When you start your company, most of the time it’s probably just you and maybe a partner but before long you will need to grow and you will get to the stage where you have a team of staff. It’s a great feeling when you start employing people into your business but it does bring with it a lot of stress and a lot of complications.
You need payroll systems, employee benefits, risk management, compliance with labor laws and numerous other aspects to be all handled correctly and efficiently. If you don’t take care of these it can lead to legal issues, future employment issues and ultimately your business going under.
You don’t have to fear though. You can hire a company to hire people for your company, these are known as Professional Employer Organizations or a PEO, and with our help, you can find a great one for your specific needs.
To learn more about Arkansas PEOs, please keep reading below:
High-Level Overview of Arkansas PEO Services:
Each PEO service provider can help your Arkansas business in unique ways. They will all be able to manage standard HR needs, from onboarding to the end of an employee’s employment period. Main services provided include benefits provision and administration, payroll management, quarterly tax filings, managing workers comp on a cash flow basis, compliance management, and risk mitigation to help prevent workplace accidents.
Most Arkansas PEOs can also assist your business with recruitment, expense reporting, employee training and more, should your business be interested. Additionally, by transferring your HR responsibilities to a PEO, you will receive the benefits of a large employee bargaining pool, leading to discounted benefits and workers comp pricing. This leads to a less expensive and more effective HR department.
Factors for Evaluation of an Arkansas PEO Service:
PEO services vary by provider, and still, there are many factors to take into account. Each point is important, and we’ve reviewed each facet to look for the best all-around PEO service provider, specifically in the state of Arkansas. We’ve reviewed the following features and services when looking at each 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
There are many big-name (and smaller) PEO service providers to choose from, so it is important to know the key factors to look at when selecting your Arkansas provider.
Regardless of which PEO you end up choosing, we will make sure your business works with a full solution that fits all of your needs. Therefore, if an otherwise standard service or benefit is not mentioned in the recommendations above, please consider it as available.
Benefits Of Using a PEO In Arkansas
Insurance Cost Savings – PEOs usually save companies money. Most of these savings come from lower health insurance costs. Using a PEO, you get to leverage a large pool of clients to get better rates for your business.
Less Paperwork – Paperwork is a terrible chore you’d be best rid of. A PEO utilizes their technology platform to reduce paperwork.
Compliance and Legal – A PEO manages all compliance and legal issues regarding employees, even state or city regulations. The PEOs systems will easily and effectively handle all related checks and balances.
FAQ About PEO Companies in Arkansas:
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 (most PEOs do this). They 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.
What Are the Benefits of Using a PEO? – The main benefits of using a PEO are reduced HR costs and their time-saving tools, platforms, and services. Additionally, they manage HR compliance and allow your business to provide more value to employees (both current and potential), making it an attractive employer.
How Much Does it Cost To Use A PEO in Arkansas? – It generally costs between $1,000 – $2,000 per year per employee to use a PEO. Businesses with additional employees will usually get lower rates per employee.
How Does a PEO charge? – PEO’s generally charge a percentage of overall payroll or an admin fee per employee. We prefer PEOs that charge the flat admin fee, as those fees are almost always more transparent. We find that PEOs that charge a percent of payroll have hidden fees when it comes time to pay the bill.
Does it Cost Money to Switch to a PEO? – There is usually a startup fee which ranges from $1000 to $15,000, depending on the size and structure of the business.
How Long Does it Take to Get Started Once I Choose a PEO? – Startup time can range from three to six weeks, depending on the PEO. The average time to set things up is about four weeks.
Can I Get Health Insurance for Myself and My Family as the Founder? – Some PEO’s will offer this option. Others will avoid it.
As the Founder, Should I Pay Myself Using a PEO? – While this can vary depending on your company and its organizational makeup, you should more often than not be using the PEO service to do your own payroll.
Should I Know Anything About Arkansas PEOs in Particular? – .
What is the Best PEO in Arkansas? – Arkansas businesses have unique and varying needs, so the best PEO will change from business to business. Check out our state-based PEO guide here.
One of the reasons people want to become an entrepreneur and grow their own company is the financial freedom that can bring with it. That financial freedom isn’t any good if you don’t have the time to enjoy it though.
The best way to get the time to enjoy what you want to is to delegate all of the jobs that someone else can do better than you can. You have your expertise and other people have theirs. That’s where the need for staff comes in. Let your staff handle aspects of your Arkansas company and let a PEO handle your staff. You can enjoy all the time you now have.