Five Aspects of Businesses that Benefit from a PEO Provider

Payroll services

A business owner knows that their time is very valuable. Most likely, they also feel that there isn’t enough hours in a day to properly take care of every single need their business has. Due to time constraints, many business owners are turning to PEO service providers to help their business run more efficiently. PEO clients made up 14-16% of all small businesses in 2015. Here are five benefits associated with using a PEO service company for your business.

  1. Processing Payroll – One common headache of business owners, all across the country, is having access to timely and accurate payroll processing. Having access to a PEO service provider means that the payroll concerns of your business are entirely handled by a team of qualified professionals. Having the wrong people handling the payroll of your company can lead to errors that could have employees fuming, it’s wise to make use of PEO payroll software to help eliminate costly potential errors.
  2. Access to Benefits – In some situations, it can be much more beneficial for a company to seek their benefit options with a PEO service provider than if they were to try another way. A company always wants to save money wherever possible. A PEO company can work to provide you with employee benefits that keep them happy and won’t cost your company an extremely large amount of money. Benefits management software offered by PEO service providers can also enable employees quick access to their important benefit information.
  3. Filing Business Taxes – One aspect of a business that can have some business owners on edge is when tax time rolls around. You have many things to do to successfully run your business, doing taxes doesn’t have to be one of them. A PEO service provider doesn’t just take care of doing the taxes for your business, they also ensure that they are delivered in a timely fashion.
  4. Future Training of Employees – A business knows that you must keep up with the times, in order to be successful. New training programs are being created nearly every single day that can enable your employees to work in a better way. A PEO service provider has access to materials and are trained in how to teach your employees new information that they need to learn. Statistics show that new employees that have structure in their initial training are 58% more likely to stay with the business for a period of at least three years.
  5. Claim Resolution – A business owner can often find themselves in an awkward position when spending valuable time handling employee conflicts. In addition to handling financial processes of the company, a PEO service provider is there to handle conflicts and ensure timely resolutions to claims, that can result from conflicts. Claim resolution is something that any good PEO service provider prides themselves on.

In addition, a PEO provider working for your business can do the work of multiple departments within a company. From being a human resources service provider to replacing your current tax person, there are many benefits associated with using a PEO service provider. Knowing that a PEO provider is responsible for handling every aspect of your payroll is a welcome relief for many business owners.

In closing, having access to benefits for you and your employees with a PEO that might not be offered is a big plus. Handling the training of your employees, a PEO provider helps to create a better workforce. In addition, having claims and disputes resolved by a PEO company means you have more time to focus on running your business. Statistics show that companies that used PEOs for four quarters or longer were about 50% less likely to close their doors when compared to similar businesses not using PEOs.

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