May 19 2009
Why Would I Outsource With An Employee Leasing PEO Service?
Part I: Payroll
If you’ve started looking into employee leasing/ PEO services, the core questions you’re looking to have answered are probably, “What’s in for me?” or “How will I benefit?”
Because each employer has his/ her own set of business dilemmas, goals and objectives- there could be just one or several services provided by the PEO that could dramatically impact your business.
There are four core services provided through an employee leasing arrangement. This week I’ll list a number of questions for you to consider that may answer the question, “How could a PEO help me manage my payroll issues?”
1. Complete payroll management consists of so much more than just entering in hours and kicking out paychecks. Do you know your current costs for complete payroll management?
With a PEO, you’ll know to the penny every pay period. Usually, the costs are much less than doing it in-house.
2. Payroll generates zero income for your business. Could the person responsible for payroll be doing something that generates profit (marketing, phone calling prospects, collections, etc.)?
A PEO lets you direct all of your resources toward income-producing ideas.
3. Do you buy or upgrade payroll software, forms and checks regularly?
You can eliminate software programs, new governmental forms and the purchase of payroll checks with a PEO service.
4. Are your payroll and tax deposits always on time and accurate?
1 in 3 businesses every year pay fines and penalties for mistakes. A PEO assumes the liabilities associated with timely and accurate tax deposits.
5. Do you have wage garnishments checks to be issued - and has that become an annoyance?
PEO services take this common headache away.
Is there one (or several) of these payroll questions that you can identify with as a problem? You may find other issues that you can identify with when we look at workers’ compensation.
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