What’s a PEO?

what's a peo
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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 70’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 did you 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 business the opportunities usually given to larger corporations.

Co- employment

Co-employment makes a PEO different from your everyday payroll company. In order to provide your business with payroll benefits and workers’ compensation, we, Atlantic Payroll Partners the PEO become the employee of record. Your employees become our employees of record and are placed under our FEIN. This allows us to provide them with workers’ compensation and provide our other peo offerings. . 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.

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 be saving you valuable time and money, using or economies of scale to lower your overall workers’ compensation cost.

What if, there’s a pandemic and all the rules for running your business are changing? 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 being requested by your bank. Another example, someone gets sick with COVID-19, we would let you know how that would impact payroll since the 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, because there’s a lot but we think this one is worth sharing. 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 mid size businesses that use a PEO grow 7-9% faster than those who don’t.*

Putting it all together…

Working with Atlantic Payroll Partners can improve your overall business. We can help you cut the amount of time your spend performing administrative services. Imagine getting 2 to 3 hours of your day back. Your business can save money! PEOs save the average business $450 in administrative cost. Your business will be more complaint and make fewer mistakes compared to the DIY model of handling payroll. Last but not least and recently mentioned, we’re going to help you grow your business. From the onboarding process to retirement we’ll be there to make sure you getting the most out of our solutions.

Want to learn more or just have questions? Send us a message or give us a call at 772-466-0440. While you’re at it follow us on Facebook for the latest and tell your friends about us.

*https://www.napeo.org/what-is-a-peo/about-the-peo-industry/napeo-white-papers

Copyright 2021

 

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"

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