NCAComp’s accounting department works in conjunction with our claims department to provide financial services and separation of duties security for our clients.
We work to provide full financial transparency so that our clients understand where every dollar of their workers’ compensation program cost goes.
Check Print Outsourcing
We are able to print checks and mail them from an off-site location to strengthen security and improve productivity.
Through direct deposit, claimants or vendors may receive funds deposited into their bank account of choice, instead of waiting for a manual check in the mail.
Through positive pay, a file is sent to the bank to allow for comparison to checks that are presented in order to verify all details on each check before they are cashed.
NCA’s accounting department will reconcile all bank statements with our internal payment files to confirm no funds are being withdrawn improperly.
Cash Tracking and Reporting
For clients who maintain their program funding through NCA, we provide regular reporting on available cash levels.
WCB Cashflow Reports
NCA’s team is able to report on program funding to the Workers’ Compensation Board when required by the state regulators.
Full Set of Books for Trust Funds
Trust funds require the maintenance of a full accounting of the program, much like a business. NCA is able to separately keep these books for our clients.
Liaison with Auditors and Actuaries
NCA works with many different auditors and actuaries for the benefit of our clients, providing complete information they may need to complete their reporting.
Invoicing and Collection Tracking of Trust Members
For programs or groups that require collections of contributions or assessments, our team is able to invoice, collect and track these payments.
HCRA Payments and Reporting
New York State requires the payment of a surcharge for any medical payment to a hospital facility. Our claims software tracks these payments and calculates the surcharge, and our accounting department completes the reporting and payment for clients.
1099 Processing and Reporting
Annual 1099 Reports are generated for all payments made to companies by their workers’ compensation plan. Reports are filed with the government and mailed to the vendors on behalf of clients.