And for My Next Trick: Pay-as-you-Go Insurance
We've talked about some of the tax preparations you should make, so I thought we’d move on to another sexy topic…insurance!
It’s not the most exciting thing to think about, but all the more reason to make sure it’s taken care of and as little a hassle as possible. You need to make sure everything is up to date, so be sure to give your provider or providers a call.
Make life easier
- A great way to do this is through pay-as-you-go workers’ compensation insurance. Unlike the old model, where you paid a big premium based on your employees and risks involved in doing business, it’s a bimonthly payment where the risks are known not guessed. The key to this method is you’re not ponying up a large sum of cash at the beginning of the year or facing a surprise at the end of the year with an audit.
Paying taxes and insurance are among the business owner’s most painstaking tasks, but they’re necessary evils you can’t afford to let slip.
Michael Alter, payroll expert with an MBA from Harvard Business School, is a nationally recognized spokesperson providing thought-leadership and sensible advice to help accounting and payroll professionals build deeper more profitable relationships with clients. Alter, President of SurePayroll, writes the Trade Secrets column on INC.com and is frequently published in Bloomberg TV, the Wall Street Journal, and Entrepreneur Magazine.