Why Use a PEO?
PEO services are one of the fastest growing business trends over the last 20 years. The benefits your Spartanburg business will enjoy include:
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Affordable group healthcare, dental, vision, even 401(k) savings plans on a small business budget.
- No money down, pay-as-you-go South Carolina workers' compensation insurance at up to 40% off - with no audits.
- Outsourced payroll that includes online access, free direct deposit, quarterly and year-end filings, wage garnishments and specialized payroll reports.
- Professional human resource management to stay current with wage and compliance issues.
How Much Do PEO Services Costs?
PEOs charge an administrative fee based on your annual payroll, that averages between 2-4%. Compared with in house costs of 8-15%, based on a Small Business Administration (SBA) statistic - PEOs are a bargain! But each provider is different, with unique service and benefit cost offerings. This is just one way we help you through the process.
How Does The PEO Relationship Work?
When working with a PEO, you enter into what's called a co-employment arrangement. Simply stated, the PEO acts as your back-office partner managing dozens of employment related administrative work. As the business owner you report your employees' payroll to the PEO, then they send you an invoice for the total amount owed for the workers' compensation, matching governmental taxes and the PEO's administrative fees for processing your payroll.
This is billed on a pay-as-you-go basis, eliminating workers' compensation insurance audits. You continue to hire, train and run your business as normal. The only changes you'll notice are lower employment related costs and more time to spend on profit producing tasks.
How Is Payroll Delivered By The PEO Company?
Reporting payroll wages for the pay period can be done by phone, email or in many cases through the PEOs secure online portal. There’s a number of options for receiving your payroll including:
- FedEx or courier delivery of checks.
- Direct deposit or Mastercard pay cards (most popular).
- Remote check printing at your office.
Why Choose ELQ?
As the nation's leading PEO brokerage since 2001, we'll give you the information and pricing to make an informed decision. With over 900 PEO programs to consider, there may be only one that can deliver the benefits your Spartanburg company needs. We've done the research and background work on hundreds of providers, so you don't have to - that's what we do! Give us a call, ask questions and see how PEO services could improve your operations.