Fortune Business Consulting

Tag: payroll

  • Ways to Improve Your Bottom Line: In-house Vs. Outsources HR/Payroll Solutions

    Ways to Improve Your Bottom Line: In-house Vs. Outsources HR/Payroll Solutions

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    The key to business success is keeping their employees happy by providing paychecks on time. It helps keep them motivated to work and grow with the business. However, taking care of recruitment, HR, payroll, talent management, and others at once can be overwhelming. So, one looks at setting up an in-house payroll management system or outsourcing one.

    If this is a question running on your mind, keep reading this piece until the end! Here, you can find which one is the better option in terms of cost, complexity, time, and control?

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    In-depth Comparison of In-house Payroll Solution and Outsourcing

    There are two options available to an entrepreneur when it comes to managing payroll. He or she can either assign the task to an in-house management system or outsource. Both the options have their pros and cons, which are compared down below in respect of different factors:

    Time:

    The department has to gather employee information, maintain records, calculate wages, consider overtime, and other factors to process payroll. Hands down, this is a very complex process that requires a large chunk of management’s time. 

    For some organizations, it isn’t feasible to dedicate so much time as time is money. So, in this case, outsourcing is a better option as it clears administrative time, which employees can use on revenue-generating functions.

    Control:

    When it comes to controlling outsourcing payroll system falls back as companies lose control over how much an employee should be paid and the accuracy. The salary and benefits allotted to an employee are confidential information that must be kept private. 

    Here, establishing an in-house payroll serves as a better option. It provides the company with full control over sensitive data. Moreover, besides preventing third-party breaches, one also gets the independence to carry out last-minute changes and resolve issues.

    Cost:

    Another essential factor to consider is which option will be affordable to the company? For example, if the company is small with a limited number of employees, hiring an in-house payroll manager is possible to save costs. However, if the business is spread on a large scale, there are many things to handle, and if there’s a mistake in it, it will directly affect the service level of employees. 

    So, in this case, it is better to hand over the task to an outside company to take care of the payroll correctly. Moreover, since the outsourcing system uses a standard system that complies with the state law, the chances of accuracy and on-time credit of paychecks are high.

    Complexity:

    In the HR and payroll system, complexity refers to the fact that there are several things to consider, and the different department of a company needs a specialized backup system. This is most importantly applicable for companies with numerous business numbers, diverse payroll needs, and a collective bargaining system. 

    Thus, it is better to let experienced payroll managers streamline the process. Not only this, but with outsourcing service, one also gets a support system so if anything goes wrong, they can resolve it with skillful, speedy, and accurate resolution. 

    Now that you have the pros and cons of in-house and outsourced payroll solutions mentioned for you on a pointwise basis, you can decide which ones work best for you. However, if you decide to outsource the HR/Payroll system to improve your bottom line, then contact us. We can help manage key areas with precision. 

    To know more about the services and benefits of hiring a third-party PEO, you can also check out our blog section. There you will surely find some interesting facts you didn’t know about. 

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    Reference Links:

    https://www.avanti.ca/post/in-house-vs-outsourced-hris

    https://www.completepayrollsolutions.com/blog/inhouse-vs-outsourcing-payroll

    https://quickbooks.intuit.com/r/payroll/in-house-vs-outsourcing-payroll/

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • Know About South Florida Workers’ Compensation Law for Trucking Business

    Know About South Florida Workers’ Compensation Law for Trucking Business

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    The state of Florida requires every employer to cover the workers’ compensation of their employees. However, the coverage requirement for an employee may differ from one employer to another. For example, it depends on the number of employees, type of industry, and entity organization. 

    Want to get more insight into how much your company is liable to pay as workers’ compensation? What if one does not meet it? Read along to find out more on this!

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    How Much Does a Trucking Business Have to Pay as Workers’ Compensation?

    A business involved in a trucking operation must protect its employees from injuries and employers from a lawsuit by covering them under workers’ compensation insurance. According to the law, the minimum requirement is $ 100,000 per occurrence, $ 100,000 per occurrence by disease, and $ 500,000 aggregate. 

    However, this rate may vary depending on factors like –

    • Employee’s payroll
    • Location of business
    • Industry and its risk factors
    • Employee number
    • Claim history
    • Coverage limit

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    Who Gets Coverage under Workers’ Compensation?

    If a business has four or more employees, it is mandatory to get workers’ compensation insurance. This insurance will cover the medical and hospital bills of the employees. In addition, it pays for temporary total disability costs, ambulance costs, and permanent disability. However, the truck driver must have got injured due to the following reasons only:

    • Injured while unloading or loading freight
    • Got wounded in an accident
    • Slipped and got injured while entering or getting out of the truck
    • Got hurt when carrying roadside repairs of the truck

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    What Happens in Case of the Non-Compliance with Workers’ Compensation Law?

    Employers in the state of Florida who do not provide workers’ compensation to their employees attract several civil penalties. The most immediate one is that the company must stop its operation immediately until it complies with legal rules and pays the required penalties. 

    This penalty charge usually amounts to double the insurance premium payable by the employer for the previous two years. In addition, if the employer does not comply with this stop-work order, he or she may also be liable for criminal charges. 

    So, it is paramount for an employer to bear this cost. However, one can always reduce the burden by controlling the premium amount, incorporating cost-saving measures, and avoiding accidents.

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    How Can Companies Reduce Workers’ Compensation Cost?

    The following are some practical ways that companies can adopt to reduce their workers’ compensation costs:

    • Introducing Safety Program

    When companies take measures to avoid accidents even before they occur, it reduces their workers’ compensation cost-effectively. The best way to do so is by introducing a safety program to keep the employees safe. One can also take safety training at regular intervals for the purpose. 

    • Implementing Return-To-Work Program

    The claim becomes costlier day by day until the worker comes back to work. So, to save the company money, one must implement a return-to-work program either by allowing them to cover light-duty hours or work on a part-time basis. This also lowers the risk that employees might never return to work. 

    • Partnering with a PEO

    To help reduce the cost taking the help of a PEO can be an ideal decision. A PEO assists by maintaining a lower number of claims, looking after the company’s safety measures, and managing the worker code to reduce workers’ compensation insurance premiums. 

    Apart from reducing workers’ compensation costs, there are also other managerial areas in which a trusted PEO can help you. So, if you are looking for professional assistance in maintaining your company’s payroll, worker management system, cost control, compliance with HR terms, and assistance in employee recruitment, contact us. To increase your knowledge about what we do, you can also scroll through our blog section.

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    Reference Links:

    https://www.commercialtruckinsurancehq.com/workers-compensation-for-truckers

    https://www.insureon.com/small-business-insurance/workers-compensation/florida

    https://www.barbeejackson.com/workers-comp/florida-workers-comp-trucking/

    https://www.findlaw.com/state/florida-law/florida-workers-compensation-laws.html

    https://www.cornerstonepeo.com/post/how-companies-can-reduce-workers-comp-costs

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • A Detailed Guide to the Perfect Quarterly Audit Checklist for Every Business Owner

    A Detailed Guide to the Perfect Quarterly Audit Checklist for Every Business Owner

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    An internal audit measures an organization’s compliance with internal and external standards. With an internal audit checklist, a small-business owner can regularly validate a firm’s compliance with its procedures and policies. 

    The results of an internal audit flag potential noncompliance problems so that a company takes corrective action without the involvement of regulators. Entrepreneurs must note that their company does not require an audit committee or department to conduct an internal audit.

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    Audit checklist for business owners

    Listed below is an audit checklist for businesses:

    Operations Audit

    • Promotion and advertising
    • Production
    • Sales and marketing

    Management Audit

    • Personnel
    • Basic planning

    Financial Audit

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    The first checklist that an organization requires is a list of the business functions that should be audited. Then, they must audit its management function. This is to make sure that the firm’s business plans are strategic and sound. Next, a firm must audit its operations to ensure that employees follow consistent processes to maximize performance. Finally, to guard against fraud, the organization audits the financial practices. 

    Management must repeat the audit process periodically to make sure that compliance continues.

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    A detailed insight into the audit checklist

    Given below is a detailed insight into the audit checklist:

    • Operations Audit: To measure performance

    An operations audit measures the performance of a business’s core function. The items on an operations audit’s checklist cover an assessment of the firm’s on-time service and goods delivery. 

    To elaborate, it implies whether a firm features sufficient contracts with its vendors, how it trains new employees, how it validates the effectiveness of training and maintains customer relationships, and so forth.

    Additionally, an auditor looks into the effectiveness of an organization’s sales staff. It also gauges that the staff periodically updates their knowledge about competitors, markets, and related technology.

    • Management Audit: To validate an organization’s strategic plan 

    Management audit validates the strategic plan and structure of an organization. The auditor reviews the objectives and goals to ensure that the firm’s framework supports the goals. Similarly, the goals of every individual employee must be in line with the company’s overall goals. Additionally, the auditor analyses the company’s organizational charts and ensures that managers are accountable to the business owner and that employees are accountable for their performance.

    • Financial and Regulatory Audit: To evaluate the organization’s financial performance

    Financial audit emphasizes regulatory requirements like tax filings and corporate governance. 

    An auditor verifies that the organization has secured the necessary permits and licenses to conduct business. He/she inspects an organization’s accounts. This is to make sure that the personal accounts and records are not commingled with business accounts and records. Also, it ensures that the accounting system comprises accurate information which is backed by source documents.

    This type of audit also verifies that an organization calculates the wages of every employee accurately. In addition, it confirms that a firm makes the statutorily necessary payments for insurance and taxes and offers assured fringe benefits.

    An audit checklist is basically a document developed during the audit planning stage. Essentially it is a list of tasks that should be completed as part of the audit. A majority of auditing software programs feature several standard audit checklist templates that can be utilized for various audits. 

    Business owners must note that if their enterprise lacks proper risk management, payroll, or HR infrastructure, they can face problems developing a quarterly audit checklist. For that matter, individuals can opt for us to manage these important areas. Additionally, they can go through our blogs if they are willing to know more about what we are up to.

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    Reference Links:

    https://www.smartcapitalmind.com/what-is-an-audit-checklist.htm

    https://www.webharvest.gov/peth04/20041105092604/http:/sba.gov/library/pubs/eb-5.pdf

    https://www.auditboard.com/blog/audit-checklist-how-to-conduct-an-audit-step-by-step/

    https://smallbusiness.chron.com/checklist-internal-audit-company-16152.html

    https://smallbusiness.chron.com/prepare-checklist-audit-13465.html

    https://www.auditboard.com/blog/audit-checklist-how-to-conduct-an-audit-step-by-step/

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  • Form 1099 and Form W-2: Know How They Are Related to Payroll

    Form 1099 and Form W-2: Know How They Are Related to Payroll

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    If you are an entrepreneur, you need to issue Form W-2 and Form 1099 to your organization’s employees every year.

    But are you aware of these two forms?

    You can invite potential fines for yourself if you provide an incorrect form to your company’s employees. To avoid facing such issues, it is imperative to know the difference between Form 1099 and W-2 and how these are related to payroll.

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    What Is Form 1099?

    There are several types of Form 1099, but all of them cater to the same purpose – taxpayers use them to provide information to the IRS (Internal Revenue System). This information is about the various kinds of income that individuals receive apart from the regular salary throughout a year.

    To avoid an audit, taxpayers must report every outside income to the Internal Revenue System. This income can include investment dividends, freelance work compensation, or bank interest. Issuers of Form 1099 should send one copy to the taxpayer or recipient of the payments and another one to the IRS. Some issuers send their forms electronically, while some do it via mail.

    Two common 1099 forms are 1099-MISC and 1099-NEC. Freelancers or independent contractors receive these forms to report the paid wages without taxes withheld to the IRS.

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    What Is Form W-2?

    Also known as the Wage and Tax Statement, Form W-2 is a document that an employer needs to send to all employees and the IRS (Internal Revenue Service). Form W-2 reports the tax amount withheld from the paycheck and annual wages of the employees.

    Employers should also use Form W-2 to report FICA (Federal Insurance Contributions Act) taxes for their employees throughout a year.

    Form W-2 covers the following information for a tax year:

    • State Income: Amount that was withheld for state income taxes (if any)
    • Taxable Income: An employee’s income and the portion of that income that was withheld for federal taxes
    • Social Security and Medicare Income: Amount withheld for FICA taxes

    Some more essential facts to keep in mind regarding Form W-2 include:

    • Earnings cover non-cash payments of $600 or more for a year
    • Form 1099 determines whether an individual makes a payment or gets a refund during tax season.
    • Employers should offer the employees copies of their W-2 forms by the end of January every year.
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    How Are Form 1099 and Form W-2 related to payroll?

    A Form W-2 contains all information starting from the year’s first pay-check to the final processed payroll. Employees who receive this form receive an overview of all taxes withheld, deductions made for health insurance or retirement contributions for a calendar year and earned wages.

    Typically, employers start to verify employee details in October and November to prepare for year-end processing and Form W-2 distribution to employees. The kind of information that must be verified include the following:

    • Employee addresses
    • Employee names
    • Social security numbers

    After verifying or correcting this information, employers prepare to generate Form W-2 for its distribution in January. If employers use a provider that provides payroll tax compliance services, then this procedure can be as simple as making Form W-2 available to employees in an online portal for easy access.

    A key difference exists between a Form W-2 and a Form 1099. The former is issued to an employee to report their payroll taxes and income withholding. And, the latter is given to an independent contractor to report income to the IRS.

    Besides these forms, if you seek a reliable payroll service provider, you can get in touch with us. For reference, you can go through our blogs to learn more about our customized payroll services.

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    Reference Links:

    https://www.investopedia.com/terms/w/w2form.asp

    https://www.stoketalent.com/blog/difference-between-w2-and-1099/

    https://www.investopedia.com/articles/personal-finance/082514/purpose-1099-forms.asp

    https://apspayroll.com/blog/difference-form-w-2-and-form-1099-misc/

    https://www.irs.gov/government-entities/federal-state-local-governments/when-would-i-provide-a-form-w-2-and-a-form-1099-to-the-same-person

    https://www.irs.gov/government-entities/form-w-2-and-form-1099-misc-filed-for-the-same-year

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]
  • Changing Payroll Provider in 2022: 4 Signs That It’s Time to Switch

    Changing Payroll Provider in 2022: 4 Signs That It’s Time to Switch

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    A decade back, changing payroll providers was nothing less than a nightmare. Switching vendors meant late-night inputs in all employee and payroll data once again as you leave one company and establish an account with another. 

    Today, the scenario has changed. Since payroll is such an integral part of managing a business, there are several payroll companies vying upon your business, and most would make extra effort to help you transition. 

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    But, why would you even consider changing your payroll provider?

    Let us find out.

    1- Paying more, receiving less

    Certainly, the cost is not everything!

    We overspend a bit more on certain products and services for a better experience. But, if you do not conduct extensive research while choosing a service provider, you can end up paying premium prices for average services.

    So, what can you do?

    The first thing to do is to talk to your service provider. Obtain clear knowledge of what they are charging and how often they charge. It is possible that through these questions, you will come across certain services that you are spending money for but are not receiving. 

    Upon this, look around the market to get quotes from different payroll providers to ensure that you are well-versed with the landscape. 

    Finally, make your decision – one that is cost-effective and provides quality service towards organizational growth.

    2- Poor customer service

    Like considering cost, think of the customer service of your payroll provider. Here are a few questions you can ask yourself when evaluating the quality of your payroll provider’s customer service:

    • Do you have to hold for a long time when contacting them?
    • Are your calls answered by someone new every time?
    • Do they answer your emails promptly?
    • While speaking to them, do you think it’s an expert or an under-trained employee on the other side?

    If you are satisfied with your answers, you might have already found an ideal payroll service provider.

    However, if most of your answers are negative, it might be time to make a change.

    3- Difficulty in use

    When it comes to payroll providers, there are different levels of usability. Some providers are ready to do it all for you. They will make your job easier by running everything behind the scenes.

    On the other hand, a few payroll providers might offer software products to help you manage payroll by yourself. Then again, some software tools are quick and convenient to use, while others are complicated or outdated. 

    Here again, ask yourself a few questions. How fast is it? Is it easy to use? Do you wish for it to be quicker or more responsive?

    Answer these questions and determine these software products’ ease of use. 

    If you are dissatisfied, you can look for other payroll service providers by considering your usability needs.

    4- Lack of products/services

    The final reason why most business owners plan to change their payroll service provider is due to the lack of current products or services. 

    Don’t know what this means?

    Look out for these common services/products in a payroll provider:

    • On-time payment to employees
    • Timely tax returns
    • Payroll reports access
    • Reporting for new recruitment
    • Filing and distribution of year-end W-2 form

    Sure, your current payroll provider might be a good settlement. But, if you have not researched the other players in the market, how would you know if you are receiving the best your money can snap up?

    And while you explore, do consider us a viable option. Check out our blogs to know more about our tailored payroll and HR solutions.

    Know that a little research can help your business reach beyond the horizon. 

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    References:

    https://eddy.com/the-top-4-reasons-to-change-your-payroll-provider/

    https://www.bizjournals.com/bizjournals/how-to/human-resources/2016/03/steps-to-take-when-switching-payroll-providers.html

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]
  • A Business Owner’s Ultimate Guide to Holiday Bonus

    A Business Owner’s Ultimate Guide to Holiday Bonus

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    Holiday bonuses act as a token of appreciation from business owners to their employees. Besides appreciation, employees also like receiving additional gifts and cash.

    A holiday bonus can make your employee feel supported and valued. It often leads to increased productivity and employee engagement.

    You, as a business owner, can provide several kinds of holiday bonuses to lift your employee’s morale!

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    What are the Types of Holiday Bonuses?

    Among the different kinds of holiday bonuses presently in practice, the most prevalent ones are listed below.

    1) Cash Bonuses

    Employees always appreciate additional cash during the holidays. This cash bonus helps them cover the extra expenses incurred during the holidays. Some employees also rely on these cash bonuses to clear their bills.

    Few organizations provide a flat bonus amount to each and every employee. On the other hand, some business owners provide a cash bonus equivalent to a percentage of the employee’s salary and profit of the company in that year.

    2) Performance-based Bonuses

    Some organizations give out performance-based bonuses to their employees. These bonuses can be provided in addition to or instead of holiday bonuses.

    In this case, companies tie these bonuses to how employees meet or exceed the business goals in that year. Sometimes, performance-based bonuses also reflect the tenure and position of the employees.

    3) Cashless Gifts

    Some business owners cannot give out cash gifts to their employees. Instead, they offer non-cash gifts such as flexible working hours and extra time-offs.

    Cashless gifts also include gift cards to restaurants and movie theaters. Some companies also opt for branded merchandise as non-cash gifts.

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    A Few Holiday Bonus Tips for Business Owners

    As a business owner, you should first evaluate the current situation of your company. You should give out a holiday bonus only if you can afford it.

    If your company has a record of giving out cash bonuses every year but cannot afford it this year, you should try to notify all your employees at the earliest. This action can help prevent or minimize negativity among the employees later on.

    Some important tips for business owners regarding holiday bonuses are listed below.

    1) Fair Bonus Amount

    You should always be careful while choosing the holiday bonus amount. It needs to be fairly and equitably distributed in an unbiased manner. In addition, you need to ensure that no employee feels unfairly treated.

    2) Complete Inclusion

    You need to make sure that all your employees get appreciated in some way. No employee working for your company should feel left out.

    3) Gift of Time

    As a business owner, you can consider giving your employees the gift of time if you cannot afford cash bonuses. Paid time-off can help your employees spend more time with their families and loved ones. More breaks can also help them relax during the holidays.

    A holiday bonus, like any other bonus, is taxable. Based on the agreement with the employee, some business owners choose to pay a holiday bonus along with the tax amount.

    So, as a business owner, you need to report this bonus as taxable income in the concerned departments. However, if you are a small business owner or simply lack the required resources or infrastructure to carry out these duties, managing these things can be a hectic job.

    In this case, you can reach out to Professional Employer Organizations (PEO). PEOs can perform these duties on your behalf.

    Nowadays, PEOs handle payroll, employee benefits administration, tax filing, recruitment, and much more. So, if you are interested, feel free to contact us now and appoint the best in the industry. Find out more on this in our blogs!

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    Reference links

    https://www.zenbusiness.com/blog/holiday-bonus/

    https://www.score.org/resource/holiday-bonus-guidelines-what-business-owners-should-know

    https://www.businessnewsdaily.com/15924-holiday-bonus-guide.html

    https://www.bbcdigital.com.au/holiday-bonuses-a-guide-for-small-business-owners/

    [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]
  • What is Open Enrollment? Know Everything About it!

    What is Open Enrollment? Know Everything About it!

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    Open enrollment is a term used to define the yearly time period when one can buy a health insurance plan or change his/her existing one for the following calendar year.

    Let’s say you are an employee and your employer offers you a health insurance policy. During open enrollment, you can select a different health insurance plan or stop your existing one.

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    When Does Open Enrollment Take Place?

    HealthCare.gov usually hosts open enrollment every year between 1st November and 15th December. However, based on the state-run exchange, the time period may differ for your state!

    Moreover, the time frame for open enrollment may differ in the case of group health policies.

    Hence, open enrollment dates for group health plans offered by your employer may be at the fiscal year-end instead of the conventional calendar year-end.

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    When Does Open Enrollment Take Place for HRAs, FSAs, and HSAs?

    As an employee, you may want to register for a health reimbursement arrangement (HRA) account or flexible spending account (FSA). In this case, you need to wait till open enrollment. However, the time frame may differ from your regular health plan enrollment period.

    On the other hand, employees can enroll in a health savings account (HSA) at any point in the plan year. However, they need to have an HSA-eligible plan.

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    How to Prepare for Open Enrollment?

    While preparing for open enrollment as an employee, you should first consider these two factors:

    • Have your needs changed?
    • Are you content with the current insurance plan?

    On the other hand, if you are an employer and provide health insurance to your employees, you need to factor in the following pointers:

    • Have your dental, vision, or medical plans changed?
    • Are there any changes in your employees’ needs?
    • Have your needs as an organization changed?
    • Are your employees satisfied with the current plan?

    Moreover, the Government may ask you to put forward distinct notices to the employees during open enrollment. These notices include:

    • Wellness program disclosure
    • QSEHRA notice
    • WCHRA notice
    • Premium Assistance under Medicaid or Children’s Health Insurance Program notice
    • Grandfathered Plan notice

    Apart from these, your state can also ask you to issue other open enrollment notices.

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    What if an Employee Misses Open Enrollment?

    Most carriers permit a 30-day window to employees after open enrollment to update their selection if they miss the deadline. As a result, they can make the necessary changes and confirm with the carrier.

    However, if your employees miss the grace period, too, they will have to wait for a special enrollment period to opt for the health insurance plan. A special enrollment period generally follows a qualifying life event or QLE.

    QLEs are categorized into four sections:

    • Residential updates
    • Household updates
    • Loss of health insurance
    • Acquiring health insurance

    If your employee meets any of the above criteria, he/she will get a 30-day window post his/her QLE to opt for a health insurance plan. In addition, the plan can allow up to two months to implement these changes.

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    What is the Impact of Open Enrollment on Payroll?

    If your employee switches to a more expensive health insurance plan, you will have to withhold a greater amount from his/her paychecks. So, open enrollment directly impacts the payroll.

    However, you can skip this step if you have a payroll provider who also helps with employee benefits administration.

    Nowadays, Professional Employer Organizations (PEO) handle payroll and employee benefits administration in most cases. If you are interested, you can reach out to us now and appoint the best in the business. Find out more in our blogs.

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    Reference links:

    https://www.healthcare.gov/glossary/open-enrollment-period/

    https://www.verywellhealth.com/what-is-open-enrollment-1738755

    https://www.nerdwallet.com/blog/health/health-insurance-open-enrollment/

    https://gusto.com/blog/health-insurance/open-enrollment

    [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]
  • 8 Major HR and Payroll Concerns for Remote Employees

    8 Major HR and Payroll Concerns for Remote Employees

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    The human resources department is undoubtedly one of the most important in any organization. Ever since the coronavirus outbreak, the entire corporate world has shifted to a work from a home model, prompting the necessity for every company to have a robust HR department in place.

    This pandemic has shown us how organizations work effectively, even in a virtual setup. Moreover, as per sources, certain reports show that employee productivity may also have increased in this remote work model.

    With more flexibility nowadays, both employees and employers agree to the increased productivity in this new model. Therefore, this remote work model is likely to stay even after this pandemic fades away.

    However, along with its benefits, this model also created a handful of issues and inefficiencies. If your business has remote employees, you must have faced some or all of these issues yourself. No matter how small or large your business is, these are some serious HR and payroll concerns across all firms.

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    Here, we have compiled all the major issues.

    1) Employee Engagement:

    Employee engagement can either make or break your business. Recent studies show that organizations with high employee engagement make twice the revenue compared to organizations with low employee engagement.

    As a result, HRs have a tough time keeping remote employees engaged.

    2) Communication:

    For remote employees, effective communication is difficult without the appropriate technology. As a result, issues arise when emails and phone calls go unanswered.

    3) Training:

    Since traditional onboarding and training procedures have become outdated now, their virtual counterparts also give birth to various inconsistencies and issues.

    4) Acquiring and Retaining Talent:

    Nowadays, employees properly understand how much value they add to your business.

    So, if your business lacks new technology, your employees will move on to another organization. Therefore, even after mitigating troubles in virtual talent acquisition, HRs face the challenge of retaining talented employees in this remote environment.

    5) Cost Reduction:

    In a virtual setup, proper cost reduction becomes nearly impossible without appropriate employee supervision. You may have to repeat the same process for different employees. This gives birth to process redundancies as well as additional costs.

    6) Human Error:

    As an employer, you already know that manually doing things invites human errors. So, without the proper technology, human errors of remote employees pose a serious challenge to the HR department. 

    7) Employee-Service Provision:

    Without the right technology, HRs cannot provide any effective employee self-service. It includes access to payroll, training materials, benefits, and other resources. This further leads to employee resentment.

    8) Accessibility:

    As an employer, you know that accessibility goes far beyond employee self-service. You may provide ESS tools via a web portal, but it still creates an issue for the HR department.

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    PEO’s Role in Human Resources

    A Professional Employer Organization (PEO) leases employees to employers. It enters a joint-employment relationship with the employer that allows the PEO to share several employee-related responsibilities.

    Likewise, this arrangement also helps employers outsource their various human resource functions, such as payroll administration, compensation, employee benefits, and employment taxes.

    PEOs can take certain responsibilities from HR like:

    • Payroll administration
    • Benefits administration
    • Recruitment
    • Family and Medical Leave Act administration
    • Drug testing programs
    • Compliance assistance
    • Workers’ compensation administration
    • Unemployment administration

    As per the agreement with the PEO, employers can outsource these HR functions. However, if you are a small employer, you may not have the expertise or the infrastructure for these functions. Also, you may not have the time or resources to focus on intricate procedures like HRIS and payroll.

    So, if you outsource the desired services, the PEO can directly look into it. In that case, the PEO will handle the recruitment, benefits payroll administration, and all the employee queries related to them. Thereby, addressing the HR and payroll concerns mentioned above becomes much easier!

    Have we piqued your interest in the perks of outsourcing PEO services?

    Feel free to go through our blogs and talk to us now to appoint the best in this industry.

     

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    Reference links:

    https://buildfire.com/hr-remote-employee-challenges/

    https://www.flexjobs.com/employer-blog/remote-work-considerations-for-human-resources/

    https://www.inc.com/rebecca-hinds/the-5-hybrid-remote-works-models-for-your-business.html#:~:text=A%20remote%2Dfirst%20model%20usually,first%20and%20being%20remote%2Dfriendly.

    https://www.nytimes.com/2020/06/23/business/working-from-home-productivity.html

    https://laura-hansen.com/10-compelling-statistics-employee-engagement/

    [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • What is the Difference Between a PEO and a Payroll Company?

    What is the Difference Between a PEO and a Payroll Company?

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    NO ONE starts a business to be bogged down by paperwork and administrative encumbrances. Sadly, it’s essential!

    If yours is a small business with only a handful of employees, these tasks may not take up much of your time. However, in a growing enterprise, paperwork compounds to occupy a sizeable portion of time and resources, taking the focus off the bigger picture.

    That’s where PEOs and payroll companies come into the picture! But, what do they do, how are they different, and which one is more beneficial?

    To find answers to these questions and more, read along!

    PEO vs PSP: Meaning

    A PEO or Professional Employer Organization specializes in services related to Human Resources for enterprises of varying scales, especially small and medium-sized.

    In the US, roughly 175,000 organizations resort to PEOs.

    They partner with businesses to take over their gamut of HR duties such as hiring staffs, managing and training a team, seeing to payrolls, compensation & claims, taxes, and employee benefits, among others.

    A PSP or payroll service provider is exclusively concerned with payroll solutions. They disburse the salaries as per the schedule and take care of related taxes.

    Although some PSPs might offer additional services, the liability of human resources rests with the concerned business.

    Essentially, a PEO is a partner, whereas a payroll company is a service provider.

    Thus, when outsourcing human resources for your small and mid-sized business, consider whether you need a service provider or a partner.

    PEO vs PSP: Who is the Employer of Record?

    An employer of record assumes all the responsibilities of human resources, from hiring employees to worker’s compensation and paying federal taxes. It is to be held liable in case of discrepancies in the same.

    When you use a Professional Employer Organization, it becomes the employer of record. Thus, a PEO bears any fine or expense arising out of the HR department. PEOs and payroll form a significant connection for any small and mid-sized company since it divvies up the liability.

    Fact: More than 33% of small companies managing HR duties on their own pay fines every year to the IRS.

    In case you use a payroll company, you are responsible for those liabilities since you continue to be the employer of record while the PSP merely sees to salary and tax payments.

    PEO vs PSP: Cost Savings

    Entering into a partnership with PEO might cost more than using a PSP, but the investment pays for itself on many fronts.

    In fact, according to a NAPEO report, 70% of companies have reported an uptick in their revenues ever since they became a PEO client. Near about 66% of enterprises registered significant profitability by signing up with a Professional Employer Organization.
    Savings on employee health benefits is one of the more essential points to that end. PEOs have access to discounted rates of health coverage only available to large corporations.

    Premised on the state in which you are based, savings in health insurance policies can be as much as $2400 per employee annually with a PEO. Similarly, for 401(k), your business can save significantly on a per-employee fee since you’ll be benefitting from a PEO’s large investment capacity.

    Your business can also gain a competitive edge with premium worker’s compensation programs at reasonable rates, exclusively offered to large organizations.

    With a PSP, these benefits are not available. You remain liable for securing a health insurance policy and worker’s comp program. Although, PSPs might extend relevant options from their network. Even in the case of 401(k), you need to pay charges per your employee strength and cannot leverage a larger company’s investment capacity for reduced fees.

    The aforesaid points only cover the direct distinctions between using a PEO and a payroll company. A PEO extends several other advantages over a payroll company.

    Most notably and recently, PEO clients were reported to be 119% more likely to receive Paycheck Protection Program Loans, a financial aid extended by the US government in response to the economic upheaval the Covid-19 pandemic caused. PEOs facilitated applications for PPP loans even before banks started to accept those.

    Nonetheless, no single solution can fit all.

    Evaluate your business’s requirements and scale to judiciously select a PEO or payroll company. Schedule a free consultation with us today to gain further clarity into which one would be a better fit for your business.

    Request your quote for payroll or PEO services today

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  • 2021 Tax Deadlines for Small Businesses

    2021 Tax Deadlines for Small Businesses

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    Many business owners are scrambling to effectively run their business. The last thing you want on your plate is having to recall the various tax deadlines for small businesses, not to mention the various changes. We’ve created a list of key deadlines to note to make taxes a breeze.

    2021 Income Tax Filing Deadline Moved to May 17th

    The IRS has moved the income tax filing deadline This date change is for individuals for the 2020 tax year and is extended from April 15, 2021 to May 17th, 2021.

    Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17. (IRS)

    Many self-employed individuals and businesses must submit estimated tax payments quarterly and file an income tax return annually. The filing dates vary primarily on your entity structure i.e., partnership, S corporation, or sole proprietorship. Sole proprietorships use the same tax schedule s individuals, so 2020 returns are due May 17th 2021. If you are an S corporation or partnership however the return is due on March 15, 2021.

    Estimated quarterly tax payments

    If you are self-employed, sole proprietor, partner, LLC member or independent contractor and pay estimated taxes, quarterly tax payments are due by the following dates:

    • April 15th, 2021 for Q1
    • June 15th ,2021 for Q2
    • September 15th, 2021 for Q3
    • December 15th, 2021 for Q4 (C corporations only)
    • January 18th, 2022 for Q4

    The IRS is a great resource of quarterly estimated tax payments.

    Why you should consider outsourcing your payroll

    Employment Taxes and Payroll Withholdings

    Form 941 states that small businesses must deposit employment taxes monthly or semi-weekly. Items subject to this requirement include federal income tax, federal unemployment (FUTA) tax, and Social Security / Medicare (FICA) withholdings. Employers must also report their payroll withholdings either on an annual basis or quarterly basis using IRS form 941, 943, 944, or 945.

    Form 941 deadlines:

    •  April 30th, 2021
    • July 30th, 2021
    • October 29th, 2021
    • January 31st, 2022

    Corporate Income Tax Returns

    Tax returns for companies are due on April 1thth, 2021 for income received in 2020. By filing Form 7004 businesses my request an extension of six months. The first quarterly estimated tax payment of the year is also due on this date.

    S Corporations and Partnership Income Tax Returns

    For businesses classified as either an S corporation or partnership, you deadline for submitting your tax return is March 15th 2021 or the third month after the end of your organizations tax year. Partnerships must complete form 1065 which is used to generate a Schedule K-1 earnings statement for each partner. For S corporations, Form 1120S is needed to prepare the Schedule K-1.

    A six-month extension can be requested by submitting Form 7004 along with a deposit equal to the amount of estimated tax owned.

    2021 Tax information and resources

    This guide is intended to be a resource for business owners and individuals related to tax deadlines. With the various changes as a result of COVID-19, some of the dates may change in addition to being able to qualify for various tax credits for certain expenses. The IRS Small Business and Self- Employed Tax Center is a great resource. If you are a business owner and need assistance with payroll, FICA, FUTA, and other taxes related to business ownership Fortune Business Consulting is also a great resource. Payroll processing services, tax remittance, and HR management are other areas that can assist with being prepared for all of the various tax deadlines.  

    Request your quote for payroll or PEO services today

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