tooth comb. Sharing information with an external auditor is as simple as generating a report from your payroll platform. If you\u2019re running it all manually, it\u2019s a lot more challenging to ensure all your paperwork is above board. It makes for a very stressful situation that could result in penalties.<br \/>\n<span class=\"seethis_lik\"><span>Also read:<\/span> <a href=\"https:\/\/www.the-next-tech.com\/top-10\/best-online-courses-to-get-highest-paid-in-2021\/\">Best Online Courses to get highest paid in 2021<\/a><\/span>\n<h3><span class=\"ez-toc-section\" id=\"7_Allow_Employee_Self_Service\"><\/span>7. Allow Employee Self Service<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Automated payroll systems offer employees a self-service option, granting them access to paychecks and personal information. It streamlines the onboarding process, giving employees autonomy to update their information where necessary.<\/p>\n<p>For example, should they have a change of address or contact information, they can correct it themselves. If they need to print pay stubs or update their banking information, it\u2019s all possible from their portal.<\/p>\n<p>Employee self-service removes a lot of manual tasks from your to-do list. While updates are simple to do, they are unnecessarily time-consuming if they all fall on one person.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_Save_Money\"><\/span>8. Save Money<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Automated payroll systems do come at a cost, and for small businesses, this can be off-putting. However, according to the American Payroll Association, automation can reduce payroll processing costs by up to 80%. Payroll errors are expensive, and the accuracy automation offers will benefit your business in the long run. Time is a valuable commodity to any business, another benefit you\u2019ll receive.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_Improve_Employee_Satisfaction\"><\/span>9. Improve Employee Satisfaction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Employee engagement is a critical element to your <a href=\"https:\/\/www.the-next-tech.com\/business\/10-e-commerce-tips-to-help-your-small-business-successful\/\">business success<\/a>. It may seem crazy, but an automated system can directly affect this. Not only does it ensure that your payroll ticks over every month with zero errors, but you can incorporate benefit programs that are easily accessible to employees.<\/p>\n<p>By making their lives simpler and giving them access to information, you\u2019re able to drive productivity. It means less back and forth between employees and HR, giving them (and you!) time to focus on more significant projects.<br \/>\n<span class=\"seethis_lik\"><span>Also read:<\/span> <a href=\"https:\/\/www.the-next-tech.com\/top-10\/10-best-saas-marketing-tools-and-platforms\/\">10 Best Saas Marketing Tools And Platforms For 2021<\/a><\/span>\n<h3><span class=\"ez-toc-section\" id=\"10_Stay_Relevant\"><\/span>10. Stay Relevant<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>With the increasing number of millennials entering the workplace, staying up-to-date with the newest technology is essential. It needs to become part of your value proposition if you want to attract the new generation. There\u2019s an expectation from younger employees for mundane tasks to be simplified and optimized, manually drafting your payroll just won\u2019t cut it.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Workers_Compensation_Insurance\"><\/span>What is Workers\u2019 Compensation Insurance?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Workers\u2019 compensation insurance, known as \u201cworkers\u2019 comp,\u201d is an insurance policy almost every business with employees in the U.S. has to have in place. Most states require it.<\/p>\n<p>The insurance policy ensures employees are covered should illness or injury occur in the workplace. It covers medical bills, rehabilitation, and wage loss (something that\u2019s certainly come to light during the COVID-19 pandemic). As a small business, handling workers\u2019 comp obligations can be challenging, so an automated system is an ideal solution.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_History_Of_Workers_Compensation_Insurance\"><\/span>The History Of Workers\u2019 Compensation Insurance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Workers\u2019 comp requirements in the U.S. date back to 1911 with Wisconsin being the first state to pass its own law. Before then, employees who were injured or fell ill on the job had to take legal action against their employers to gain any financial assistance.<\/p>\n<p>For employees, it was near impossible to obtain compensation, but if they were successful, it was financially devastating to the business. Thus, workers\u2019 comp was born to protect both parties, a must-have for your company.<br \/>\n<span class=\"seethis_lik\"><span>Also read:<\/span> <a href=\"https:\/\/www.the-next-tech.com\/review\/caktus-ai\/\">Caktus AI Review: Is It The Best AI Helper For Students? (Complete Guide)<\/a><\/span>\n<h2><span class=\"ez-toc-section\" id=\"Who_Qualifies_For_Workers_Compensation_Insurance\"><\/span>Who Qualifies For Worker\u2019s Compensation Insurance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If your business has at least one employee, you need workers\u2019 comp insurance. Most state laws insist that you purchase coverage as soon as you\u2019ve hired someone. In some states, it\u2019s optional for employers but it\u2019s certainly worth considering. Depending on your industry, it could really protect you.<\/p>\n<p>A standard workers&#8217; comp insurance policy doesn&#8217;t have a maximum dollar amount limit to its primary coverage. Unlike other liability insurance policies, workers&#8217; comp isn&#8217;t capped on the employees&#8217; behalf. Once the policy is in force, the insurance company is responsible for all claims and compensation benefits stated in the agreement.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Does_Workers_Compensation_Insurance_Cover\"><\/span>What Does Workers\u2019 Compensation Insurance Cover?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Medical_Benefits\"><\/span>1. Medical Benefits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>These payments are for the treatment of an injured employee. They account for a large portion of total workers\u2019 comp payments.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Disability_Benefits\"><\/span>2. Disability Benefits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Disability benefits are designed to replace the worker\u2019s income, allowing them to earn from a compensable injury. There are a few disability types to consider:<\/p>\n<ul>\n<li><strong>Temporary Total Disability:<\/strong> Covers workers who are temporarily unavailable to perform their work while recovering from injury. It\u2019s usually within the region of two-thirds of their weekly wages.<\/li>\n<li><strong>Permanent Total Disability: <\/strong>Covers workers who cannot perform their work functions for the rest of their lives. Benefits are usually a percentage of weekly wages, including a minimum and maximum amount stated in the workers\u2019 comp policy.<\/li>\n<li><strong>Temporary Partial Disability: <\/strong>Covers a worker who can still do some work but cannot perform their full function to a usual standard. This benefit covers the difference between the amount earned and what the employee would have made had no injury occurred.<\/li>\n<li><strong>Permanent Partial Disability: <\/strong>Covers an employee who can still do some of their work but won\u2019t resume their regular duties again.<\/li>\n<\/ul>\n<span class=\"seethis_lik\"><span>Also read:<\/span> <a href=\"https:\/\/www.the-next-tech.com\/top-10\/the-top-10-in-demand-tech-skills-you-need-to-have-in-2021\/\">The Top 10 In-Demand Tech Skills you need to have in 2021<\/a><\/span>\n<h3><span class=\"ez-toc-section\" id=\"3_Rehabilitation_Benefits\"><\/span>3. Rehabilitation Benefits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>These benefits cover medical rehabilitation for any workers with severe injuries. Whether it\u2019s physiotherapy or a treatment program, it is covered by this benefit.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Death_Benefits\"><\/span>4. Death Benefits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If an employee is injured fatally on the job site, this benefit ensures their spouse and child are cared for financially. It is a percentage of the deceased\u2019s weekly wages.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_Automating_Your_Workers_Compensation_Payments\"><\/span>Benefits of Automating Your Workers\u2019 Compensation Payments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Easier_To_Calculate\"><\/span>1. Easier To Calculate<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Workers\u2019 comp rates are calculated based on a percentage of payroll. More often than not, companies are required to pay an estimated premium amount based on the previous year\u2019s payroll.<\/p>\n<p>It can lead to overpayment, and although you will receive money back eventually, it can affect your cash flow. On the flip side, you could also underpay, meaning that you\u2019re accountable for additional payments that you may not have accounted for in your books.<\/p>\n<p>Paying workers\u2019 comp as you go is a great way to stay on top of this. If you automate your payroll and workers\u2019 comp using the same system, it is effortless to do so. Payroll data is automatically synced with workers\u2019 comp, so premiums are based on actual wages and not a guess.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Stay_Up_To_Date\"><\/span>2. Stay Up To Date<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If your workers\u2019 comp premiums increase for any reason, the adjustments are reflected immediately on an automated system. If you\u2019re running it all manually, you\u2019ll have to recalculate it all one by one. However, by adjusting the increase (or decrease) immediately, you\u2019ll avoid any unforeseen bills come audit time.<br \/>\n<span class=\"seethis_lik\"><span>Also read:<\/span> <a href=\"https:\/\/www.the-next-tech.com\/mobile-apps\/blocked-on-snapchat\/\">Blocked On Snapchat: Figure Out What-To-Do, The Fixes, and FAQs<\/a><\/span>\n<h3><span class=\"ez-toc-section\" id=\"3_Consolidate_Information\"><\/span>3. Consolidate Information<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An automated system for workers\u2019 comp allows you to house all the relevant information in one place.\u00a0 It ensures employees get the treatment they need without any unnecessary disputes from insurance companies. In addition, the employees\u2019 history is easily accessible, streamlining the process.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Automation_Is_What_Your_Business_Needs\"><\/span>Why Automation Is What Your Business Needs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Payroll and workers\u2019 compensation insurance are two of the many processes that benefit from an automated system. As a small business, workplace automation, in general, can save you time and boost productivity.<\/p>\n<p>Workflow automation can significantly <a href=\"https:\/\/www.the-next-tech.com\/development\/top-5-ways-to-improve-communication-in-your-community\/\">improve communication<\/a> between your team members. Poor communication is one of the biggest causes of stress, increasing employee dissatisfaction and turnover. Streamlining it into one system, automatically reminding the team of due dates, is a great way to eliminate this.<br \/>\n<!-- Home page 728x90 --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: inline-block; width: 728px; height: 90px;\" data-ad-client=\"ca-pub-9864771813712812\" data-ad-slot=\"3152971286\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p>Because workflow automation clearly defines an employee\u2019s role in the process along with the tasks they\u2019re responsible for, it creates a sense of empowerment and accountability. Gone are the days of micro-managing as efficiency takes preference at every turn.<\/p>\n<p>Automated systems ultimately save time, allowing employees to improve their output. If software handles mundane day-to-day tasks, it will enable employees more time to focus on meaningful growth projects.<br \/>\n<span class=\"seethis_lik\"><span>Also read:<\/span> <a href=\"https:\/\/www.the-next-tech.com\/top-10\/top-10-helpful-github-storage-for-web-developers\/\">Top 10 Helpful GitHub Storage For Web Developers<\/a><\/span>\n<h2><span class=\"ez-toc-section\" id=\"Get_Automated_So_You_Can_Focus_On_What_Matters_Most\"><\/span>Get Automated So You Can Focus On What Matters Most<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>No matter the<a href=\"https:\/\/www.the-next-tech.com\/business\/top-digital-marketing-tips-to-help-small-businesses-thrive\/\"> size of your business<\/a>, automating your processes will benefit you enormously. Whether it\u2019s dealing with the complications of weekly payroll or calculating workers\u2019 compensation amounts, an automated system removes any margin for error, freeing up time and curating an environment of optimization.<\/p>\n<p>Start with payroll and workers\u2019 comp, and then roll it out throughout your business. Whether it\u2019s marketing or workflows, automation breeds efficiency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Table of Contents IntroductionWhat is Automated Payroll?The Benefits of Automated Payroll1. Reduced Errors2. Save Time3. Improve Security4. Simplify Tax Filing5.<\/p>\n","protected":false},"author":2934,"featured_media":47057,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[2325,7618,7622,7620,7617,7621,5180,7619],"_links":{"self":[{"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/posts\/47054"}],"collection":[{"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/users\/2934"}],"replies":[{"embeddable":true,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/comments?post=47054"}],"version-history":[{"count":4,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/posts\/47054\/revisions"}],"predecessor-version":[{"id":47070,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/posts\/47054\/revisions\/47070"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/media\/47057"}],"wp:attachment":[{"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/media?parent=47054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/categories?post=47054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.the-next-tech.com\/rest\/wp\/v2\/tags?post=47054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}