As a business owner, you have many options for managing your payroll. However, there are key advantages to using Professional Employer Organizations, or PEOs, over other types of service providers:
1) The Value of Co-Employment
Contracting with a PEO like WorkSmart Systems means you enter into a co-employment agreement. By grouping together all of the employees they serve, WorkSmart is able to offer you the benefits of economies of scale. These benefits go beyond cost-savings. You also gain the service, expertise and technology that large organizations receive without being one yourself. The PEO does not delve into the day-to-day activities of your business. Rather, a PEO takes care of the paperwork, disbursements, communication and reporting that comes with managing a payroll. And, the co-employment relationship means the PEO has a vested interest in making sure few if any mistakes are made.
2) Complete Payroll Services
The power of pooling also allows PEOs to offer state-of-the-art payroll systems that improve the process for the employer and the employees. Everyone has direct access to the information they need without having to go through an HR professional. WorkSmart PEO even goes a step further by offering all of their payroll clients general human resources services at no additional cost. You are assigned a Payroll Specialist, rather than someone in a call center, who manages your account and knows you and your business. In addition, WorkSmart provides access to an HR expert who can guide you through hiring and firing processes, employee handbook creation, mandatory posting, training and a host of other employee relations and regulation needs.
3) Your Partner in Compliance
Tracking salaries, exempt and non-exempt status, overtime, PTO, taxes and health benefits for each employee has always been complex. With the new regulations passed over the last few years, the HR landscape has become even more daunting for a business to manage. PEOs work hard to stay up-to-date on the latest reporting requirements to ensure their clients are compliant. With the ever-increasing cost of missing a deadline or misrepresenting your workforce, it is smart business to have an expert watching out for you.
If you are thinking of outsourcing your payroll services, or are already contracted with a traditional provider, you may want to look into what a PEO can offer. Payroll is much more than salaries and W-2s these days. Having an expert on your side can reduce the headaches, costs and complexities of managing your employees.