Payroll audit
Online premium audit form
Log on to myPayroll, SFM's online audit application.
The premium audit
SFM conducts annual premium audits for all policyholders to assess each employer's exposures and secure accurate, updated payroll data.
The premium your organization is billed at the beginning of a policy year is actually an estimate. This estimate is calculated using two things.
Your organization's:
• Job classifications
• Payroll
Classifications are determined by the kinds of jobs your employees perform and reflect different levels of risk exposure. Your organization's payroll can change throughout the year if your workforce grows or shrinks, employees work overtime, or your organization expands or diversifies.
So, at the end of the policy year, an audit of the previous 12 months' payroll and job classifications is conducted, and the billed premium is adjusted to reflect any changes.
SFM auditors can also assist policyholders with recordkeeping and job classifications, and will help estimate payroll for renewal as a special service to policyholders.
How to get ready for your audit
Here are some ways to prepare for a premium audit so it goes smoothly.
Have your records ready
Depending on the nature of your business, some of the following information will be necessary to complete the audit: general ledger, payroll records, cash receipts, cash disbursements, certificates of insurance and 1099s.
Make sure your information is correct
Accurate, organized records will help the audit run smoothly and eliminate errors that would otherwise have to be corrected later.
Be available to answer questions
The auditor may need to ask questions about your operations to correctly determine your policy's classification rates. Give the auditor a tour of your facilities, if needed.
SFM's auditors can also assist employers with recordkeeping and job classifications, and can help them estimate payroll for renewal--all of which help make the audit process smoother and easier for employers.
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