When Greg approached On Track Business Management for bookkeeping help, he had no idea he was overpaying hundreds of dollars every payroll. Donna, a construction accounting expert, saw right away how Brown Construction could start immediately saving money.
Greg was aware that workers’ compensation has multiple construction classification codes based on an employee’s risk, but he had not realized how much he could save. Unknowingly, Brown Construction had been paying workers’ compensation for all its employees based solely on the high carpentry rate, even though there are significantly lower rates available for work such as concrete or painting.
One of Donna’s favorite job functions is educating contractors on ways to save money and run a more profitable business. Donna explained to Greg that with the proper documentation, i.e. an “audit trail,” Greg could take advantage of lower rates. One employee could even be assigned multiple codes, based on the jobs being performed.
Once the rates were properly applied, workers’ compensation costs at Brown Construction dropped dramatically. Before, when Greg bid jobs, he would base his estimates on incorrect workers’ compensation rates, leaving little profit after expenses. Now Brown Construction is able to deliver more competitive bids and still have profit left over to grow their business. Greg also found that workers’ compensation auditors love the precise documentation of the audit trail that On Track Business Management provides.
“The On Track team saved me thousands of dollars in unnecessary expenses. I’ll forever be grateful,” said Greg.
*The company name and minor details have been changed to protect client confidentiality.