If you haven’t had a chance to read the first in our series of 3 blog posts focused on the benefits of hiring a Professional Employer Organization (PEO), I’d encourage you to check out our first post “PEOs Provide Access to Better Benefits Packages As we mentioned in the introduction to the previous blog, Inc. Magazine did a great job in it’s Inc. 5000 edition shedding light on a powerful, yet underutilized service that PEOs provide to growing businesses.
If you are a business owner or manager, you are acutely aware of the complex and constantly shifting landscape surrounding business regulations, benefits, healthcare and more. In recent years, the Affordable Care Act has been at the center of discussion as businesses of all sizes try to navigate this legislation and make changes, some significant, to ensure they are in compliance. Let’s be honest – it threw millions for a loop.
At a very high level, businesses know that they need to understand and adhere to requirements, but when you get down to it, the level of complexity is such that it could be easy to make a very costly mistake – legally and financially.
Here’s where a PEO can help. PEOs are staffed and equipped to not only understand the basics, but to really dig through the details and relay them to you and your business. Not only can PEOs help keep you informed, they also actively work alongside you to ensure that the plans that you are offering and the documentation that is required are all up to date and within the mandates.
In addition to ACA, PEOs can also assist with tax reporting and provide expertise on new regulations and legislation on issues like Workers’ Compensation, OSHA, EEOC and FMLA. Earlier this year, there was a ruling by the U.S. Department of Labor regarding employee classification and overtime pay. This ruling will have immediate and lasting impacts on businesses of all sizes and it can be overwhelming. PEOs, like QBS, can actively work with your business to ensure you are taking the appropriate actions to meet these new requirements.
Overall, Interpreting the multitude of federal and state regulations on your own, while also actively managing the rest of your business, can be a significant challenge. But it’s not insurmountable. By partnering with a PEO, you have resources at your disposal to help eliminate the new found stress that might occur with each new regulation, law or mandate.
This benefit alone empowers business owners to spend more of their valuable time investing back in their company rather than buried in paperwork.
We hope you enjoyed the second in this series of blogs entitled “Why You Should Hire a PEO.” We’ve covered yet another reason to hire a PEO, but we’re not done yet!
Check back soon for the final post: “Become a Better Leader Overnight. Hire a PEO.”
