Smith & Co.
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Come on now!  Don't put insurance audits down the basement like that!  When it comes to you work comp audit, preparation is the key to making it a smooth process.  On the contrary, if you can make an IRS audits smooth let me know because I'm calling to find out.

Back on the insurance topic.

At minimum you'll need to pull the following data for a work comp audit:

-List of officers
-Total payroll by employee
-941's for verification
-List of employees and job descriptions if you have numerous categories which most employers do.

-Lastly and often overlooked, contact your insurance agent to walk through what to expect when being audited and briefly review the information you have prepared and discuss expectations.  At MFS Insurance we offer this service for all clients to help alleviate the stress associated with the auditing process.

Most auditors are 3rd parties that contract with insurance companies.  They prefer to gather accurate data in an efficient manner; so the easier you make it on them the better they'll treat you in most cases.

Overtime can be a particularly challenging aspect of audits.  Companies should back our 33% of this amount if overtime wages are included within total payroll.
If you can segregate out the overtime it can simply be removed but will have to be proven in payroll records.  Many times we find that overtime is not picked up during the audit and customers don't realize this.

We'll do another post on overtime soon to run through the details. 

In the meantime, if you're have trouble with an audit or your agent doesn't help you with your audit give us a call!  The team at MFS Insurance, Inc. would love to help you with this process.  It's part of how we earn our pay!

Give us a call in Forrest City, Little Rock, Stuttgart, Greenbrier, Conway, or Marianna today - click here

BTW - have a good weekend! 
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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
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