A Benefits Solution for Business Owners?

Marc Altneu is a local Benefits Advisor - marc@mcmagency.com

Entrepreneurs create their businesses for a number of reasons: to realize a vision, build and inspire a team, do something meaningful.

But running a business also means paying employees, negotiating the best benefits for your team, and keeping up with government regulations. All essential to success, but also difficult to navigate, and time consuming. That’s where a PEO comes in.

What’s a PEO?

We like to think of a PEO, or Professional Employer Organization, as an umbrella. As a PEO, we can band our customers’ employees together under the Justworks umbrella. That way, you get access to big-company benefits for affordable rates and support for your employment-related compliance needs. You can also streamline your back office functions like payroll and HR in one place.

How does it work?

PEOs can take on these responsibilities for you because of something called co-employment: a contract between a business and a PEO that distributes the employer responsibilities. A PEO will co-employ your employees, and through this sharing of employer responsibilities, the PEO is able to consolidate certain tax and insurance functions.

However, you’re still the boss. A very smart one. While you focus on your mission, a PEO can take over administrative tasks.

Securing mandated insurances like workers’ comp

Providing access to health insurance, retirement savings plans, and other employee benefits

Administering payroll

Withholding, reporting, and remitting federal state, and local payroll taxes

How can a PEO save you time and money?

Businesses that use a PEO get the best of both worlds: the autonomy and thrill of entrepreneurship, with the cost savings and efficiencies associated with being part of an enterprise.

BUYING POWER. When it comes to negotiating rates for benefits like health insurance, retirement plans, workers’ compensation, and even gym memberships, there’s power in numbers. A PEO’s collective bargaining power means your employees get access to better benefits at lower rates.

PEACE OF MIND. According to the National Small Business Association, over 33% of small businesses get fined each year for making payroll mistakes. And that’s just payroll! Employment-related government compliance is complicated. Fortunately, PEOs are experts. They can help you manage your employer-related paperwork, and in most cases, they can file it for you. Workers’ comp, payroll tax filings, new hire reporting...PEOs have you covered. That’s a lot of hours you get back each day (and night).