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Custom Payroll Services Introduces Worker's Comp Pay-As-You-Go

Custom Payroll Services, one of the largest independent payroll providers in the Mid-Atlantic region, has introduced a new Worker's Compensation product that can help a business better manage its costs while improving its cash flow.

Called Worker's Comp Pay-As-You-Go, the product makes it possible for a business to pay for the coverage they need on a per pay period basis, eliminating the old one-time premium calculation that had to be paid at the beginning of the year.

"Most worker's compensation insurance premiums are based on estimated payroll figures determined prior to the policy period. In other words, premiums are based on a 'best guess' approach without regard to seasonal fluctuations, industry down turns or other unforeseeable events," explains Martha Burman, CEO and founder of the company. "This often results in business owners paying additional premiums at the end of the year because their payroll was higher than expected. Or, if their payroll was lower, overpaying for the year."

With Worker's Comp Pay-As-You-Go, Custom Payroll Services imports data provided by a business each payroll period to calculate and pay its Worker's Compensation premiums based on actual figures. Ideal for businesses that have fluctuations in staffing throughout the year, it eliminates the necessity to make a large advance payment and minimizes annual audits because the program is based on actual payroll rather than projections.

"In addition to helping a business improve its cash flow, it saves time. Dealing with worker's comp is very time consuming. With this product, 90 percent of a company's worker's comp responsibilities are handled for them by Custom Payroll Services," Burman adds.

Founded in 1995, Custom Payroll Services offers all the features and benefits of the larger national companies with the personalized service of a local provider. Located in Hunt Valley, Custom Payroll Services provides payroll and tax services to more than 400 organizations, ranging in size from 25 to 2,000 employees. Committed to offering the very best business solutions to its clients, Custom Payroll Services maintains a 98 percent customer retention rate, which is unprecedented in the industry.