Tax season is here again. This is a great time for your CPA to go over the numbers of your small or medium-sized business and figure out where you can save more money for this year. Every SMB is looking to see where they can save, right? Thatâ€™s just good financial responsibility. Your CPA should know about PEOs and what they can do to help you with your bottom line. Has your CPA talked to you about PEOs yet?
If they did, perhaps you werenâ€™t sure what they were and dismissed it as something you really donâ€™t need to manage your small or medium-sized business. Itâ€™s normal to overlook something you arenâ€™t really sure about.
Even if your CPA hasnâ€™t brought anything about PEOs up to you, itâ€™s good to take a look at what they can do to help your business and discuss how it will help impact your growth at your next appointment. There is so much information flying between CPAs and their SMB clients between January and April, so itâ€™s good to arm yourself with the right information to have an informed discussion later.
Why Would A CPA Want To Talk To Me About PEOs?
If you employ anyone, you know all about how challenging managing all the information and expense for even just a couple of employees can be. There is so much you need to do to stay compliant with the law and the IRS, itâ€™s another job in itself to manage it all. Did you get into business to end up managing everything that goes with employing people for a small business? Probably not.
Payroll and payroll tax compliance is definitely one major reason a CPA would want to talk to you about PEOs. Getting payroll and tax compliance right is critical to your SMBâ€™s success. Learning how to manage payroll on the fly can cause a lot of problems, especially if you are late or delinquent in keeping up with payroll taxes. Calculating it all can be a real chore. Thatâ€™s why lots of small and medium-sized businesses end up outsourcing their payroll to payroll companies.
One of the things that most small or medium-sized business owners are not thinking much about until something happens is risk management and safety. These missteps can cost an SMB a whole lot of money if you are not adequately prepared for when something happens. Proper safety training is not what small businesses are spending a lot of time or money on, but if someone gets hurt, they end up shelling out a lot of cash.
PEOs offer safety training, risk management, workers compensation insurance, and EPLI insurance to protect an SMB from financial damage if an accident impacts their business. This would be one major reason your CPA would want to talk to you about PEOs. Not only your CPA but probably your attorney as well.
Human Resources takes a lot of time and money to do well. Compliance is the difference between making sure all the bases are covered and shuttering your business due to fines and lawsuits. No one gets into business to end up in court for employing people without the right things in place. Donâ€™t get caught off guard like that. Unless you are in the HR business, itâ€™s very likely you donâ€™t know enough to be your SMBâ€™s own HR department.
CPAs will always try and council their small and medium-sized businesses about financial risk. It does cost money to outsource your HR functions. Itâ€™s also costing you a lot more in lost productivity and business growth by not working with one. The risk/reward is not there to manage it all on your own. Your CPA should talk to you about PEOs to eliminate this problem.
If You Think PEOs Will Cost Too Much, Think About This
Investing money in your business will make it grow, that is if you do it the right way. Usually, when a small business owner reads the long list of services a PEO provides, they start seeing dollar signs and stop there. To be sure, there is quite a bit a PEO can offer a small and medium-sized business. But that doesnâ€™t mean youâ€™ll go broke paying for one.
On average, small and medium-sized businesses save about 35% on HR expenses by working with a PEO. Weâ€™re not talking about spending more, but spending less. What do you think our CPA would have to say about that now?
Talk to your CPA about where you can save money by working with a PEO, then call us. A 20-minute call can help us find you the right PEOs for your business so you are not wasting time trying to sift through hundreds of options yourself. It costs nothing to let us help you find the right one. Get your HR expenses under control by talking to your CPA and us about PEOs today.