Simplifying Payroll & Workers Comp with PEO
By: Ryan Attelle
Everyone knows the number one reason for the existence of a business is to make money. Many times this is easier said than done. There are so many aspects to running a business sometimes its hard to keep up with it all. Attending to Payroll and workers compensation are just two such aspects that can easily be simplified by utilizing a Professional Employee Organization or PEO.
All are very important resources to the success of a business, this is true but the most vital resource is time. The main reason for this is the simple fact that once time has passed, once it is used up and gone, there is no getting it back. If it's determined that the point of a business is to make money, and that time equals money, than it is fair to conclude that the more time that is wasted then more money is wasted. If a business truly wants to get the most out of it's seemingly most vital resources, gaining more customers, generating more products, increasing sales, thus earning more profit, it must utilize it's time as efficiently as possible.
There are many arias of business that require a lot of time and attention, but there is really only one such aria that provides no return on investment. This aria is employee administration. This would include payroll and workers compensation amongst a wide variety of other administrative tasks. It all adds up very quickly and before business owners realize, they are spending almost all of there time attending to administrative duties.
Although it is commendable that a business owner should want to take on such tasks alone it ultimately keeps them from what is really important. The worst part is that non of that work generates a cent of revenue. When a business owner comes to realize this there are really only a few options for them in moving forward. They can continue doing the daunting task on there own, depriving more important aspects of there business from much needed time and attention. They could hire and maintain there own in house HR team to take care of it, requiring coverage of all associated liability’s. Lastly they could out source the task to a Professional Employer Organization also known as simply PEO.
Why is hiring a PEO such a viable option? First of all they are professionals that focus on one task, employee administration, so they know what they are doing. Not only are they great at simplifying Payroll and Workers Compensation tasks and paper work, they can remove risks by eliminating liabilities, help avoid various penalty’s, attract key employees and most importantly save time, and money.
Some business owners go for a very long time trying to save money by attending to there own administrative tasks. Unfortunately they done even realize how much the time they are spending on task that generate no income cost there business in the long run. Payroll and workers compensation are two arias where it usually doesn't pay to “do it your self”. Some business owners go for a very long time trying to save money by attending to there own administrative tasks. Unfortunately they done even realize how much the time they are spending on task that generate no income cost there business in the long run. Payroll and workers compensation are two arias where it usually doesn't pay to “do it your self”.
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