According to the U.S. Census Bureau, approximately 75 percent of businesses do not have a payroll department. Figures show that limiting your payroll expenses to between 15 and 30 percent of your gross business income can keep your business in good financial standing but finding the time to manage your payroll can be time consuming for many businesses. Working with a Professional Employer Organization (PEO) can help alleviate pain points for payroll and let you concentrate on growing your business.
To help keep payroll expenses to a minimum, there are a number of steps that a PEO will take to help alleviate the strain of payroll administration.
Having all of your documentation in place:
From Employer Identification Numbers for reporting taxes and other documents, to the IRS to determine if you need State/Local IDs, our team will have all of your documentation in place and readily available to make your payroll reporting easier. If you have been in business for some time, we will work with you to make sure you know exactly where all of your required documentation is to make things easier when we report your taxes.
Helping you understand and report your employee paperwork:
Knowing the difference between having independent contractors and employees can affect how you withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment taxes. In addition to making sure that we have worked with all of your employees to complete their Federal Income Tax information, we can also make sure that all documents needed for withholding Form W-4 will help simplify your processes related to withholding federal taxes.
A PEO (Professional Employer Organization) can manage all aspects of the payroll process:
Deciding on a pay period, having specific documentation of your employee compensation and pay models and choosing a payroll system that meets your needs are the first steps that our teams will take to making payroll reporting easier. In addition, they will work with you to make sure that you have outstanding records of your payroll and reporting of payroll taxes to make your payroll process more efficient, saving your business time and money.
If you are interested in making payroll reporting easier and less time consuming, working with our payroll administration experts to have updated documentation readily available can help make your payroll reporting easier. Make your business payroll reporting and management easier by obtaining a PEO. Give us a call so we can help you find the right PEO for your needs.
Please use the contact form below or call 800-788-8343. Options can be reviewed to insure proper employer coverage. But remember …
“We can’t help you unless you call”
Thanks to our friends at Progressive Employer Services for their help with this article.