BIG Company Benefits for Small Businesses
Small Businesses Must Know PEO
Does your company have 5–250 employees? If yes, then read on…
People create their business for a number of reasons…
- Realize a vision
- Build & inspire a team
- Fix a problem
- Do something meaningful
Running a business means paying employees, negotiating the best benefits for your team, and keeping up with government regulations. These are essential to your talent and success, but they are difficult to navigate and can be very time consuming. Enter PEO…
What’s a PEO?
A PEO is a Professional Employer Organization.
PEOs help small to medium size businesses with administrative functions such as:
- Human Resources
- Benefits
- Payroll
- Compliance
How does it work?
PEOs take these responsibilities for you through co-employment. This includes a contract between a business and a PEO to distribute the employer responsibilities. Through this contract, a PEO will co-employ your employees. Through this sharing of employer responsibilities, the PEO can consolidate tax and insurance functions. You stay the boss and can focus on your mission, the PEO takes over your administrative tasks.
The power of a PEO
- Securing mandated insurances like workers’ comp
- Providing access to health insurance, retirement savings plans, and other employee benefits
- Administering payroll
- Withholding, reporting, and remitting federal, state, and local payroll taxes
PEO saves you time & money
Businesses that use a PEO get the best of both worlds: the autonomy and thrill of entrepreneurship with the cost savings and efficiencies of a large enterprise.
Buying Power
When it comes to negotiating rates for benefits like health insurance, retirement plans, workers’ compensation, and even gym memberships, there’s power in numbers. A PEO’s collective bargaining power means your employees get access to better benefits at lower rates.
Peace of Mind
Over 33% of small businesses get fined each year for making payroll mistakes and that’s just payroll! Employment-related government compliance is complicated. Fortunately, PEOs are experts. They can help you manage your employer-related paperwork, and in most cases, they can file it for you. Workers’ comp, payroll tax filings, new hire reporting…PEOs have you covered. That’s a lot of hours you get back each day (and night).
Getting a Certified PEO
We recommend small businesses take a look at Justworks. They are one of the first PEOs to receive “certified” status by the IRS and are subject to high standards. They built a simple, fast, and automated software that your team can access from any device. Their mission is to give you the support and peace of mind to work fearlessly. Let them handle the nitty gritty so you can focus on what matters: building your business and creating a great place to work.
If you know a small business, please share.
Small businesses must know PEO.
Learn more at www.FractalSolutionsLLC.com
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Learn more about our preferred PEO here.
