Payroll management is one of the most challenging and time-consuming aspects of running a business. It’s important and necessary, but it takes your focus off revenue-generating activities – and if things go wrong, you may wind up lying awake at night worrying about it.
Is 2023 the year you try something different? Your options include outsourcing to either a payroll provider or a professional employer organization (PEO). Key HR offers both.
The Different Components of Payroll and PEO
The PEO Option
A PEO is a third-party firm that provides a wide spectrum of HR services. When you partner with a PEO, you enter into a co-employment agreement, whereby the PEO becomes the employer of record for your workers and shares some of your HR responsibilities and liabilities with you. A PEO can manage your payroll and remit related taxes under its Federal Employer Identification Number (FEIN), ensure compliance with all laws and regulations, and accurately process payroll for you every time period.
Working with an Outsourced Payroll Provider
There’s no co-employment involved when you partner with a payroll provider, and you keep all liability for your employees regarding on-time pay and taxes. You also retain all other HR liability within your business.
The Key HR Option
In addition to PEOs, Key HR is aligned with payroll providers. We work closely with our clients to find the right outsourcing option to meet their unique business needs.
- Our payroll services include the administration of payroll processing; wage garnishments, tax liens and other required deductions, and tax calculations, among others. Working with us, you can cut related expenses by 20 to 40 percent. Read more here.
- PEO services can also include payroll administration. But there are other available services as well, including benefits, workers’ compensation, HR compliance, risk management, and overall HR strategic planning and handling of the related day-to-day tasks. These tasks may encompass everything from recruitment and retention to training and development, safety, benefits negotiation and open enrollment, and much more. Read more here.
Unsure Which Option is Right for Your Organization?
Still unsure which approach would be best for your company? Start by having a conversation with one of our team members today. Whether you opt for outsourcing to a payroll provider or a PEO, we’ll help you make the right choice. Here’s to a successful New Year!
- Posted by admin
- On January 25, 2023
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