Common Payroll Challenges and How a PEO Can Help
For your clients, payroll can be a complex and time-consuming process! When a client is dealing with a ton of complicated paper or keeping track of dozens—or even hundreds—of employees, it can be all too easy for them to make a small mistake.
In payroll, some of the most common mistakes include:
- Misclassifying employees
- Miscalculating payments
- Incorrect overtime tracking
- Missing critical deadlines
- Failing to report taxable employer compensation
While these might seem like small errors, even a tiny payroll mistake can lead to big consequences for your clients and their business. For instance, a misclassified employee could impact the cost of your client’s Workers’ Compensation coverage, or even make it difficult for them to find or secure the coverage they need to protect their employees and their business after a workplace accident. If employees are not paid properly or on-time, it can also lead to employee dissatisfaction, which increases the risk of turnover, reduced productivity, and low workplace morale.
If your clients are struggling with common payroll issues, a professional employer organization (PEO) can help! With a PEO, your clients receive dedicated assistance on payroll, employee benefits, Workers’ Compensation coverage, and other responsibilities. This will help them cut down on common payroll mistakes, like misclassifying employees.
At PEO Insurance Brokers Network, we work directly with insurance agents and PEOs, and will put our knowledge to work to find the best fit for your high-risk clients. We provide Workers’ Compensation coverage to businesses in need, no matter the risk, and will help you find the best PEO coverage and savings for your clients in high-risk industries like cannabis, transportation, roofing, logging, and more. To learn how we can help you find coverage, please reach out to receive a quote.
