Your company may be ready to start exploring new business partnerships, and some of those potential vendors might include a payroll provider. As you explore the payroll services and PEO market, you’ll quickly see how competitive it is, with countless providers eager for your business.
So, how can you sift through the noise and find the best-fit payroll company for your business? We’ll outline some of the options you have and share the unique advantages of working with a PEO payroll company like Human Capital Concepts.
What a Payroll Provider Can Do for Your Company
Payroll providers come in a variety of sizes and specialize in various niches. Some cater specifically to certain industries, while others serve a wider scope. But a PEO, or Professional Employer Organization, brings more solutions to the table beyond payroll processing. More and more of today’s small and medium-sized businesses are exploring PEO partnerships because they see more value when they can outsource:
- Payroll processing
- Employee administrative tasks
- Employee benefits administration
- Retirement plan administration
- Fiduciary liablity
- HR compliance and management
- Unemployment claims management
- Workers’ compensation
Before you decide to work with any payroll company, consider the added benefits and services a PEO payroll provider can offer. This should help youstart narrowing your partnership options.
Sorting Through the Crowded Payroll Service Space
When you first search online for potential payroll service partners, you’ll see several big-name companies pop up first. General search engine results might show Paychex, ADP, Insperity, or Justworks. However, just because a company has the budget for massive ads doesn’t mean it’ll be a great fit for your business needs. You’ll need to be able to sort through these providers to find the services and support you need, and the personal attention you want, from your payroll services partner.
Understanding the PEO Payroll Difference
Would you rather outsource different pieces and processes within your business model to various providers? Or would it be more beneficial to your bottom line to find one provider with all the solutions builtinto a single dashboard, platform, and partnership? When you work with a trusted PEO payroll provider, you can offload all the time consuming tasks of payroll, HR support, benefits/retirement administration, and compliance to a single team of experts. When you partner with Human Capital Concepts, for example, you can leave all the processes, paperwork, and potential issues with us, allowing you and your team to focus on your core competencies.
Other PEO Payroll Advantages
Some companies look at budgets and pricing alone to make their outsourced payroll decisions. No question budgets are important. But it’s also essential that you weigh the added value the right partner can bring to your business. Working with a PEO payroll company, for example, provides a significant firewall between your organization and both payroll tax liability and HR compliance risks. . Just as importantly, your employees will enjoy an improved experience with accurate/timelypayroll, , improved benefits support, and easy access to information anytime they need it. This builds a better relationship of satisfaction, trust, and loyalty with your team members. With the right PEO, these advantages and added value are baked into their core services.
Certified PEO (CPEO) Differences
One significant thing to look for when evaluating PEO partners is to look for one with the Certified PEO (CPEO) endorsement from the IRS. This will narrow the playing field significantly. Those payroll service providers that are also CPEO’s have undergone (and continue to undergo) voluntary IRS examination to ensure they are compliant with their operating standards, financially strong, and accurate with all client payroll tax reporting. What it means for your business is that you enjoy an added layer of fraud protectionand security. The CPEO takes responsibility for all IRS-related reporting and taxes so your company remains compliant and off the IRS’s radar.
Red Flags to Avoid Before Partnering
Consider these red flags to avoid before making your payroll partnership decision. These can be the dealbreakers and will help to narrow your payroll partnership options.
Find someone who helps you when the chips are down
Most any PEO payroll provider can handle the straightforward day-to-day elements associated with employee administration.. But, to really trust a partner, you need to know they can get the hard things right, too. Work with a partner who can get you through the tough times with calm, patient, and compliant HR and tax-related recommendations. HCC, for example, will even assume responsibility for paying Employment Practices Liability Insurance (EPLI) deductibles on your behalf when you follow their expert advice and direction. Make sure whichever partner you choose has the bench strength, knowledge, and expertise to navigate when things are more challenging.
Bigger isn’t always better
Some largerpayroll and PEO payroll companies have grown simply because they’ve been successful in helping their clients. Others have grown by acquiring lots of smaller providers over time. Regardless of their growth strategy, bigger doesn’t necessarily mean better for your company. In particular, smaller clients often find the customer experience with larger providers can be challenging. Getting lost in the shuffle or waiting on hold only to have to start over each time you are connected with another support person isn’t going to be helpful for you or your employees. In these cases, many clients find that smaller PEO teams are morenimble and able to make decisions more quickly.
You want a dedicated team
Larger providersoften must use call centers, group emails or off-shore resources to help answer client questions. As mentioned above, this can cause frustration for smaller clients. Ideally, you want your PEO payroll partner to feel like an extension ofyour own company. For that to happen, you’ll want a partner that can provide a consistent team of named individuals (with direct contact information) to support you and your employees. .,
Why Human Capital Concepts Continues to Be a Preferred PEO Payroll Partner
HCC continues to be the leading PEO provider for small businesses, startups, non-profit organizations, and more for a number of key reasons. For starters, HCC guarantees results. Our team prioritizes empowerment, transparency, and improved company culture with every client and their businesses. And we’re so confident in our methods that we offer a one-of-a-kind guarantee. Review our guarantee here.
We also take our client partnerships seriously, meaning we’re going to be available as a close-knit team to answer questions, tackle challenges, and inspire growth. Have direct contact with your trusted experts for any HR need you have, anytime. We have an acronym that reminds our clients that we serve them – and we do so with H.E.A.R.T.:
When you’re ready to find a true PEO payroll partner for your business, consider these insights. And then leverage the true partnership and support you need from a trusted CPEO provider with Human Capital Concepts.