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5 Tips On How To Choose A Payroll Services Company
By Jason Lom
Why should you outsource?
The IRS penalizes about one out of every three business owners for payroll errors. The New Jersey Department of revenue has a similar ratio of penalties to business owners. The number 1 reason you outsource your payroll to a professional payroll processing company is to stay compliant with the IRS and State of New Jersey.
Even if you are not making mistakes handling your payroll internally, you still are wasting your most valuable asset, TIME. Time is the 2nd reason you should outsource your payroll company. Your time equals money to your business and even if delegate the responsibility to a member of your staff, there are some additional things you need to be concerned about. Their time doing payroll is money lost to your business. Not only do you have to pay their salary or rate of pay, but you have to pay the employer tax expenses, workers compensation, and employee benefits.
The worst case scenario you have opened yourself up for potential fraud. Internal payroll fraud is more common in small businesses because there is not a high level of security with bank accounts, access to checks, signature stamps, social security numbers, addresses and other personal information. All of this gives you my third reason which is having the peace of mind that your employees are paid and taxes are filed accurately and on time.
So how do we choose a payroll services company?
When choosing a payroll company, there are 5 things you need to know.
1. Financial Protection - Ask your payroll company to provide proof that they are bonded and insured. You want to know if your payroll company makes a mistake, that they responsible for fixing their mistakes.
2. Disaster Recovery and Backup Strategy - Ask your payroll company what their backup plan is if there was any kind of disaster (example: Fire, flood, computer virus, and power and phone failure). Where is your information backed up and stored? How quickly can they be up and running again if there was a disaster?
3. Customer Service- The person who handles your payroll is more important then person selling it to you. Ask who is going to be handling your payroll? Remember a salesperson job is to sell you, and they are trained very well to do so! You should ask to speak with the specialist that you will be working with to see how you like them and find out their level of expertise in the industry. Ask for some reference of clients that they are currently working with. Find out if your specialist temporary or permanent? Some of the larger payroll companies are Data Processors and Call Centers. Ask yourself if that is the kind of service you want. You should feel comfortable and confident that if a problem does happen, your specialist can get it fixed quickly.
4. Pricing - The payroll industry has changed drastically over the years from al carte to bundled pricing. Most payroll companies bundle all of their services to give you a per pay period fee based on the number of employees you have and your frequency of pay. There are additional charges for delivery, and year end processing and W2s as well. Since the payroll industry has gotten very competitive make sure you ask your sales person if there is a discount applied, and when it runs out.
Some of the larger national payroll vendors and franchises have introductory rates, specials, and free months. Buyer beware! These specials end and discounts disappear and annual increases occur. Remember you are being sold by a highly trained salesperson that gets paid if you run your payroll, not if you stay. Ask them to put it in writing and email to protect yourself, and if you really want to get creative, ask them to have their direct manager or boss sign off on the proposal as well.
5. System Integration of Employee and Employer Benefits - Most payroll companies can offer additional services such as Employee Access Online, Pay-As-You-Go Workers Compensation, 401k, HR Solutions, Health Insurance and Time and Attendance Solutions. When choosing your payroll vendor, make sure that you choose a company that can grow with your business.
Follow these 5 simple steps when choosing your payroll company and you will save your company time and money!
PayDay - payroll processing Pennsauken NJ provides complete payroll from checks to W2's. With our Pennsauken NJ online payroll services you can do your Payroll on your own time and receive online reports.
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Why Outsource to a Payroll Services Company?
By Jason Lom
One of the biggest headaches businesses of any size have to go through is paying their employees. In the old days, this used to be a fairly simple task. But today, between tax withholding, health insurance, 401k, workman's comp, etc. the whole thing can become a very cumbersome task. Many businesses choose to outsource this work to a payroll processing company. There are several reasons for this trend, here are 4 of them:
1. Reduced Manpower
Doing your payroll processing in-house means you will need one or more employees dedicated to that task. This means going through the trouble of training them and getting them up to speed on your system. Then when they leave, you go through the entire cycle again. This can become rather costly after a while. On balance, it's better to leave this work to payroll companies that are experts in the field. This way, your work is handled for you by people that know what they're doing, and you can dedicate your in-house team to more productive tasks that are pertinent to your business.
2. Stay Out of Tax Compliance Trouble
With the tax laws constantly changing, it is difficult even for experts to keep up with everything. But when a small or medium-sized business needs to be up on all the latest changes in the tax code, it can put a heavy burden on the company's HR department. When you outsource your payroll services, you outsource your tax compliance headache to someone who is up on all the tax laws and whose job it is to make sure their clients are doing everything properly according to the law.
3. Easily Offer Direct Deposit to Employees
In today's world of electronic transactions and access to money, most employees not only prefer to have their checks direct-deposited into their bank accounts, they expect it. This, however, does not just magically occur. It has to be set up with each and every new employee, which requires getting all the paperwork to and from the bank. And even when you do everything right, the checks still don't always get deposited correctly. This is another headache you can easily give over to the payroll processing service. Again, it's their job to make sure these deposits go smoothly, so why not leave it to the experts?
4. More Efficient Payroll Processing
When you're in business, one of the most difficult challenges is to be up on all the latest technology. It's a constant worry, because you know that if your competition is doing things more efficiently than you are, they can offer the product or service for less cost, putting you at a disadvantage. When you outsource to a payroll services company, you can be virtually assured that this will not happen in the area of paying your employees. Payroll companies most often have the latest technology, enabling you to do a number of customization tasks (usually online) to make it far easier for you to process your employee payroll. This, in turn, saves you money, which ultimately makes you more competitive in the marketplace.
PayDay - payroll company south Jersey provides complete payroll from checks to W2's. With Our south Jersey online payroll services you can do your Payroll on your own time and receive online reports.
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Small Business Payroll Service Outsourcing
By Orson Trawicke
When surveyed, the majority of small to mid-sized business owners in Sacramento California, or any other place where business is conducted, would respond that most of them do not care for the payroll administration aspect of their job and that this management task does not effectively use their time and attention. And, even though most business owners are fully aware that they have the option to engage a payroll services company to perform this function, many business folks are unfamiliar with the advantages and when the conditions are right to start to outsource payroll.
Businesses engage the services of a payroll service provider for several reasons, all of which are important. The reasons will differ for each company, as each company has its own unique circumstances. A list of the most popular reasons for outsourcing payroll follows: They are not discussed in any specific order, since the importance is based on the issues in each organization.
Though the larger corporations are able to employ their own personal payroll department, smaller companies find that the cost is not within their means. A payroll service company allows businesses with fewer than 20 employees to save money by letting them outsource the payroll duties.
Many smaller companies decide to outsource their payroll needs to outside companies because it allows for higher productivity. Once the employees are no longer burdened by the payroll process and payroll services are engaged, they can get involved in activities that are productive and help increase profits. In some situations, this may allow the number of employees to be reduced or assigned somewhere else.
Simply put, accuracy is essential for payroll. Employees can become upset when damaging mistakes are made when handling their wages and taxes. Worse than that, though, are the penalties that stem from any calculation mistakes that will have to be paid back to the government. Because of their expertise in this area, payroll services companies make few mistakes, and when they do, companies can request to be reimbursed for any losses they incur.
Enhanced speed and more flexibility are two of the reasons why some companies opt to allow dedicated payroll services to handle their payroll. Payroll processing companies have access to technical resources that allow them to handle complicated payroll problems with speed and accuracy. Payroll processing services have no difficulty handling when a company hires temporary or seasonal employees, while in-house payroll departments usually find this to be a challenge.
A good payroll services company will have years of experience and knowledge, as well as a variety of new ideas. There will most likely be someone on staff at all times who keeps up to date on tax laws and how they pertain to payroll issues. The training that is necessary to develop that level of expertise and professional knowledge is usually out of reach for the average payroll clerk.
Also, using a payroll processing company offers Sacramento small business owners two other bonuses: security and peace of mind. The average small business does not possess the means to overlook the payroll procedures at close range for the purpose of detecting unethical payroll practices. Once the payroll is in the hands of the professionals, a business owner can focus his attention on growing the business and seeking new opportunities.
So it essentially boils down to its a complex function that can get a small business owner in deep trouble and it is not a core function delivering value for the business. So peace of mind and relief to focus on the primary functions of the business is why experienced owners outsource payroll processing and its related employee services.
Deciding to contract a third party payroll company for his Sacramento payroll service was a crucial decision a long time ago for Orson Trawicke. The productivity it brought along with additional opportunities such as Sacramento direct deposit capabilities allow him to not worry about getting in trouble with the tax laws and concentrate instead on running the business.
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Payroll and Tax Administration Services
By Christopher Walton
Payroll and tax administration services are one of the exhaustive services offered by PEOs (professional employer organizations) to client businesses. PEOs offer comprehensive human resource management solutions. The other solutions offered as part of human resource management include human resources administration, employee benefits administration, workers' compensation, risk management and support, regulatory and government compliance, and recruitment and selection services.
A Range of Payroll and Tax Administration Solutions
As part of payroll and tax administration services, the solutions offered generally include payroll delivery, filing of quarterly reports (FICA, FUTA, SUTA), new hire reporting, federal payroll summaries, flexible spending accounts, job cost accounting reports, cost allocation reports, vacation and sick time accruals, paid leave program management, wage/hour law compliance, payroll deductions, W-2 production and delivery, and department summary.
Comprehensive, Cost-effective Services for All Types of Organizations
These services are comprehensive, flexible and cost-effective. PEOs are extremely adaptive to the needs of client companies, and are therefore feasible for organizations of all sizes, be they 25-employee strong organizations or Fortune 500 concerns. Companies also have the choice to either hand over all their HR outsourcing responsibilities to the expert hands of a PEO or outsource one or two of the responsibilities.
By welcoming a PEO, companies enter a highly advantageous partnership with an organization consisting of experts in the various disciplines that make up human resource management. With the workforce taken care of, client companies can count on their full potential and focus on their core tasks, leading to streamlined business performance and the vital edge over the competition. Outsourcing payroll and tax administration services is the right way forward for businesses.
Payroll and Tax Administration Services - Kruse PEO is a full-service Professional Employer Organization (PEO) providing best-in-class human resources administration, employee benefits, payroll services, workers' compensation and risk management service and support.
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13 Steps to Comply With Federal and State Requirements for Employee Payroll Taxes
By Brad Gillies
The process of Payroll, if done incorrectly can cost your business a lot in labor and tax penalties. Save time and money with the following steps.
Step 1: Your employees must complete IRS W-4 forms (Employees Withholding Allowance Certificate), and return them to your business. These forms indicate the number of withholding allowances each employee wishes to claim. On this form the employee can also indicate any additional dollar federal income tax withholding they wish to have deducted from their pay.
Step 2: Each employee must have a payroll card on which you keep their cumulative payroll information: Gross pay, all tax and other with-holdings and net pay. You should create a new payroll card for each employee every year.
Step 3: Calculate each employee's gross pay for each payroll period by either dividing their annual gross pay by the number of pay periods in the year, or by multiplying their hourly wage rate by the number of hours they worked during the pay period in question.
Step 4: Determine the dollar amounts of Federal Income Tax to be withheld from each employee's pay. You must also be certain to comply with any state tax withholding requirements.
Step 5: Calculate the annual Social Security (FICA) withholding required by multiplying the portion of each employee's annual pay, $87,900 and under, by 15.3%, and adding to this dollar amount 2.9% of any dollars over $87,900.
Step 6: Identify any other deductions such as retirement or child support.
Step 7: Calculate net pay.
Step 8: Write the payroll check for the "net pay" amount.
Step 9: Make any and all applicable federal payroll tax deposits for this pay period. Review the Form 8109-B Deposit Coupon to see how to make your applicable Federal payroll tax deposits. Fill in the following items on deposit coupon:
Tax year month (1-12)
Dollar / cents amount
Employer Federal ID #
Name (of business)
Address (of business)
Telephone # (of business)
Type of Tax
Color in tax period (Quarter)
Once you have completed Form 8109-B, write a check for the total dollar amount of this required Federal payroll tax deposit, and make the check payable to "your bank," put your business' tax ID # on the check, along with the payroll tax period of the deposit, and then take the coupon and the check to your bank and make the deposit. (Don't forget to get a receipt). The reason you make the deposit at your bank is that your bank, as member of the Federal Reserve, is a collector of Federal tax deposits.
Step #10: File IRS Form 941 (employer's quarterly federal tax return). This is due on the last day of the month following the end of each calendar quarter. Form 941 summarizes all your business payroll activities for the quarter. Mail the completed Form 941, along with any tax dollars due (make any check payable to IRS, and put your employer ID#, along with the quarter to which it applies, on the check) to the appropriate address, depending on the location of your principal place of business.
Step #11: By the due date of the Form 941, you must also make any applicable 940 Federal Unemployment Tax deposits. The amount of Federal Unemployment Tax deposits due equals.8% of any employee's gross pay under the $7,000 limit. This deposit is also made at your bank using the Form 8109-B (Federal Tax Deposit Coupon). The coupon should be filled in just as it was from the 941 deposits, except this time you should color in 940 instead.
Step #12: File any applicable state unemployment tax reports and pay any tax required at that time directly to the state.
Step #13: File all applicable year-end forms. At the end of the calendar year (and all due by January 31st, following the end of the calendar year), your business is required to provide the following three tax forms:
Form W-2: wages and tax statement (copies to employees, a copy kept with the employer, and a copy sent to the IRS, along with Form W-3).
Form W-3: Transmittal for the W-2 form.
Form 940: Federal Unemployment Tax form - send it in with a check for the total Federal Unemployment tax required (less) any 940 deposits made to date.
If you use contract labor, you will need to issue Form 1099 - miscellaneous income, for any dollars paid to individual contract laborers who received payment in excess of $600 per calendar year. A copy of each 1099 form must be provided to each contract laborer by January 31st - following the calendar year. Also due to the Social Security Administration by January 31st is Form 1096 (Annual Summary and Transmittal of U.S. Information Returns) along with a copy of each 1099 form. The employer must keep a copy of each 1099 form and the 1096 form for their files. Mail the 1096 form and all 1099 forms to the Social Security Administration.
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How to Find Affordable Workers Compensation Services
By Willie Gross
There are different reasons a company might need workers compensation services. You might be a sub-contractor of a building project or have seasonal workers. In that case signing up for monthly packages instead of employing a payroll assistant just makes sense and saves you a lot of money as well. Getting the right service is essential, so you can focus on the work, taking on employees and managing them. If you are looking for affordable workers compensation services, you can find many offers online. But some things should be taken into consideration, to make sure that you will get the best value for your money.
There are different workers comp packages available through professional firms. You will need to review your requirements and choose based on your needs. You might only need the administration features, but in some cases you would like the material to be prepared for your yearly tax report as well. That is why you have to find workers compensation service that has experienced staff and enough knowledge to get you the most benefits.
You might be looking for local services, to ensure that the company knows about the different legislations and requirements you have to comply with. But these will vary depending on your industry and company specifications, so make sure that you are consulting with a professional accountant within the firm before you sign up for the workers compensation service. The software they use should fit all the requirements set by the government, and you also have to get the most benefits, allowances and grants for employing people as well.
In some cases you will need to take on extra staff, and their registration, insurance and payroll issues might come with extra work on the admin site. If you are signing up for a complete workers compensation package on a monthly basis, you can ensure that all the details are going to be updated, and the records kept accurately, according to the current law.
Confidentiality is another very important aspect when it comes to payroll and your employee details. You don't want the competition to find out about the wages you pay your employees, or the special benefits you use to keep them. Make sure that you are signing a confidentiality agreement with the workers comp service, to protect your business. Find out about the firm, their reputation and customer feedback before you decide to avoid disappointments.
Different requirements can be set by the government regarding to insurance and responsibilities, especially if you are in the construction industry. If your employees are not getting this benefit, you might need to face a penalty, so make sure you are aware of the law and special needs for administration. If you would like the compensation company to review your current payroll system and provide you with useful advice, you can also sign up for a complete package. In that case you can benefit from the service multiple ways, and even save money on tax or insurance. Paying a little bit extra for professional advice can actually save you money on the long run.
If you are looking for a complete local workers compensation package, review your options carefully. Compare prices and offers online. http://www.lowrateworkcomp.com/requestaquote.htm
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Professional Services for Workers Compensation
By Willie Gross
According to some experts, workers compensation should be handled by a specialist to make sure that the company will stay up-to-date with all relevant legislation changes. A mistake made by an employee, who is not aware of the changing law can cost the company thousands of dollars in fines. And the cost of outsourcing workers compensation can also be much lower than employing a full time person to complete the task. Make sure that the workers comp service offers efficiency and professionalism as standard as well as affordable packages. That way you do not need to spend time on payroll calculation; you can focus on other important things making your business grow and prosper.
Many companies find it quite useful to hire a worker's compensation company, as it will help them making sure that the staff is not waiting for different benefits to be added, and they are getting paid on time. You need to look for a worker's compensation company with a transparent fee structure and also one that offers personalized solutions, based on your needs. They should be able to not only process the payroll itself but providing guidance and help setting up your scheme, processing end of year reports for tax purposes. They should be able to perform all kinds of calculations; tax refund, insurance and year to date wage reports.
Workers compensation services are perfect for companies that want to avoid hassle. You might be looking for weekly, fortnightly, monthly payroll services, and the price will depend on your needs. Some firms have skilled and experienced accountants working for them, to provide you the best services and the most relevant knowledge on the field.
You will have to make sure that the workers compensation reports are error-free and include online payroll input, on-time management of payroll checks or bank transfers, reporting and sickness vacation and maternity leave. You will have to ensure that all workers are included on the payroll and the reports are produced every month for the authorities.
Make sure that you can set up a free consultation and the workers compensation company will listen to your needs. They should provide tailor-made payroll management for your business. You might also want to ask the company about their prices, packages and be aware what is included in the monthly workers comp services. You might want to sign up for an advanced service to save money on additional features, like reporting or online payroll access. The most important thing you have to ask the company, still, is the level of confidentiality they provide. You have to ensure that your company's and the workers' data is safe with the firm.
You might look for extra services as well, apart from paying wages and calculating costs. Some workers compensation companies also offer basic accounting services, and these packages are usually priced much lower than the ones you can sign up with accounting firms. People will still have the same level of qualification in the company, dealing with your reports, but you can apply for a discount because you are using their workers compensation service as well.
If you are thinking about outsourcing your workers compensation, you need to contact a professional company. Get a quote and compare your options: http://www.lowrateworkcomp.com/requestaquote.htm
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How Employee Benefit Services Can Help You
By Christopher Walton
It is important to realize how employee benefit services can help you. It is a fact that human resource management has developed into quite a complex responsibility, too complex for businesses to handle, and demanding a lot of resources as a result. All businesses would do well to outsource this or at least part of the HR responsibilities in an economical manner to a PEO company. One of these responsibilities certainly has to be employee benefits administration.
The Complex Responsibility of Employee Benefits Administration
Benefits administration involves offering comprehensive benefits as well as handling the myriad day-to-day tasks and legal compliance. The PEO has experts who can handle these responsibilities efficiently and in a cost-effective manner in line with the specific requirements of the client company. Apart from easing the burden on your resources, employee benefit services have other advantages too.
Open a World of Opportunities with a PEO's Employee Benefit Services
Employee benefits administration by a PEO can help you provide existing staff, and attract potential employees, with an attractively comprehensive benefits plan. This is vital in keeping your staff motivated, while helping you attract some of the most talented professionals in the job market.
Thanks to the PEO understanding your financial requirements, it helps you acquire highly competitive rates for these benefits. So it is job done without draining your resources. Benefit services by a PEO make the impossible happen and help you inject fresh blood into your workforce, which could be instrumental in attaining significant growth for your company.
Breaking up Benefit Administration
Employee benefit services by a PEO company can help you offer your potential employees as well as existing staff competitively priced benefits in the following broad fields:
� Employee health benefits & insurance plans
� Life insurance
� Employee assistance including work/life program
� Personal accident insurance
� Long term and short term disability
� Supplemental cancer, accident, hospital plans
� Flexible spending account plan
� Individual coverage
� Prescription drug plans
� Credit union
� Adoption assistance
� Educational assistance
� Individual retirement accounts
� Other retirement services
This list broadly covers almost every aspect of the employee's life, leading to a comfortable and stable existence - a sense that everything is taken care of, which will enable your people to concentrate and put their mind to the work.
Comprehensive Assistance by a PEO Company
The PEO also provides other comprehensive services in HR management such as payroll and tax administration, recruitment and selection, training, risk management, and legal compliance. You can have all your HR services taken care of well by the PEO.
Kruse PEO cover a wide range of services including employee benefit services, employer liability management, payroll processing, risk management, regulatory compliance, accounting and billing services.
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Human Resources Outsourcing: A Three-Way Winning Opportunity
By Ari Rosenstein
Employers have long been familiar with the benefits of outsourcing. From payroll and legal services to IT support and janitorial services, businesses recognize the value of focusing on growth and development, while vendors pick up the slack of non-strategic, non-revenue generating activities.
In recent years, small and mid-sized employers have expanded their outsourcing-horizons to outsource many of their Human Resources functions. HR Outsourcing firms take over the complex and oft-mismanaged tasks relating to employment and HR compliance. Business owners recognize that management is best utilized developing and training their staff, instead of sifting through paperwork, surfing the web for compliance policies, and processing insurance claims.
HR Outsourcing firms manage the entire 'life-cycle' of an employee, from hire to termination. Administrative support includes:
- Hiring Practices
- New Hire Policies and Handbook
- Employee Training
- Employee Benefits Policies & Administration
- ACA Compliance
- Employment & HR Compliance
- Payroll & Tax Administration
- Safety & Risk Management
- Workers' Compensation Insurance
- Progressive Discipline & Termination Practices
Outsourcing human resources provides a triple-benefit to employers:
1. Reduce Overhead and Operating Costs
Experienced HRO firms have worked hard over many years - and sometimes decades - to forge solid, long-term relationships with many large vendors, insurance companies and service providers. By representing thousands of employees, the HRO firm successfully negotiates deep discounts in service fees and premiums. These rates are then passed through to their clients. The economies-of-scale generated by the HRO offers small employers access to rates and programs typically only available to Fortune 500 corporations.
The reduction in rates and costs can be experienced in many areas. Some examples include:
- Workers' compensation premiums
- Group health insurance rates
- Employment Practices Liability Insurance
- Voluntary employee benefits (life, disability, vision, etc.)
- 401 (k) and Cafeteria pre-tax plan administration fees
- Payroll processing and tax filing services
- On-site safety consulting
- Management training courses
2. Employment Liability Protections
Year after year, the federal government and state legislatures pass new laws or change existing legislation that directly impact the way employers do business. For small and mid-sized employers with little internal legal support or human resources expertise, this is like building a house in quicksand. The employment ground keeps shifting, and only experienced legal experts who are 'plugged into' the new laws can safely understand their impact on employers.
HR Outsourcing firms employ teams of seasoned human resources professionals and in-house legal counsel. Day in and day out, these employment experts stay abreast of the changes, and pass this information directly to their clients. Whether there are recently issued guidelines regarding new laws such as the Affordable Care Act/Obamacare or social media policies, or changes to existing laws such as minimum wage, the ADA, or Title VII, clients who outsource their human resources to professionals can confidently move forward knowing their business is in compliance.
3. Employee Development and Productivity
At the end of the day, it is the people within any organization that will make or break its success. Study after study shows that employers who invest in their employees have less turn-over, produce more productive and motivated staff, and are ultimately more profitable.
"Investing in employees" can take many different forms. Most fundamentally, it is offering a solid benefits package including major medical, dental, vision and other voluntary benefits. However, it doesn't stop there. Employers who create a positive work-environment and who recognize their employees' hard work will ultimately produce a more dedicated and hard-working workforce. Examples include incorporating incentive and recognition programs, offering a flexible work-week, regular company events, and conducting regular employee reviews and continuing education opportunities.
HRO firms are in the position to provide these programs and insurance products to their clients. They will also walk them through the creation and implementation process, and assist in tweaking the programs as they develop.
In conclusion, human resource outsourcing firms offer a three-way winning combination for their clients. The financial team will be thrilled with the reduction in employment overhead and insurance costs, management will comfortably do their job knowing someone is watching their back, and the employees will give 100% for the business, knowing they are a truly valued human resource.
Ari Rosenstein is the Director of Marketing at HR Outsourcing company CPE, a firm specializing in labor law compliance and PEO services. It currently services over 600 clients representing 75,000 employees nationwide.
CPE was founded in 1982 and assists small and mid-sized employers with the management of their employees and employment compliance. It provides a range of employment services, such as HR administration, safety, payroll, employee benefits, training and recruiting services.
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