There are advantages to being a small company, such as agility and a lack of bureaucratic problems. But there are things that make it harder for small businesses, too, such as access to a fully-staffed human resources department. A PEO can make your small business as smartly staffed and well-oiled as any enterprise in the industry. Here’s how a PEO can take your payroll admin to new heights.
Stay on Top of Regulatory Compliance Issues
How many minority workers should you have, according to the size of your business? What will your workers’ comp insurance premium be according to your latest payroll numbers? Does your payroll indicate you are exempt from the employer mandate requirement of the Affordable Care Act? A PEO can answer all of these questions in real time, meaning you are never caught out of compliance and subject to fees and fines. Even if your business operates across state lines, a PEO can assure that you’re in compliance with the states in which you operate, as well as the federal government and any licensing committees or other governing bodies that oversee your particular industry.
Take Advantage of the Latest Technologies
Modern payroll practices are no longer based on an adding machine and paper checks. High-tech payroll practices include cloud computing, mobile technologies, and real-time data, which are sometimes out of reach for smaller businesses. With a PEO, you can leverage all of the latest technologies to keep payroll running quickly and smoothly, without hefty investments in new hardware and software. A PEO can also help you address one of the most significant issues of this technological age, which is safeguarding the sensitive information you hold on your employees, such as addresses and social security numbers.
Offer Top-Notch Benefits
Want to outscore the competition with great offerings like (actually) affordable health, life, dental, and disability insurance? Want to be the leading company in terms of your retirement package? A PEO can get these for you at a lower cost, allowing you to lure the industry’s top workers for a fraction of the cost. If you operate in multiple states or plan to expand to additional states in the near future, the PEO can assure that your benefits packages are available to all workers in all locations.
Bring Hiring Practices to a New Level
If you’re in need of consultation when it comes to hiring practices, termination of employees, creating job descriptions, interviewing prospective workers, conducting thorough background checks and drug screens, posting jobs where top candidates will see and respond, and developing good employee handbooks, a PEO can be invaluable. You will attract and secure the best workers available, while helping to retain the employees you’ve got who are well trained and highly skilled. The PEO can also help you stick within the guidelines associated with any collective bargaining agreements your business might be subject to.
If you’re ready to hit the next level when it comes to payroll administration, visit SourceOne Partners today. These professionals can help you find the ideal PEO to put your business on the map.Call 561-674-0748 or contact us online.