Your ability to wear multiple hats is part of what makes your business so successful. But, it can become counterproductive as your company starts to grow; if time-consuming administrative tasks drain resources you could be using to plan, strategize and keep operations running smoothly.
- Payroll is among the most cumbersome challenges for today’s business owners. According to a recent NSBA Small Business Taxation Survey, payroll taxes ranked number one for most financially burdensome and number two for most administratively burdensome federal taxes among all respondents.
How can you find relief at a reasonable cost?
Partner With a PEO
A professional employer organization, or PEO, can handle many of your payroll and other HR administrative tasks. PEOs provide a unique co-employment model that gives your business access to not only payroll assistance, but also other services as needed, including Fortune 500-level benefits, standardized policies and procedures, risk management support, workers’ compensation coverage and a wide array of training services.
- You and your PEO form a partnership. As far as payroll and tax administration go, your PEO acts as a natural extension of your company. Automated deposits and one-off payments are examples of other services you can turn over to your PEO.
- Benefits administration – including employee onboarding, claims and other paperwork – can also consume countless hours. In addition to relieving you of the work involved, your PEO can provide your company access to affordable medical, dental, vision and other coverage. A PEO aggregates the employees of many smaller businesses together to harness a level of buying power normally limited to much larger enterprises.
- With better benefits and stronger HR policies, you’re better positioned to attract top talent. If you need help hiring, screening, interviewing or onboarding employees, PEO services can help. Yet you retain final administrative say over your workforce and talent management.
Mitigate Employment Risk
More than 33 percent of small businesses are fined every year for making payroll errors. Compliance can be very complicated and challenging to manage on your own. PEOS, however, are compliance experts. They know it inside out, can assist with all your paperwork and, in many cases, file for you.
- PEOs are staffed by trained professionals whose only job is ensuring your business complies with local, state and federal regulations. This includes tax structures, HR law changes, worker safety compliance and other risk-related issues.
Partner with a PEO Company in Gadsden, AL!
Lyons HR is a PEO accredited by the Employer Services Assurance Corporation (ESAC), the gold standard for best practices and financial responsibility. Only about 5 percent of PEOs nationwide earn this distinction. ESAC is an independent nonprofit and the official accrediting agency of the PEO industry.