Investopedia has payroll defined as the total of all compensation a business must pay to its employees for a set period of time or on a given date furthermore, It is usually managed by the accounting or human resources department of a business; small-business payrolls may be handled directly by the owner or an associate.- Investopedia
Payroll means everything to a business, but what does it mean to you?
Payroll frequency determines how often your employees are paid. The standard payroll schedules include weekly, biweekly, semimonthly, and monthly’s owners to manage payroll processing on their own will always be available. However, the concept of putting employee information together, providing paychecks, and identifying required taxes and withholdings can be intimidating. When contemplating the various options to DIY payroll, you want to ensure you get the best out of your selection. In addition to payroll, small and medium-sized businesses need other services – such as HR, compliance, and taxes – consider working with a professional employer organization (PEO).
Fact or Fiction?
When a business recruits a PEO for payroll operations, the PEO turns into a co-employer, and remits taxes on the client companies behalf?
If you pick a standard finance processor, you are capable, as a business, to be protected for specialist’s pay if your state’s laws require it?
Payroll frequency defines how often your employees are paid. Do the standard payroll schedules include weekly, biweekly, semimonthly, and monthly?
What are the differences between standard payroll services and PEO payroll services?
Well for some, organizations, utilizing payroll service is a confirmation that their organization’s payroll handling is done effectively. Also, having one less errand to oversee can make recording assessments and representing the financial year a lot simpler. Additionally, with standard payroll services, employers retain sole responsibility of their workforce while offering standard HR services. PEOs handle all compliance and help their clients avoid legal missteps and mistakes when hiring and managing employees.
How do we fit in?
Fortune Business Consulting takes all of this information into consideration when working on your behalf. At FBC we take a consultative approach to make sure our solution is the best fit for your unique business needs and strategic goals. We learn about your business, the challenges you are currently facing, what’s been implemented, and how to best position you to reach your goals. Our 15 step process helps to assure you receive a high level of service and solution that meets your business needs. We work to give you peace of mind, increase your bottom line, and give you the time needed to run your business.
Main benefits of using a PEO for payroll services
Three employee benefits of working with a PEO.
- Access to big-business employee benefits. Through a PEO arrangement, employees now have access to benefits such as 401(k) plans; health, dental, life, and other insurance.
- Job security is typically improved when a company partners with a PEO
- Job satisfaction and productivity are typically increased as a result of a PEO arrangement.
Through Fortune Business Consulting you will find solutions for
- Human resources services
- The administration of health insurance and other employee benefits
- Employee onboarding and training
- 401(k) and retirement plan administration
- Workers’ compensation insurance
- New hire recruiting
- Regulatory compliance assistance
As the above list clearly illustrates, there is a lot more to PEOs than meets the eye. Small and medium-sized businesses that are growing and are finding themselves buried under administrative paperwork can find significant benefits. Issues such as compliance and payroll taxes can keep your HR and payroll departments busy on tasks that may not best address the firm’s needs. Outsourcing the less employee-focused work can allow your HR team to focus on such initiatives as employee development and satisfaction.
Here are 3 guarantees Fortune Business Consulting can ensure while parenting with us to provide the best solution.
- Allowance to choose a payroll / PEO services provider that will allow you to easily migrate to the right solution and experience at each level of growth.
- We will help you serve your employees so you can focus on growing your book of business.
- First-class service will be given to you are your team while we focus on findings solutions to your payroll and HR-related challenges
Key take away
Simply put using a PEO for payroll assists in saving money on the benefits you offer your employees. These rates are generally significantly less expensive than if you were to seek them out on your own or hire a full-time HR professional. One of the most impactful reasons to use PEOs is because of the many complicated and always changing regulations that affect both payroll and general employment and labor law. Working with a PEO allows companies to focus on their core lines of businesses, and allow a dedicated co-employment team to handle many administrative duties.