There are plenty of opportunities for financial savings outside of cutting your overhead costs. Our HR specialists can analyze your employee benefits, payroll rates, workers’ compensation premiums, and even your company’s 401k & 403b plans, ensuring your HR expenses are optimized and business is properly protected.
Payroll audits examine things like the business’s active employees, pay rates, wages, and tax withholdings. You should conduct a payroll audit at least once per year to verify your process is up-to-date and legally compliant.
An audit of an employee benefit plan involves the examination of financial statements provided by a third party to the DOL, plan management and plan participants. The primary focus of an EBP audit is to accurately gauge the ability of the plan to cover current and future benefits and payments.
The annual premium audit determines your company’s Workers’ Compensation insurance premium for the period. Sometimes there can be dramatic changes in premium based on audit results, and not at all of these changes are welcomed by insured employers. Util recommends a complete policy review, which may result in a significant refund from your insurer.
Without consistent management and updates, a company’s retirement plan can turn into a compliance nightmare. We evaluate the retirement packages and contracts between your business and its employees to define the proper share class selection, assess revenue sharing funds, and a total review of your business’ asset allocation.
At Util Auditors, we are passionate about serving our clients, increasing operating efficiency and cutting costs. We treat each client the same to identify cost saving opportunities, and provide the absolute best solutions. It is this consistency and commitment that allows us to continuously exceed the expectations of our clients.
We have provided cost reduction services as well as utility refunds to over 275 clients including Fortune 100 and 500 companies.