For many small businesses, worker’s compensation audits are stressful and time-consuming often resulting in hefty penalties. We have all heard the horror stories of honest, hard-working, small business operators being forced into insolvency, unable to meet large adjustments, penalties, and interest.
These penalties are often the result of following inaccurate advice. It is imperative to seek professional guidance on the issues of insurance classifications, and specifically on clarifying what can be deemed as director’s fees and who can be deemed workers.
As a legal and accounting practice, we understand the needs and concerns of small businesses. We take the time to explain worker’s compensation laws and regulations in simple, clear terms without the legal and accounting jargon.
We suggest preparing your own ‘pre-audit’ by compiling all the required information and presenting it in a familiar format. This will:
- Simplify the auditor’s job;
- Reduce probing questions;
- Help you to know what to expect beforehand;
- Control the data the auditor observes;
- Help to manage the ultimate cost of this insurance.
We can help you in this regard.
We suggest that you avoid volunteering additional information. While insurers have the right to inspect all records pertaining to the policy, just how far that right extends is subject to interpretation.
Need Help?
Our dedicated team can assist you with all your auditing needs. Please call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.
