Do you need help managing the administrative tasks of your business, especially payroll and taxes? Is it overwhelming, stressful, and time-consuming? You could hire someone to help with each individual task or you could choose to work with a PEO.
What is a PEO?
Professional employer organizations, or PEOs, provide comprehensive human resources solutions for small and mid-size business. A PEO allows your business to grow faster, have less employee turnover, and stay in business longer.
What does a PEO provide?
By working with a PEO, you gain access to the kinds of benefits and help that larger companies use every day. You and your staff no longer have to be stretched thin to get it all done. You’ll have help with a variety of tasks:
- Payroll and payroll taxes
- Benefit administration
- Human resources
- Regulatory compliance assistance
- Safety and risk mitigation
- Workforce management technology
- Training and development programs
Your productivity and profit margins will improve and you’ll be able to focus on your business goals and growth.
How does a PEO work?
PEOs operate as a co-employer with your business.
PEO role: The PEO becomes the employer of record for tax purposes. This allows us to file paperwork under our own tax ID numbers on your behalf.
Company role: You’ll continue to direct your employees’ day-to-day activities and run your company. We handle payroll and the paperwork, and you handle the rest.
While PEOs offer plenty of help, the three most important for most small to medium-sized businesses are payroll, compliance, and benefits. We give you access to the same tools that large companies have at a fraction of the cost.
Payroll Assistance
Working with a PEO, you’ll have access to comprehensive payroll assistance:
- Direct deposits and one-time payments
- Full-time and part-time employees
- Salaried and hourly employees
No matter who works for you or how they’re paid, we can help.
Compliance Assistance
You already know how stressful it can be to make sure your paperwork is in order. Fines and fees can add up quickly for the smallest mistakes. We take that worry off your plate by providing regulatory compliance assistance:
- Payroll taxes
- New hire reporting
- Workers compensation coverage
- W-2 and 1099 filings
- Unemployment insurance filings
- Employment practices liability insurance
You and your staff will be able to focus on other duties instead of worrying about paperwork or taxes.
Benefits Assistance
By working with a PEO, you have access to the bargaining power of much larger organizations and new opportunities. Your small or medium-sized business will be able to offer a better, more competitive benefits package — allowing you to attract even better employees.
- Health insurance
- Life insurance
- Dental and vision insurance
- 401(k) plans
- Dependent care
How much is a PEO?
Instead of paying an hourly rate or an annual salary, you’ll pay a monthly service fee for the services you select. PEOs are typically priced in two ways:
- A percentage of your total gross payroll
- Per employee pricing
The size of your business and the services needed determine your fee.
Are you ready to let the professionals handle the paperwork so you can get back to building your business and doing what you love? Contact Charlotte Payroll today to learn what a PEO can do for your business.
