Business owners in Iowa have a lot of options available to them when it comes to saving costs and improving operations. One of these options involves the use of Professional Employer Organizations, or PEO’s. These companies offer expertise in areas of outsourced payroll processing, benefits management, and more.
The challenge for many Iowa-based businesses is locating the right PEO from among the many that serve companies in the area. How do you know which one is right for you? The answer lies in direct comparisons of the top PEO’s that suit your company size, industry, and business goals. We’re here to help with this quick comparison of the top PEO companies operating in Iowa.
Read below to learn more about PEOs in Iowa and how to pick out the one for your business:
High-Level Overview of Iowa PEO Companies:
Iowa businesses benefit from employing PEOs in many ways, although a few features take the forefront. A worthwhile PEO service provider will be able to manage any standard HR needs from an employee’s first day to offboarding, without much interference or work for you. Other major services provided include benefits procurement and administration, managing workers comp on a cash flow basis, payroll management, quarterly tax filings, and risk mitigation and regulatory compliance.
You will also be able to expect most PEOs to help your business with recruiting, employee training, expense reporting, and more. And since the PEO service providers will pool your employees with many others when negotiating benefits, your business will be able to get great rates on health insurance and workers comp coverage.
Factors for Evaluation of an Iowa PEO Service:
There are many factors for you to consider when evaluating a PEO service in Iowa. Nonetheless, looking at everything a provider offers (or doesn’t offer) is important, and we’ve looked into everything to make sure that you get the very best information possible. We considered each of the following points when looking at every PEO:
- – Tax processing
- – Payroll processing
- – Health insurance options and support
- – HR regulation compliance assistance or management
- – HR management and consulting support
- – Recruiting and onboarding support
- – Safety compliance and risk management
- – Time, attendance, and productivity tracking tools
- – Customer service and feedback
- – Additional features and specializations
You will have plenty of options to choose from in Iowa, so you will need to know which factors to weigh when selecting your provider.
We want to make sure that you will work with a full solution and we have only truly considered PEOs that can offer those services. As such, you should consider available any standard service or benefit that is not mentioned in the recommendations above.
Benefits Of Using a PEO In Iowa
Insurance Cost Savings – Your Iowa business can save money, mostly from lower health insurance costs, by using a PEO. PEO service providers can more easily negotiate with benefits providers, as they bring a giant pool of employees with them as leverage.
Less Paperwork – There are so many better things to do than monotonous paperwork. A PEO will keep paperwork to a minimum.
Compliance and Legal – A PEO can manage all compliance and legal issues regarding your employees. The PEOs employees and systems will be able to handle problems that arise and let you focus on other tasks.
FAQ About PEO Companies in Iowa:
What is a PEO? – A PEO (Professional Employer Organization) allows a business to outsource its employee management, have other HR tasks handled for them, and gives personnel management support when needed. They will manage your payroll, tax forms and payments, insurance (health care benefits and workers compensation) and other benefits such as retirement plans, life insurance, long-term disability insurance, vision insurance, dental insurance, employee wellness programs, and on-boarding new employees. They will perform each task professionally and on-time.
What Are the Benefits of Using a PEO? – The main benefits of using a PEO are reduced HR costs and the use of their time-saving tools and services. Additionally, they will manage HR compliance and risk-aversion practices for your company. They generally allow your business to provide more valuable benefits to employees, making it more attractive to them.
How Much Does it Cost To Use A PEO in Iowa? – It generally costs between $1,000 – $2,000 per year per employee to use a PEO. You will get a better rate if your business has more employees.
How Does a PEO charge? – PEO’s generally charge a percentage of overall payroll or a straight admin fee per employee. We prefer PEOs that charge the admin fee, as those fees are much more transparent. We find that PEOs that charge based on payroll will often have hidden fees.
Does it Cost Money to Switch to a PEO? – There is usually a startup fee. This fee ranges from $1000 to $15,000, depending on the structure and scope of your business.
How Long Does it Take to Get Started Once I Choose a PEO? – The time it takes to start up your services can range from three to six weeks, depending on the PEO you work with. The average time is four weeks or so.
Can I Get Health Insurance for Myself and My Family as the Founder? – Some PEO’s will offer this option and others will not.
As the Founder, Should I Pay Myself Using a PEO? – This can vary depending on your company. That being noted, you should be using the PEO service to do your own payroll in most circumstances.
Is There Anything I Should Know About Looking for a PEO in Iowa? – You will want to make sure to look for or work with a PEO that knows how to deal with regional industries such as agriculture, especially if your business is in one of those industries. You’re also going to want to work with a PEO that doesn’t write Iowa off and in fact knows exactly how to navigate state regulations.
What is the Best PEO in Iowa? – Different PEO service providers are best for different types of businesses. There’s no one-size-fits-all option that’s ideal, so you should check out our state-based PEO guide here.
There’s never been a better time to grow your Iowa business through a strategic partnership with a Professional Employer Organization that has experience in your industry. By educating yourself on all that is available to your business, you’re doing your part to ensure long-term PEO success. However, if you need even more PEO information, contact us for a free, customized report that compares the best PEO’s for your unique situation. Contact us now to get started.