To repeat your opening word for word, I was sitting in an interview last week and heard “and we’re onboarding a new PEO so you will help with that” nodding my head pretending to know what it is and then immediately googling what is a peo? Cut to a week later, I’ve signed the offer letter and start Monday with my first project being the PEO roll out for January 1. THANK YOU for existing. Your videos are saving me from drinking from a fire hose in the near future. FYI my function is chief of staff, so that tag should work well for your series!
Thanks for sponsoring! I've been really happy making the switch for my own company, and I am excited to share Justworks as I see it being a great solution for so many small businesses!
Hi didi, glad this was helpful! It means that justworks will have their name on your employee's W2 at the end of the year. It will show them as the employer and their tax ID number. It's just a clerical thing that I want everyone to know, but again, it's not like they control you or your employees in any way. Think of them like a paperwork partner 😀
@@Dandydiddy it is a great option if you need the services a PEO provides. The one con I see is that the cost can be higher than traditional payroll companies. However, the cost can easier be justified if it's saving time and administrative cost. I use them and will save money overall because I will use their 401k.
Hi Hannah, When working with A PEO is it necessary to register your business in a new state? If so who handles the registration you as the business owner or can the PEO take care of that if it needs to be done? Thanks in advance.
I have a question on PEOs. I work for a small company < 20people, and we use a PEO. I've just reached Medicare age and I'm still working. Normally, I need to sign up for Medicare to avoid the late sign up penalty. Normally, if the company is less than 20 people, you still have to sign up for Medicare. Does a PEO change this?? I'm having a hard time getting a straight answer.
Hi Phil, I actually don't know about this. This should be a question your PEO would handle. I think you sign up for Medicare and then just inform your employer that you don't need the coverage anymore. I'm not familiar with the whole process though!
@@ClaraCFO Moving to Workday and yes, they should provide guidance! I am an independent consultant and was considering a service offering to target clients moving from a PEO to Workday.
CPAs build their business on trust, @bettywhitez. I’m not sure which PEO you represent, but I've found that a solid strategy is to lead by giving. Start by referring a quality client to the CPA-this helps establish a strong foundation. Once that relationship is built, you can then position yourself as a valuable resource for their clients, focusing on cost containment in HR, insurance, and benefits. For certain groups, you might also have the ability to lower SUTA rates, which can be a significant advantage and something a CPA would be interested in knowing. When the CPA does send a referral, excellent customer service is crucial to solidify that trust. Beyond CPAs, building partnerships with insurance agents-whether they specialize in group health or commercial P&C-can also be very effective. Alternatively, if you choose to work with PEO brokers, make sure they are reputable and align with your values. Many PEO brokers simply throw an RFP to every PEO they know, and spreadsheet the PEO options without taking the time to deeply understand their clients’ needs. It’s important to partner with PEO brokers who conduct thorough discovery and offer a carefully curated selection of PEOs, so that if they refer a client, you know that you aren't up against a dozen other options
To repeat your opening word for word, I was sitting in an interview last week and heard “and we’re onboarding a new PEO so you will help with that” nodding my head pretending to know what it is and then immediately googling what is a peo? Cut to a week later, I’ve signed the offer letter and start Monday with my first project being the PEO roll out for January 1. THANK YOU for existing. Your videos are saving me from drinking from a fire hose in the near future. FYI my function is chief of staff, so that tag should work well for your series!
Thanks for recommending us, Hannah! 🎉
Thanks for sponsoring! I've been really happy making the switch for my own company, and I am excited to share Justworks as I see it being a great solution for so many small businesses!
H***********
Thank you for such good and easy to understand explanation. Really love your work and your style how you explain.
thanks so much! I am so glad this was helpful!
Thanks for this clear overview! Such a helpful guide and always appreciate stellar resources/recommendations.
Thanks for watching! Glad it was helpful!
Thank you this was so informative, please what did you mean by just works ein on their W-2 in 7:21 ?
Hi didi, glad this was helpful! It means that justworks will have their name on your employee's W2 at the end of the year. It will show them as the employer and their tax ID number. It's just a clerical thing that I want everyone to know, but again, it's not like they control you or your employees in any way. Think of them like a paperwork partner 😀
@@ClaraCFO Oh my thanks for your response. The PEO option seems perfect are there any cons to using them.
@@Dandydiddy it is a great option if you need the services a PEO provides. The one con I see is that the cost can be higher than traditional payroll companies. However, the cost can easier be justified if it's saving time and administrative cost. I use them and will save money overall because I will use their 401k.
Great overview, Hannah!
Thanks Niki!
Super informative!
Thanks Renee! Always good to know there are more options out there!
Spot on - well done!
Thanks Doug!
Would a peo be a good option for a seasonal landscaping business?
Very good information!!
Thanks for watching friend!
Hi Hannah, When working with A PEO is it necessary to register your business in a new state? If so who handles the registration you as the business owner or can the PEO take care of that if it needs to be done? Thanks in advance.
Very informative, however if I was using a PEO during COVID would I have been able to apply for PPP, as a "co-employer"?
Yes absolutely! I had clients who had PEOs and were able to get PPP. At the end of the day, it's the company who paid the wages, not the PEO.
this is awesome!!!
Thanks for watching Tom!
so helpful!!!
Yay! Thanks for watching!
I have a question on PEOs. I work for a small company < 20people, and we use a PEO. I've just reached Medicare age and I'm still working. Normally, I need to sign up for Medicare to avoid the late sign up penalty. Normally, if the company is less than 20 people, you still have to sign up for Medicare. Does a PEO change this?? I'm having a hard time getting a straight answer.
Hi Phil, I actually don't know about this. This should be a question your PEO would handle. I think you sign up for Medicare and then just inform your employer that you don't need the coverage anymore. I'm not familiar with the whole process though!
Do you have a video about how to get off of a PEO when the biz has scaled up to the next level?
I do not - what are you moving to? The company you are moving to should be helpful in a transition! If they are not - that's a red flag!
@@ClaraCFO Moving to Workday and yes, they should provide guidance! I am an independent consultant and was considering a service offering to target clients moving from a PEO to Workday.
How much does a 401K plan without giving a match cost an employer?
How can I as a PEO sales rep, partner with a CPA to obtain new clients from a CPA referral?
Make a lot of relationships with CPAs and make sure your PEO is a great company to work with!
CPAs build their business on trust, @bettywhitez. I’m not sure which PEO you represent, but I've found that a solid strategy is to lead by giving. Start by referring a quality client to the CPA-this helps establish a strong foundation. Once that relationship is built, you can then position yourself as a valuable resource for their clients, focusing on cost containment in HR, insurance, and benefits. For certain groups, you might also have the ability to lower SUTA rates, which can be a significant advantage and something a CPA would be interested in knowing. When the CPA does send a referral, excellent customer service is crucial to solidify that trust.
Beyond CPAs, building partnerships with insurance agents-whether they specialize in group health or commercial P&C-can also be very effective. Alternatively, if you choose to work with PEO brokers, make sure they are reputable and align with your values. Many PEO brokers simply throw an RFP to every PEO they know, and spreadsheet the PEO options without taking the time to deeply understand their clients’ needs. It’s important to partner with PEO brokers who conduct thorough discovery and offer a carefully curated selection of PEOs, so that if they refer a client, you know that you aren't up against a dozen other options
@claraCFO what PEOs do you recommend?
Percival Glens
Kendrick Haven
peo 2:49 2:51
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I would have preferred listening about HR, Payroll and Benefits rather than spending too much time on just Benefits.
peo Loeto