Save time on payroll with a PEO service.
Payroll is a full-time job in and of itself. From the basics like accurate calculations to more complex issues such as tax law compliance and retirement plans, the sheer amount of data processing demands a great deal of time and attention to detail. On average, small business owners spend 25% of their time processing payroll and performing other non-revenue generating tasks. Considering employees are at the core of all business operations, it’s important to keep them motivated and productive with smooth payroll processing.
The best way to serve your workforce and free up precious time for strategy and high-value activities within your company is to outsource payroll tasks to a Professional Employer Organization (PEO). PEO payroll services are a great advantage to small and medium-sized businesses as the PEO takes on many payroll and HR functions, giving the business owner more time to focus on growing their business.
You don’t have to navigate the muddy waters of payroll processing and tax compliance all by lonesome. Check out the following key ways PEO payroll services can save time and give you and your employees peace of mind.
Keeping Up with Changing Employment Laws
Most small businesses lack adequate talent or resources to stay on top of the ever-changing regulations, labor laws, withholding rates, and government forms, all of which seem to gain complexity every day. What’s more, companies that operate in multiple states or are looking to expand to new regions will need to keep up with constantly changing compliance requirements in different states. Understanding and applying legislative changes require a lot of time.
PEO payroll services can help ensure your company stays compliant with labor laws and government policies. PEOs have experts who stay on top of tax, labor, healthcare, and other payroll laws, keeping you away from non-compliance. This can reduce the chances of mistakes and legal penalties. With a PEO, you can rest assured that the legal end of payroll processing is covered by compliance experts and you’ll have more time for strategic initiatives that drive your business forward.
Payroll processing can take more than a week and without any guarantee for accuracy. The possibility of making payroll mistakes is ever-present, because, for the most part, business owners and human resource managers are not financial and tax professionals. Rather, they’re organizational, administrative, and process-improvement experts. Identifying the errors and rectifying them could take another week or more and by the time you get things done, you have to prepare again for the next month’s payroll processing.
It makes sense to work with a PEO that offers full-service payroll solutions. The PEO payroll experts will ensure that payroll processing is done accurately and on time, every time.
The PEO will provide you with an online and automated payroll management system that has an integrated time-tracking function. The system will seamlessly track work hours, minimizing the potential for errors and costly mistakes. You’ll no longer need to enter employee hours or calculate them yourself.
Taking Tax-Related Responsibilities Off Your Plate
Employment taxes generally include two parts; taxes paid by the employer based on employees’ wages and deductions from employees’ wages. Accurately calculating payroll taxes and making timely payments are some of the most time-consuming aspects of payroll processing. A PEO helps you ease your business tax burden by assuming all responsibilities related to filing payroll taxes.
As the employer of record, the PEO will calculate, pay, and file payroll taxes on your behalf. This can result in significant time savings and a reduced risk for inaccurate or late payments. PEO payroll services also take a significant amount of liability away from business owners, which can be especially beneficial for a small business in the early stages of establishing itself.
Providing Quick Access to Employee Information
The amount of paperwork that comes with payroll processing can be a real-time vortex. No matter how organized you are, maintaining files and spreadsheets can be messy and time-consuming. The PEO-provided employee information system stores all documents and records you need in one place.
Need to access an employee’s payroll history, find their address, view their tax withholding, and pull their disciplinary record? With a few simple clicks, you can have access to the documents and reports you need remotely from any device. No more rifling through paperwork for an hour to find employee information.
The system prepares monthly and annual reports and shares them with authorized people for better analysis. Most systems offer archived and searchable payroll reporting that can be generated instantly. This helps in legal compliance because many businesses are required to keep detailed payroll reports for three to four years.
Outsource Your Payroll Administration to Vested HR
PEO payroll services can relieve a lot of your stress and improve the efficiency of your business operations. You and your staff will have more time to focus on increasing your company’s marketing efforts and bringing in more revenue.
At Vested HR, we pride ourselves on offering small and medium-sized businesses with comprehensive PEO payroll services, including:
- Payroll setup
- Payroll checks and annual W2s
- Payroll tax settling and filing
- Employee Paid Time Off (PTO) and leave requests
- Unemployment claims
- New-hire reporting
- Multi-state payrolls
- Online payroll submission and data imports
- Direct deposit
Our team of experienced payroll experts will take time to evaluate your current payroll processes, identify immediate needs, and develop a plan of action to address your unique challenges. We provide clients with an automated and comprehensive platform that delivers robust functionality and convenience. Each pay period, you’ll receive processed payroll checks, reports, and other items to keep your business operations running smoothly.
Contact us today to learn how we can strategically meet your payroll needs and help propel your business forward.