Business Foundation 101 - Reducing PEO Costs With The Best PEO Finder
Partnering with a Professional Employer Organization (PEO) is an intelligent choice, but looking for one that is a perfect match is a challenge you need to surmount for your business to survive.
Fortunately, you may get the services of a PEO finder or broker to help you in the PEO selection process based on your criteria.
The goal of a PEO finder is to make sure clients get the best PEO partner at the lowest price.
Is cost-cutting feasible? Absolutely, YES!
By giving out specific duties to a PEO, you can reduce some of the expenses and liabilities associated with being a business owner.
PEO Can Reduce Your Liabilities
Liability is an expensive risk a company faces, but partnering with a reliable PEO prevents the domino effects. Co-employment is the business model you go into with PEO contracts. That means the PEO will be with you to help shoulder the burden of risk and liability.
With the PEO alongside, you can ensure that tasks like payroll, which you hand over to your PEO partner, are managed by experts.
PEOs protect you from compliance liabilities because they know about federal laws and regulations.
The Right PEO Saves You Money
Choosing the right PEO is essential. But how exactly does a PEO help you save money?
Ways A PEO Can Save You Money
Employee Insurance Rates– PEOs offer access to their master health insurance plans that you can participate in. You get affordable rates on national plans from national carriers.
Workers’ Compensation– You can get better rates through the PEO. They will help you manage the claims, safety reviews, and safety training and quickly help injured employees return to work.
PEOs can often get lower rates for Employment Practices Liability Insurance (EPLI). EPLI covers Equal Employment Opportunity Commission (EEOC) or harassment violations that protect you from costly legal fees.
Tax Compliance - small-to-medium-sized businesses pay a ton of taxes every year to comply with federal laws and regulations, not to mention the hours used to prepare tax documents. Your PEO assures that your taxes are accurate and paid on time, with no risk of compliance issues and costly fines.
Legal Assistance– PEOs provide legal counsel and assistance to their clients as part of their package for employer-related issues. So you are protected.
Other Ways To Lower Your Business Expense
A business, especially a start-up, has to consider lowering its business expenses to increase its revenues. Increasing profitability is key to making your business grow.
Cost Reduction: Ways To Achieve It
Ditch fax lines and landlines. With the advent of technology, fax machines and landlines have become almost useless. Reduce operational costs by eliminating them from monthly fees.
Maximize the use of your internet access. Use the messaging platforms available on the internet. They cost less while some are free.
Evaluate your contracts and look for free resources.
Review your staff’s responsibilities. Analyze staffing costs.
Adopt virtual technology.
Hire an expert. There is a lower risk of mistakes when experts take charge.
Get creative—evaluate your spending and allocate the money where it is genuinely needed.
Cost reduction is possible when you partner with the right PEO. Your PEO finder will recommend the best PEO to help you save money and protect you from liability risks.