Outsource Your Payroll
By Kimberly Daise
When you outsource payroll to a PEO, it frees up your time to focus on the other responsibilities that come with running a business.
Correct Payroll Calculations
Payroll mistakes are the most common errors employers make. For example, classifying employees incorrectly, as exempt or non-exempt, creates an opportunity for further inaccuracies. Other payroll frequent errors occur include calculating overtime, holiday pay regulations, job costing, certified payrolls and handling payrolls with employees in multiple states. Here are some examples:
Error in payroll calculations may lead to violations by the Department of Labor investigations resulting in fines and penalties. Partnering with a PEO, can help keep you in compliance with wage and hour laws.
Tax Code Compliance
Business owners may not be aware of tax codes. Payroll experts remain up-to-date on tax code changes and can easily correct errors. A PEO handles tax reporting and filing on your behalf and even assumes the responsibility for accuracy.
Tax Management Services with a PEO typically include:
The penalties associated with wage and hour or tax violations add up quickly and put your business at risk for legal action.
Savings and Bundled Services
Over time, outsourcing payroll could be more affordable than doing things yourself with a payroll software or hiring someone to coordinate payroll in-house, especially if other services are bundled with it. In addition to payroll services, PEOs:
Manage and Grow Your Business
PEOs handle other payroll-associated tasks as well, like wage and judgement garnishments, which saves you time.
They help the processing of payrolls with all levels of complexity, which include:
When you outsource the payroll or other HR administration, you’ll have more time to focus on managing and growing your business.