Many business owners don't realize that PEOs can help them offer better benefits packages to their employees, including better healthcare coverage options.
Boca Raton, Florida (PRWEB) January 13, 2015
Businesses of all sizes throughout the United States are preparing for the challenges that come with a new year and new regulations, and one way they're doing so is by evaluating their options with Professional Employer Organizations (PEO). Important trends affecting businesses include continuing compliance with provisions of the Affordable Care Act (ACA) and I-9 compliance to ensure employee eligibility verification. But in addition to these compliance-oriented demands, business owners are also considering less tangible needs like positive employee engagement and recruitment of top employees, and they are finding that PEOs can help answer these needs as well.
Meeting tax and regulatory compliance requirements grows more complex every year. The time and resources that must be devoted to these tasks can hold back small business growth by diverting attention from core business processes. Many businesses outsource non-revenue producing compliance tasks to PEOs. The cost of doing so is, in many cases, considerably less than either hiring full-time HR staff or trying to distribute HR tasks to employees who may or may not be prepared for the level of dedication required to accomplish them. The New Year is a prime opportunity for establishing a solid PEO relationship as a basis for meeting business goals.
"Businesses that handle necessary HR tasks in-house have to be prepared to face the sometimes-considerable risks that accompany taking care of payroll, taxes, ACA compliance, and workers' compensation, for example," says Jeff Hecht, President of SourceOne Partners. With regulations constantly in flux, compliance can be an enormous challenge, particularly for the business owner or executive who may not have the training or experience necessary to understand the challenges involved in carrying out vital HR functions.
PEOs are uniquely poised to team up with small businesses to provide critical HR functions, but the benefits can extend even further. Says Hecht, "Many business owners don't realize that PEOs can help them offer better benefits packages to their employees, including better healthcare coverage options. PEOs are also able to ensure ACA compliance, relieving another serious burden for many small business owners." In a PEO partnership, the PEO becomes the "Employer of Record" while the client business is the "Worksite Employer." PEO clients lose no control over day-to-day operations and important functions like staff selection, while gaining the security that comes from knowing regulatory requirement compliance is taken care of.
SourceOne Partners, with offices in New Jersey and Florida, is qualified to work with small businesses in all 50 states, helping them understand and evaluate their PEO options, with cost-benefit analyses and consulting on the important decision of which PEO to work with. Shopping both the PEO and traditional services market, SourceOne Partners works with experts in health insurance / ACA, workers' compensation, retirement plans, worksite benefits, and payroll, developing custom plans to meet unique client needs.
About SourceOne Partners
SourceOne Partners is a leading provider of PEO and payroll services in South Florida, New Jersey, New York, and Pennsylvania. The services SourceOne Partners provides help companies reduce HR costs, minimize employer risk and liability, and relieve the administrative burdens of HR and payroll.
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