Fortune Business Consulting

Tag: PEO

  • How to Save Money With a PEO: Find 7 Ways They Reduce Company Cost

    How to Save Money With a PEO: Find 7 Ways They Reduce Company Cost

    Want to save the cost incurred behind your in-house HR team and still be able to recruit quality candidates? This is possible by taking the help of a PEO or Professional Employer Organization.

    PEOs perform similar human resource management activities as the dedicated department of a company but at a lower cost. These include employee payrolls, benefits, compensations, health benefits, and much more. So, form a co-employment agreement with a PEO to save money. Scroll below to gain detailed knowledge. 

    How Will a PEO Help a Company Save Money?

    Take a look at 7 crucial ways by which a company can maximize profits and cut down on high costs.

    Reduce Chances of Incurring Possible Expenses

    Partnering with a PEO for human resource work will allow you to shift your attention to more complicated tasks of the company. As a result, you will be able to focus on more glaring issues of the company. So, you will save avoidable costs and prevent possible company losses.

    Cost Cutting on Employee’s Health Insurance  

    The PEOs get health insurance for a group of different businesses together. Hence, the cost they pay is much lower, as compared to providing health insurance to a group of employees by one employer. When you partner with a PEO, the cost your company may incur will be lesser in comparison to buying health insurance individually. 

    Savings on Internal HR Department

    PEOs also facilitate extending all the roles and responsibilities of an entire HR department to the organization. Shifting the basic HR responsibilities related to onboarding and payroll processing to a PEO will remove the requirement for an in-house HR department. 

    This calls for high savings in your company’s budget expenses. PEO has years of experience in HR services, so you can be assured of quality recruitment too. 

    Lowering Employee Turnover Rate

    PEOs provide many employee benefits as it partners with different organizations to avail such offers. As an employer, you will be more able to grant your employees greater access to new perks and facilities at a lower cost. Hence, you save more on lower employee turnover rates. 

    Avoiding Expensive Budget Cuts – Worker’s Compensations

    Workers’ compensation needs a special mention as the budget cut on these can be pricey. PEOs have many years of expertise in finances and lawsuits, thus, come as a handy tool to ensure no cost-cutting on such mishaps. 

    Enhancing the Culture of Your Company 

    The PEOs will help provide a more enriching work culture for your employees, by providing the tools and resources your company may need. It is also beneficial for your company as it doesn’t need to invest in it and can still have an enriching job environment, thus leading to new employee engagement. 

    Reduce Excess Expenses on Managing Compliances

    Compliances are very common and can easily incur higher costs for your company. Hence, a dedicated PEO department that looks over every minute detail regarding minor employee issues will help lessen these problems and save up on any probable expenses. These issues relate to employee salary deduction, overtime compensation, etc.

    The PEOs are responsible for taking care of employees of multiple organizations. Thereby, it serves as a place for companies to upgrade their business and workplace environment. PEO helps in enhancing the quality of the company’s culture starting from the on-boarding process to working on the office environment, retention, and higher recruitment. 

    Reference Links:

    https://www.lucidchart.com/blog/what-does-hr-do 

    https://www.netpeo.com/faqs/how-can-a-peo-save-your-business-money/ 

    https://www.themissionhr.com/post/5-ways-a-peo-saves-your-company-money 

    https://americasbackoffice.com/how-to-save-money-with-a-peo/ 

    https://makaihr.com/top-5-ways-a-peo-helps-businesses-save-money/

  • Five Wage and Hour Violations That May Surprise You

    Five Wage and Hour Violations That May Surprise You

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Are you paying your employees what they deserve? Do you know underpaying or illegal deduction is a violation of the Wage law?

    Employers often commit wage and hour violations knowingly or unknowingly. However, this can drag them into legal hazards if reported with proof. As a reputed business organization, you should abide by the Labor Wage regulations to maintain a healthy and protected work environment. Read this blog to know about a few common wage and hour violations you must watch out for![/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Top 5 Wage and Hour Violations That You Must Look Out For

    As a responsible employer, you should take care of your employee’s wages and benefits. So, here are the top 5 things you must stop doing to maintain the Labor Wage regulations:

    Illegal Payroll Deductions

    Some employers often deduct wages in multiple illegal ways. In most cases, employers deduct money to compensate for damages that are not associated with employees. These may include shortages in the cash register, property damages at the workplace, the value of tools, etc. Moreover, some also deduct the employment uniform’s price from their employee’s wages. 

    Here, employers must set up laws to discuss the deduction parameters with their employees before deducting their wages. For instance, an employee has worked overtime and is eligible for an overtime bonus. In that case, if you want to deduct any part of his wage, you may have to ask for permission.

    Misclassification of Employees

    As per the law, employees of the company will receive added benefits, overtime payment, and much more. However, in recent years the number of independent contractors in a business organization has increased. Generally, these contractors do not receive equal facilities as the employees of the company. 

    Some employers misclassify their employees as independent contractors to avoid paying benefits. If your company is following any such practices refrain from that as it is considered a violation of the law.

    Not Paying Minimum Wages

    As per the Federal Government, the minimum hourly wage in America is around $7.25. However, some states consider paying a higher rate showing compliance to their employees. On the other hand, some employers violate this law and refrain from paying minimum wages to their employees. This can be seen prevalently in the case of tipped employees. 

    As per the Labor Standards Act, if a worker earns a tip above $30 each month, his minimum hourly cash wage will be $2.13. If any such practices are being followed in your company, stop them immediately. Generally, no employer can deduct more than $5.12 from the wage of a tipped employee. 

    Underpaying the Employees

    Another way of wage violation is not paying the workers per their work. In such cases, employees are working more and earning less. Some employers do not pay the employees for the extra work they do even after their shift ends. 

    Other instances include not paying the employees for the prep work they are doing before their shift starts. Some employers also avoid paying their employees for side work and travel for work purposes. However, these are strict violations of the law and a responsible employer should avoid such practices to maintain his company’s reputation. 

    Not Paying Reporting Pay

    Employees reporting to the office during their shift are eligible for reporting pay irrespective of whether they worked for the day or not. However, some state laws do not include this. This is applicable in case of work interruption due to Acts of God, Government instructions for closure, or an employer closing the shift due to insufficient work. However, if the employee is leaving early due to personal reasons, employers may not compensate him with reporting pay. 

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    Bottom Line

    If you are running an organization and providing employment to several workers, you should maintain the wage and hour regulations strictly. It will keep your employees satisfied with their deserved wages and also mark your company’s goodwill. If you need expert advice and suggestions regarding the wage laws, you can contact us. Moreover, you can read our blog section to get a detailed overview of these violations and ways to stop them.

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    Reference Links:

    https://wageadvocates.com/7-labor-law-violations/

    https://inspiringhr.com/five-wage-hour-violations-that-may-surprise-you/

    https://www.katzmelinger.com/blog/2020/06/5-common-wage-and-hour-violations/[/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]

  • How to Stop Overpaying Taxes? – 5 Strategies to Save Company Cost

    How to Stop Overpaying Taxes? – 5 Strategies to Save Company Cost

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Are you facing difficulties in filing your business tax? Do you want to know where can you save money while paying taxes?

    Business organizations often face challenges while filing their taxes. Without a proper estimation of your taxable income and payable taxes, you may find it daunting to pay off your taxes on time. As a result, you may need to pay hefty penalties and end up overpaying taxes. Continue reading this blog to know the best strategies to avoid overpaying taxes.[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Top 5 Strategies to Avoid Overpaying Taxes

    Follow the below pointers to save yourself from paying any extra amount of tax or penalties:

    Know Your Obligations

    With better insights into federal, state, and local tax obligations you can keep away from overpaying taxes. IRS audits businesses on a given financial year and every organization must pay their taxes on time. If you fail to pay the tax on time, you can attract penalties, or your business can be scrutinized. So, you can log in to the websites of the IRS and SBA to know about the obligations regarding tax forms, due dates, instructions regarding tax filing, etc.

    Estimate Upcoming Year’s Income

    Estimating your company income for the next year can help in getting a clear idea of your payable taxes. Thus, you can plan your finances accordingly and refrain from overpaying taxes. You can take help from professional financial advisors or estimate your income from the yearly W-2 that provides detail of your yearly revenue.

    Go for ‘Safe Harbor’

    Taking advantage of the ‘safe harbor’ can be ideal for taxpayers who are expecting a much higher or lower income in the upcoming year. By paying ‘safe harbor’ you can stay away from paying penalties. It is a minimal amount that does not burn a hole in your pocket. Moreover, if you fail to pay the taxes, fulfilling the safe harbor target will keep you protected from overpayment issues. 

    You can approach paying safe harbor in two ways. Either you need to pay 100% of the previous year’s tax or 90% of the next year’s tax. You need to divide this amount into four equal parts and pay the ‘safe harbor’ accordingly.

    Calculate the Estimated Deductions

    Deductible expenses include professional expenses, mortgage interest, dependent exemptions, etc. Calculating the tax deductions for the upcoming year can be another way to stay protected from overpaying taxes. In this way, you can predict your eligibility for deductible expenses in the upcoming year. 

    If you want lower deductible expenses in the upcoming year, you can reduce some deductions. For instance, you can reduce mortgage interest. Enquire about the next year’s expenses from the lender and pay off the maximum amount to reduce the interest. However, if you are unsure about any deductions in the next year, exclude them from the tax estimations.

    Determine the Payable Tax

    You can use the IRS tax table to determine your estimated tax payment. Your taxable income is decided after deducting the average gross income from your total income. After you get an idea of the taxable income use the tax table published by IRS on the previous year to determine your payable tax. You can use this table easily in the following way:

    • Know your estimated annual tax.
    • Divide the payable amount by the total paychecks you get in a year.
    • You will receive the amount you need to deduct from each paycheck to reach a $0 return.

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    Final Word

    If you find the above strategies hard to follow, hiring a professional can be fruitful. Though you need to pay them a charge, the amount you save from overpaid taxes will be worthwhile. Moreover, they will guide you to keep away from simple mistakes and pay penalties. So, if you are looking for any professional knowledge in this area feel free to contact us. Besides, if you want to know more about such company operation-related topics, browse our blog section.

    Reference Links:

    https://www.linkedin.com/pulse/how-avoid-overpaying-your-taxes-strategic-tax-planning-arron-bennett?trk=pulse-article_more-articles_related-content-card

    https://www.keepertax.com/posts/overpay-estimated-tax

    https://www.purposefulfinance.org/home/Articles/2017/stop-overpaying-your-taxes

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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]

  • 5 Best Practices to Resolve Performance Issues in the Workplace

    5 Best Practices to Resolve Performance Issues in the Workplace

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Do you know hiring policies and the recruiting system is the key to proper staff selection?

    The success story of any business is associated with the employees working there. Therefore, it is crucial for every company or business to prepare a backup plan so that they can adhere to employee issues and handle these matters efficiently.

    Scroll down to learn about 5 best practices that will resolve performance issues of employees in a workplace.[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-26px|||||”]

    5 Ways to Resolve Employee Performance Issues in a Workplace

    Regardless of an organization’s size, even a low-performing employee can pull down the success of a company. That is a major reason why employers are working more on diligent staff selection.

    However, here are some tips that will help in dealing with employees who have low performance in the workplace:

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    Set Clear Performance Goals:

    The key to getting employees and staff to meet expectations is to set clear performance goals before them. This will help in the following ways:

    • Precise job descriptions help these employees in understanding what exactly they need to do to perform better in the workplace.
    • This will prevent issues before they start and even if it does, the employee will know the correct way to resolve them.
    • This will prevent hardworking staff to choose the wrong path in their work as they will realize what they need to put effort into.

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    Provide a Regular Feedback:

    Companies must not restrict discussing performance issues with employees to only formal review meetings. This is what they should focus on:

    • Managers should put effort into making small corrections whenever a staff slips up unknowingly.
    • Addressing these matters as soon as it begins is a proper way to prevent them from recurring.
    • Managers must work on providing simple but effective resolutions. In case of serious issues, they should conduct formal meetings.

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    Diagnose the Issues:

    When these issues become recurring and an employee continues to underperform, it is essential to identify the root cause of the issue before planning an action. Generally, problems fall into 2 segments:

    • A lack of motivation in an employee makes an individual ignorant of official matters.
    • Lack of ability to perform according to their job description, where an employee might not understand what they are supposed to do.

    However, in both these cases, diagnosing the issue of this employee will help in making a proper resolution.

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    Plan a Performance Improvement Strategy:

    As soon as the cause of low performance is detected, managers must lay out a strategy to help the employee to improve. This will help in 2 ways:

    • If the issue is related to an employee’s ability, that person will benefit from certain training or a small change in their job responsibilities.
    • Employees who suffer from a lack of motivation might respond better if they receive support. Also, provide positive feedback, and ensure cooperation from the management and colleagues.

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    Keep a Record of Everything:

    The management must document all discussions related to performance with the employees which extend beyond casual verbal discussions to improve. This will help in:

    • Tracking an employee’s improvement.
    • Determining what additional steps will help the employee to improve.
    • Properly documenting performance reviews allows employers to identify whether their strategies have worked to help improve an employee’s performance.

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                                           All these above tips will assist managers in better addressing performance issues so that it benefits both employers and employees. Most of these issues can be solved without the management taking any harsh disciplinary action or decision of dismissal. If you are seeking strategies such as these do not hesitate to contact us. We will assist you in the escalation of these plans. If you are willing to know more, please explore our blog section.

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    Reference Links:

    https://www.lbmc.com/blog/managing-employee-performance-issues/

    https://www.omniagroup.com/addressing-employee-performance-problems/

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  • Complete Guide to Payroll Deductions: Find All Details Here!

    Complete Guide to Payroll Deductions: Find All Details Here!

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    Are you aware of what are the rules for payroll deductions in the US and how companies calculate them? Understanding the components of the payroll will help one to comprehend the finances associated with any business. Furthermore, this will help all employers comply with laws and payroll deductions.

    This write-up serves as a comprehensive guide to answering all your queries regarding payroll deductions.

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    What Is a Payroll Deduction?

    Payroll deductions are specific amounts that a company deducts or withholds from your paycheck in the form of voluntary deductions or taxes. All these payroll deductions examine your net pay or the take-home pay after deducting the specific amount from your gross income.

    Now, let us understand the applicable payroll deductions in the US.

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    What Are the Applicable Payroll Deductions in the United States?

    Some of the applicable payroll deductions in the United States include the following:

    Pretax Deductions: 

    These deductions are made from an employee’s paycheck before withholding any taxes. It reduces taxable income and the money one owes to the government since they are excluded from gross pay. Moreover, they reduce one’s Federal Unemployment Tax and state unemployment insurance dues.

    Statutory Deductions: 

    These deductions by government agencies are mandatory and employees require paying them for public services and programs. These include Federal Insurance Contributions Act tax and state income tax. One needs to understand the work status of an employee in order to file it properly.

    • Federal Insurance Contributions Act (FICA) Taxes: These taxes support medicare and social security. Moreover, employees require to pay social security tax at a rate of 6.2%. However, this includes a salary-based contribution limit. Additionally, they need to pay medicare tax at a rate of 1.45% without any cap.
    • Federal Income Tax: The federal government includes 7 income tax brackets which range from a marginal rate of about 10% to 37%. Here government first charges employee’s wages at the lowest rate till they reach a bracket and continue to charge at every rate till they reach their highest tax slab or total gross income.
    • State and Local Tax: These income tax laws vary since some areas charge a fixed rate against all income and others consist of several tax brackets. Additionally, some include few charges or no income tax at all.

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    Post-Tax Deductions: 

    Employers charge post-tax deductions from an employee’s paycheck after withholding all required taxes. However, post-tax deductions do not lower an employee’s overall tax burden as these taxes do not reduce net pay rather than gross pay. Some examples of post-tax deductions are IRA retirement plans, union dues, charity donations, wage garnishments, etc.

    Wage Garnishments: 

    Regulatory agencies and courts might ask an employee to withhold a section of their post-tax or net wages. This is to cover child support, default loans, alimony, or any unpaid tax.

    Voluntary Deductions: 

    Employees might also opt to take out more money from their paychecks so as to cover the cost of several benefits. One can withhold these deductions on a pretax basis or post-tax basis. Voluntary payroll deductions include health insurance, group term life insurance, retirement plans, and various job-related expenses.

    So, let us now understand how can an employee ensure accuracy in payroll deductions.

    How to Assure Accuracy in Payroll Deduction Process?

    Since payroll calculation is a challenging job, there are chances of inaccuracies and mistakes, which might further lead to penalties and litigations. Companies can opt for systematic processes and technologies to ensure proper payroll calculation. These systems will manage the following:

    • Salary Calculation
    • Loan and Advance, Reimbursement, Over Time Management
    • Full and Final Settlement
    • Bonus Calculation
    • Proof of Investments and Tax Declarations
    • Pay Slips 
    • Gratuity Calculation
    • Increment Process, and many more

    It is crucial to educate yourself with this information which will help you do further financial planning. If you are looking for professional assistance to help with payroll, please contact us. Also, explore our blog section if you are interested in learning about similar topics!

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” min_height=”240.6px” custom_padding=”0px|||||”]Reference Links:

    https://shieldgeo.com/payroll-and-tax-in-usa/

    https://www.adp.com/resources/articles-and-insights/articles/p/payroll-deductions.aspx

    https://salaryaftertax.com/us/salary-calculator[/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]

  • 5 Tips to Ensure Your Company Is Not Overpaying for a PEO

    5 Tips to Ensure Your Company Is Not Overpaying for a PEO

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    Are you aware whether your company is overpaying for a Professional Employer Organization or not? 

    Professional Employer Organization or PEO is a cost-effective option that helps small businesses in managing their HR resources and employee benefits. However, you must be aware of their duties and responsibilities and ensure that you are not overpaying your PEO company.

    This write-up provides you with tips that will assure that you are not spending excessively on your PEO.

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    What Are the Tips to Ensure You Have a Proper Budget for PEO?

    Most companies negotiate with PEOs as the prices of these companies are never fixed and depend on the services, they are willing to provide. It is, therefore, necessary for you to decide upon the best pricing so that you know you are within your budget. 

    However, here are some tips that will help you:

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    1. Find Options and Competitors: 

    One of the significant points to remember before you are finalizing on anyone is that you must compare options when seeking a PEO. Here is what you must do:

    • Try to find the best market rates that other competitive PEOs might charge you.
    • Find the services and additional benefits that other PEOs will offer you.
    • Find their client list and their tenure of service from them.
    • Many PEOs have a challenge in bringing new clients on board. In that case, if you are finalizing them, seek some discount or concessions in exchange for your commitment.

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    2. Understand the Finances First: 

    Another significant aspect you might keep in mind is checking the financial aspect before agreeing to a term. Remember, PEO salespeople are well-trained in a way to build their value before they will let you know their cost. Therefore, you must be mindful of:

    • Avoid emotional discussions while interacting with such individuals, agreeing to specific services, or technologies.
    • Consider the cost they will provide and stick to your budget before proceeding further.
    • Understand whether the cost they are providing is adhering to that of the market.

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    3. Try to Control Privacy: 

    You must provide information only to an extent that is required. However, be sure to not provide them with the important ones, concealing which, might lead to higher quotations. Here you must also use non-disclosure acts and reference-based diligence to control the privacy of your company.

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    4. Understand the Price Locks: 

    Price locks can be much more valuable than the discount that most companies offer. For an instance, if a PEO can lock in during their medical renewal, this comes as a more valuable decision than reducing their administrative fees.

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    5. Find an Expert/Professional: 

    Try to utilize a third-party agency that will save your time and money by shopping for multiple PEOs on your behalf. They will ensure to stick to the guidelines. However, you must check the following in a professional:

    • An expert must have the appropriate market knowledge and its changing scenario. Also, he/she must be aware of the competitive price structure.
    • The concerned organization must follow best practices followed to the core and there must be no violation of laws.
    • They must have information and access to the lowest rates and must support you throughout the PEO relationship.
    • The professionals must also support you regarding annual reviews and other services.

    So, now that you have an idea of how you must avoid overpaying your PEO, it is also necessary for you to educate yourself about their services and offering before seeking one. This will also assist you in saving on your costs. Besides, if you are willing to opt for these services, contact us anytime. We can assist you with payroll, employee compensation and other services. Also, if you wish to explore more about this, you can visit our blog section.

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    Reference Links:

    https://peospectrum.com/blog/5-tips-to-ensure-your-company-is-not-overpaying-for-a-peo/

    https://peospectrum.com/blog/business-big-work-peo/

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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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  • 5 Strategies Your Business Should Adopt to Thrive in 2023

    5 Strategies Your Business Should Adopt to Thrive in 2023

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

    Are you finding it tough to plan strategies for 2023 that can propel your business? Do you want to know the new trends that you must focus on?

    Over the past few years, businesses have undergone massive changes and faced several challenges. There have been various socio-economic alterations, the upgradation of new trends and the launching of new technologies. Moreover, people speculate it to continue in 2023 too.

    So, navigate through this write-up to learn about the five best strategies to help your business thrive in 2023.

    What Are the 5 Best Strategies to Prepare for FY 2023?

    The best way to push your business is to chalk out a strategy keeping the changing market trends in mind. Additionally, analyze other aspects and your competitor’s actions to help understand your business requirements and push it towards growth.

    The top five strategies to help your business to thrive are:

    Strategy 1: Review Results of 2022

    If you are willing to get better results for 2023, you need to access the data and results of last year. Also, understand how they helped your business grow. Some questions you can analyze in the process are:

    1. What was your revenue and profitability last year?
    2. How many streams of revenue you had last year?
    3. Do you want to refresh your brand?
    4. How many clients did you crack, and how many did not venture?

    Strategy 2: Plan Sales Goals and Strategies

    The best way to prepare your business for 2023 is to set sales goals and plan effective sales strategies. For this, develop a promotional calendar to help you focus on your last-minute campaigns. However, before escalation, analyze the following questions:

    1. How do you plan to generate leads?
    2. How will you qualify these leads?
    3. Do you need to hire more experienced salespeople?
    4. What are your plans to upsell existing customers?

    Strategy 3: Accelerate Digital Transformation

    The year 2023 will witness a continuation of digital transformation with the introduction of more innovative products and services in the market. Artificial Intelligence (AI), the Internet of Things (IoT), cloud computing, blockchain and virtual/augmented reality are some innovations you can expect. So, you must prepare your business for the following:

    1. Increased hybrid and remote working
    2. Innovative solution for augmented working
    3. Automation of creative, manual and routine workloads

    Strategy 4: Develop/Update Website

    A website is an essential sales tool for any business as people look up products and services online, most likely from their mobile devices. That is the reason you need to update your website every year. Here is a guideline you must follow:

    1. Ensure that the website is optimized, simple and engaging to the customers
    2. Make it mobile-friendly as most customers will view it through their mobiles
    3. Review its load time and think about the site navigation
    4. Consult with others to have an idea about their opinion
    5. Your website might not require a total change, but certain updates will surely improve the user experience

    Strategy 5: Set Your Budget

    Setting a budget and keeping the goals in mind will help business development per quarter. So, review your finances for 2022 and plan a budget accordingly. This planning will identify your available capital, estimate spending and help predict revenue to set financial goals. Here is what you can do:

    1. Evaluate current operating costs
    2. Understand your cash flows
    3. Plan the areas you can cut expenses

    Apart from all these strategies, you can create an appropriate content plan to help you handle short-term and long-term obstacles. Besides, you can contact us if you need assistance in human resource management and payroll structure. Also, if you want to know more about such topics and how to grow a start-up business, please explore our blog section.

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    Reference Links:

    https://www.entrepreneur.com/growing-a-business/5-things-to-do-now-to-propel-your-business-in-2023/438319

    https://www.forbes.com/sites/bernardmarr/2022/10/03/the-5-biggest-business-trends-for-2023/?sh=221eb1ea4217

    https://succeedasyourownboss.com/10-ways-to-prepare-your-business-for-2023/

    https://online.hbs.edu/blog/post/importance-of-budgeting-in-business

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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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  • How to Choose a Right Payroll Provider (2023)

    How to Choose a Right Payroll Provider (2023)

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Are you confused about who will be the right payroll provider for your company? Want to know how can you judge the service of a payroll provider for the smooth functioning of your business? 

    Gone are the days when you had to handle payroll activities manually. A modern-day solution is now available to large and small companies, including payroll outsourcing help. It simplifies the workflow and effectively reduces everyday payroll stress.

    So, to incorporate it into your system, read how to choose the right payroll provider for 2023 from here below!

    What Are the 6 Tips to Choose the Right Payroll Provider?

    The key to a successful payroll conversion is to match it with the nature of your business. It not only helps to streamline the payroll process but also meets your business’s requirements, minimizing your manual work. Consider the below tips to choose the right payroll provider:

    Tip 1: Ensure Accuracy

    The first and most crucial tip to consider while choosing the right payroll provider is ensuring that they carry expertise for accurate calculations. 

    You can do this in the following ways:

      1. Check the experience of the provider.
      2. Check the company’s reputation in the market.
      3. Look for industry-specific expertise for the provider.
      4. Check if they keep abreast with the constant market changes.

    Tip 2: Check Customer Reviews 

    You must check out their customer reviews to get clarity on the payroll provider’s services. It is possible in several ways and gives an idea about the functions.

    These include:

    1. Check their social media handles to know which companies are engaged with them.
    2. Try to find out their Google review and ratings. Also, go through both positive and negative feedback.

    Tip 3: Ask for Customer References 

    Ask for customer references so that you can reach out to them. This is because references provide direct feedback about the payroll provider’s services, flexibility, accuracy, and user-friendliness. If you find any discrepancy, it is wise not to progress further with the particular provider. 

    Here are a few questions you can ask their client:

    1. What are the reasons behind continuing with their service?
    2. How has this organization helped you in the long run?
    3. How many payroll providers did you review before selecting the current one?
    4. How long are you willing to continue with their services, and what are the reasons behind the same?

    Tip 4: Ask for Customized Packages

    A basic subscription-based package will not comply with the growing business needs. That is why you must ask for customized payroll packages from your provider from the start. 

    Moreover, when a payroll provider has proper compliance knowledge, it will be much easier to join hands and work with him/her.

    Tip 5: Evaluate Its Expertise

    A skilled and experienced payroll provider will always have a team of experts to conduct hassle-free payroll tasks, calculations, taxes, deductions, and related requirements. 

    Following are the ways you can evaluate their expertise:

    1. Ask for a detailed demo of the provider’s services and involve all your stakeholders.
    2. Try to visit the payroll provider’s office to check their office infrastructure.
    3. Have a one-on-one discussion with the payroll team to get insight into their skills.

    Tip 6: Ensure Stringent Data Security

    When finalizing a payroll provider, ensure they maintain strict data security policies and a secure payroll management system. Payroll data is essential and confidential. So, your provider must back up all information for contingency planning.

    Joining hands with an appropriate payroll provider who ensures convenience and an error-free process helps your business grow. Therefore, following these above tips will guide you in choosing a proper service provider. Besides, you can contact us to opt for efficient payroll services. If you want to know more about it, please explore our blog too.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Reference Links:

    https://www.businessnewsdaily.com/7477-choosing-payroll-service.html

    https://topsourceworldwide.com/choosing-a-payroll-service-provider-things-to-keep-in-mind/

    https://apspayroll.com/blog/6-things-consider-choosing-payroll-provider/

    https://www.talentproindia.com/2021/07/31/things-to-check-for-verifying-your-payroll-service-providers-trustworthiness/

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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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  • How to Choose the Right PEO for Your Business – A Detailed Guide

    How to Choose the Right PEO for Your Business – A Detailed Guide

    [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

    Is your payroll system too complex and taking up a lot of your company’s resources and time? Are you considering outsourcing this work to a PEO? 

    Know that a Professional Employer Organization or PEO can be a good option to outsource human resource administrative work. It not only saves time and money but also ensures to complete every employment life cycle. Moreover, it looks after every HR-compliance and avoids legal costs. 

    However, if you don’t know what factors to consider for choosing the right PEO, here’s a detailed guide!

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    What Are the Steps to Choose the Right PEO?

    A PEO must offer the right combination of add-on services, ranges of services and benefits to suit a business. If your company’s culture does not match the culture of the outsourced organization, it can cause trouble for both your company and your employees. So, here are some factors that can help choose.

    Step 1: Ask for References

    A PEO, confident of its services, will have no problem sharing its customers’ references. So, ask for the contact details of at least three of its existing clients. If the PEO hesitates in giving these details, it is a red flag to join hands with the service provider. 

    Here are some questions you can ask its client:

    1. How long do you plan to take this PEO service and why?
    2. What organizational weaknesses could you find over the course?
    3. What made you stick to this PEO?
    4. How has this organization helped you?
    5. How many PEOs did you review before finalizing this one?

    Step 2: Check Its Accreditation and License

    Given that you will be placing your trust on a third company with sensitive employee data, your first line of due diligence should be to check the accreditation and license of the concerned PEO. Not to mention it needs to be a highly regulated company that will be responsible for filing your company’s tax forms and complex documents. So, it is best to run an evaluation concerning the following:

    • An auditor, in practice, should review and approve the PEO’s finances.
    • It should be a member of the National Association of Professional Employer Organizations (NAPEO)

    Step 3: Go Through the Online Presence of the PEO

    Go through the official site, its Twitter Page and the social media handles of the concerned PEO. Under it, you will find information about the company’s name, the salesperson you will interact with and the CEO. The purpose here is not to dig dirt but to analyze how the organization deals with customer complaints. 

    Step 4: Ask About Compliance Support

    One of the essential services a PEO can provide is compliance support. With new mandates coming up every little while, compliance rules keep changing. Moreover, if a company fails to meet it, the consequences will be both costly and time-consuming.

    However, when a PEO has all this compliance knowledge and ability to support the system, it becomes easy to handle regulations, monitor changes and meet deadlines. 

    Step 5: Access Financial Security and Strengths of the PEO

    If the PEO you choose is a publicly-traded company, it would not be difficult to find its audited financial statement online. You can view it on the SEC.gov site and verify it using the investment research website. However, if the organization is privately owned, you can ask for the latest audited copy of its financial statement. 

    Partnering with a professional employer organization helps to manage your payroll, worker’s compensation, recruitment and regulation. So, make sure to find the right PEO for your business. It may take some effort, but following these aforementioned steps will help in the searching process. However, you can also contact us for these services. Also, explore our blog section if you are interested in knowing more about such topics.

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    Reference Links:

    https://www.insperity.com/blog/choose-reliable-peo-5-steps-cant-afford-avoid/

    https://www.adp.com/resources/articles-and-insights/articles/c/choosing-the-right-peo-for-your-business.aspx

    https://www.paychex.com/articles/human-resources/what-is-a-peo-hr-experts-explain

    https://hamiltonedwards.com/resource-center/best-peo-for-your-business 

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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]

  • Know All About 1099 Employees and Should You Hire Them ?

    Know All About 1099 Employees and Should You Hire Them ?

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    In simple terms, 1099 employees are self-employed or independent workers working in a company as freelancers. With the revolution in communication and workplace mobilization, it has become increasingly smooth to connect with clients and deliver work online. 

    Thus, many businesses are considering hiring 1099 employees to increase work flexibility and productivity. In case, you also are considering hiring a 1099 employee, here are all the things you should know.

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    Who Is a 1099 Employee?

    A 1099 employee is an independent worker who needs to report the income to the IRS by filling out a 1099 tax form. They mainly include freelancers, independent contractors and consultants and are actually non-payroll workers of a company. 

    When a company hires a self-employed worker, it is treated the same as a contractor signing a contract with a business. As a result, the individual and the company must work together to complete the task at an agreed rate. 

    What Are the Different Categories of 1099 Employees?

    The following are the different categories of 1099 employees that provide services to the general public as an independent contractor:

    • Dentists
    • Doctors
    • Real Estate Agents
    • Veterinarians
    • Contractors
    • Accountants 
    • Lawyers

    What Are the Advantages of Hiring 1099 Employees?

    The following are the benefits companies can enjoy by hiring 1099 employees over W2 workers:

    • Lower Business Expense

    If companies recruit 1099 employees, they do not have to pay taxes to the government on behalf of the independent worker. Moreover, there is no requirement to provide health insurance, unemployment insurance, employee compensation or others. 

    In addition, owners do not even have to give the self-employed any sick leave or retirement benefits. As a result, companies can save 30% of their cost on human capital and other business expenses.

    • Better Market Agility

    When working with independent workers, companies can get better market agility. In addition, unlike full-time employees working for the organization for years, management has the option of ending the working relationship with freelancers. 

    Thus, companies can approach new independent workers with current market knowledge to take up the task as the market changes.

    • Access to Talented Human Resource

    In search of full-time employers, companies often miss out on the opportunity to work with talented professionals. This is because a high chunk of people opts to work independently. They like to have a flexible work schedule, the ability to pick ones they want to work with and get the freedom to set their rates. 

    Thus, by hiring 1099 employees, management also gets the chance to build a working relationship with this talent pool.

    What Are the Risks of Hiring 1099 Employees?

    While there are many benefits of hiring 1099 employees, there are a few risks involved, too. They are:

    Misclassification: Though initially, 1099 employees will be working as independent workers, gradually their relationship with the company may change over time. So, it is best to review the status of the contract every 2 to 3 months to avoid misclassification.

    Penalties and Fines: If authorities find that your company misclassifies workers, it can attract huge penalties, fines, back taxes and even lawsuits. 

    Worksite Injuries: If the independent contractors you hire do not have insurance coverage, your company may be liable for his/her recovery.

    Should You Hire a 1099 Employee or W-2 Employee?

    Companies need to be agile, competitive and fast in the current business environment. Moreover, this is only possible when you hire 1099 employees along with full-time employees. First, however, you must understand how to work with independent contractors without creating risks to benefit from it. 

    To sum up, if you find a balance and do not cut corners with the IRS, then employing 1099 workers can benefit you. To gain more knowledge relating to business or management, you can check out our blog section. 

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    Reference Links:

    https://velocityglobal.com/blog/5-things-know-hiring-1099-employee/#:~:text=A%201099%20employee%20is%20an,a%20contract%20with%20a%20business.

    https://employersresource.com/business-compliance/what-is-a-1099-employee/

    https://www.stoketalent.com/blog/what-is-a-1099-employee/

    [/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]