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Compensation Fund (Workman's Compensation)

Managing Compensation Fund Returns

Written by Mariska

Annual Compensation Fund submissions are critical for maintaining compliance and obtaining a Letter of Good Standing.

The Compensation Fund module helps firms track annual submissions and monitor progress towards completion.

Activating Compensation Fund Services

Navigate to:

Clients → Billing & Services

Enable:

✅ Compensation Fund

If applicable:

✅ RMA Submission Indicator

Automatic Scheduling

DataGrows automatically schedules Compensation Fund reminders according to the applicable filing period.

The April (or March - RMA) deadline is displayed to assist with planning and submission management.

Tracking Progress

The Compensation Fund task helps record:

✅ Submission Progress

✅ Supporting Documentation

✅ Payment Status

✅ Letter of Good Standing Status

This provides complete visibility for management and staff.

Supporting Documentation

Many Compensation Fund submissions require:

  • Mandates

  • Employer Declarations

  • Supporting Information

DataGrows document templates can assist firms in standardising these requirements.

Goal: Letter of Good Standing

The ultimate objective is:

✅ Submit successfully

✅ Pay successfully

✅ Obtain the Letter of Good Standing

✅ Store supporting documentation

Key Takeaways

✅ Compensation Fund tasks are automated.

✅ RMA indicators can be maintained.

✅ The annual filing cycle is monitored.

✅ Progress towards Good Standing can be tracked.

✅ Supporting document templates can be utilised.

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