What’s the deal with PEOs? Better yet, what is a PEO? Short story, a PEO is a great way to help your business save time and money.
Sounds, cliché and a lot of people claim to save you time and money but it’s true. Okay, still sounds cliché… check out then long-ish story below…
Even though Professional Employment Organizations have been around since the 1970’s, most business owners don’t know about PEOs. Small and mid-sized business owners are aware of payroll, accounting, workers’ compensation, human resources, and benefits; but don’t often realize you can get all those PEO offerings/ business solutions from one place? That’s a PEO in a nutshell, your one stop solution to all your small and mid-sized business needs. PEOs afford regular businesses the opportunities usually given to larger corporations.
Co-employment makes a PEO different from your everyday payroll company. A lot of people think of co-employment as “payroll outsourcing”. Only you’ll be “outsourcing” more than just payroll. To provide your business with payroll benefits and workers’ compensation, we, Atlantic Payroll Partners, the PEO become the employer of record. Your employees become our employees of record and are placed under our FEIN. This allows us to cover the employee for workers’ compensation. We’re also able to offer our other solutions, such as employee healthcare.
You, Mr. or Mrs. Business Owner would continue to run the day-to-day business functions that happen at your location. That’s the extent of our partnership, we don’t share funds or make business decisions for you.
Having your employees under our FEIN will shift the burden of workers’ compensation and payroll from your business to our business. Our business model will help lower your payroll costs and increase your compliance around taxes and workers’ compensation coverage/reporting.
More about this partnership…
Let’s say one of your employees gets injured while on the job, you would give us a call and we would handle the Workers’ Compensation side of things. You would continue running your business as usual. We would help the employee receive needed medical treatment and follow through with the claim. Our involvement would save you valuable time and money, using or economies of scale to lower your overall workers’ compensation cost.
Another example of the benefits of Atlantic Payroll Partners
What if, there’s a pandemic and all the rules for running your business change? When it comes to the Payroll or HR side of things, Atlantic Payroll Partners would help you navigate those changes. For example, you need help applying for the PPP loan, we would quickly produce the reports that are requested by your bank. Another example, someone gets sick with COVID-19, we would let you know how that would impact payroll since the Families First Coronavirus Response Act FFCRA is in place. You as a business owner wouldn’t have to worry about all the small, every changing, time consuming details, we would do that for you.
Flash forward and now it’s tax season… yeah tax season and guess what!? You don’t have to worry about W-2’s for your employees. We would handle that for you, one more time, we would HANDLE THAT FOR YOU! Your payroll would be filed under our tax ID number, making the distribution of w-2s our responsibility. If you need to show expenses to an accountant (because you can still use your own accountant and work with a PEO) let us know and we’ll supply, you with the reports that are needed.
The job market has changed.
Last thing, for now… the job market is competitive and it’s about to become even more competitive after July 31st, 2020 with everyone fighting for the same jobs at the same time. We can help you offer your employees benefits and benefits are a great differentiator. Not only will you attract better talent, you’ll retain them longer. Businesses that work with PEOs, like Atlantic Payroll Partners experience 10 to 14% lower employee turnover*. Less turnover is just one of the selling points. PEOs grow your business. Small to midsize businesses that use a PEO grow 7-9% faster than those who don’t. *
Putting it all together…
Working with Atlantic Payroll Partners will help you increase profitability, maximize employee productivity, save time performing transactional HR duties, reduce employment related liability and ultimately lower the labor cost.
Want to learn more about Atlantic Payroll Partners? Send us a message or give us a call at 772-466-0440. While you’re at it, follow us on Facebook and tell you friends about us. There you have it; you now know, “What is a PEO?”.
Workers’ Comp Quote
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Get to know Atlantic Payroll Partners
At Atlantic Payroll Partners we believe we are the best, local payroll provider to help you grow your business. Even more than that. We’re a Professional Employment Organization that offers an incredible suite of solutions for your business. In addition to offering payroll services we offer,
Our solution suite is back by over 100 years of combined experience in the PEO space.
We’re proud to say that we’ve helped businesses reduce employee turnover, increase revenue, make more money, and lighten their daily load by working with us. Our clients can offer their employees’ health care benefits, and access to the same 401k plans that the Fortune 500 companies use without breaking the bank.
We welcome you to continue exploring our website, to learn more about Atlantic Payroll Partners and how we can help improve your business.
"Work Less, Fish More"