The right PEO can offer peace of mind when a company realizes the growing complexity of handling important HR functions in-house.
Boca Raton, Florida (PRWEB) November 05, 2014
Starting in 2015, employers with 100 or more full-time or equivalent employees will most likely experience a rush of workers who will be taking advantage of company-paid health benefits, when they previously hadn't done so. The Affordable Care Act brings with it new mandates and rules, which are expected to result in enrollment growth for employer health plan sponsors. Because the penalty for not obtaining health coverage will triple in 2015, more employees may opt to take advantage of health benefits at their place of work.
In 2015, large companies will need to make plans open to employees who work at least 30 hours per week. This makes it essential for businesses to keep accurate documentation of employee hours. As more rules and provisions under the Affordable Care Act (ACA) come into effect, employers can be penalized for not providing minimum essential health care coverage to eligible employees, and for not providing coverage that offers employees minimal value. In addition, failure to comply with federal and state unemployment tax filings under the Federal Unemployment Tax Act (FUTA) can result in further financial penalties.
Considering the complex nature of payroll administration and HR, many companies choose to enlist the help of professional employer organizations (PEOs). The complexities related to human resources, employee benefits, workers' compensation and the management of payroll administration are growing, and partnering with a PEO can relieve the business of time-consuming tasks and responsibilities in a very cost-efficient way. A top notch PEO can also provide peace of mind. But finding the right PEO is not always easy and a company's needs may change over time, which makes it important to periodically review PEO contracts.
Managers who are starting to plan 2015 payroll changes in response to new regulations under the ACA or due to company growth may be surprised at how complex taking care of payroll has become. Moreover, they realize that mistakes can result in serious penalties. This is a prime time of the year for managers and executives to explore working with a PEO to make payroll and other HR functions easier to manage in the coming year. "The right PEO can offer peace of mind when a company realizes the growing complexity of handling important HR functions in-house," says SourceOne Partners President and PEO expert, Jeff Hecht.
Fears about the cost of outsourcing payroll are often put to rest once a company understands the efficiency of working with a PEO, which is typically able to manage payroll and other HR functions with far greater efficiency. Additionally, working with a PEO can allay fears of payroll mistakes or inadvertent failure to comply with regulations, because PEOs make it their job to stay on top of all applicable regulatory requirements. "Right now, SourceOne Partners is helping businesses evaluate their PEO options for free. We can usually negotiate better PEO rates on behalf of our clients, and can explain exactly what a company is paying for and what to expect when they outsource payroll or other HR duties," says Hecht.
How Companies Can Benefit from Outsourced Payroll Services
1. Compliance and accuracy - Mistakes in payroll can have serious consequences for a business. Many companies find it nearly impossible to stay on top of all the changes that occur within the world of payroll, as well as staying up-to-date on tax code changes that can cause errors. Outsourced payroll services are less likely to make such errors.
2. Time savings - Being tied down with complicated administrative tasks can make running a business tough. Leaving finances and payroll to an expert can help company owners focus on activities related to keeping their business successful.
3. Lower overall costs - Depending on the size of the operation, outsourcing payroll administrative duties can help lower long-term costs associated with running a business.
With payroll related responsibilities on the increase, countless businesses have come to rely on outsourcing payroll and HR duties from companies like SourceOne Partners. Working with the right PEO company is an important step towards reducing costs and liabilities, and it helps make it possible to be more competitive in today's world of business.
About SourceOne Partners
Payroll administration is a complicated matter, requiring a deep level of skill and expertise. SourceOne Partners provides clients with fully personalized solutions to suit their needs. Outsourcing payroll administration duties to SourceOne Partners offers businesses an attractive alternative to in-house payroll processing.
SourceOne Partners is a leader in payroll services in South Florida, New Jersey, New York, and Pennsylvania, and provides a simpler, more affordable means of paying employees, filing taxes, and a myriad of other tasks. These services help businesses lower HR costs and risks, and relieves them of these payroll burdens.
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