Workers' comp recordkeeping has always been a critical task. The remote premium auditor now makes keeping all payroll and expense records on spreadsheets a must.
I have recommended using Excel or similar spreadsheet apps for 20 years. Even if you do not want to pay for it, you can find a great office setup here.
Apache Office, Google and LibreOffice contain recommended spreadsheet apps. I have used OpenOffice, now Apache Office, for many years as a backup to Excel.
Why put everything on spreadsheets?
The recent, current and future workers' comp premium audits do not necessarily have to be done in person. The remote workers' comp premium auditors are allowed by most states to have an insured upload all the required/requested records through a portal. The portal upload counts as a physical audit.
Workers' comp recordkeeping does not require any extra spreadsheets. The recommendation of entering everything on a spreadsheet comes from what J&L has been seeing in our premium audits for employers. Having everything on spreadsheets will help your company and the premium auditor in these ways:
This blog post is provided by James Moore, AIC, MBA, ChFC, ARM, and is republished with permission from J&L Risk Management Consultants. Visit the full website at www.cutcompcosts.com.
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