Sometimes running other aspects of a business, especially for growing companies, can be a problem. You may be at the early stages where you don’t have the capital to hire professionals to work in-house. But all hope is not lost in such situations because PEO is willing to take over the burden.
You outsource those payroll services and HR management tasks that you cannot handle within your company to them.
Are you wondering what is a PEO and how it can help your business? Here is everything you need to know.What Is A PEO?
PEO is an acronym for a Professional Employer Organization. PEO is tasked with ensuring businesses effectively manage their HR solutions. The growing businesses benefit from payroll and HR benefits, tax administration, and compliance with regulatory bodies.
So, what do you do after you outsource all these critical tasks?
Well, since your business is still at its growing stages, there is a lot to do to fuel its growth. The tasks outsourced to a professional employer organization are the most technical and complicated ones. Getting them off your back opens up your schedule and allows you to concentrate on your business’s core competencies.How PEO Can Help Your Business
PEO has come in handy for businesses that need various HR management and payroll processing. Here are some benefits that businesses get when they decide to employ professional employer organization services.PEO Can Help With Payroll Processing
If you’re dealing with a large number of employees and find payroll processing a time-consuming task, you can live it all to PEO. A PEO will help you administer your payments to your employees. It will have all the details of full-time and part-time employees and ensure they get paid on time.
The payroll processing company will also cover your vendors and contractors as well. You’ll not have to deal with complaints of late payments or inaccuracies that can be too costly for your business.Helps With Benefits Administration
A PEO can go beyond payroll services and handles all the processes of creating, updating, and managing your employee benefits and facilitate open enrollment for your business. You don’t have to hire a Human —Resource Consultant to deal with these functions. They create the benefits programs and take care of enrolling the parties concerned.
PEO will keep track of all your employee details and update them to ensure they don’t miss anything. They can help your team acquire medical and other types of health coverage at affordable rates.
They put together employees of different small organizations and get the bargaining power mostly reserved for larger businesses. This is something your business will not be able to achieve on its own. Employees get a wide variety of benefits when they work with companies that use PEO services.PEO Protects Businesses Against Risks
Small businesses are not yet conversant with many aspects of compliance and risk getting in trouble. According to Business Insider, 33% of small businesses are fined every year for payroll mistakes. Sometimes some of these mistakes are unintentional but happen due to the lack of know-how.
Compliance can be complicated, especially for businesses that are just establishing their roots. There is way too much paperwork to file and different types of insurance covers to take. Getting confused is common, but a mistake that authorities won’t take lightly.
Thankfully, you can get a certified professional employer organization to help your business stay clear of such circumstances. PEO will support your business with all the needed employee tax forms, payroll taxes, and reporting forms. It will also help file insurance for the company.Saves Costs for Your Business
As a new business, you want to save as much as you can and use the extra to grow your business. PEO makes this possible. One of the ways PEO helps your business save is through hiring.
Hiring is an expensive and time-consuming process. PEO takes that off your back by handling all employee-related paperwork. It offers HR support and ensures companies don’t delay the process.
You don’t want to deal with interviews, the hiring process, and orientation. This means you’ll save a lot of time and the expenses used for such services. You can focus on running your company.Help Employees Get Modern Health and Wellness Perks
Every business prides itself on working with happy employees. Some of the happiness comes from the kinds of benefits they manage to get from your company. PEO works to ensure your employees get access to additional perks.
Some wellness perks that PEO can unlock for your employees include mental health support, primary care, women’s health, and family planning, and care navigation services. Employees can also benefit from saving programs like the 401(k) plan, which helps ensure their financial security.
Another essential perk is commuter benefits, where employees use pre-tax dollars to cover transportation costs. All these perks will ensure you work with a happy team, which will ensure the productivity of your business.Get Back Hours Into Your Day
Running a business is like running a race against time. There are too many things to do with minimal time to accomplish everything. For a startup, you can never run out of things to do, and sometimes time catches up with you without realizing it.
Well, you don’t have to overwork yourself if you join PEO. There is a lot the organization can handle on your behalf and free up most of your time. They’ll help you handle all employment-related tasks, which typically consumes most of your time.
With the most complicated tasks already taken care of, you have nothing more to do but focus on running your business. With a lot of free time, you can be more productive and work your way to the top within a short period. You’ll be getting multiple hours back every day.Are You Ready to Harness Payroll and HR Management Benefits?
There is no way your company is going to miss out on all the benefits that PEO offers. You should never ignore anything that means more benefits for your business and the happiness to employees.
So, are you ready to connect to the right fit payroll and HR management services for your business? Next Generation Payroll knows what your business needs. Contact us today, and let’s help you handle all the complicated aspects of running your business.We have PEO Alternatives As An Option
As you seek business solutions that best fit your organization’s needs you may find that the PEO model may not be your cup of tea. In case you are not totally convinced it’s the right fit we are capable of providing alternatives solutions. Feel free to contact us for more information that can help your business.